上海石油天然气交易中心每周五对外发布"中国管道天然气现货价格"及各省份同期交付的管道天然气现货价格，遇节假日提前到节假 日前最后一个工作日发布。 | 交易日期 | 交付地区 | 交付月份 | 中国管道天然气现货价 | | --- | --- | --- | --- | | | | | 格(元/立方米) | | 2026 年 1 月 10 日至 16 日 | 全国 | 2026年1月 | 2.52 | 据介绍，"中国管道天然气现货价格"基于上海石油天然气交易中心的管道天然气现货交易价格，反映的是全国当月或下月交付的管道 天然气现货价格水平。 上海石油天然气交易中心16日消息，1月16日当周，上海石油天然气交易中心成交的2026年1月交付中国管道天然气现货价格为2.52元／ 立方米。 此外，上海石油天然气交易中心还将在每月底发布"中国管道天然气现货月度均价"。 据悉，上海石油天然气交易中心是在国家发展改革委、国家能源局直接指导下，由上海市人民政府批准设立的能源交易平台，是深化 国内油气价格市场化改革的重要支撑。 （文章来源：新华财经） ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The global natural gas market is gradually stabilizing after deep adjustments, with a weak balance in supply and demand expected to continue into the second half of 2025, while international natural gas prices are anticipated to remain relatively low despite geopolitical tensions and other uncertainties [4][5][7] - Domestic natural gas production in China is steadily increasing, but there is a significant production-consumption gap, leading to a high dependence on imports, which is projected to remain a challenge [9][10] - The construction of gas storage facilities is ongoing, enhancing supply security, but the current peak shaving capacity is still insufficient [14][19] - The upstream market is dominated by major state-owned oil and gas companies, while the midstream sector is seeing the establishment of a new pipeline network, and the downstream market remains competitive with diverse players [15][18] Summary by Sections Key Points - The global natural gas market is expected to maintain a weak balance in supply and demand in the first half of 2025, with international prices showing volatility but remaining low [4][5] - Domestic consumption of natural gas in China slightly decreased in early 2025 due to warm winter conditions, leading to a decline in LNG imports [9][10] - The supply of natural gas in China is expected to be relatively sufficient in the second half of 2025, with a slight recovery in demand anticipated [14][19] Major Focus Factors - Global natural gas consumption growth is slowing, with a 1% increase expected in 2025, down from 2.8% in 2024, and regional disparities are evident [5][6] - The LNG supply is projected to grow by 5.5% in 2025, driven by new capacities coming online, particularly from the US and Qatar [6][7] - China's natural gas import dependency is around 39%, with total imports of 82.4 billion cubic meters in the first half of 2025, a decrease of 8.3% year-on-year [10][12] Conclusion - The natural gas market in China is characterized by a stable upstream and midstream structure, with ongoing improvements in pricing mechanisms and infrastructure development [27][28] - The profitability of city gas companies is under pressure due to declining demand and connection business volumes, but overall debt levels remain stable [19][21] - The report highlights the importance of ongoing policy support for price adjustments and infrastructure development to enhance the industry's resilience [18][28]