LPG早报-20251107
Yong An Qi Huo·2025-11-07 01:09

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The IPG main contract fluctuated upward. The domestic trading atmosphere is expected to improve, and prices may rise slightly, but the upward momentum may be limited due to the decline in the official CP price [1] Group 3: Summary by Relevant Catalog Price Changes - On Thursday, for civil gas, the price in East China was 4374 (+33), in Shandong 4360 (+0), and in South China 4440 (+50). The price of etherified carbon four was 4520 (-90). The lowest delivery location was Shandong [1] - The FEI was 490 (-14) and the CP was 463 (-7) dollars per ton. The IPG main contract fluctuated upward. The basis was -14 (+55), and the December - January spread was 80 (-33) [1] - The cheapest deliverable was civil gas in East China at 4279; Shandong was 4300 (-60), East China 4279 (+0), and South China 4400 (-5). The etherified carbon four in Shandong was 4420 (-50) [1] - The number of warehouse receipts was 4194 lots (+1778). The external market price increased, and the oil - gas ratio decreased. The FEI monthly spread was -5 dollars (-1.75), and the CP monthly spread was -14.4 dollars (-6.4) [1] - The official November CP price dropped to 475/460 (-20/-15). The domestic and foreign PG - CP was 133 (-18); PG - FEI was 97 (-18.6). The US - Asia arbitrage window was closed. The FEI - CP was 35.75 (+0.75) [1] - The on - shore account water for propane in East China was 85 (+6). The freight from the US Gulf to Japan was 129 (+13), and from the Middle East to the Far East was 68 (+12). The FEI - MOPI was -66.7 (-15.8) [1] Profit and Demand - The profit of PDH decreased slightly. The profit of alkylation units declined significantly, and the production gross profit of MTBE changed little. Domestic production decreased, imports increased, port inventory rebounded, but there was an expected increase in chemical demand [1] Market Structure - The basis changed by +55 to -14, and the December - January spread changed by -33 to 80. The lowest delivery location was Shandong, and the basis changed by +63 to 26, and the December - January spread changed by -16 to 72 [1]