Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Report's Core View - The PG futures market showed mixed trends. The PG futures prices fluctuated, with the intraday price slightly weakening, and the 09 - 10 spread at -509 (-16), 10 - 11 spread at 80. The US to Far - East arbitrage window was closed. The PG futures prices also showed an upward trend due to the rebound of spot prices and the increase in import costs. The basis weakened to 520 (-19) [1]. - From a weekly perspective, the external market prices strengthened slightly. The internal - external price difference fluctuated. The fundamentals showed that port supply and demand both decreased, and the inventory was basically flat. The refinery commodity volume increased by 1.94%, but the factory inventory decreased due to the recovery of demand in many places. The operating rates of PDH, alkylation, and MTBE had different changes, and the combustion off - season was gradually coming to an end [1]. 3) Summary by Relevant Catalog Daily Data - Price Changes: From August 18 - 22, 2025, the prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, etc. had different daily changes. For example, on August 22, South China LPG decreased by 30 compared to the previous day, while Shandong LPG increased by 10. The daily change in the paper import profit was -37, and the main basis was -2 [1]. - Market Conditions: The PG futures market was slightly weak during the day, with the 09 - 10 spread at -509 (-16), 10 - 11 spread at 80. The US to Far - East arbitrage window was closed. The cheapest deliverable was East China civil LPG at 4398. FEI increased, CP decreased, and the production profit of PP made from FEI and CP weakened slightly [1]. Weekly View - Futures Market: The PG futures prices fluctuated upward. The basis weakened to 520 (-19), 9 - 10 spread was -509 (-38), 10 - 11 spread was 80 (+0). The number of registered warrants was 12887 (-1). The external market prices strengthened slightly, and the internal - external price difference fluctuated [1]. - Fundamentals: Port supply and demand both decreased, and the inventory was basically flat. The refinery commodity volume increased by 1.94%, but the factory inventory decreased due to the recovery of demand in many places. The PDH operating rate was 75.66% (-0.67pct), the alkylation operating rate was 51.42% (-0.67pct), and the MTBE operating rate was 63.54% (+0.15pct). The combustion off - season was gradually coming to an end, and the East China market was expected to be generally stable [1].
LPG早报-20250825
Yong An Qi Huo·2025-08-25 01:27