Report Industry Investment Rating - No information provided Core View of the Report - The domestic LPG market is expected to continue its narrow - range oscillating trend. Although chemical demand is strong, the weak combustion demand restricts upward movement. International LPG prices are weak, and factors such as increased warehouse receipts and regional differences also affect the market [1] Summary by Relevant Catalogs 1. Price Data and Changes - From July 25 to July 31, 2025, the price of South China LPG decreased from 4500 to 4440 (-40), East China LPG remained at 4413, Shandong LPG decreased from 4630 to 4540 (-40), propane CFR South China increased from 549 to 550 (+5), propane CIF Japan increased from 514 to 555 (+28), MB propane spot decreased from 71 to 73 (-1), CP forecast contract price increased from 522 to 530 (+7), Shandong ether - after carbon four decreased from 4900 to 4910 (-20), Shandong alkylated oil decreased from 7980 to 7970 (-30), paper import profit decreased from -33 to -120 (-82), and the main basis increased from 453 to 437 (+9) [1] 2. Market Conditions on Thursday - The cheapest deliverable was East China civil gas at 4413. FEI oscillated, CP slightly declined, and the official CP prices for August were announced, with propane/butane at 520/490 respectively. PP prices dropped, and the production profits of FEI and CP for PP slightly weakened, with CP having a lower production cost than FEI. The PG futures weakened, the monthly spread slightly weakened, and the 09 - 10 spread was -438 (-13). The US - to - Far - East arbitrage window closed [1] 3. PG Market Conditions - The PG futures oscillated. International LPG prices were weak, and the significant increase in warehouse receipts suppressed the futures. Domestic chemical demand increased, but weak combustion demand restricted upward movement. The cheapest deliverable was East China civil gas at 4413 yuan/ton. The basis weakened to 370 (-63). The inter - month reverse spread continued to strengthen. The warehouse receipt registration volume was 9804 lots (+1000), with 1000 lots added by Qingdao Yunda. The overseas prices continued to weaken, and the oil - gas ratio weakened. In terms of regional spreads, PG - CP reached 43 (+18), FEI - MB reached 155 (-6), FEI - CP reached 4.5 (+4.5); the US - Asia arbitrage window closed [1] 4. Weekly View - The FEI propane discount continued to decline, and the CP landed discount oscillated. The change in FEI - MOPJ was small, with the latest at -47.5 (-3.75). PDH profits improved, and MTBE export profits declined. The arrival volume decreased significantly, with ships in South China delayed due to typhoons, and port inventories decreased. Factory inventories slightly increased. The commodity volume decreased by 0.53%. Chemical demand was strong; the PDH operating rate increased significantly to 73.13% (+2.01 pct) as Zhenhua Petrochemical and Hebei Haiwei gradually increased their loads. Next week, Liaoning Jinfa plans to resume operation; the alkylation operating rate increased, and Henan Chengxin's alkylation unit has a restart plan; the MTBE operating load increased, with manufacturers focusing on exports, and the overall operation was stable. Weak combustion demand restricted upward movement [1]

Core Viewpoint - Asian countries are expected to increase imports of US WTI crude oil in Q4 due to rising Middle Eastern oil prices, which have created an arbitrage opportunity [1] Group 1: Market Dynamics - The price of Middle Eastern crude oil, specifically Dubai and Murban benchmarks, has risen, leading to a narrowing price gap with low-sulfur light US WTI crude oil [1] - Strong demand for high-sulfur crude oil in Asia has contributed to the increased interest in US WTI imports [1] Group 2: Trade Activity - A notable arbitrage window for WTI crude oil has been open for Asian markets, particularly for shipments arriving in early November [1] - Western oil