j.p. 摩根-全球-天然气行业-全球液化天然气分析：现货液化天然气交易落后于布伦特19%

《j.p. 摩根-全球-天然气行业-全球液化天然气分析：现货液化天然气交易落后于布伦特19%》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Completed13Nov201703:36PMAEDTDisseminated13Nov201703:56PMAEDTGlobalEquityResearch13November2017GlobalLNGanalyzerSpotLNGtradingat17%slopeversuslaggedBrentOctoberwasanotherstrongmonthforLNGwithpricescontinuingtoriseAustraliaaheadofpeakdemandfromtheNorthernHemispherewinter.We

2、estimateOil&GasLNGproductioninOctoberrose4.3%fromthepriormonthwithfirstcargoACMarkBusuttilfromWheatstoneTrain1sailingonthelastdayofthemonth.Whilethenear-(61-2)9003-8619termoutlookhasimproved,webelievetheeconomicsoflargescaleLNGmark.busuttil@jpmorgan.comprojectsremainschall

3、engedatcurrentprices.TheweakpriceenvironmenthasBloombergJPMABUSUTTILseenprojectsanctioningdeclinesubstantiallyoverthelasttwoyears.J.P.MorganSecuritiesAustraliaLimitedGlobalLNGproductionroseinOctober2017:WeestimateLNGWei-WengChen(61-2)90036262productiongloballywas292Mt

4、(annualized),upfrom280MtinSeptemberwei-weng.chen@jpmorgan.com2017.ThemajorityofproductionincreasescamefromAustraliaandQatar.J.P.MorganSecuritiesAustraliaLimitedAustralianLNGproductionincreased17%:WeestimateproductionScottLDarlingfromAustralianprojectstotaled58Mt(annualize

5、d),upfrom50Mtin(852)28008578September2017.NorthWestShelf(+49%fromthepriormonth)andscott.darling@jpmorgan.comDarwin(+135%)sawincreasesfollowingoutages/maintenanceinJ.P.MorganSecurities(AsiaPacific)LimitedSeptember.QCLNGproductiondeclinedasbothtrainsunderwentPhilGresh,CFAmai

6、ntenanceinOctober.(1-212)622-4861phil.m.gresh@jpmorgan.comSpotpriceup10%,tradingatan16.6%slopeversuslaggedBrent:TheJ.P.MorganSecuritiesLLCAsianspotpricerose10%toUS$8.75/mmBtuinOctober2017.ChinaChristyanFMalekcontinuestogrowimportswithdemandup57%fromtheprior(44-20)7134-918

7、8correspondingperiodona12mtrailingbasis.Wenotethisisaheadofthechristyan.f.malek@jpmorgan.comNorthernHemispherewinterwithdemandexpectedtoaccelerate.ReutersisJ.P.MorganSecuritiesplcreportingthathighspotpricesareincentivizingAsianbuyerswithlongtermJeremyTonet,CFAsupplytoreque

8、stadditionalsupply,reducingvolumestothespotmarket.(1-212)622-4915jeremy.b.tonet@jpmorgan.