Study on the influencing factors of China's LNG ex-factory prices in the context of natural gas marketization reforms
The paper analyzes the factors influencing LNG ex-factory prices from such two perspectives as supply&demand fundamentals and energy markets.It chooses such factors as production,cost,supply and demand,inventory,and temperature levels on the supply and demand side and selects crude oil spot,fuel oil,liquefied petroleum gas(LPG),gasoline and diesel,and coal spot prices on the energy market side.The paper takes Northeast Asian spot prices as international natural gas prices,the price of LNG in Inner Mongolia as the study object,the actual data from the databases of Oilchem and Wind Company,and data from November 3,2021 to October 18,2023 as the weekly study samples.The paper explores the impact of the influencing factors as a whole on LNG ex-factory prices by typical correlation analysis and the effect of each factor on the price based on Granger causality test in the vector auto regression(VAR)model.It is concluded that China's LNG ex-factory prices are weakly responsive to supply and demand and strongly influenced by spillover effects from the energy market.It is recommended to expand the trading scale of natural gas market and improve the natural gas trading system so as to promote the development of LNG marketization in China.
natural gas pricesLNG ex-factory priceinfluencing factorstypical correlation analysisVAR modelnatural gas market
国家科技期刊平台
NSTL
万方数据
