資源描述：
《德銀-中國-石油與天然氣行業(yè)-中國石油與天然氣行業(yè)月報：天然氣進口錄得新高，市場價差回升》由會員上傳分享，免費在線閱讀，更多相關(guān)內(nèi)容在行業(yè)資料-天天文庫。
1、ChinaOil&GasMonthlyDeutscheBankMarketsResearchAsiaIndustryDateChina25January2018ChinaOil&GasEnergyOil&GasMonthlyIndustryUpdateNaturalgasimportsrecordednewhighandmarketingspreadsreboundedJohnsonWanE&P:newhighfornaturalgasimports;crudeself-su?ciencyat32%in2017ResearchAnalystC
2、hina'scrudeproductionandapparentdemandslowedinDecdespitethehigheroilprice,down5%yoyand6%yoy,respectively.Deccrudedemandwasalso+852-220361635%lowerthanthatofNovduetoa0.7%dropmomincrudethroughputandVitusLeungslowerinventorybuildsonoilpriceuplift(only0.4mmtvs.monthlyaverageofR
3、esearchAnalyst3.7mmtfor11M17).TeapotsinShandongimported8%moreofcrudeoilthan+852-22036158thatinNovtofullyutilizetheir2017importquota,butChina'stotalimportsstilldeclinedby7%mom.InDec,naturalgascontinuedtoregisterrobustdemandToppicksgrowthof13%yoy,albeitslowerthanthe27%and16%i
4、nOctandNov.DecSinopec(0386.HK),HKD6.53Buydomesticproductioncontinuedtobelacklustergrowingonly2%forthesecondCNOOCLtd(0883.HK),HKD12.14Buystraightmonthwithimportsmakingupforthedi?erence,growing32%yoy.WeChinaOil?eldServicesBuynotethatDec'snaturalgasimportsof10.6bcmwereanewmont
5、hlyhistorical(2883.HK),HKD9.22high,likelymetbymorespotLNG.ForFY17,China'sdemandforcrudeoilandSEG(2386.HK),HKD8.71Buynaturalgassurgedby5%/15%yoy,butmostaresatis?edbyimports(+10%/+28%Source:DeutscheBankyoy)leadingtoalowerself-su?ciencyratioof32%/62%in2017vs.35%/66%in2016.Weva
6、lueoilmajorsbasedonDCFRe?ningandMarketing:GRMremainedhighandmarketingspreadsreboundedforupstreamandP/Bvs.ROEforInDec,Chinacrudeprocessingvolumewas?atmombutgrew3%yoy.Compareddownstream.WevalueotherChinaoil&tothroughput,whichgrew8%yoyinNov,therewasmoremaintenanceandgascompani
7、esusingDCF/EVEBITDA/PB.extraproductioncutsforenvironmentalprotection.GRMretreatedby5%,orRisks:unexpectedchangesinoilpricesandproductionvolumesandpolicychanges.USD0.65/bblmom,toUSD12.28/bblinDec,butreboundedtoanevenhigherlevelinJanatUSD13.34/bblforthe?rstthreeweeks.4Q17ended
8、withre?ningspreadsofUSD12.28/bbl,aseven-yearhigh,up18%yoy.Productionhaltswillbere?