producers, such as Occidental Petroleum, have sold WTI crude oil to Japanese refiners like Taiyo Oil at a premium of approximately $3.50 per barrel over the October Dubai crude oil price [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The domestic LPG market is expected to continue its narrow - range oscillatory trend. International LPG prices are weak, and the increase in domestic chemical demand is offset by the low combustion demand [1] 3. Summary by Relevant Catalog 3.1 Price Data - On July 29, 2025, the prices of South China LPG, East China LPG, Shandong LPG, Shandong ether - after carbon four, and Shandong alkylated oil were 4480, 4413, 4413, 4600, and 550 respectively. The daily changes were 0, 0, 0, - 20, and 1 respectively [1] 3.2 Market Conditions - The PG futures market is oscillating. The international LPG price is weak, and the significant increase in warehouse receipts suppresses the market. The domestic chemical demand is increasing, but the low combustion demand restricts the upward movement. The cheapest deliverable is East China civil gas at 4413 yuan/ton [1] 3.3 Spread and Arbitrage - The basis has weakened to 370 (- 63). The inter - month reverse spread continues to strengthen. The 08 - 09 spread is 2, and the 08 - 10 spread is - 398. The US - to - Far - East arbitrage window is closed [1] 3.4 Production Profit - FEI and CP have risen, PP has risen significantly, and the production profit of PP made from FEI and CP has deteriorated. The CP production cost is lower than that of FEI. PDH profit has improved, and MTBE export profit has declined [1] 3.5 Inventory and Supply - The arrival volume has decreased significantly. Due to typhoons, ships in South China are delayed, and port inventories have decreased. Factory inventories have slightly increased. The commodity volume has decreased by 0.53% [1] 3.6 Demand - Chemical demand is strong. PDH operating rate has increased significantly to 73.13% (+ 2.01 pct). Alkylation operating rate has increased, and MTBE operating load has risen [1]

Report Industry Investment Rating - Not provided Core View - The domestic LPG market is expected to continue a narrow - range oscillating trend. International LPG prices are weak, with a significant increase in warehouse receipts suppressing the market. Although domestic chemical demand is increasing, weak combustion demand restricts upward movement [1]. Summary by Relevant Content Price and Market Data - On Monday, the cheapest deliverable was East China civil LPG at 4413 yuan/ton. FEI and CP prices dropped, PP prices declined sharply, and the production profit of FEI and CP for PP worsened, with CP having a lower production cost than FEI. The PG market weakened, with the 08 - 09 spread at - 7 and the 08 - 10 spread at - 411. The US - to - Far East arbitrage window closed [1]. - The PG market oscillated. The basis weakened to 370 (-63), and the inter - month reverse spread continued to strengthen. Warehouse receipt registrations reached 9804 lots (+1000), with Qingdao Yunda adding 1000 lots. External market prices continued to weaken, and the oil - gas ratio declined [1]. Regional and Spread Data - In terms of regional spreads, PG - CP reached 43 (+18), FEI - MB was 155 (-6), FEI - CP was 4.5 (+4.5), and the US - Asia arbitrage window closed. FEI propane discount continued to fall, and the CP arrival discount oscillated. FEI - MOPJ changed little, at - 47.5 (-3.75) [1]. Profit and Demand Data - PDH profit improved, while MTBE export profit declined. The arrival volume decreased significantly. Chemical demand was strong; PDH operating rate increased significantly to 73.13% (+2.01 pct), and next week, Liaoning Jinfa plans to resume operation. Alkylation operating rate increased, and Henan Chengxin's alkylation unit has a restart plan. MTBE operating load increased, with manufacturers focusing on exports and overall stable operation. Combustion demand was weak [1].

