液化石油气日报：地缘局势缓和，盘面大幅回落-20250625

Report Summary 1) Report Industry Investment Rating - Unspecified in the provided content 2) Core View of the Report - The geopolitical situation between Iran and Israel has eased, causing the crude oil premium to decline rapidly and leading to a significant drop in the energy sector. If there are no new variables, the LPG market may re - enter a fundamental - driven phase. The overall supply - demand pattern remains relatively loose, with ample overseas supply and an increasing domestic refinery product volume after maintenance. The short - term arrival pressure has eased, but the combustion demand is weak, and the profit of PDH plants is still under pressure, restricting the growth of raw material demand [1] 3) Summary by Related Catalogs Market Analysis - On June 24, the regional prices in different markets were as follows: Shandong market 4800 - 4830 yuan/ton, Northeast market 4150 - 4310 yuan/ton, North China market 4590 - 4700 yuan/ton, East China market 4580 - 4750 yuan/ton, Yangtze River market 4830 - 4960 yuan/ton, Northwest market 4300 - 4400 yuan/ton, and South China market 4700 - 4798 yuan/ton [1] - In the second half of July 2025, the CIF prices of frozen propane and butane in East China decreased. Propane was 605 dollars/ton, down 40 dollars/ton, equivalent to 4773 yuan/ton, down 319 yuan/ton; butane was 545 dollars/ton, down 23 dollars/ton, equivalent to 4299 yuan/ton, down 185 yuan/ton. In South China, propane was 610 dollars/ton, down 38 dollars/ton, equivalent to 4812 yuan/ton, down 304 yuan/ton; butane was 545 dollars/ton, down 23 dollars/ton, equivalent to 4299 yuan/ton, down 185 yuan/ton [1] Strategy - Unilateral: The market is expected to fluctuate; Cross - period: No strategy; Cross - variety: No strategy; Spot - futures: No strategy; Options: No strategy [2]