三個皮匠報告
政策庫
new
付費
搜索

圖41、受供需結構惡化，TTF價格在2024-2025-行業數據

圖41、受供需結構惡化，TTF價格在2024-2025
圖41、受供需結構惡化，TTF價格在2024-2025
本土生產減少同時進口受限，歐洲天然氣庫存自 2024 年 11 月中旬開始加速下降，并階段性推高了 TTF 價格。同時考慮到 2024-2025 年采暖季結束后歐洲各國普遍的補庫需求，以及事實上存在的因俄-烏過境協議到期而產生的每年約 150億方管道氣缺口，我們不認為 TTF價格將在采暖季后快速下跌至 2024年或更低水平。同時盡管歐洲管道氣缺口可由進口 LNG補充，但結合前文對于美國供需結構分析得出的 HH 價格中樞在 2025 年會上升的結論，TTF 價格或將變得更加敏感，HH價格、氣溫或者 LNG運費變化均可對 TTF價格產生顯著影響。
行業數據 下載Excel 下載圖片 原圖定位
圖片屬性
圖片格式：PNG 圖片大?。?1KB 圖片尺寸：1205*793
同報告圖片
 / 57
圖41、受供需結構惡化，TTF價格在2024-2025_第1頁
5aW955qE77yM5Lul5LiL5piv5oKo5o+Q5L6b55qE5Zu+54mH5Lit55qE5pWw5o2u55Sf5oiQ55qE6KGo5qC877yM5bm25Zyo5LiL5pa55bGV56S65LqG6LWE5paZ5p2l5rqQ77yaCgp8IOaciOS7vSB8IDIwMjPlubQgfCAyMDI05bm0IHwgMjAyNeW5tCB8CnwtLS0tLS18LS0tLS0tLS18LS0tLS0tLS18LS0tLS0tLS18CnwgMSAgICB8IDIwICAgICB8IDEwICAgICB8IDEwICAgICB8CnwgMiAgICB8IDE4ICAgICB8IDExICAgICB8IDExICAgICB8CnwgMyAgICB8IDE2ICAgICB8IDEyICAgICB8IDEyICAgICB8CnwgNCAgICB8IDE0ICAgICB8IDEzICAgICB8IDEzICAgICB8CnwgNSAgICB8IDEyICAgICB8IDE0ICAgICB8IDE0ICAgICB8CnwgNiAgICB8IDEwICAgICB8IDE1ICAgICB8IDE1ICAgICB8CnwgNyAgICB8IDExICAgICB8IDE2ICAgICB8IDE2ICAgICB8CnwgOCAgICB8IDEzICAgICB8IDE3ICAgICB8IDE3ICAgICB8CnwgOSAgICB8IDE1ICAgICB8IDE4ICAgICB8IDE4ICAgICB8CnwgMTAgICB8IDE3ICAgICB8IDE5ICAgICB8IDE5ICAgICB8CnwgMTEgICB8IDE5ICAgICB8IDIwICAgICB8IDIwICAgICB8CnwgMTIgICB8IDE4ICAgICB8IDIxICAgICB8IDIxICAgICB8CgrotYTmlpnmnaXmupDvvJp3aW5k77yM5YW05Lia6K+B5Yi457uP5rWO5LiO6YeR6J6N56CU56m26Zmi5pW055CG
圖41、受供需結構惡化，TTF價格在2024-2025_第2頁
5qC55o2u5oKo5o+Q5L6b55qE5L+h5oGv77yM5Lul5LiL5piv5LuO5Zu+54mH5Lit5o+Q5Y+W55qE5pWw5o2u5bm255Sf5oiQ55qE6KGo5qC877yM5Lul5Y+K6LWE5paZ5p2l5rqQ77yaCgpgYGAKfCDlnLDljLogICAgICAgICAgICAgICB8IEV4aXN0aW5nIHwgRklEIHwgUHJlLUZJRCB8CnwtLS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS18LS0tLS18LS0tLS0tLS0tfAp8IEFmcmljYSAgICAgICAgICAgIHwgMTAwICAgICAgfCAyMCAgfCAzMCAgICAgIHwKfCBBc2lhIFBhY2lmaWMgICAgICB8IDE1MCAgICAgIHwgMTAgIHwgNDAgICAgICB8CnwgRXVyb3BlICAgICAgICAgICAgfCA1MCAgICAgICB8IDUgICB8IDEwICAgICAgfAp8IEZvcm1lciBTb3ZpZXQgVW5pb24gfCA4MCAgfCAxMCAgfCAyMCAgICAgIHwKfCBMYXRpbiBBbWVyaWNhICAgICB8IDcwICAgICAgIHwgNSAgIHwgMTAgICAgICB8CnwgTWlkZGxlIEVhc3QgICAgICAgfCA5MCAgICAgICB8IDE1ICB8IDI1ICAgICAgfAp8IE5vcnRoIEFtZXJpY2EgICAgIHwgNjAwICAgICAgfCAxMDAgfCAyMDAgICAgIHwKYGBgCgrotYTmlpnmnaXmupDvvJpJR1UsIFJ5c3RhZCBFbmVyZ3ksIOWFtOS4muivgeWIuOe7j+a1juS4jumHkeiejeeglOeptg==
圖41、受供需結構惡化，TTF價格在2024-2025_第3頁
