液化石油气日报：盘面价格反弹，宏观不确定性仍存-20251023

Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and observing [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2] Core View - Crude oil prices show signs of stabilizing and rebounding after continuous decline, driving up the energy sector including PG. The fundamentals of the LPG market remain largely unchanged, with a loose supply - demand pattern. Market participants are awaiting the results of China - US trade negotiations. Domestic spot prices showed mixed trends yesterday, with the mainstream transaction price of civil gas in East China slightly decreasing and that of ether - after carbon four remaining stable. The market atmosphere is relatively stable, with downstream buyers purchasing as needed. Given the current window period of pending major macro - events and numerous news - related disturbances, caution is advised [1] Market Analysis - On October 22, regional prices were as follows: Shandong market, 4230 - 4270; Northeast market, 3830 - 4110; North China market, 4100 - 4270; East China market, 4150 - 4250; Yangtze River region market, 4370 - 4630; Northwest market, 4050 - 4150; South China market, 4250 - 4480 [1] - In the second half of November 2025, the CIF price of frozen propane in East China was 543 US dollars/ton, up 15 US dollars/ton, and butane was 548 US dollars/ton, up 15 US dollars/ton. In RMB terms, propane was 4242 yuan/ton, up 119 yuan/ton, and butane was 4281 yuan/ton, up 119 yuan/ton [1] - In the second half of November 2025, the CIF price of frozen propane in South China was 537 US dollars/ton, up 15 US dollars/ton, and butane was 542 US dollars/ton, up 15 US dollars/ton. In RMB terms, propane was 4195 yuan/ton, up 119 yuan/ton, and butane was 4234 yuan/ton, up 119 yuan/ton [1]