Report Summary 1. Industry Investment Rating - No information provided 2. Core Viewpoints - The US natural gas price is expected to be relatively stable in 2026 and then rise in 2027 as market conditions tighten The Henry Hub natural gas spot price is projected to average slightly below $3.50 per million British thermal units this year, a 2% decrease from 2025, and then surge to an annual average of over $4.60 per million British thermal units in 2027 The increase in 2027 is due to demand growth outpacing supply growth [2] 3. Key Points by Section Price Forecast - EIA has lowered the Henry Hub price forecast for Q1 2026 from an average of $4.35 per million British thermal units last month to $3.38 per million British thermal units The prediction assumes milder - than - normal January temperatures, which may limit natural gas consumption during the peak space - heating season On January 9, the Henry Hub spot price was below $3 per million British thermal units, compared to around $5 per million British thermal units a month ago [3] Demand and Production - US dry natural gas production is expected to grow continuously throughout the forecast period It is projected to increase by 1% this year to nearly 109 billion cubic feet per day, led by the Permian region In 2027, production will grow another 1%, with the growth center shifting to the Haynesville region [6] - Total US natural gas demand, including exports, will grow by 2% in 2027, exceeding total supply (production plus imports) The total demand is forecast to reach 119 billion cubic feet per day in 2027, more than 1 billion cubic feet per day higher than the total supply, which will tighten the market balance and support higher prices at the end of the forecast period [6] - The growth in total demand is mainly driven by the expansion of liquefied natural gas (LNG) exports and the growth of electricity - sector consumption LNG exports grew by 26% in 2025 and will continue to grow through 2027, with an expected growth of 9% in 2026 and 11% in 2027 This growth is due to the operation of three new LNG export facilities [7] - The consumption of natural gas for power generation is also growing steadily, while the combined natural gas consumption of the industrial, residential, and commercial sectors decreased by 3% in 2026 and remained relatively stable in 2027 Industrial consumption decreased in 2026 and 2027 due to climate assumptions closer to the long - term average and lower industrial activity levels [8]

本周二开始，美国大部分地区已被严寒笼罩。这场极端寒潮预计将推动居民和商业取暖需求大幅激增， 电力发电需求也将同步上升，天然气价格当天大幅飙升26%。 这场寒潮打破了今年原本偏暖的冬季格局。受哈得逊湾上空高空低压系统影响，北极冷空气持续向南扩 散，超2亿美国民众将遭遇冰点以下的严寒，明尼苏达州等地区的体感温度甚至会降至零下30华氏度 （近零下35摄氏度）。 目前北极冷空气已经席卷美国东半部，同时，一场强冬季风暴的风险持续攀升，预计从得克萨斯州一路 蔓延至中大西洋地区。美国国家气象局表示，一股 "极寒"的北极气团将导致东北部和中西部地区的气 温较常年偏低15华氏度-25华氏度（约合8摄氏度-13摄氏度），且截至1月末的天气展望仍为严寒。 美国国家气象局预报，本周五前，落基山脉南部、大平原地区和南部各州将遭遇强冬季风暴，出现强降 雪、冻雨天气，风暴后续将在周末向东部海岸移动。零度以下的严寒天气将深入得克萨斯州并席卷整个 南部地区，同时当地还面临冰雹和强降雪的风险。 2026.01.22 本文字数：1688，阅读时长大约3分钟 作者 |第一财经 樊志菁 受极涡范围持续扩大影响，北极冷空气蔓延至北半球大部分地区，市场对 ...

