MOSCOW (MRC) -- China's Jan natgas consumption sees first contraction in 2 years, said Reuters.
China's natural gas consumption in January saw its first year-on-year contraction in at least two years, data compiled by Chongqing Petroleum and Gas Exchange, a government-backed energy trading platform, showed on Monday.
Last month, the country consumed 31.6 billion cubic metres (bcm), down 1% from a year earlier.
The decline was stoked by a 14% fall in demand from industrial users and a 10% drop from power utilities, offsetting an increase from city gas users and chemical producers.
Several analysts have cut their forecasts for gas demand in China, the world's top gas importer, as the coronavirus outbreak in the country is expected to depress industrial, commercial and transportation appetite for the fuel over the next few months.
The total natural gas supply, not including stored gas, reached 29 bcm, with domestic gas output up 1% on-year and gas imports down 3.2%, according to the Chongqing Exchange.
The bourse also expects a supply glut in the natural gas market in February and March, with average daily consumption down 6.2% and 11.2%, respectively, from a year earlier.
Official data release on China's gas imports for January has been postponed until March.
As MRC informed earlier, China Council for the Promotion of International Trade (CCPIT) announced in a statement that it would offer force majeure certificates to Chinese businesses affected by the coronavirus outbreak.
As MRC informed earlier, BP said the deadly coronavirus outbreak could cut global oil demand growth by 40% this year, putting pressure on Opec producers and Russia to curb supplies to keep prices in check.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).
MRC