液化石油气日报：地缘风险仍存，盘面震荡偏强运行-20260130

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The LPG market is still affected by geopolitical risks and is expected to run with a slight upward trend in the short term, but the medium - term supply is expected to increase, and the global balance sheet is in a state of oversupply [1] - The upward trend is driven by the geopolitical risks in Iran and the cold wave in the United States, while the market also faces resistance such as high raw material import costs and price inversion between ether - post carbon four and civil gas [1] Group 3: Summary According to the Directory Market Analysis - On January 29, the regional prices of LPG in different markets were as follows: Shandong market 4360 - 4450 yuan/ton, Northeast market 3940 - 4100 yuan/ton, North China market 4150 - 4450 yuan/ton, East China market 4120 - 4400 yuan/ton, Yangtze River market 4780 - 5080 yuan/ton, Northwest market 4300 - 4470 yuan/ton, and South China market 4790 - 4900 yuan/ton [1] - In the second half of February 2026, the CIF prices of propane and butane in East China were 635 US dollars/ton and 625 US dollars/ton respectively, up 2 US dollars/ton, equivalent to 4876 yuan/ton and 4838 yuan/ton in RMB, up 15 yuan/ton and 54 yuan/ton respectively [1] - In the second half of February 2026, the CIF prices of propane and butane in South China were 627 US dollars/ton and 622 US dollars/ton respectively, up 2 US dollars/ton and 7 US dollars/ton, equivalent to 4815 yuan/ton and 4777 yuan/ton in RMB, up 15 yuan/ton and 54 yuan/ton respectively [1] Strategy - Unilateral: Short - term shock is on the strong side, and attention should be paid to the development of the Iranian situation [2] - Inter - period: Not provided - Cross - variety: Not provided - Spot - futures: Not provided - Options: Not provided