Study On The Mechanism Of Natural Gas Import Price In China

In the long-term gas import agreement in Asia,natural gas price is linked to the price of crude oil.In the period when oil price was very high,the oil-linkage pricing formula caused the "Asian premium" phenomenon,and the linkage to crude oil is thought to be the main cause of this phenomenon.In order to change the status quo,natural gas importers in Asia try to change the existing pricing mechanism.In recent years,China and South Korea have used a new pricing formula in the long-term import agreement,which linked the LNG price to the Henry Hub price,but whether the new formula is better than the original one is still unknown.This article first studies the pricing mechanisms in three major regional natural gas markets,and the spatial pattern of China's gas import.On the basis of the above analysis,this article makes simulation of new pricing formulas based on historical data.Based on the results of the simulation analysis,this paper analyzes the causes of the "Asian premium",then put forward some corresponding suggestions.In this paper,the main conclusion is that,the choice of the linkage energy in the pricing formula dose affect the final price,but link to trade center price does not necessarily have absolute advantages,also can not reflect the market situation in China.Only by mastering the natural gas market pricing power,can fundamentally solve the problem of "Asian premium".The key to master the pricing power is to establish a benchmark price in Asia,which means to build a natural gas trade center in Asia.Therefore,in order to strengthen China's discourse power in international gas market,it is necessary to establish the Asian gas trade center in China.