液化石油气日报：现货涨跌互现，盘面窄幅震荡-20251029

Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and observing [2] Core View - The rebound of the crude oil end faces resistance, and the LPG market has insufficient upward drive, with the market entering a narrow - range oscillation state. The domestic civil gas prices showed a mixed trend of rises and falls yesterday. The LPG supply - demand pattern remains loose, especially with continuous growth in overseas supply. Considering the macro uncertainties, short - term caution is advised, and waiting for the results of Sino - US trade negotiations is recommended [1] Market Analysis - On October 28, regional prices were as follows: Shandong market, 4150 - 4270; Northeast market, 3630 - 4030; North China market, 4100 - 4350; East China market, 4150 - 4310; Yangtze River market, 4550 - 4790; Northwest market, 4150 - 4200; South China market, 4250 - 4480 [1] - In the second half of November 2025, the CIF price of frozen propane in East China, China was 541 US dollars/ton, up 1 US dollar/ton, and butane was 542 US dollars/ton, up 2 US dollars/ton. In RMB terms, propane was 4220 yuan/ton, up 6 yuan/ton, and butane was 4228 yuan/ton, up 14 yuan/ton. In South China, the CIF price of frozen propane was 535 US dollars/ton, up 1 US dollar/ton, and butane was 536 US dollars/ton, up 2 US dollars/ton. In RMB terms, propane was 4173 yuan/ton, up 6 yuan/ton, and butane was 4181 yuan/ton, up 14 yuan/ton [1] - The mainstream transaction prices of civil gas and ether - post carbon four in Shandong decreased, but the downstream purchasing willingness increased after the price decline, the market sentiment stabilized, and the trading atmosphere improved [1] Strategy - Unilateral: Neutral, short - term waiting and observing [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2] - Options: None [2]