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《德意志银行-中国原油和天然气月报-上半年需求强劲-20170811-deutschebankchinaoil&gasmonthly：robustoil&gasdemandgrowthin1h17；oil+6.8%&gas+11-15%yoy》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、ChinaOil&GasMonthlyDeutscheBankMarketsResearchAsiaIndustryDateChina11August2017HongKongChinaOil&GasEnergyMonthlyIndustryUpdateOil&GasRobustoil&gasdemandgrowthin1H17;oil+6.8%&gas+11-15%yoyJohnsonWanE&P:moreoilimportsandstockpiling;moregasdemandTheapparentdemandforCh
2、inacruderemainedrobustin1H17,up6.8%yoyResearchAnalystor0.8mb/dto306mtor12.4mb/d.Crudethroughputgrew3.5%yoyor0.4m+852-22036163b/dto11.2mb/d,drivenbyanincreaseincrudeoilimportquotashandedtoteapots.Domesticproductiondropped5%yoyin1H17;asaresult,netVitusLeungimportsurg
3、ed13.2%yoy.InJune,oildemandrose10.5%yoy,whileproductionResearchAnalystdeclined2.2%yoyinJunewithnetimportsurging17.4%yoy.However,the+852-22036158commercialinventoryremainedflatinJune.TheapparentdemandforChina'snaturalgasregisteredstronggrowthin1H17,up11%/15%,accordin
4、gtoNBS/ToppicksNDRC.Domesticgasproductiongrew8.1%/10.1%yoy.InJune,boththedemandSinopecKantons(0934.HK),HKD4.76Buyandproductionsurged21.7%and13.7%yoy,respectively,resultingin36.8%SEG(2386.HK),HKD7.22Buyyoygrowth.Thestronggrowthingasdemandwaslikelyduetotheincreasingl
5、yPetroChina(0857.HK),HKD4.91Holdstringentenvironmentalregulations,acceleratingtheswitchfromcoaltogas.Sinopec(0386.HK),HKD6.00BuyCNOOCLtd(0883.HK),HKD8.70BuyRefining:resilientGRMdespiteemergingteapotrampupSPC-H(0338.HK),HKD4.45BuyChinacrudethroughputincreased3.5%yoy,
6、whiletotaldemandformajorChinaBlueChemical(3983.HK),HKD2.33Buyrefinedproducts(gasoline,dieselandnaphtha)wasonlyup1.3%yoyin1H17.Sinofert(0297.HK),HKD1.06HoldInJune,thedemandforgasolineanddieselsurged3.5%and1.3%yoy,QSLI(000792.SZ),CNY10.52Holdrespectively.Themajorrefine
7、ries'utilizationrateremainedflatat74%,withChinaOilfieldServicesSellteapots'runraterampingupto63%from46%lastyear.InJuly,ChinaGRM(2883.HK),HKD6.65averagedUSD9.22/bbl(-USD1.68MoM)inJunewithUSD3.23/bblpremiumtoSinopecHoldOilfieldServiceSGGRM.Theovercapacityinrefininghasals
8、ospreadtodownstreammarketing.(1033.HK),HKD1.22WholesalespreadsaredownRMB158/tandRMB112/tyoyforgasolineanddiesel,COOEC(600583.SS),CNY6.20Holdrespe
