液化石油气日报：产销温和，利好不足-20250808

Report Industry Investment Rating - Not provided Core Viewpoints - The PG futures market shows a weak and volatile trend with insufficient positive catalysts, while the spot market has stable prices, moderate production and sales, and no concerns about inventory pressure from sellers. Overseas supply remains abundant, and domestic arrivals are high. In the off - season, the demand for combustion is weak, and the demand for deep - processing lacks the power for continuous growth [1]. - The strategy for single - side trading is weak and volatile, and attention should be paid to the bottom - building signals of the market. There are no specific strategies for inter - period, cross - variety, spot - futures, and options trading [2]. Summary by Related Contents Market Analysis - On August 7th, the regional prices were as follows: Shandong market 4420 - 4560 yuan/ton; Northeast market 4040 - 4360 yuan/ton; North China market 4410 - 4600 yuan/ton; East China market 4300 - 4500 yuan/ton; Yangtze River market 4400 - 4640 yuan/ton; Northwest market 4000 - 4250 yuan/ton; South China market 4340 - 4500 yuan/ton [1]. - In the first half of September 2025, the CIF prices of frozen propane and butane in East China were 554 dollars/ton and 512 dollars/ton respectively, both down 2 dollars/ton. In South China, they were 550 dollars/ton and 508 dollars/ton respectively, also down 2 dollars/ton. The RMB - converted prices of propane and butane in East China were 4351 yuan/ton and 4021 yuan/ton respectively, down 17 yuan/ton. In South China, they were 4320 yuan/ton and 3990 yuan/ton respectively, down 17 yuan/ton [1]. - Crude oil prices have been continuously falling, and the PG futures market continues to be weak and volatile. Although the price level is low, there is a lack of positive catalysts. Spot prices in various regions were stable yesterday, with moderate production and sales, no inventory pressure for sellers, and acceptable downstream market entry [1]. - Overseas supply remains abundant, and domestic arrivals are high. In the off - season, the demand for combustion continues to be weak, with downstream purchases mainly for rigid needs. The operating rate of downstream deep - processing plants has improved marginally recently, but the product profit situation has not been completely reversed, and the demand lacks the power for continuous growth [1]. Strategy - Single - side trading: Weak and volatile, pay attention to the bottom - building signals of the market. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [2].