Demand lifts CNPC’s gas supply
Print Edition
China National Petroleum Corp’s natural gas supply has risen over 15 percent from a year ago by April amid robust growth in demand, the company said yesterday.
The oil and gas giant has been expanding gas production, distribution and storage “as its domestic demand has been rising since the first quarter,” CNPC said on its official website.
The company didn't unveil specific figures on the demand, but said the rise in demand was due to falling prices of natural gas from the start of the year. In contrast prices of its substitutes such as coal have risen.
The most traded natural gas contract for June delivery closed at US$2.85 per million British thermal unit on May 18, down 21.5 percent from US$3.63 per million British thermal unit on January 29 — which is the highest level since the start of the year — at the New York Mercantile Exchange.
The British thermal unit measures the heat energy amount in fuels. One cubic foot of natural gas produces approximately 1,000 BTUs.
Meanwhile the average price of steam coal domestically was 612 yuan (US$96) per ton by May 11, up 21 yuan per ton from the prior week and up 46 yuan per ton from a month ago, according to sxcoal.com, a coal industry consultancy.
To ensure sufficient supply “in winter time when demand peaks,” CNPC has raised domestic commercial gas production by 2 percent annually over the first four months to around 30.5 billion cubic meters, while its import of gas from overseas has surged 28.9 percent from a year ago.
In mid-December China’s liquefied natural gas prices grew 6.4 percent when demand surged amid the country’s rapid shift to cleaner energy from coal.
CNPC’s gas storage has also jumped 32.6 percent annually to 1.49 billion cubic meters by April, “which is to help us get ready in case there is shortage of supply in winter.”
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
