液化石油气日报：盘面震荡筑底，市场驱动仍不足-20250606

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View After the OPEC meeting, the rebound of crude oil prices has boosted energy - sector commodities. The LPG futures market is in a state of shock bottom - building, while the spot market remains weak. The overall market atmosphere is mild, and the supply - demand pattern is relatively loose. The market is expected to be in a weak shock state, with limited downside space for PG [1]. 3. Summary by Related Contents Market Analysis - Price Data: On June 5, regional prices in different markets are as follows: Shandong market, 4530 - 4690 yuan/ton; Northeast market, 4060 - 4150 yuan/ton; North China market, 4500 - 4580 yuan/ton; East China market, 4350 - 4600 yuan/ton; Yangtze River market, 4550 - 4650 yuan/ton; Northwest market, 4250 - 4550 yuan/ton; South China market, 4548 - 4650 yuan/ton. In the first half of July 2025, the CIF price of propane in East China was 607 dollars/ton (stable), and butane was 547 dollars/ton (stable). In South China, propane was 609 dollars/ton (down 1 dollar/ton), and butane was 550 dollars/ton (stable) [1]. - Market Situation: The futures market is in a shock bottom - building state, and the spot market is weak. The overall market atmosphere is mild, and the supply - demand pattern is loose. Overseas supply is abundant, and US shipments to China have increased after tariff cuts. Domestic refinery gas supply is expected to increase after the end of spring maintenance, and new production capacity in East China will further increase supply. Demand is weakening as combustion demand decreases with rising temperatures, and PDH chemical demand improvement is limited. Port inventories are high and need to be digested [1]. Strategy - Unilateral: The market is expected to be in a weak shock state, and the PG position is low with limited downside space. There are no strategies for inter - period, inter - variety, spot - futures, and options [2].