石油石化行业：国内天然气量价均降，欧洲天然气库存继续上升

Investment Rating - The report maintains a "Positive" investment rating for the oil and petrochemical industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% [1]. Core Insights - Domestic LNG ex-factory prices have decreased by 3.35% month-on-month, while year-on-year, they have increased by 7.52%. As of October 18, the domestic LNG ex-factory price was 5020 CNY per ton [2][5]. - In the U.S., natural gas futures prices have decreased by 1.79% month-on-month, closing at 2.25 USD per million British thermal units, which is a significant year-on-year decline of 26.76% [5][6]. - China's natural gas production in September was 626,780 tons, reflecting a month-on-month decrease of 1.46% [9]. - European natural gas imports in September totaled 132,803.55 million cubic meters, a month-on-month decrease of 11.41% [11]. Summary by Sections Natural Gas Prices - Domestic LNG ex-factory prices have shown a month-on-month decline of 3.35% and a year-on-year increase of 7.52% as of October 18, with prices at 5020 CNY per ton [2][5]. - U.S. NYMEX natural gas futures prices have decreased by 1.79% month-on-month, closing at 2.25 USD per million British thermal units, with a year-on-year decline of 26.76% [5][6]. - Canadian natural gas futures prices have increased by 33.13% month-on-month, reaching 1.12 CAD per gigajoule [6][8]. - UK natural gas futures prices have risen by 16.27% month-on-month, reaching 97.99 pence per therm [6][8]. Supply and Demand - China's natural gas production in September was 626,780 tons, down 1.46% from the previous month [9]. - China's apparent natural gas consumption in September was 34.976 billion cubic meters, reflecting a month-on-month decrease of 1.00% [9]. Inventory - U.S. LNG/LPG inventory (excluding propane/propylene) as of October 11 was 174,155 thousand barrels, down 3.28% month-on-month [9]. - European natural gas inventory as of October 18 was 1,091.39 billion kilowatt-hours, up 1.90% month-on-month [11]. Imports and Exports - European natural gas imports in September totaled 132,803.55 million cubic meters, down 11.41% month-on-month [11]. - European imports of natural gas from Russia in September increased by 8.14% month-on-month, totaling 19,101.60 million cubic meters [11][15]. - China's natural gas imports in September were 1,199.10 million tons, reflecting a month-on-month increase of 1.95% and a year-on-year increase of 18.19% [15][17].