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Gold/Mining/Energy : Big Dog's Boom Boom Room
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From: Jacob Snyder6/28/2013 6:22:01 PM
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China Raises Natural-Gas Prices

China has been on an international quest to secure multiple sources of natural gas as it looks for cleaner energy sources to fuel its growth. Billions of cubic meters of gas are set to arrive in China over the next decade, either in liquefied form by ship or through cross-border pipelines. Much of these supplies have been bought at high international market prices.

Amid the shale-gas boom in the U.S., China is also trying to spur development of new supplies. New drilling technology, including hydraulic fracturing, has led to a gas glut in the U.S., driving down prices, but in China low government-set domestic prices have discouraged investment to tap such supplies.

China's National Development and Reform Commission, its top economic planning agency, said on Friday it would raise the government-set wholesale price of natural gas to a national average of 1.95 yuan ($0.32 cents) per cubic meter from 1.69 yuan per cubic meter. This would represent an increase of about 15%.

Still, prices would be well below what China pays for supplies from abroad. Energy information provider Platts says the price of liquefied natural gas for July delivery to Asia was $14.49 per million British thermal units, or roughly $0.54 per cubic meter. online.wsj.com
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