Group 1: Report Core Insights - The base of the LPG market is volatile, with the PG futures price dropping significantly, the monthly spread moving down, and the 08 - 09 spread at 86. The US - Far East arbitrage window is open. The market is mainly in a state of oscillation [1]. - The cost of CP production is lower than that of FEI. The production profit of PP made from FEI and CP has worsened, and the PDH operating rate has decreased to 60.87% (-3.12pct), but it is expected to rise in the future [1]. - The import cost has increased, the external market price has risen slightly, the oil - gas ratio is basically flat, and the internal - external price difference has weakened. The freight has increased slightly [1]. - This week, the arrival of LPG at ports has increased, chemical demand has decreased, combustion demand is average, terminal sales at ports are ordinary, and port inventories have increased by 6.92%. Factory inventories are basically flat with regional differences [1]. - The market is expected to see price increases in Shandong and East China due to chemical demand support, while the focus in South China is expected to shift downward due to weak combustion demand [1]. Group 2: Data Summaries Price and Spread Data - The price of the cheapest deliverable, East China civil gas, is 4496. The daily change in prices shows decreases in some products, such as a - 10 change in South China LPG price, - 5 in MB propane, etc. The basis has weakened slightly to 340 (-9), and the 08 - 09 spread is 86 (-11), 08 - 10 is -332 (-38) [1]. Cost and Profit Data - FEI and CP prices have dropped, CP production cost is lower than FEI, and the production profit of PP from FEI and CP has turned poor [1]. Inventory and Demand Data - Port inventories have increased by 6.92%, and the PDH operating rate is 60.87% (-3.12pct), with expectations of improvement [1]. - The number of registered warrants is 8304 (-10) [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The overall LPG market is expected to fluctuate. Currently, prices have fallen to relatively low levels, with high chemical demand, but high temperatures and weak terminal demand will limit subsequent price increases. Domestic port inventories, factory inventories, and external sales volumes are basically flat. PDH operating rates are expected to increase slightly, and alkylation operating rates are expected to rise due to partial device restart plans. Different regional markets have different trends: the Shandong market is expected to fluctuate, the East China market is expected to remain weak, and the South China market will continue to be dragged down by weak terminal demand [1]. 3. Summary According to Relevant Catalogs Day - to - Day Changes - On Wednesday, the cheapest deliverable was East China civil gas at 4494. FEI and CP increased, CP discount was basically flat, PP strengthened, and the production profit of PP made from FEI and CP worsened. The PG futures price strengthened, and the monthly spread increased, with the latest 08 - 09 spread at 104. The US - to - Far - East arbitrage window opened. The daily changes showed that prices of some items remained unchanged, while some such as MB propane increased. The basis changed little, and the 8 - 9 monthly spread strengthened slightly. The import cost decreased significantly, and the external monthly spread weakened sharply, with the oil - gas ratio rising [1]. Weekly View - In terms of fundamentals, the PDH operating rate decreased to 65.49% (-5.05 pct) but the profit improved, and it is expected to increase slightly. The alkylation operating rate remained flat and is expected to rise due to partial device restart plans. The Shandong civil gas price first fell and then rose. The domestic gas supply is at a low level, arrivals are abundant, combustion demand is weak, and chemical demand provides support, so it is expected to fluctuate. The East China civil gas price declined, and the market is expected to remain weak due to increased arrivals and the off - season. The South China civil gas price oscillated downward due to falling import costs and weak combustion demand, and weak terminal demand will continue to drag down the market [1].

Report Summary 1) Report Industry Investment Rating - Not provided 2) Core Viewpoints - The cheapest deliverable is Shandong civil gas at 4580. PP prices fluctuate, FEI and CP prices decline, CP discount remains unchanged, PDH production profit improves, and FEI production cost is higher than CP. The PG futures market weakens, the monthly spread changes little, and the 08 - 09 spread is 95. The US - Far East arbitrage window closes [1]. - Civil gas prices rise first and then fall. Geopolitical tensions at the beginning of the week lead to a bullish market, but overall supply is abundant, high prices are resisted by downstream, and the easing of the Middle - East situation causes a sharp drop in oil prices, pressuring the market later in the week. The PG futures market falls sharply, the basis strengthens to 345, and the monthly spread changes little. External market prices weaken significantly, and the oil - gas ratio first suppresses and then rises. The internal - external price difference