观望情绪浓厚，市场氛围一般

Group 1: Market Analysis - On August 4, regional prices were as follows: Shandong market, 4450 - 4560; Northeast market, 4100 - 4350; North China market, 4410 - 4590; East China market, 4270 - 4500; Yangtze River market, 4450 - 4630; Northwest market, 4100 - 4250; South China market, 4280 - 4500 [1] - In the first half of September 2025, the CIF price of frozen propane in East China was 555 dollars/ton, down 3 dollars/ton, and butane was 513 dollars/ton, down 15 dollars/ton. In RMB terms, propane was 4360 yuan/ton, down 30 yuan/ton, and butane was 4030 yuan/ton, down 126 yuan/ton [1] - In the first half of September 2025, the CIF price of frozen propane in South China was 551 dollars/ton, up 1 dollar/ton, and butane was 491 dollars/ton, down 29 dollars/ton. In RMB terms, propane was 4329 yuan/ton, stable, and butane was 3999 yuan/ton, down 94 yuan/ton [1] - Saudi Aramco announced the August CP prices, with both propane and butane significantly lower than July. Propane was 520 dollars/ton, down 55 dollars/ton from last month, and butane was 490 dollars/ton, also down 55 dollars/ton [1] - In the spot market, the market is digesting the CP price cut. Prices in East and Northeast China have declined, while other regions are stable. The overall atmosphere is average, with downstream purchases mainly for rigid demand [1] - Overseas supply remains abundant, and the domestic commodity volume has limited changes. The overall supply is sufficient [1] - Due to continuous high - temperature across the country, the combustion demand remains weak, and downstream purchases are for rigid demand. In the deep - processing sector, the operating rate and demand have marginally improved, but due to weak downstream product profits, there is a lack of continuous growth momentum [1] Group 2: Strategy - Unilateral: Oscillate weakly, pay attention to the bottom - building signal of the disk [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] Group 3: Figures - Figures include those of Shandong, East China, South China, North China, Northeast, and Yangtze River civilian LPG spot prices, Shandong, East China, North China, Northeast, Yangtze River, and Northwest ether - post carbon four spot prices, PG futures main contract closing price, PG futures index closing price, PG futures near - month contract closing price, PG futures near - month spread, PG futures main contract trading volume and open interest, and PG futures total trading volume and open interest [3]