Liquefied natural gas (LNG) prices rose 2.6% while liquefied petroleum gas (LPG) prices declined 2.5% in late June in China, showed the latest data from the National Bureau of Statistics.
China's LNG price was 2,557.7 yuan/t in late June, growing by 64.5 yuan/t or 2.6% from mid-June, ending the previous eight consecutive declines.
LPG price slid by 64.7 yuan/t or 2.5% from mid-June to 2,562.5 yuan/t, narrowing the reduction by 0.4 percentage points from the previous session.
The LNG market continued the downside since April, as the demand for heating supply in winter season disappeared in China. Meanwhile, amid tepid downstream demand and supply glut due to the COVID-19 pandemic, low imported LNG prices also squeezed China domestic market.
Under the severe mismatch between supply and demand, the LNG market has fallen to a three-year low.
However, China's LNG prices are rebounding recently under rising international crude oil prices and policy stimulus, while the sustainability shall depend on the market fundamentals.
(Writing by Shengnan Liu Editing by Jessie Jia)
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