drops significantly, PG - CP weakens to - 4 (-33), FEI - CP weakens significantly, and the US - Asia arbitrage window closes. Import prices drop significantly, AFEI propane discount drops slightly, and CP propane - butane discount drops significantly. PDH spot production profit improves, paper - based production profit rises, FEI is lower than CP; alkylation oil profit rises significantly; MTBE gas - fractionation etherification profit is basically flat, isomerization etherification profit increases; FEI - MOPJ moves up [1]. - Fundamentally, increased arrivals lead to port inventory accumulation; factory inventory accumulates slightly with regional differentiation, East China destocks, and South China and Shandong accumulate inventory; external sales increase; PDH operating rate rises to 70.54% (+4.33 pct), alkylation operating rate is 46.02% (-1.84 pct), and MTBE production remains basically flat. The number of registered warrants is 8358 lots (+0). Next week, PDH and alkylation operating rates are expected to rise slightly, combustion demand remains weak, low prices stimulate sales, and subsequent prices will generally stabilize [1]. 3) Summaries by Related Catalogs Price Data - From June 24 - 30, 2025, prices of South China LPG, Shandong LPG, Shandong ether - post C4, and other related products change. For example, South China LPG prices range from 4710 - 4755, Shandong LPG prices range from 4599 - 4667 [1]. Market Conditions - Futures market: The PG futures market weakens, and the monthly spread changes little [1]. - External market: FEI and CP prices decline, and the US - Far East and US - Asia arbitrage windows close [1]. - Spot market: Civil gas prices show a trend of rising first and then falling [1]. Profit and Cost - PDH production profit improves, and FEI production cost is higher than CP. PDH spot production profit improves, and paper - based production profit rises [1]. Inventory and Production - Port inventory accumulates due to increased arrivals, factory inventory accumulates slightly with regional differentiation. PDH operating rate rises to 70.54% (+4.33 pct), and alkylation operating rate is 46.02% (-1.84 pct) [1].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - The fundamentals of the LPG market remain weak. Although the chemical demand in Shandong provides some support, there is significant supply pressure in other regions and demand continues to be sluggish [1]. - It is expected that the external release volume will continue to increase and the inbound volume will decline. Chemical demand is expected to be supported in the short - term, with the PDH operating rate expected to rise next week. The demand for alkylation oil is expected to increase with the recovery of gasoline demand, and the demand for C4 is expected to increase due to the planned start - up of multiple MTBE plants next week. Combustion demand is expected to decline as the temperature rises [1]. 3) Summary by Relevant Contents Daily Changes - In terms of civil gas, the price in Shandong remained stable at 4620, in East China increased by 1 to 4492, and in South China increased by 40 to 4630. The price of ether - after carbon four increased by 20 to 4830. The cheapest deliverable was East China civil gas at 4492 [1]. - The PP price rose, and the profits of PP production from FEI and CP increased. The PG futures price fluctuated upwards. The basis of the 07 contract decreased by 10 to 362, and the spread between the 07 - 09 contracts increased by 7 to 210. The arbitrage window from the US to the Far East was closed [1]. Weekly Views - Last week, the overall civil gas market was weak. Supported by chemical demand, the price in Shandong increased, while the price of ether - after carbon four decreased. The cheapest deliverable was East China civil gas at 4449 [1]. - The PG futures price fluctuated strongly. The basis of the 07 contract weakened to 351, and the spread between contracts strengthened significantly. In the external market, FEI and MB were basically the same, and CP declined; the oil - gas ratio increased. The internal - external price difference strengthened, especially the PG - CP [1]. - The US - Asia arbitrage window was closed, and freight rates increased slightly. Among different product spreads, the production margin of PDH improved but remained poor; the production profit of FEI was higher than that of PP. The profitability of alkylation oil increased, the profit of gas fractionation and etherification changed little, and the profit of isomerization and etherification increased. The FEI - MOPJ decreased, and the naphtha crack spread changed little [1]. - In terms of fundamentals, port inventories increased slightly, and terminals actively offered discounts. Factory inventories increased, and the factory inventories in Shandong decreased due to chemical demand. The arrival volume increased (mainly in South China), and the external release volume increased significantly [1]. - The number of registered warehouse receipts was 9304 lots (- 565) [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The fundamentals of the LPG market remain weak, with chemical demand in Shandong providing some support, but supply pressures are high and demand remains sluggish in other regions [1]. - It is expected that the external supply will continue to increase and the inbound volume will decline. Chemical demand is expected to be supported in the short - term, with the PDH operating rate expected to increase next week [1]. - As temperatures rise, combustion demand is expected to decline, while gasoline demand recovery is expected to drive up the demand for alkylated oil, and the demand for C4 from MTBE plants is also expected to increase [1]. 