石油石化行业：国内天然气价量下降，美国天然气价显著上涨

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% over the next 6 months [4][34]. Core Insights - Domestic LNG ex-factory prices have decreased, while U.S. natural gas futures prices have significantly increased. As of January 10, 2025, domestic LNG ex-factory prices were 4458 CNY/ton, down 2.07% month-on-month, and U.S. natural gas futures prices rose 24.84% month-on-month to 3.98 USD/MMBtu [2][9]. - In December, China's natural gas production fell by 23.12% month-on-month to 469,920 tons, while the apparent consumption also saw a slight decline [14]. - European natural gas imports increased by 1.78% month-on-month in December, but imports from Russia decreased by 7.29% [3][19]. Summary by Sections Natural Gas Prices - Domestic LNG ex-factory prices have shown a year-on-year decline of 20.02% and a month-on-month decrease of 2.07% [9]. - U.S. NYMEX natural gas futures prices have increased by 31.34% year-on-year and 24.84% month-on-month [9][10]. Supply and Demand - China's natural gas production in December was 469,920 tons, down 23.12% from the previous month [14]. - The apparent consumption of natural gas in China decreased slightly by 0.08% month-on-month [14]. Inventory Levels - U.S. natural gas inventory decreased by 9.58% month-on-month to 142,081 thousand barrels [15]. - European natural gas inventory fell by 17.18% month-on-month to 768.88 billion kWh [18]. Imports and Exports - European natural gas imports in December totaled 166,741.17 million cubic meters, reflecting a month-on-month increase of 1.78% [19]. - Imports of natural gas from Russia to Europe decreased by 7.29% month-on-month [19][22]. - China's natural gas imports rose by 7.06% month-on-month to 1,155.81 million tons [23][24].