Group 1 - The core viewpoint indicates that liquefied petroleum gas (LPG) futures are showing a strong performance, with the main contract rising by 1.73% to 4523.00 yuan/ton as of the report date [1] - The U.S. Commodity Futures Trading Commission (CFTC) reported an increase in net long positions for natural gas futures by 14,923 contracts to 251,233 contracts as of the week ending September 9 [2] - Goldman Sachs predicts that the growing supply of liquefied natural gas (LNG) will likely lead to congestion in European gas storage facilities by 2027, potentially lowering the TTF price to 20 euros per megawatt-hour (6.85 dollars per million British thermal units) [2] Group 2 - New Lake Futures noted an increase in refinery output by 0.64 million tons (1.2% increase), while port arrivals decreased by 4.9 million tons, with expectations of 750,000 tons arriving this week [4] - Chemical demand is showing signs of decline, with a 1% reduction in olefin operating rates and a 2.6% decrease in PDH operating rates to 70.5% [4] - The overall inventory levels are increasing, with port inventory up by 1.2% and refinery inventory up by 1%, indicating a potential weakening in the market fundamentals [4] Group 3 - According to Ruida Futures, geopolitical tensions combined with OPEC+ production increases falling short of expectations are providing support for prices, while the end of the U.S. consumption season and a loose supply-demand balance are limiting upward potential [5] - The overall inventory levels are slightly increasing due to a decrease in ship arrivals but an increase in unloading volumes, with regional demand showing significant variation [5] - The technical outlook suggests that the main PG contract rose by 1.33% in the night session, with expectations of short-term fluctuations [5]
未来基本面边际转弱 液化石油气上涨空间受限制
Jin Tou Wang·2025-09-15 07:09