Group 1 - The announcement details the implementation of a new natural gas pipeline transportation price in Shaanxi Province, effective from June 1, 2025, with a reduction of 3.86 cents per cubic meter, rounded to 3.9 cents [1][2] - The price adjustment is part of the broader energy price reform initiated by the 20th National Congress of the Communist Party of China, aimed at enhancing the regulation of natural gas transportation prices [1][2] - The company anticipates a decrease in operating revenue of approximately 262 million yuan and a reduction in net profit of about 223 million yuan due to the new pricing policy [2] Group 2 - Local authorities are required to adjust urban pipeline gas distribution prices and establish a price linkage mechanism to ensure that the benefits of the transportation price reduction are passed on to end users [2] - Natural gas production and operation enterprises must strictly adhere to the new pricing policy, and local development and reform departments are tasked with effective policy communication and implementation [2]

Core Viewpoint - Goldman Sachs continues to forecast a decline in natural gas prices, expecting the benchmark Dutch TTF natural gas to average $9.70 and $6.55 per million British thermal units by 2026/2027 [1] Industry Summary - The natural gas market is anticipated to experience a downward trend in pricing over the next few years, with specific projections for 2026/2027 indicating significant reductions in average prices [1]

行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 2025 年 05 月 12 日 山东出台首个新能源入市细则 LNG 进 口中枢有望下移 看好 ——申万公用环保周报(25/05/06~25/05/09) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 电力：山东出台首个地方 136 号文细则（征求意见稿）。5 月 8 日，山东省发改委印发《山东省新 能源上网电价市场化改革实施方案（征求意见稿）》及配套《新能源机制电价竞价实施细则》。在 《方案》中明确提出，存量项目全电量参与市场化后，统 ...

美国天然气期货价格延续涨势，涨幅达5%，触及一个月高点，原因是产量下降和液化天然气出口厂的 输送量增加。 ...

Group 1 - The natural gas market has experienced significant volatility, with prices dropping over 15% before rebounding sharply due to increased demand from Asia [1][3] - European markets initially showed relief as inventory pressures eased, but this was quickly overshadowed by rising demand from Asia, creating a tug-of-war for global natural gas supplies [3][5] - The fluctuations in natural gas prices reflect the contrasting demand dynamics between different regions, with Europe experiencing reduced demand while Asia's demand surged due to seasonal and economic factors [5] Group 2 - To address the volatility in natural gas prices, companies should consider increasing strategic reserves and enhancing infrastructure flexibility to better respond to sudden market changes [7] - There is a strong recommendation for the development and promotion of renewable energy sources and a diversified energy structure as a long-term solution to reduce dependency on volatile fossil fuel markets [7]

EIA短期能源展望报告：预计2025年天然气价格为4.28美元/桶，此前预期为4.44美元/桶。预计2026年天 然气价格为4.98美元/桶，此前预期为4.77美元/桶。 ...

智通财经5月7日电，EIA短期能源展望报告显示，预计2025年天然气价格为4.28美元/百万英热，此前预 期为4.44美元/百万英热。预计2026年天然气价格为4.98美元/百万英热，此前预期为4.77美元/百万英 热。 EIA：预计2025年天然气价格为4.28美元/百万英热 ...

Group 1 - The June natural gas futures have become the main contract on the NYMEX, with a closing price of $3.343 per MMBtu, up 22.9 cents from the previous day [3] - The May contract settled at $3.170, marking the end of a month-long low in the natural gas market, which is now showing signs of recovery [3] - Despite the short-term weak fundamentals, the recent price increase may push prices towards $3.50 per MMBtu, although there are concerns about potential downward pressure if the rebound continues [3][4] Group 2 - The report indicates that the market has been digesting the weak fundamentals typical of the off-season, with a significant drop of $1.60 per MMBtu (34%) over the past seven weeks [3] - The report also highlights that the May contract dominated recent trading, with technical support being tested around $2.86 per MMBtu [4] - Weather-driven demand for natural gas is rapidly declining, and production from the Permian Basin is expected to rebound, leading to potential inventory injection pressures in the coming weeks [4] Group 3 - BMI has raised its long-term price forecast for Henry Hub natural gas, predicting an average price of $3.40 per MMBtu in 2025 and $3.80 per MMBtu in 2026 [6] - The EIA has also adjusted its short-term energy outlook, increasing the average price forecast for Henry Hub to $4.27 per MMBtu in 2025 and $4.60 per MMBtu in 2026 [7]