石油石化行业：欧美天然气库存增加，英美加天然气期货价跌

Investment Rating - The industry investment rating is "Positive" [6] Core Insights - As of July 25, domestic LNG ex-factory prices increased month-on-month, while natural gas futures prices in the US, UK, and Canada decreased [2][6] - China's natural gas production in June decreased month-on-month, while US and European natural gas inventories increased [2][6] - European natural gas imports in June decreased month-on-month, with significant declines in imports from Russia [2][6] Summary by Sections Natural Gas Prices - Domestic LNG ex-factory price as of July 25 was 4435.00 CNY/ton, up 0.57% month-on-month but down 5.86% year-on-year [7] - US NYMEX natural gas futures price was 3.10 USD/MMBtu, down 8.78% month-on-month but up 51.12% year-on-year [7][10] - Canadian natural gas futures price decreased by 18.03% month-on-month [12] - UK natural gas futures price decreased by 4.38% month-on-month [12] Supply and Demand - China's natural gas production in June was 603,410 tons, down 1.63% month-on-month [17] - China's apparent natural gas consumption in June was 34.889 billion cubic meters, down 1.33% month-on-month but up 3.33% year-on-year [17] Inventory - US LNG/LPG inventory as of July 25 was 180,310 thousand barrels, up 4.08% month-on-month [21] - European natural gas inventory was 754.32 billion kWh, up 16.35% month-on-month but down 20.72% year-on-year [21][25] Imports and Exports - European natural gas imports in June totaled 175,158.71 million cubic meters, down 0.23% month-on-month but up 13.81% year-on-year [27] - Imports of natural gas from Russia to Europe in June decreased by 20.08% month-on-month and 57.40% year-on-year [27][30] - China's natural gas imports in June were 1,054.55 million tons, up 4.35% month-on-month and 1.15% year-on-year [31]