GS; Exceptional gas demand growth

From Goldman Sach’s China Energy Tracker, 14 August 2018;

Natural Gas – July apparent demand +19% yoy, YTD +16% yoy

Latest NBS data shows the strong increase in July gas imports (+30.9% yoy to 11.0

Bcf/d) has been supplemented by an accelerating domestic gas production trend

(+10.7% to 14.8 Bcf/d), which indicates exceptional gas demand growth for the

month (and possible storage fill, with parts of the Wen-23 facility being filled by

Sinopec; we expect inventory build will continue to provide upside to 3Q China gas

demand).