LPG早报-20260106

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The domestic LPG market showed internal differentiation this week, with the internal market fluctuating. It soared after the high - opening of CP on Wednesday and then declined. The external market rose, and the official price of January CP was higher than expected. The overall market was affected by factors such as the Venezuela event, oil prices, and PDH device conditions. The internal - external valuation was high, but the basis was low, and the feedback of poor PDH profits might occur, with a bearish driving force [1]. 3. Summary by Relevant Catalogs Daily Data - On January 5, 2026, the prices of civil LPG in East China, Shandong, and South China were 4413 (+37), 4400 (+150), and 4860 (+270) respectively. The price of ether - post carbon four was 4470 (+30). The lowest delivery location was Shandong. The basis was 216 (-49), the 02 - 03 month spread was 109 (+2), and the 03 - 04 month spread was - 180 (+14). As of 20:00 PM, the FEI and CP paper - cargo prices were 512 and 517.5 US dollars respectively [1]. Weekly Data - This week, the internal market fluctuated. The 02 basis was 118 (-92), the 02 - 03 month spread was 119 (+7), the 03 - 04 month spread was - 184 (+14), and the number of warehouse receipts was 6398 (+30). The domestic civil LPG was differentiated, with the cheapest delivery product being Shandong civil LPG at 4250 (-20), East China at 4376 (-8), and South China at 4590 (+80). The external market rose, and the official price of January CP for propane and butane was 520/525 (+35/+30) respectively. The internal - external market strengthened. The PG - FEI reached 85 (+25). The arrival premium of propane in East China was 66 (-18), and the FOB premiums of AFEI, Middle - East, and US propane in January were 8.25 (-10.5), 50 (+0), and 37.8 (-5.21) respectively. Freight rates declined, and the FEI - MOPJ spread was - 15 (a month - on - month decrease of 5.5) [1].