International News - US natural gas futures prices saw a significant increase, with intraday gains reaching up to 30%, currently reported at $5.083 per million British thermal units, after previously recording increases of 29%, 28%, and 27% [1][7] - Precious metals market showed a downward trend, with spot gold prices dropping below $4820, $4810, $4800, and $4790 per ounce, with daily declines of 0.25%, 0.44%, 0.64%, and 0.86% respectively [1][7] - Spot silver also faced pressure, falling below $93, $92, and $91 per ounce, with daily declines of 1.68%, 2.93%, and 3.74% respectively [1][7] - US stock market performed strongly, with all three major indices closing up over 1%, the Dow Jones up 1.21%, Nasdaq up 1.18%, and S&P 500 up 1.16% [1][7] Individual Stocks - Intel shares rose over 11%, reaching a four-year high; AMD increased by 8.3%, SanDisk by over 10%, Western Digital by over 8%, and Micron Technology by over 6% [2][8] - The Nasdaq Golden Dragon China Index rose by 2.22%, with notable gains from individual stocks such as New Oxygen up 14.93%, Baidu up 8.20%, and Century Internet up 7.17% [2][8] - OpenAI's CEO Sam Altman is meeting with top investors in the Middle East to pursue a new round of financing of at least $50 billion, with a post-funding valuation expected between $750 billion and $830 billion [2][8] - Apple plans a major overhaul of Siri, transforming it into a built-in chatbot with new features expected to launch later this year [2][8] Company Dynamics - French dairy company Lactalis announced a recall of multiple batches of infant formula in 18 countries, including China, due to potential contamination with Bacillus cereus toxin [3][9] - Ubisoft canceled the development of six games, including the remake of "Prince of Persia: The Sands of Time" and four unannounced titles [3][10] - The American Petroleum Institute (API) reported an increase of 3 million barrels in US API crude oil inventories last week, compared to a previous increase of 5.278 million barrels [3][10] - President Trump expressed hope for the retention of Kevin Hassett in his current position, with the shortlist for the Federal Reserve chair narrowing to two or three candidates [3][10]

储气库是天然气保供的"地下粮仓"，在需求高峰时期发挥着关键调峰作用。面对天然气需求量的大幅攀 升，全国多地储气库开启"高峰采气"模式，调峰保供作用得到充分释放。 我国西北地区首座储气库群——温吉桑储气库群日采气量突破620万立方米，较采气初期提升了29%。 截至目前，本轮采气累计量已突破6亿立方米，为西气东输沿线地区民生供暖与工业生产提供稳定气源 支撑。与此同时，中国石化金坛、文96等12座储气库同步发力，顶峰采气量超4000万立方米，有效缓解 重点区域高峰用能压力。 国家管网集团充分发挥"全国一张网"的资源配置优势，17座联网储气库同步采气，日采气入网量近2亿 立方米，构建起多源互补、稳定可靠的保供体系。 （文章来源：央视新闻） 在新疆天山南麓，大范围降雪后最低气温降至-20℃左右。作为我国最大超深油气田和西气东输主力气 源地的塔里木油田，加大增储上产力度，日供天然气量超过9200万立方米。 面对极端天气，多家能源企业动态调整供气计划，日供气量创下新高。其中，我国最大油田长庆油田日 均产气量稳定在1.71亿立方米；位于四川盆地的西南石油局，日产水平提升至3040万立方米以上，创历 史新高。中国石化单日最大供 ...

格隆汇1月22日｜WTI 3月原油期货收涨0.26美元，涨幅0.43%，报60.62美元/桶。布伦特3月原油期货收 涨0.32美元，涨幅超过0.49%，报65.24美元/桶。NYMEX 2月天然气期货收涨超过24.77%，报4.8750美 元/百万英热单位，最近两个交易日累计涨幅超过57.10%。NYMEX 2月汽油期货收报1.8574美元/加仑， NYMEX 2月取暖油期货收报2.4305美元/加仑。 ...

Core Viewpoint - The energy sector in the U.S. stock market has reached historical highs due to rising geopolitical uncertainties, leading investors to bet on higher oil prices [1] Group 1: Energy Sector Performance - The S&P 500 Energy Index rose by 2.4% to 750.17 points, making it the best-performing sector within the S&P 500 [1] - Since April of last year, oil and gas stocks have steadily increased, recovering from the tariff impacts initiated by Trump [1] - The energy sector's strong performance marks a reversal from 2025, where the index only increased by 5%, lagging behind the S&P 500's 16% gain [2] Group 2: Geopolitical Influences - Geopolitical pressures related to Venezuela, Ukraine, and Greenland are maintaining a moderate risk premium for oil prices, with WTI crude oil at $60 per barrel being a critical threshold [1] - Following U.S. intervention in Venezuela, the energy sector benchmark index returned to pre-tariff levels [2] - Citigroup has raised its short-term forecast for Brent crude oil to $70 per barrel due to expanding geopolitical risk premiums [2] Group 3: Market Dynamics - The anticipated Arctic cold wave is expected to boost domestic natural gas market sentiment, benefiting companies like EQT Energy, Expand Energy, and Coterra Energy [1] - The International Energy Agency (IEA) has raised its oil demand forecast for 2026, providing additional support for oil prices [2] - Despite robust cash returns from upstream oil companies, they face risks from potentially unsustainable geopolitical risk premiums [2]

