Natural gas market reform is imminent

The reporter learned that in May last year, the Shanghai Oil and Gas Trading Center launched pipeline gas pre-sale transactions. This trading mode creates a new trading mode of natural gas supply, price stability and volume lock, which can effectively integrate trading resources and reduce upstream and downstream transaction costs. At the same time, Chongqing Oil and Natural Gas Trading Center carried out the medium and long-term listing of natural gas warehouse receipts. The warehouse receipt transaction can better realize the secondary transfer of natural gas and facilitate the discovery of the real market price. Moreover, the warehouse receipt secondary transfer transaction adopts the online settlement method, which is conducive to improving the transaction efficiency.

"Using Internet technology to do a good job of green addition for the oil and gas industry is a major trend in the future." The relevant person in charge of the Bourse told reporters that at present, the Bourse is working with relevant units to jointly build a digital platform for natural gas spot bulk trade across the country. "Forming open and transparent prices through platform trading, guiding offline natural gas trading prices, weakening the adverse impact of market risks, and optimizing the trade and business ecology of the entire industry are the core roles." The person in charge said.

However, the lack of industry standards is a major problem for platform construction. The reporter learned that the Bourse is actively exploring the development of various industry standards for digital natural gas transactions. On December 22 last year, the Bourse cooperated with the Eastern Oil and Gas Network to jointly compile and release a series of oil and gas price indexes and build a special area for oil and gas trading platforms.

Industry analysts said that the increasingly diversified trading methods and trading products help to discover the true price of natural gas, promote the reasonable allocation of resources and timely transmission of prices, and create more favorable conditions for the market-oriented reform of natural gas prices.

Time linkage to grasp the right to speak

At the "10th China International Petroleum Trade Conference" held on November 8 last year, Wang Fenghai, general manager of the previous period, said that in the face of the increasingly strong risk management needs of the natural gas industry, the previous period continued to promote the research and development of natural gas futures, liquefied natural gas futures has been officially approved by the China Securities Regulatory Commission, and is now accelerating the listing work.

Industry insiders believe that with the continuous development of oil and gas trading centers, the future LNG trade is more and more inclined to flexible spot trading, and the price of the futures market has a good guide and reference for the spot market price. At the same time, through futures trading, LNG buyers and sellers can use hedging and other tools to avoid the risk of price fluctuations.

"The Bourse is exploring the establishment of standard warehouse receipt business model for spot trading of oil and gas and other commodities. After the listing of LNG futures, we will actively cooperate with futures exchanges to help enhance the international voice of China's commodity pricing." The relevant person in charge of the Bourse said.

As the world's largest LNG importer, China's status in the international market continues to rise. At the same time, relying on the growing domestic natural gas market demand and the price discovery function of the futures market, it helps to form the benchmark price of China's natural gas trade, so that China has a strong bargaining power when importing LNG. Strengthen China's voice in various pricing mechanisms in the international LNG market.