石油石化行业：欧美天然气库存下降，英美天然气期货价涨

Investment Rating - The report maintains a "Positive" outlook for the oil and petrochemical industry [3] Core Insights - As of January 30, 2026, domestic LNG ex-factory prices increased by 5.0% month-on-month, while U.S. natural gas futures prices rose by 19.0% month-on-month [2][8] - China's natural gas production in January 2026 increased by 11.67% month-on-month, indicating a positive trend in supply [2][16] - European natural gas inventories decreased by 22.75% month-on-month, reflecting tightening supply conditions [2][19] Price Summary - Domestic LNG ex-factory price reached 4045.00 CNY/ton, up 186.00 CNY/ton from the previous month [8] - LNG import price in China was 12.10 USD/MMBtu, a month-on-month increase of 26.62% [8] - U.S. NYMEX natural gas futures closed at 4.42 USD/MMBtu, reflecting a 19.00% month-on-month increase [8][11] Supply and Demand - China's natural gas production in January 2026 was 549,920 tons, an increase of 11.67% month-on-month [16] - China's apparent natural gas consumption rose to 40.812 billion cubic meters, an increase of 8.69% month-on-month [16] Inventory - U.S. LNG/LPG inventory as of January 23, 2026, was 164,365 thousand barrels, down 6.66% month-on-month [19] - European natural gas inventory was 47.514 billion kWh, a decrease of 32.89% month-on-month [19][23] Import and Export - European natural gas imports for the first three weeks of January 2026 totaled 18,278 million cubic meters, a decrease of 24.82% month-on-month [24] - Imports of natural gas from Russia to Europe also declined, with a month-on-month decrease of 26.10% [24][29]