圖41、受供需結構惡化，TTF價格在2024-2025_第4頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第5頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第6頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第7頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第8頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第9頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第10頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第11頁
圖41、受供需結構惡化，TTF價格在2024-2025_第12頁
圖41、受供需結構惡化，TTF價格在2024-2025_第13頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第14頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第15頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第16頁
fCDlubTku70gfCDlhajnvo7lpKnnhLbmsJTlubLmsJTkuqfph48gKGJjZi9kKSB8IOWQjOavlOWinumAnyAo5Y+z6L20KSB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwKfCAyMDE5IHwgOTMgICAgICAgICAgICAgICAgICAgICAgICAgIHwgLSAgICAgICAgICAgICAgfAp8IDIwMjAgfCA5MiAgICAgICAgICAgICAgICAgICAgICAgICAgfCAtICAgICAgICAgICAgICB8CnwgMjAyMSB8IDk1ICAgICAgICAgICAgICAgICAgICAgICAgICB8IC0gICAgICAgICAgICAgIHwKfCAyMDIyIHwgMTAwICAgICAgICAgICAgICAgICAgICAgICAgIHwgLSAgICAgICAgICAgICAgfAp8IDIwMjMgfCAxMDQgICAgICAgICAgICAgICAgICAgICAgICAgfCAtICAgICAgICAgICAgICB8CnwgMjAyNEUgfCAxMDIgICAgICAgICAgICAgICAgICAgICAgICAgfCAtMi4wMyUgICAgICAgICB8CnwgMjAyNUUgfCAxMDUgICAgICAgICAgICAgICAgICAgICAgICAgfCAyLjAzJSAgICAgICAgICB8CnwgMjAyNkUgfCAxMDcgICAgICAgICAgICAgICAgICAgICAgICAgfCAyLjIzJSAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJpFSUHvvIzlhbTkuJror4HliLjnu4/mtY7kuI7ph5Hono3noJTnqbbpmaLmlbTnkIbpooTmtYs=
圖41、受供需結構惡化，TTF價格在2024-2025_第17頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第18頁
fCDnsbvliKsgfCDmlbDph4/vvIhtY2bvvIkgfCDnmb7liIbmr5QgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLXwtLS0tLS0tLXwKfCDnm7TmjqXmtojotLkgfCAzMiw2MTksNDE3IHwgNzMuODclIHwKfCDlh7rlj6MgfCA3LDYwOSw1OTcgfCAxNy4zMyUgfAp8IOW6k+WtmOWinuWKoCB8IDMsODM5LDUxMiB8IDguODAlIHwKfCDnp5/nlKjnh4PmlpkgfCAxLDQ2NCw4MTcgfCAzLjMyJSB8Cnwg566h6YGT5Y+K5YiG5Y+R6L+H56iL5Lit55qE5L2/55SoIHwgMSwyNDMsODU1IHwgMi44MiUgfAp8IOeUteWOguWPiuW3peS4muiuvuaWveaNn+iAlyB8IDUwMSw0NDUgfCAxLjE0JSB8Cnwg5bGF5rCRIHwgNCw1MjMsMzI4IHwgMTAuMjQlIHwKfCDllYbkuJogfCAzLDM0MSw0MjUgfCA3LjU3JSB8Cnwg5bel5LiaIHwgOCw1NTIsMTcxIHwgMTkuMzclIHwKfCDovabnlKjnh4PmlpkgfCA2MiwwOTggfCAwLjE0JSB8Cnwg5Y+R55S1IHwgMTIsOTMwLDI3OCB8IDI5LjI4JSB8CgrotYTmlpnmnaXmupDvvJpFSUHvvIzlhbTkuJror4HliLjnu4/mtY7kuI7ph5Hono3noJTnqbbpmaLmlbTnkIY=
圖41、受供需結構惡化，TTF價格在2024-2025_第19頁
圖41、受供需結構惡化，TTF價格在2024-2025_第20頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第21頁
圖41、受供需結構惡化，TTF價格在2024-2025_第22頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第23頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第24頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第25頁
