LPG行业周报-20251201

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Cost - side crude oil is weak, while the fundamentals are marginally improving. The expectation of inventory reduction and supply contraction dominate short - term sentiment. LPG futures may run with a slight upward trend in a volatile manner, and attention should be paid to the rhythm of import arrivals [2][3] 3. Summary of Key Information - Supply and Inventory: Supply pressure is marginally relieved. Enterprises actively reduce inventory, and the decrease in imported arrivals has increased the market's expectation of the start of the de - stocking cycle, which supports the sentiment of the futures market [2] - Cost Factors: Middle - East propane supply has tightened, and the Far - East arrival premium has stabilized, improving both the cost side and market sentiment. However, OPEC+ continues to increase production, and the expectation of Russia - Ukraine peace talks weakens the geopolitical risk premium, causing the decline of crude oil and dragging down the cost support of LPG [2] - Demand Situation: Downstream customers strongly resist high prices, with purchases mainly for essential needs. The incremental demand for winter combustion has not met expectations, suppressing the upward momentum of spot prices [2]