液化石油气日报：原油价格大跌，LPG市场相对坚挺-20251114

Report Summary 1. Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on observation [2] - Inter - period: None [2] - Cross - variety: None [2] - Spot - futures: None [2] - Options: None [2] 2. Core View - Despite a significant drop in crude oil prices, the LPG market remained relatively strong. The external market continued its rebound, and high discounts supported the cost of arrival. The PG futures market fluctuated with a slight upward trend, while domestic spot prices showed a mixed performance. In the short term, the LPG fundamentals tightened marginally due to a decline in domestic refinery product volume and a decrease in arrivals, providing some support to the market. However, in the medium term, the overall supply - demand pattern has not reversed. Abundant overseas supplies and limited downstream chemical demand due to insufficient profit growth may restrict the market's upside potential [1] 3. Market Analysis Summary - Regional Spot Prices on November 13: Shandong market: 4330 - 4460 yuan/ton; Northeast market: 3960 - 4110 yuan/ton; North China market: 4200 - 4400 yuan/ton; East China market: 4250 - 4350 yuan/ton; Yangtze River region: 4520 - 4780 yuan/ton; Northwest market: 4170 - 4250 yuan/ton; South China market: 4400 - 4500 yuan/ton [1] - China's East China Frozen Cargo Arrival Prices in the First Half of December 2025: Propane was 550 dollars/ton, up 1 dollar/ton, equivalent to 4291 yuan/ton, up 10 yuan/ton; Butane was 541 dollars/ton, down 6 dollars/ton, equivalent to 4221 yuan/ton, down 45 yuan/ton [1] - China's South China Frozen Cargo Arrival Prices in the First Half of December 2025: Propane was 550 dollars/ton, up 7 dollars/ton, equivalent to 4244 yuan/ton, up 10 yuan/ton; Butane was 535 dollars/ton, down 7 dollars/ton, equivalent to 4174 yuan/ton, down 53 yuan/ton [1]