现货价格大幅上涨，关注局势发展

Industry Investment Rating - Not provided Core Viewpoints - On March 9, spot prices of liquefied gas in various domestic markets showed different ranges, and the prices of propane and butane in the frozen cargo arrival prices in East and South China in the first half of April 2026 increased significantly [1] - Driven by weekend news and the overall sentiment of the energy sector, both the domestic liquefied gas spot and futures markets rose significantly, but the market volatility also increased significantly [1] - The current main contradiction in the market lies in the geopolitical situation in the Middle East, especially the passage situation of the Strait of Hormuz. As of March 9, the number of oil tankers passing through the strait remained at a very low level, and the supply of LPG in the Middle East was significantly tightened [1] - Although the increase in US LPG shipments can fill the Middle East gap to some extent, if the Strait blockade continues, the market may further tighten [1] - The PG market has entered a high - volatility stage, and the development of the Iranian situation will have a decisive impact on the market [1] - The short - term strategy for the single - side trading is to be oscillating and bullish, and attention should be paid to the development of the Iranian situation [2] Summary by Related Catalogs Market Analysis - On March 9, the regional prices were as follows: Shandong market, 7060 - 7600; North China market, 5850 - 6560; East China market, 5700 - 6110; Yangtze River area market, 5960 - 6280; Northwest market, 5800 - 6200; South China market, 5898 - 6000 [1] - In the first half of April 2026, the frozen cargo arrival prices of propane and butane in East China were both 980 US dollars/ton, up 136 US dollars/ton, and the RMB - converted prices were both 7461 yuan/ton, up 1047 yuan/ton [1] - In the first half of April 2026, the frozen cargo arrival prices of propane and butane in South China were both 980 US dollars/ton, up 136 US dollars/ton, and the RMB - converted prices were both 7461 yuan/ton, up 1047 yuan/ton [1] Strategy - Single - side: Short - term oscillating and bullish, pay attention to the development of the Iranian situation [2] - Inter - period: None [2] - Inter - variety: None [2] - Spot - futures: None [2]