液化石油气日报：市场驱动有限，盘面震荡运行-20260106

Report Summary 1) Report Industry Investment Rating - Single side: Neutral, mainly wait - and - see in the short term; No suggestions for inter - period, cross - variety, spot - futures, and options strategies [2] 2) Core View of the Report - The LPG market currently shows a pattern of "strong overseas and weak domestic". Although overseas supply has tightened marginally recently and the external market price is relatively firm, the domestic market's reaction is limited. The price inversion of ether - after carbon four and civil gas suppresses the PG futures market. The game between warehouse receipts and delivery also disturbs the market. In the short term, the fundamentals of LPG have both positive and negative factors, and in the medium term, the overseas supply is expected to increase, with a supply - surplus global balance sheet, so there is still resistance above the market [1] 3) Summary According to Related Content Market Analysis - On January 5th, the regional prices were as follows: Shandong market 4380 - 4430 yuan/ton, Northeast market 3960 - 4200 yuan/ton, North China market 4000 - 4400 yuan/ton, East China market 4250 - 4450 yuan/ton, Yangtze River market 4700 - 4900 yuan/ton, Northwest market 4200 - 4350 yuan/ton, South China market 4800 - 4900 yuan/ton [1] - In the first half of February 2026, the CIF prices of propane and butane in East China were 597 dollars/ton and 592 dollars/ton respectively, up 2 dollars/ton, equivalent to 4616 yuan/ton and 4577 yuan/ton in RMB, up 12 yuan/ton. In South China, the CIF prices of propane and butane were 589 dollars/ton and 584 dollars/ton respectively, up 2 dollars/ton, equivalent to 4554 yuan/ton and 4515 yuan/ton in RMB, up 12 yuan/ton and 11 yuan/ton [1] - The spot prices of LPG in Shandong, East China, and South China rose yesterday, and the market atmosphere was fair. The short - term fundamentals of LPG have both positive and negative factors, and in the medium term, the overseas supply is expected to increase, with a supply - surplus global balance sheet [1] Strategy - Single side: Neutral, mainly wait - and - see in the short term; no suggestions for inter - period, cross - variety, spot - futures, and options strategies [2]