资源描述：
《德银-中国-石油与天然气行业-“茶壶”企业及冬季天然气短缺带来强烈的石油与天然气需求》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&GasMonthlyDeutscheBankMarketsResearchAsiaIndustryDateChina21December2017ChinaOil&GasEnergyOil&GasMonthlyIndustryUpdateStrongO&GdemandledbyteapotsandwintergasshortageJohnsonWanE&P:strongdemandacrosscrudeandgas,crudeinventoriesseebigdrawsResearchAnal
2、ystInNov,Chinacrudeoilproductionfellby2%yoywhileapparentdemandsurgedto7.5%yoy.For11M17,crudeproductionfell4%yoywhileapparentdemand+852-22036163grew6%yoy.Despitethe9%momgaininBrentforNov,crudeproductionVitusLeungcontinuedtobelackluster,withthebalancecomingfr
3、omimports,up13%yoy.ResearchAnalystCommercialcrudeinventoriesalsowitnessedthebiggestdrawinsevenyears,+852-22036158down10%momto26.9mmtinOct,reachingthelowestlevelsince2010.Naturalgasproductiongrewonly2%forNovwhileapparentdemandregistered16%Toppicksyoygrowth.F
4、or11M17,gasproductiongrew9%whileapparentdemandgrewSinopec(0386.HK),HKD5.58Buy15%.Theseveregasshortageledtoasurgeinimports,up44%inNovor27%CNOOCLtd(0883.HK),HKD10.90Buyfor11M17,causingLNGpricetoexceedRMB10,000/tinmanyprovincesorChinaOilfieldServicesBuyUSD29/mm
5、btu.Robustgasdemandwilllikelypersistthroughoutthewinterwith(2883.HK),HKD7.44PetroChina,ChinaBlueChemandKunluntobenefitthemostunderDBcoverage.Source:DeutscheBankRefiningandMarketing:teapots'runratetorecordhistoricalhighGRMChinacrudeprocessingvolumeretreatedfro
6、mthehistoricalhighof50.5mtinOct,butstillrecorded49.4mmtinNov,up8%yoy.Refiningspreadsremainedhigh,withanaverageGRMofUSD12.7/bblinNov,+USD1.19/bblmom,andstoodatUSD11.93/bblthroughoutthequarterto18Decvs.theseven-yearhighofUSD11.98/bblfor3Q17.Suchhighmarginsspur
7、redrefiningactivitiesacrossallmajoroilproducts.Theoutputofgasoline/diesel/keroseneincreasedby4%/6%/9%yoyinOct,althoughstatsinNovareyettobereleased.TherunrateofShandongteapotssurgedto70.7%by7Dec,reachinganewhighsincetheirinception3.5yearsagoandareclosinginont
8、he74.1%bymajorrefinersinChina,basedondatasummarizedbyICISChina.Theutilizationrateaveraged76.5%formajorrefinersand62.8%forShandongteapotsduringthisyearto7Dec.Thestrongproductgrowthmayputpressureonmarketin
