液化石油气日报：中东9月LPG发货量显著增加-20250911

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report The LPG market's sentiment has marginally improved recently. With the stabilization and rebound of crude oil prices, the outer - market price has continued to rise. The domestic civil LPG spot price was generally stable, with a decline in Shandong. The LPG market currently has support but limited upward drivers. The near - term fundamentals are acceptable, but the global oversupply pattern remains unchanged, and the medium - to - long - term outlook is still weak. Notably, there are signs of a significant increase in Middle - East LPG exports [1]. 3. Summary by Related Content Market Analysis - On September 10, regional LPG prices were as follows: Shandong market 4,480 - 4,560 yuan/ton; Northeast market 3,940 - 4,250 yuan/ton; North China market 4,300 - 4,650 yuan/ton; East China market 4,450 - 4,620 yuan/ton; Yangtze River region market 4,560 - 4,850 yuan/ton; Northwest market 4,580 - 4,750 yuan/ton; South China market 4,498 - 4,730 yuan/ton [1]. - In the first half of October 2025, the CIF prices of frozen LPG in East China were: propane at 605 US dollars/ton (up 5 US dollars/ton), equivalent to 4,733 yuan/ton (up 43 yuan/ton); butane at 585 US dollars/ton (up 5 US dollars/ton), equivalent to 4,577 yuan/ton (up 43 yuan/ton). In South China, propane was at 598 US dollars/ton (up 5 US dollars/ton), equivalent to 4,678 yuan/ton (up 42 yuan/ton); butane was at 578 US dollars/ton (up 5 US dollars/ton), equivalent to 4,522 yuan/ton (up 43 yuan/ton) [1]. - According to Kpler shipping schedule data, the Middle - East LPG shipments in September are expected to be 4.62 million tons, a month - on - month increase of 640,000 tons. However, the destination of 1.5 million tons of shipments is not clear and requires continuous attention [1]. Strategy - Unilateral: The market is expected to be volatile and slightly bullish. There are opportunities to go long on the PG main contract at low prices, but the expected upside is limited. No strategies are provided for inter - period, inter - variety, spot - futures, or options trading [2]. Figures - There are 18 figures in the report, including those showing the spot prices of civil LPG and ether - post 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].