3. Summary by Related Catalogs Price Changes - On a daily basis, civil gas prices increased in Shandong (+20 to 4620), East China (+40 to 4491), and South China (+20 to 4590); ether - post carbon four increased by 130 to 4810. The cheapest deliverable is East China civil gas at 4491 [1]. - FEI and CP import costs increased, PP prices rose slightly, and the profits from FEI and CP for PP production increased. The PG futures fluctuated, with the basis of the 07 contract increasing by 37 to 372 and the 07 - 09 spread decreasing by 5 to 203 [1]. Weekly Situation - Last week, civil gas was generally weak, but Shandong rose due to chemical demand support, while ether - post carbon four declined. The cheapest deliverable was East China civil gas at 4449. The PG futures fluctuated strongly, the basis of the 07 contract weakened to 351, and the spread strengthened significantly [1]. - Externally, FEI and MB were basically flat, CP declined, and the oil - gas ratio increased. The internal - external spread strengthened, especially PG - CP. The US - Asia arbitrage window closed, and freight rates rose slightly [1]. Variety Spreads - The production margin of PDH improved but remained poor; the production profit of FEI was higher than that of PP. The profitability of alkylated oil increased, the profit of gas fractionation and etherification changed little, and the profit of isomerization and etherification increased. FEI - MOPJ decreased, and the naphtha crack spread changed little [1]. Fundamental Situation - Port inventories increased slightly, and terminals actively offered discounts. Factory inventories increased, and Shandong factory inventories decreased due to chemical demand support. Arrivals increased (mainly in South China), and external supply increased significantly [1]. - Chemical demand is expected to be supported in the short - term, with the PDH operating rate basically flat and expected to increase next week. The demand for alkylated oil is expected to increase with the recovery of gasoline demand, and the demand for C4 from MTBE plants is expected to increase next week [1]. - As temperatures rise, combustion demand is expected to decline. In addition, the number of registered warrants is 9304 lots (-565) [1].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall fundamentals of LPG remain weak, with chemical demand in Shandong providing some support, but supply pressure in other regions is high and demand continues to be sluggish. The expected increase in external sales volume and decrease in inbound volume. Chemical demand is expected to be supported in the short - term, and the PDH operating rate is expected to increase next week. Combustion demand is expected to decline as the temperature rises [1] 3. Summary by Relevant Catalogs 3.1 Daily Data - From 2025/06/03 to 2025/06/09, prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, etc. showed various changes. The daily changes were 20, 2, 10, 1, - 4 respectively. The arbitrage window is closed, the contract basis has weakened, and the monthly spread has strengthened significantly. The FEI and MB in the outer market are basically flat, CP has declined, and the oil - gas ratio has increased. The internal - external price difference has strengthened, especially PG - CP [1] 3.2 Weekly View - Factory inventories have increased, with Shandong factory inventories being depleted due to chemical demand. Arrivals have increased (mainly in South China), and external sales have increased significantly. It is expected that external sales will continue to increase and inbound volume will decline. Chemical demand is expected to be supported in the short - term, the PDH operating rate is basically flat and is expected to increase next week. The subsequent expected recovery in gasoline demand will drive up the demand for alkylated oil. The demand for C4 is expected to increase as several MTBE plants plan to start operations next week. Combustion demand is expected to decline as the temperature rises. The number of registered warehouse receipts is 9304 lots (-565) [1] 3.3 Daily Changes - In terms of civil gas, prices in Shandong, East China, and South China have increased. The price of ether - post - carbon four has increased. The cheapest deliverable is East China civil gas. FEI and CP import costs have increased, PP prices have increased, and the profits of FEI and CP for PP production have increased. The PG futures price has fluctuated upwards. The basis of the 07 contract has weakened, and the 07 - 09 monthly spread has strengthened. The US to Far East civil gas was generally weak last week. The port inventory has slightly increased, and the terminal has offered discounts [1]