石油石化行业：英加天然气价上涨，欧美继续去库存

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 [3][34]. Core Insights - Domestic LNG ex-factory prices continue to decline, while natural gas production in China shows significant growth. In January 2025, China's natural gas production reached 536,710 tons, a month-on-month increase of 14.21% [13][19]. - European natural gas imports in January 2025 decreased significantly, with total imports falling by 8.36% month-on-month and imports from Russia dropping by 46.45% [19][22]. - The report highlights a notable increase in natural gas prices in the UK and Canada, with UK natural gas futures rising by 3.07% and Canadian prices increasing by 8.33% month-on-month [10][12]. Summary by Sections Natural Gas Prices - As of February 14, 2025, domestic LNG ex-factory prices were 4,324 CNY/ton, down 3.05% month-on-month and 1.93% year-on-year. The US NYMEX natural gas futures price was $3.73 per million BTU, reflecting a month-on-month decrease of 6.08% but a year-on-year increase of 131.72% [8][10]. Supply and Demand - China's natural gas apparent consumption in December was 36.987 billion cubic meters, showing a month-on-month increase of 7.54% [13]. The report indicates a significant increase in production and consumption, suggesting a robust domestic demand [13]. Inventory - As of February 7, 2025, US LNG/LPG inventory was 121,341 thousand barrels, down 10.15% month-on-month. European natural gas inventory decreased to 51.882 billion kWh, a drop of 29.53% month-on-month [15][18]. Imports and Exports - In January 2025, Europe’s total natural gas imports were 152,793.76 million cubic meters, down 8.36% month-on-month. Imports from Russia were 9,886.80 million cubic meters, a significant decrease of 46.45% [19][22]. Meanwhile, China's natural gas imports in December increased by 7.06% month-on-month [23][24].