LPG早报-20251230

Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints - The overseas market remains tight with an expected increase in the official price of January CP. Domestically, the domestic - foreign price difference is relatively high, and the basis is relatively low, and the driving force needs further waiting. The profit of PDH is deteriorating, and the maintenance situation in January needs to be observed [1] 3. Summary by Relevant Data and Information Price Data - Domestic Civil Gas: On 2025/12/29, the price in East China was 4380 (-4), in Shandong was 4320 (+50), and in South China was 4510 (+0). The price of ether - post carbon four was 4430 (-70). The lowest delivery location was Shandong, with the latest basis at 244 (-30) [1] - Futures Spreads: The 02 - 03 month spread was 113 (+1), another 02 - 03 month spread was 126 (+13), and the 03 - 04 month spread was -190 (+10). For the inner - plate, the 02 basis was 186 (-95), the 01 - 02 month spread was 117 (-2), and the 03 - 04 month spread was -203 (-3) [1] - Paper Goods Prices: As of 9 p.m., the FEI and CP paper goods prices were 523 and 510 respectively, up 2 and 6 US dollars [1] - 1 - Month CP First - Round Recommended Values: Propane and butane were 505/495 (+10/+10) respectively [1] - Price Ratios: PG - CP reached 100 (+1.86), PG - FEI reached 89 (+4.86), FEI - MB reached 185.6 (+10.6), and FEI - CP reached 11 (+3) [1] - Propane Premiums: The premium of propane arriving at East China was 4 (+1), and the premiums of AFEI, Middle - East, and US propane OB were 18.75 (+5.75), 50 (-1), and 43 (+0) respectively [1] - FEL - MORI Price Difference: -14 (up 4 month - on - month) [1] Inventory and Production Data - Port Inventory: The arrival rate of ships was 54.83%, and port inventory decreased by 14.3% [1] - Refinery Data: The refinery's commercial volume increased by 1.18%, and refinery inventory increased by 0.41% [1] - PDH Data: The operating rate of PDH was 76.36% (+1.36 pct) [1]