China’s gas and power demand was consistently weaker in 2019, roughly in line with trends in the major macroeconomic indicators. In addition to macro factors, slower industrial gas demand throughout summer and a mild start to the winter hindered incremental gas demand. Gas supply is probably more than sufficient. China imported near record-high LNG in November, with December imports set to reach a new record. PetroChina’s shale gas output in 2019 jumped by 87% year-on-year, as its drilling activities are bearing fruit.