摘要
Abstract
The Henry Hub price constitutes the benchmark price index for the North American natural gas market with high liquidity and tradability.It underpins U.S.LNG long-term contract pricing and significantly influences global natural gas and LNG markets.Henry Hub price formation exhibits considerable complexity and is influenced by multiple factors.For long-term,it is affected by the U.S.natural gas market structure,driving factors,and energy policies.In the short term,it is influenced by North American natural gas supply-demand dynamics,LNG export trends,and natural gas storage fluctuations,as well as global LNG markets and changes of financial market predications.The paper advises that Chinese LNG trading companies and U.S.LNG long-term contract off-takers should intensify Henry Hub price research and analysis,formulate robust price exposure risk management strategies to strengthen international LNG trade capabilities,upgrade LNG trade risk management philosophy by deeply engaging in upstream-downstream collaborative operations in LNG trade chains,improve international market competitiveness by strengthening practical utilization of derivative instruments,and better deal with uncertainties and risks from Henry Hub price volatility.关键词
亨利枢纽/亨利枢纽价格/天然气期货合约/美国LNG项目/LNG购销长期合同/全球LNG市场/价格风险Key words
Henry Hub/HH price/natural gas futures contracts/U.S.LNG projects/LNG long-term contracts/global LNG market,price risks分类
管理科学