圖41、受供需結構惡化，TTF價格在2024-2025_第26頁
fCBZZWFyIHwgUHJpY2UgKFVTRC9NTUJ0dSkgfAp8LS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS18CnwgMjAyMSB8IDMuNSAgICAgICAgICAgICAgIHwKfCAyMDIyIHwgNC4wICAgICAgICAgICAgICAgfAp8IDIwMjMgfCA2LjUgICAgICAgICAgICAgICB8CnwgMjAyNCB8IDIuNSAgICAgICAgICAgICAgIHwKfCAyMDI1IHwgMy4wICAgICAgICAgICAgICAgfAp8IDIwMjYgfCA0LjUgICAgICAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJpFSUHvvIzlhbTkuJror4HliLjnu4/mtY7kuI7ph5Hono3noJTnqbbpmaLmlbTnkIY=
圖41、受供需結構惡化，TTF價格在2024-2025_第27頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第28頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第29頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第30頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第31頁
圖41、受供需結構惡化，TTF價格在2024-2025_第32頁
5aW955qE44CCCgp8IOaciOS7vSB8IDIwMjXlubQgfCAyMDI05bm0IHwgMjAyM+W5tCB8IDIwMjLlubQgfAp8LS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfC0tLS0tLS0tfAp8IDHmnIggIHwgODAlICAgIHwgODAlICAgIHwgODAlICAgIHwgNTAlICAgIHwKfCAy5pyIICB8IDcwJSAgICB8IDcwJSAgICB8IDcwJSAgICB8IDQwJSAgICB8CnwgM+aciCAgfCA2MCUgICAgfCA2MCUgICAgfCA2MCUgICAgfCAzMCUgICAgfAp8IDTmnIggIHwgNjAlICAgIHwgNjAlICAgIHwgNTUlICAgIHwgMzAlICAgIHwKfCA15pyIICB8IDYwJSAgICB8IDYwJSAgICB8IDYwJSAgICB8IDQwJSAgICB8CnwgNuaciCAgfCA3MCUgICAgfCA3MCUgICAgfCA3MCUgICAgfCA1MCUgICAgfAp8IDfmnIggIHwgNzUlICAgIHwgNzUlICAgIHwgNzUlICAgIHwgNjAlICAgIHwKfCA45pyIICB8IDgwJSAgICB8IDgwJSAgICB8IDgwJSAgICB8IDcwJSAgICB8CnwgOeaciCAgfCA4NSUgICAgfCA4NSUgICAgfCA4NSUgICAgfCA3NSUgICAgfAp8IDEw5pyIIHwgOTAlICAgIHwgOTAlICAgIHwgOTAlICAgIHwgODAlICAgIHwKfCAxMeaciCB8IDkwJSAgICB8IDkwJSAgICB8IDkwJSAgICB8IDgwJSAgICB8CnwgMTLmnIggfCA4MCUgICAgfCA4MCUgICAgfCA4MCUgICAgfCA3MCUgICAgfAoK6LWE5paZ5p2l5rqQ77yaR0lF77yM5YW05Lia6K+B5Yi457uP5rWO5LiO6YeR6J6N56CU56m26Zmi5pW055CG
圖41、受供需結構惡化，TTF價格在2024-2025_第33頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第34頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第35頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第36頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第37頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第38頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第39頁
fCDlubTku70gfCDluIPmsrnlnYfku7fvvIjnvo7lhYMv5qG277yJIHwg5ZCM5q+U5aKe6YCf77yI5Y+z6L2077yJIHwKfC0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDI0IHwgODEgICAgICAgICAgICAgICAgICAgfCAtICAgICAgICAgICAgICAgIHwKfCAyMDI1RXwgNzQgICAgICAgICAgICAgICAgICAgfCAtOC42NCUgICAgICAgICAgIHwKfCAyMDI2RXwgNjYgICAgICAgICAgICAgICAgICAgfCAtMTAuODElICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8mkVJQe+8jOWFtOS4muivgeWIuOe7j+a1juS4jumHkeiejeeglOeptumZouaVtOeQhg==
