银河期货液化气日报-20260203

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - International LPG spot supply is generally tight, and winter demand is strong, with favorable supply - demand fundamentals. However, the domestic fundamentals are gradually becoming looser, with increased supply and falling demand, causing some resistance to the upward movement of the futures market. There are still tail - risks due to the ongoing Iran negotiations. Currently, the macro sentiment is warming up, volatility has decreased, and the LPG futures market is trending towards consolidation [8]. 3. Summary by Directory 3.1 Crude Oil and Natural Gas Market - US crude oil producers are continuously resuming oil well production. Only about 0.7% of the production affected by the winter storm last month remains shut down [3]. - Kuwait is opening up some oil fields to foreign investors and plans to lease part of its oil pipeline network. It aims to increase its crude oil production capacity from about 3 million barrels per day currently to 4 million barrels per day by 2035 [3][4]. - The CEO of Qatar Energy said that if the demand for LNG in Europe, the development of data centers, and artificial intelligence go smoothly, there will be a shortage of LNG by 2030, rather than an oversupply [4]. 3.2 Spot Overview - Shandong Region: The ether - after benchmark price is 4,240 yuan/ton, a decrease of 10 yuan/ton compared to yesterday. The ether - after C4 market in Shandong is mostly stable with sporadic declines. The civil gas valuation is 4,480 yuan/ton, unchanged from the previous day [5]. - East China Region: The mainstream transaction price of civil gas is 4,428 yuan/ton, unchanged from the previous day. The market is expected to remain stable in the short - term [6]. - South China Region: The average transaction price of domestic gas is 4,860 yuan/ton, a decrease of 10 yuan/ton from yesterday, while the average price of imported gas is 4,965 yuan/ton, an increase of 5 yuan/ton. The market is expected to be prone to price drops [6]. - North China Region: The benchmark price of civil gas is 4,353 yuan/ton, unchanged from the previous day. The market is stable, and trading is smooth [6].