LPG早报-20260108
Yong An Qi Huo·2026-01-08 01:18

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The domestic LPG market showed mixed trends this week. The internal market fluctuated, with prices rising on Wednesday due to the high - opening of CP and then falling back. The external market rose, and the 1 - month CP official price opened higher than expected. Overall, the Venezuelan event may affect crude oil and disturb LPG prices. The overseas LPG market has near - term support. The internal valuation is high relative to the external, but the basis is low. The feedback of strong spot but poor PDH profits may emerge, and subsequent drivers may be bearish. Attention should be paid to oil prices and PDH device conditions [1] Summary by Directory Daily Situation - On Wednesday, the LPG futures market remained strong, possibly due to the rising prices of the LPG external market and downstream products. The 02 - 03 spread was 83 (-11), and the 03 - 04 spread was -165 (+20). As of 8 pm, the FEI and CP paper - cargo prices were 513.25 and 524.25 US dollars respectively, down 3.5 and 1.5 US dollars from the previous trading day [1] Weekly Situation - This week, the internal market fluctuated. On Wednesday, it soared after the high - opening of CP and then declined. The 02 basis was 118 (-92), the 02 - 03 spread was 119 (+7), the 03 - 04 spread was -184 (+14), and the number of warehouse receipts was 6398 (+30). Domestic civil gas prices were divided. The cheapest deliverable was Shandong civil gas at 4250 (-20); prices in East China were 4376 (-8), and in South China were 4590 (+80). The external market rose, and the 1 - month CP official price opened higher than expected, with propane and butane at 520/525 (+35/+30) respectively. The internal and external prices strengthened mainly because the external market fell on Friday while the internal market was closed. The PG - FEI reached 85 (+25). The arrival - at - shore premium of propane in East China was 66 (-18), and the 1 - month FOB premiums of AFEI, Middle - East, and US propane were 8.25 (-10.5), 50 (+0), and 37.8 (-5.21) respectively. Freight rates decreased. The FEI - MOPJ spread was -15 (down 5.5 month - on - month) [1]