液化石油气日报：油价延续涨势，LPG市场弹性有限-20251024

Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and observing [2] Core View - Crude oil prices continued to rebound under the stimulus of news such as increased US sanctions on Russia, driving up the energy sector including PG. However, the fundamentals of the LPG market remained largely unchanged, with a loose supply - demand pattern. The industry was waiting for the results of China - US trade negotiations. Although the PG futures followed the crude oil rebound, the spot market reaction was relatively flat. Given the current window period of undecided major macro - events and frequent news disturbances, caution was advised [1] Summary by Directory Market Analysis - On October 23, regional LPG prices were as follows: Shandong market, 4300 - 4360 yuan/ton; Northeast market, 3830 - 4010 yuan/ton; North China market, 4100 - 4400 yuan/ton; East China market, 4150 - 4250 yuan/ton; Yangtze River region market, 4370 - 4630 yuan/ton; Northwest market, 4000 - 4100 yuan/ton; South China market, 4250 - 4480 yuan/ton [1] - In the second half of November 2025, the CIF prices of frozen propane and butane in East China were 548 dollars/ton (up 5 dollars/ton) and 553 dollars/ton (up 5 dollars/ton) respectively, equivalent to 4278 yuan/ton (up 36 yuan/ton) and 4317 yuan/ton (up 36 yuan/ton) in RMB. In South China, the CIF prices of frozen propane and butane were 542 dollars/ton (up 5 dollars/ton) and 547 dollars/ton (up 5 dollars/ton) respectively, equivalent to 4232 yuan/ton (up 37 yuan/ton) and 4271 yuan/ton (up 37 yuan/ton) in RMB [1] - Spot prices: North China and Shandong civil LPG prices rose yesterday. East China civil LPG and ether - after carbon four mainstream transaction prices remained stable, with a stable market atmosphere and downstream procurement on demand [1] Strategy - Unilateral: Neutral, short - term wait - and - see [2] - Cross - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2]