液化石油气日报：美国LPG出口维持高位-20251113
Hua Tai Qi Huo·2025-11-13 02:12

Group 1: Report Industry Investment Rating - The investment rating for the unilateral strategy is neutral, with a recommendation of short - term observation. There are no specific strategies for cross - period, cross - variety, spot - futures, and options [3] Group 2: Core View of the Report - On November 12, 2025, the LPG prices in different domestic regions varied. The PG futures market oscillated, and domestic spot prices showed mixed trends. Although the domestic market supply has tightened marginally, the supply - demand pattern has not reversed, with abundant overseas supplies and limited downstream chemical demand due to insufficient profit growth. The US LPG exports remain at a high level, and the estimated US LPG shipment volume in November is expected to reach 6.43 million tons, a month - on - month increase of 670,000 tons, possibly hitting the highest level this year [2] Group 3: Summary by Related Catalogs Market Analysis - On November 12, the LPG prices in different domestic regions were as follows: Shandong 4360 - 4460 yuan/ton, Northeast 3960 - 4090 yuan/ton, North China 4200 - 4400 yuan/ton, East China 4250 - 4350 yuan/ton, Yangtze River region 4590 - 4820 yuan/ton, Northwest 4150 - 4250 yuan/ton, and South China 4400 - 4500 yuan/ton. In the first half of December 2025, the CIF prices of frozen LPG in East China and South China increased. The domestic PG futures market oscillated, and spot prices showed mixed trends. The market atmosphere in East China cooled slightly, and the ether - post - carbon - four market remained stable with low prices. The domestic supply tightened marginally, but the supply - demand pattern did not change, and overseas supplies were abundant. The US LPG exports remained high, with an estimated November shipment volume of 6.43 million tons, a month - on - month increase of 670,000 tons [2] Strategy - Unilateral: Neutral, short - term observation is recommended. There are no strategies for cross - period, cross - variety, spot - futures, and options [3]