Report Title - Natural Gas Market Fundamental Analysis and Outlook - The Current Volatility Reversion is Preparing for the Next Uptrend [1] Report Author - Jin Xiao, Chief Analyst of Energy and Carbon Neutrality at Orient Futures Derivatives Research Institute [1] Investment Rating - Not provided Core Viewpoints - The biggest influencing factor for the Q2 market trend is still the change in the geopolitical situation in the Middle East. The divergence of major natural gas benchmarks is expected to continue in Q2 [2]. - The US natural gas market is in a slightly tight balance, and the NYMEX gas price will mostly fluctuate around 3 USD/MMBtu in Q2, with limited downside and potential upside in summer [2]. - The key for the European and Asian markets is to replenish sufficient inventories during the off - season after the Qatar gas interruption. Volatility may revert in Q2, and if the Middle East situation doesn't improve, TTF and JKM may test the 30 USD/MMBtu mark in June [2]. Market Analysis by Region US Market - The US natural gas market balance indicates a slightly tight balance. Supply will grow significantly in 2026, and there won't be a large supply - demand gap [2]. - External demand for US LNG is strong due to Qatar's production halt, and exports to Mexico's PNG will increase, but there are capacity limitations [2]. - The demand of the US gas - fired power generation, the most important downstream, is sensitive to gas prices. Current gas prices neither encourage nor drag it [2]. - The NYMEX gas price will mostly remain around 3 USD/MMBtu in Q2, with limited downside and potential for an upward trend in summer [2]. European and Asian Markets - After the Qatar gas interruption, the focus is to replenish sufficient inventories in the off - season for the 26/27 heating season. Each day of Qatar's production halt requires price adjustment in the European and Asian gas markets [2]. - Volatility may revert in Q2, and if the Middle East situation doesn't improve, a significant increase in volatility may occur in June, and TTF and JKM may test the 30 USD/MMBtu mark [2]. Data Tables and Charts Qatar LNG Export Data - Qatar's LNG export volume data from 2022 - 2026 is presented in a chart [8]. - The export structure in 2025 shows destinations such as China, India, South Korea, etc. [10] European Market Data - Data on PNG from Norway, Russia and other sources, LNG, production, demand, and inventory changes from 2021 - 2026F are provided [13]. - Charts show GIE EU natural gas storage utilization rate, EU - 27+UK LNG import volume, Russian LNG export volume and its exports to Europe, EU power generation by power source, and EU gas - fired power generation [15][18][20][24] Asian Market Data - Data on China's domestic gas, imported pipeline gas, imported LNG, total demand, and demand by sector from 2022 - 2026F are presented [26]. - Charts show Northeast Asia (China, Japan, South Korea) LNG import volume, China's LNG import volume, Japan and South Korea's LNG import volume [27][29][32] US Market Data - Data on US dry gas production, PNG imports from Canada, total supply, demand by sector, LNG and PNG exports, and inventory changes from 2020 - 2026E are provided [33]. - Charts show the relationship between US dry gas production and HH, US natural gas inventory deviation and Nymex front - month contract, US power generation growth rate by power source, US power industry's natural gas consumption, and US LNG export volume [34][37][45][48]

Report Title - Natural Gas: LNG in Low-level Fluctuations, Support Remains Below HH [1] Core Viewpoints - There is no clear core view presented in the provided text Summary by Sections Chapter 1: Comprehensive Analysis and Trading Strategies - There is no specific content provided for this chapter Chapter 2: Fundamental Analysis LNG Market Fundamental Situation - From December 27, 2025, to January 2, 2026, certain data showed values of 104.8 and 2.8, with a +2.8% change; another showed 112.5 and 8.9, with a -7.3% change [10] - On January 9, LNG had a value of 184.6, and other related LNG values were 157.54 and 86.55 [10] - On January 8, electricity generation was 643.2 TWh, a decrease of 130.9 TWh (-17.9%) compared to a certain period, and accounted for 56.3% and 68.2% in different aspects [10] - On January 8, LNG power generation was 4628 GWh/day, accounting for 28.3% [10] - Another value was 1.60 GWh/day with a 14.4% change, and 10.1 TWh/day with a 13.6% change [10] - ECMWF and NOAA forecasts indicated temperature changes of 3 - 6°C and 1 - 2 - 3°C in different regions [10] US Market Fundamental Situation - On a certain day in January, the data was 32560, with changes of 1190 and 1230, and percentage changes of 3.6% and 0.9% [12] - On January 9, the dry gas production was 1136/day, a 0.2% increase from the previous week and a 9.8% increase year-on-year. Baker Hughes data showed related changes [12] - On January 9, domestic demand was 1046/day, a -7.7% week-on-week change and a -16.7% year-on-year change. Other consumption data also had corresponding changes [12] - On January 9, the liquefaction export project flow was 193, a -1.9% week-on-week change and a 26.7% year-on-year change [12] - ECMWF forecasted a temperature change of 1.5 - 2.5°C in January [12] Chapter 3: Core Data Tracking International Natural Gas Prices - Graphs showed TTF - HH spreads, international natural gas prices (JKM, TTF, HH), HH month spreads, and TTF month spreads from January 2025 to November 2025 [16] Forward Curves - Forward curves of HH, JKM, and TTF were presented from 2602 to 2711 [19] China's LNG Supply and Demand - Graphs showed China's LNG supply (domestic and imported by tank trucks) from January 2025 to January 2026, and China's natural gas supply and demand from December 2025 to January 2026 [22] China's LNG Factory Prices and Inventory - Graphs showed China's LNG factory prices (settlement prices in different regions) from January 2025 to January 2026, and China's inventory situation (receiving station inventory and storage reservoir inventory) [25] European Natural Gas Data - Graphs showed European natural gas inventory, northwest European gas - coal conversion intervals, European LNG imports, and the quantity of floating storage tanks over 20 days from January to December [28] - Graphs showed European natural gas imports from different sources (Norway, Russia, etc.) and European domestic production from February 2024 to January 2026 [31] US Natural Gas Data - A supply - demand balance sheet showed US natural gas supply (dry gas production, Canadian pipeline gas imports) and demand (domestic demand, various consumption types, exports) for the current week, last week, and the same period last year, with corresponding percentage changes [33] - Graphs showed US natural gas inventory, dry gas production, rig numbers, liquefaction export project flows, domestic consumption, power generation demand, industrial consumption, and residential and commercial consumption from different time periods [36][39] Temperature and Wind Forecasts - Graphs showed ECMWF and GFS temperature and wind forecasts from January 5 to February 16, 2026, compared with historical averages [42][45]