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油价走势偏强，LPG现货价格小幅上涨
Hua Tai Qi Huo·2025-07-15 05:18

Report Industry Investment Rating - Unilateral: Neutral; Inter - period: None; Inter - variety: None; Spot - futures: None; Options: None [2] Core View - The recent strong trend of crude oil prices has provided some support to the LPG market, leading to a slight increase in the prices of overseas and domestic LPG spot, but the increase is relatively limited, and the LPG market still lacks its own driving force. Currently, overseas supply remains abundant, China's LPG arrivals in July have climbed again, port inventories are high, and domestic production volume has not significantly declined, resulting in sufficient overall supply. On the demand side, civil combustion consumption is in the off - season with continuous low demand. In the deep - processing sector, PDH profit is under pressure, and the operating rate has dropped back to 70%, with insufficient impetus for demand improvement [1] Market Analysis - On July 14, the regional prices were as follows: Shandong market, 4570 - 4630; Northeast market, 4160 - 4380; North China market, 4425 - 4630; East China market, 4380 - 4650; Yangtze River region market, 4520 - 4610; Northwest market, 3950 - 4200; South China market, 4600 - 4700 [1] - In the first half of August 2025, the CIF prices of frozen cargoes in East China, China were propane at 567 US dollars/ton (stable), and butane at 547 US dollars/ton (up 5 US dollars/ton), equivalent to RMB prices of propane at 4460 yuan/ton (stable) and butane at 4303 yuan/ton (up 39 yuan/ton) [1] - In the first half of August 2025, the CIF prices of frozen cargoes in South China, China were propane at 567 US dollars/ton (stable), and butane at 547 US dollars/ton (up 5 US dollars/ton), equivalent to RMB prices of propane at 4460 yuan/ton (stable) and butane at 4303 yuan/ton (up 39 yuan/ton) [1] Figures - Figures include those related to spot prices of civil LPG and ether - post carbon four in different regions, as well as closing prices, month - to - month spreads, and trading volume and open interest of PG futures contracts [3]