Analysis of Domestic LNG Price Trend from February 2 to February 6, 2026
From February 2 to February 6, 2026, the domestic LNG price showed a volatile trend of "rising first and then falling", with significant game characteristics between the supply and demand sides of the market. In the early stage, benefiting from the steady recovery of downstream demand and supported by the low inventory status of liquid plants in major producing areas, the domestic LNG market presented a trend of rising both in volume and price. The plants in major producing areas had smooth shipments, and the shipping prices continued to rise. Some liquid plants in certain regions even adjusted their prices once a day or twice a day, reflecting a significant warming of market sentiment.
However, as LNG prices continued to climb to high levels, the purchasing willingness of downstream customers gradually cooled down, and the sentiment of receiving goods became increasingly weak, resulting in weakened support from the market demand side. Affected by this, LNG prices in some regions fell first. Among them, some liquid plants in Southwest China, Hebei and other places had relatively obvious declines, with the maximum single-day decline reaching 850 yuan per ton.
In terms of the marine gas market, the performance during the same period was lower than expected. The sales of goods at LNG receiving terminals in East China, North China, Northeast China and other regions encountered obstacles. Although the international Northeast Asia CIF price showed an upward trend, the domestic receiving terminals faced prominent pressure in shipping goods. To accelerate deinventory and promote shipments, the relevant receiving terminals have successively adopted price reduction strategies to enhance the competitiveness of goods and increase sales volume, forming a pattern of "marine gas remaining firm but partial price reduction, and land gas showing a differentiated trend of rising and falling" with the land gas market.