LPG行业周报-20250818

Core Viewpoints - PDH unit profits are continuously recovering, the operating load is rising, and the chemical demand for propane provides short - term support for prices [2] - The external release volume of domestic refineries decreases seasonally, and the recovery pace of arrivals is slow, so the supply of domestic gas tends to be stable [2] - Propane inventories in North America are higher than the same period last year, entering the inventory accumulation cycle, and combined with increased sales in the Middle East, it suppresses the international market [2] - The peak combustion season is approaching the end, the terminal demand is weakly declining, and the spot price continues to decline slightly [2] - LPG maintains a pattern of weak supply and demand. Overseas inventory accumulation and seasonal weakening of demand suppress the market, but the recovery of PDH demand provides bottom - line support, and it will fluctuate weakly in the short term [3] Data Indicators (Showing Multiple Data Trends) - Propane Far - East CIF price FEI: M1 settlement price (daily), FEI and Brent ratio (daily) seasonality, PDH profit/operating rate, FEI/Brent ratio and PDH profit [4] - FEI/MOPJ spread (daily) seasonality, propane Far - East CIF price FEI M1 - M2 (daily) seasonality [8] - FEI discount, Middle - East FOB discount (daily) [9][10] - Propane US FOB price: M1 settlement price (daily), MB and WTI ratio (daily) seasonality [11] - CP M1 - MB M1 [12] - VLGC freight [14] - US propane weekly production, propane imports from the US (weekly) seasonality, propane inventory in the US (weekly) seasonality, propane exports from the US (weekly) seasonality [16][18][19]