液化石油气日报：美国LPG出口维持高位-20250716

Industry Investment Rating - The unilateral strategy is to be weak with oscillations, and there are no specific strategies for inter - period, cross - variety, spot - futures, and options [2] Core View - Although the recent crude oil price is strong, it has limited impact on the LPG market. The LPG prices at home and abroad are relatively flat, and the market driving force is weak. The overall supply - demand pattern of LPG remains relatively loose, especially with abundant overseas supply. The global LPG market will remain in a state of oversupply [1] Market Analysis - On July 15th, the regional prices were as follows: Shandong market 4570 - 4630 yuan/ton; Northeast market 4190 - 4380 yuan/ton; North China market 4425 - 4630 yuan/ton; East China market 4380 - 4650 yuan/ton; Yangtze River market 4520 - 4610 yuan/ton; Northwest market 3900 - 4250 yuan/ton; South China market 4570 - 4700 yuan/ton [1] - In the first half of August 2025, the CIF prices of frozen LPG in East China were 572 dollars/ton for propane (up 5 dollars/ton) and 553 dollars/ton for butane (up 6 dollars/ton), equivalent to 4502 yuan/ton for propane (up 42 yuan/ton) and 4353 yuan/ton for butane (up 50 yuan/ton) in RMB. In South China, the CIF prices were 569 dollars/ton for propane (up 2 dollars/ton) and 550 dollars/ton for butane (up 3 dollars/ton), equivalent to 4479 yuan/ton for propane (up 19 yuan/ton) and 4329 yuan/ton for butane (up 26 yuan/ton) in RMB [1] - US LPG exports remain at a high level. Based on shipping schedule data, the shipment volume in July is expected to be 6.12 million tons, a month - on - month increase of 480,000 tons and a year - on - year increase of 810,000 tons. After the expansion projects of export terminals are put into operation, the constraints on US LPG exports in the second half of the year will disappear, and the growth space will be further opened, which will suppress the prices in regions such as FEI [1] Graph Information - There are various graphs showing the spot prices of civil LPG and ether - after carbon four in different regions, as well as the closing prices, month - on - month spreads, trading volumes, and open interests of PG futures contracts [3]