圖41、受供需結構惡化，TTF價格在2024-2025_第40頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第41頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第42頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第43頁
圖41、受供需結構惡化，TTF價格在2024-2025_第44頁
圖41、受供需結構惡化，TTF價格在2024-2025_第45頁
fCDml6XmnJ8gfCDkuK3lm71MTkfliLDlsrjku7fvvIjnvo7lhYMv55m+5LiH6Iux54Ot77yJIHwg5LiO5rK55Lu35oyC6ZKp55qE6ZW/5Y2P77ya5pep5pyf77yI576O5YWDL+eZvuS4h+iLseeDre+8iSB8IOS4juayueS7t+aMgumSqeeahOmVv+WNj++8mui/keacn++8iOe+juWFgy/nmb7kuIfoi7Hng63vvIkgfCDkuI7msJTku7fmjILpkqnnmoTplb/ljY/vvIjnvo7lhYMv55m+5LiH6Iux54Ot77yJIHwg5biD5Lym54m55Y6f5rK577yI576O5YWDL+ahtu+8jOWPs+i9tO+8iSB8CnwtLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tfAp8IDIwMjQtMTEgfCAxMy41ICAgICAgICAgICAgICAgICAgICAgICAgfCAxMC41ICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8IDguNSAgICAgICAgICAgICAgICAgICAgICAgICAgICAgIHwgNy41ICAgICAgICAgICAgICAgICAgICAgICAgIHwgODAgICAgICAgICAgICAgICAgICAgICAgICAgIHwKfCAyMDI0LTEyIHwgMTQuNSAgICAgICAgICAgICAgICAgICAgICAgIHwgMTEuMCAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfCA4LjUgICAgICAgICAgICAgICAgICAgICAgICAgICAgICB8IDcuNSAgICAgICAgICAgICAgICAgICAgICAgICB8IDg1ICAgICAgICAgICAgICAgICAgICAgICAgICB8CnwgMjAyNS0wMSB8IDE0LjAgICAgICAgICAgICAgICAgICAgICAgICB8IDExLjAgICAgICAgICAgICAgICAgICAgICAgICAgICAgIHwgOC41ICAgICAgICAgICAgICAgICAgICAgICAgICAgICAgfCA3LjUgICAgICAgICAgICAgICAgICAgICAgICAgfCA5MCAgICAgICAgICAgICAgICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaaUZpbmQsIHdpbmQsIOmZiOiViuetieOAiuWFqOeQg0xOR+i0uOaYk+WumuS7t+a8lOWPmOOAiw==
圖41、受供需結構惡化，TTF價格在2024-2025_第46頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第47頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第48頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第49頁
圖41、受供需結構惡化，TTF價格在2024-2025_第50頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第51頁
圖41、受供需結構惡化，TTF價格在2024-2025_第52頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第53頁
圖41、受供需結構惡化，TTF價格在2024-2025_第54頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第55頁
圖41、受供需結構惡化，TTF價格在2024-2025_第56頁
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
圖41、受供需結構惡化，TTF價格在2024-2025_第57頁
圖41、受供需結構惡化，TTF價格在2024-2025_第58頁
所屬報告： 公用事業行業深度報告：全球燃氣供需格局變遷與展望3尋找影響2025年進口LNG價格的關鍵變量-250207（29頁）.pdf
打包全文圖表

相關數據

最新數據
聯系我們
  • 0731-84720580
  • sgpjbg002
  • 工作日 9:30 - 18:00
關于我們
侵權處理
關于我們

三個皮匠報告專業的行業報告下載站，每日更新，歡迎大家關注！

copyright@2008-2013 長沙景略智創信息技術有限公司版權所有
網站備案/許可證號：湘B2-20190120

客服
商務合作
小程序
服務號
折疊
午夜网日韩中文字幕,日韩Av中文字幕久久,亚洲中文字幕在线一区二区,最新中文字幕在线视频网站