德银-中国-石油与天然气行业-月报：天然气进口录得新高，市场价差回升-20180125-78页

25January2018Oil&GasChinaOil&GasMonthlyEnergyOil&GasIndustryUpdateAsiaChinaIndustryChinaOil&GasMonthlyDate25January2018DeutscheBankMarketsResearchNaturalgasimportsrecordednewhighandmarketingspreadsreboundedE&P:newhighfornaturalgasimports;crudeself-sufficiencyat32%in2017ChinascrudeproductionandapparentdemandslowedinDecdespitethehigheroilprice,down5%yoyand6%yoy,respectively.Deccrudedemandwasalso5%lowerthanthatofNovduetoa0.7%dropmomincrudethroughputandslowerinventorybuildsonoilpriceuplift(only0.4mmtvs.monthlyaverageof3.7mmtfor11M17).TeapotsinShandongimported8%moreofcrudeoilthanthatinNovtofullyutilizetheir2017importquota,butChinastotalimportsstilldeclinedby7%mom.InDec,naturalgascontinuedtoregisterrobustdemandgrowthof13%yoy,albeitslowerthanthe27%and16%inOctandNov.Decdomesticproductioncontinuedtobelacklustergr