本周二开始，美国大部分地区已被严寒笼罩。这场极端寒潮预计将推动居民和商业取暖需求大幅激增， 电力发电需求也将同步上升，天然气价格当天大幅飙升26%。 这场寒潮打破了今年原本偏暖的冬季格局。受哈得逊湾上空高空低压系统影响，北极冷空气持续向南扩 散，超2亿美国民众将遭遇冰点以下的严寒，明尼苏达州等地区的体感温度甚至会降至零下30华氏度 （近零下35摄氏度）。 目前北极冷空气已经席卷美国东半部，同时，一场强冬季风暴的风险持续攀升，预计从得克萨斯州一路 蔓延至中大西洋地区。美国国家气象局表示，一股 "极寒"的北极气团将导致东北部和中西部地区的气 温较常年偏低15华氏度-25华氏度（约合8摄氏度-13摄氏度），且截至1月末的天气展望仍为严寒。 美国国家气象局预报，本周五前，落基山脉南部、大平原地区和南部各州将遭遇强冬季风暴，出现强降 雪、冻雨天气，风暴后续将在周末向东部海岸移动。零度以下的严寒天气将深入得克萨斯州并席卷整个 南部地区，同时当地还面临冰雹和强降雪的风险。 市场担忧重现1996年暴雪灾情， 值得注意的是，随着得克萨斯州当地气温将降至冰点以下，油田或因冻害停工，进而导致天然气产量下 降。此前，阿巴拉契亚和二叠 ...

国内新闻 ◐ 2 025年我国绿色算力设施可再生能源利用率逾70%。 1月21日，国务院新闻办公室举行新闻发布会，介绍20 25年暨"十四 五"时期工业和信息化发展成效。会上披露，2025年度，国家绿色算力设施可再生能源利用率平均值超过70%。 ◐ 2025年我国制造业智能化、绿色化加快发展。 据央视新闻1月2 1日报道，国家税务总局发布的最新税收数据显示，2025年， 全国高耗能制造业销售收入占制造业比重较上年下降1.1个百分点，反映产业结构不断优化。制造业企业购进环境治理服务金额 同比增长7. 3%，反映绿色治理投入不断加大。新能源相关产业也在快速发展，新能源车制造业、锂离子电池制造业销售收入同 比分别增长14 . 3%和2 5. 1%。 新闻聚焦 ◐ 我国电动汽车充电设施数量突破2 00 0万。 据新华社消息，国家能源局1月21日宣布，截至20 25年1 2月底，我国电动汽车充电 设施数量达20 09 . 2万个，突破2000万大关，建成全球最大电动汽车充电网络，可支撑超40 00万辆新能源汽车充电需求。其中， 公共充电设施（枪）4 7 1.7万个，私人充电设施（枪）1 537. 5万个。 ◐ 首次突破 ...

Core Viewpoint - The company has approved a guarantee limit of up to 36 billion RMB for the year 2025 to support financing and daily procurement needs of its subsidiaries and joint ventures [1] Group 1: Guarantee Approval - The company's board of directors and shareholders have approved the proposal for the 2025 guarantee limit during the 22nd meeting of the 10th board and the third extraordinary general meeting of 2024 [1] - The approved guarantee limit is based on the previous year's balance and is intended for the company's subsidiaries, joint ventures, and affiliated companies [1] Group 2: Guarantee Implementation - As of December 31, 2025, the company and its subsidiaries have provided a total external guarantee balance of 20.132 billion RMB, with no overdue guarantees reported [5] - The guarantees provided to related parties amount to 0 RMB, while the company has provided a joint liability guarantee of 2.3 million RMB to a joint venture [5] Group 3: Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary and reasonable based on the normal operational needs of subsidiaries and joint ventures, with stable operations and good credit status of the guaranteed parties [5] - The guarantees do not harm the interests of the company or minority shareholders and will not adversely affect the company's normal operations and business development [5]

据哥伦比亚《新世纪》1月20日报道，哥国家石油公司正在评估在美国可 能放松对委内瑞拉制裁的前提下，重启从邻国进口天然气的可行性。报道称 称，哥国家石油公司正等待美国总统特朗普与哥总统佩特罗下月会晤的结果， 再决定是否与委内瑞拉方面展开直接谈判。分析指出，美国目前的制裁政策曾 阻碍哥委之间的天然气合作，若美方调整对委内瑞拉的制裁措施，哥委有望重 新启动合作。 （原标题：哥伦比亚考虑重启从委内瑞拉进口天然气） ...