Investment Rating - The report maintains a "Positive" investment rating for the oil and petrochemical industry [1] Core Insights - Domestic LNG ex-factory prices have decreased month-on-month, with a notable drop in natural gas production in China for July [3][8] - As of August 8, 2025, the domestic LNG ex-factory price was 4220.00 CNY per ton, down by 205 CNY per ton, a decrease of 4.63% [1][8] - The report highlights significant changes in natural gas inventory levels in the US and Europe, with US LNG/LPG inventory increasing and European natural gas inventory showing a month-on-month rise [3][17][22] Summary by Sections 1. Natural Gas Prices - Domestic LNG ex-factory prices have decreased month-on-month and year-on-year, with a current price of 4220.00 CNY per ton, reflecting a month-on-month decrease of 4.63% and a year-on-year decrease of 14.38% [8] - US NYMEX natural gas futures closed at 3.00 USD per million BTU, down 6.55% month-on-month but up 39.15% year-on-year [8][11] 2. Supply and Demand - China's natural gas production in July was 537720.00 tons, showing a month-on-month decrease of 10.89% [16] - The apparent consumption of natural gas in China for June was 348.89 billion cubic meters, reflecting a month-on-month decrease of 1.33% but a year-on-year increase of 3.33% [16] 3. Inventory - As of August 8, 2025, US LNG/LPG inventory was 190026 thousand barrels, with a month-on-month increase of 6.13% [17] - European natural gas inventory reached 809.07 billion kWh, showing a month-on-month increase of 15.90% but a year-on-year decrease of 18.20% [22] 4. Imports and Exports - In June, Europe’s cumulative natural gas imports were 175158.71 million cubic meters, reflecting a month-on-month decrease of 0.23% but a year-on-year increase of 13.81% [24] - China's natural gas imports in July were 1063.18 million tons, with a month-on-month increase of 0.82% but a year-on-year decrease of 2.09% [29]

EIA天然气报告：截至7月18日当周，美国天然气库存总量为30750亿立方英尺，较此前一周增加230亿 立方英尺，较去年同期减少1530亿立方英尺，同比降幅4.7%，同时较5年均值高1710亿立方英尺，增幅 5.9%。 天然气期货 ...

美国能源信息署（EIA）：美国上周EIA天然气库存增加230亿立方英尺，分析师预期增加292.2亿立方 英尺，周环比增幅0.75%（之前一周增加1.53%），至3.08万亿立方英尺。 ...

智通财经7月24日电，美国上周EIA天然气库存增加230亿立方英尺，预期增加330亿立方英尺。 ...

美国天然气库存上周增加460亿立方英尺 符合市场预期 智通财经7月17日电，EIA表示，美国天然气库存上周增加了460亿立方英尺，符合市场预期，为2025年 4月11日当周以来最小增幅。 ...

EIA天然气报告：截至7月11日当周，美国天然气库存总量为30520亿立方英尺，较此前一周增加460亿 立方英尺，较去年同期减少1560亿立方英尺，同比降幅4.9%，同时较5年均值高1780亿立方英尺，增幅 6.2%。 天然气期货 ...

美国至7月11日当周EIA天然气库存 460亿立方英尺，预期460亿立方英尺，前值530亿立方英尺。 ...

Core Insights - The total natural gas inventory in the United States as of the week ending July 4 is 30,060 billion cubic feet, which represents an increase of 5,300 million cubic feet from the previous week [1] - Year-over-year, the inventory has decreased by 1,840 million cubic feet, reflecting a decline of 5.8% [1] - The current inventory level is 1,730 million cubic feet higher than the five-year average, indicating an increase of 6.1% [1] Inventory Analysis - Current inventory: 30,060 billion cubic feet [1] - Weekly change: +5,300 million cubic feet [1] - Year-over-year change: -1,840 million cubic feet, or -5.8% [1] - Comparison to five-year average: +1,730 million cubic feet, or +6.1% [1]

Core Insights - The EIA report indicates that as of the week ending June 27, the total natural gas inventory in the United States reached 29,530 billion cubic feet, which is an increase of 550 billion cubic feet from the previous week [1] - Year-over-year, the inventory has decreased by 1,760 billion cubic feet, reflecting a decline of 5.6% compared to the same period last year [1] - The current inventory level is 1,730 billion cubic feet higher than the five-year average, representing an increase of 6.2% [1] Inventory Data - Total natural gas inventory: 29,530 billion cubic feet [1] - Weekly increase: 550 billion cubic feet [1] - Year-over-year decrease: 1,760 billion cubic feet [1] - Year-over-year percentage change: -5.6% [1] - Comparison to five-year average: 1,730 billion cubic feet higher [1] - Percentage increase compared to five-year average: 6.2% [1]

Economic Events and Data Summary - Key focus on various economic indicators and events scheduled for July 3rd, including China's Caixin Services PMI for June [1] - Switzerland's CPI month-on-month for June will be released at 14:30 [1] - The Ministry of Commerce will hold a regular press conference at 15:00 [1] - Final services PMI for June will be published for France at 15:50, Germany at 15:55, and the Eurozone at 16:00 [1][1][1] - The UK's services PMI for June will be available at 16:30 [1] - The European Central Bank will release the minutes of its June monetary policy meeting at 19:30 [1] - Key U.S. labor market data will be released at 20:30, including the unemployment rate and non-farm payrolls for June [1] - The final services PMI for June from S&P Global will be published at 21:45 [1] - The ISM Non-Manufacturing PMI and factory orders for May will be released at 22:00 [1] - EIA natural gas inventory data for the week ending June 27 will be available at 22:30 [1] - Federal Reserve's Bostic will speak on monetary policy at 23:00 [1] - Total U.S. oil rig count for the week ending July 4 will be reported at 01:00 the next day [1]