Group 1: Core View - The LPG futures price declined due to falling oil prices, PDH shutdown news, and an increase in warehouse receipts. The domestic civil gas price also dropped. The external paper market first rose and then fell, with the FEI and CP spreads strengthening and the MB spread weakening. The oil - gas ratio declined, and the domestic - foreign spread weakened. The US - Asia arbitrage window opened. Overall, Middle Eastern supplies are tight, and winter prices are unlikely to fall significantly. The domestic market is expected to fluctuate weakly in the short term. Attention should be paid to the subsequent PDH start - up under high costs and the situation of factory warehouse receipts [4] Group 2: Data Summary Daily Price Changes - Civil gas prices: In East China, it was 4398 (-10); in Shandong, it was 4410 (-30); in South China, it was 4490 (+30). The price of ether - post - carbon four was 4600 (+30). The lowest delivery location was East China [4] - Basis daily change: 84 (-6); 01 - 02 spread: 124 (+0); 03 - 04 spread: -208 (-2). As of 22:00, FEI was 509 (+1) and CP was 501 (-2) dollars/ton [4] Futures - related Data - LPG futures basis was 265 (+122), 01 - 02 spread was 84 (+5), 03 - 04 spread was -223 (-12), and warehouse receipts were 5476 lots (+865) [4] Market Spread Data - PG - CP dropped to 71 (-28), PG - FEI dropped to 65 (-14). The East China propane arrival premium was 85 (-7), and the AFEI, Middle East, and US propane FOB premiums were 42 (+12), 42 (+17), and 47 (+4) respectively [4] Supply - related Data - The arrival volume increased by 12.25%, port inventory increased by 3.22%, external supply increased slightly by 1.3%, and refinery storage capacity increased slightly by 0.27%. The PDH operating rate was 72.87% (+2.65pct) [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the high - sulfur cracking fluctuated, the monthly spread and basis fluctuated at low levels. The high - sulfur cracking in Europe weakened, the monthly spread weakened, and the EW strengthened. The 0.5% cracking in Singapore fluctuated at a historical low, the monthly spread and basis fluctuated at low levels, and the VLSFO cracking in Singapore further weakened. [3] - In terms of inventory, the residual fuel oil in Singapore, high - sulfur floating storage, ARA residual fuel oil, and Fujairah residual fuel oil all increased in stock, the high - sulfur floating storage decreased in stock, and the EIA residual fuel oil decreased in stock. [3][4] - This week, the cracking of gasoline and diesel in the external market continued to decline, and the price difference between low - sulfur and diesel continued to rebound. After the Al Zour refinery shut down due to a fire on October 21, the external low - sulfur market has support, but the short - term upward space is limited. [4] - The global residual fuel oil has entered the off - season for inventory accumulation. The external cracking is affected by crude oil fluctuations, and there is no improvement in the spot market, so it is regarded as bearish. The low - sulfur valuation is low but there is currently no driving force. [4] 3. Summary of Related Data Rotterdam Fuel Oil Swap Data - From December 10 to December 16, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased by 4.89, the price of Rotterdam 0.5% VLSFO swap M1 decreased by 11.93, and the price of Rotterdam HSFO - Brent M1 increased by 0.76. [1] Singapore Fuel Oil Data - **Swap Data**: From December 10 to December 16, 2025, the price of Singapore 380cst M1 decreased by 6.43, the price of Singapore 180cst M1 decreased by 2.93, and the price of Singapore VLSFO M1 decreased by 9.91. [1][7] - **Spot Data**: From December 10 to December 16, 2025, the FOB 380cst price decreased by 4.96, the FOB VLSFO price decreased by 8.09, the 380 - basis data is incomplete, the high - sulfur internal - external price difference increased by 0.4, and the low - sulfur internal - external price difference decreased by 2.3. [2] Domestic Fuel Oil Futures Data - **FU Futures**: From December 10 to December 16, 2025, the prices of FU 01, FU 05, and FU 09 decreased by 49, 43, and 45 respectively. The price difference between FU 01 - 05 decreased by 6, the price difference between FU 05 - 09 increased by 2, and the price difference between FU 09 - 01 increased by 4. [2] - **LU Futures**: From December 10 to December 16, 2025, the prices of LU 01, LU 05, and LU 09 decreased by 88, 69, and 62 respectively. The price difference between LU 01 - 05 decreased by 19, the price difference between LU 05 - 09 decreased by 7, and the price difference between LU 09 - 01 increased by 26. [3]

Group 1: Report Overview - Report Title: "Asphalt Morning Report" [2] - Report Date: December 17, 2025 [4] - Research Team: Research Center Energy and Chemicals Team [4] Group 2: Price and Basis Information Basis - Shandong Basis (non-Jingbo, +80): On December 16, it was 16, with a daily change of 69 [3] - East China Basis (Zhenjiang Warehouse): On December 16, it was 86 [3] - South China Basis (Foshan Warehouse): On December 16, it was 36 [3] Month Spread - 01 - 03: On December 16, it was -52, with a daily change of 5 [3] - 02 - 03: On December 16, it was -22, with a daily change of -3 [3] - 03 - 06: On December 16, it was -44, with a daily change of -10 [3] Contract Price - BU Main Contract (02): On December 16, it was 2894, a decrease of 69 [3] Spot Price - Jingbo: On December 16, it was 2950, unchanged [3] - Shandong (non-Jingbo): On December 16, it was 2830, unchanged [3] - Zhenjiang Warehouse: On December 16, it was 2980, unchanged [3] - Foshan Warehouse: On December 16, it was 2930, unchanged [3] Crude Oil Price - Brent Crude: On December 16, it was 60.6, a decrease of 0.6 [3] Profit - Asphalt Marrow Profit: On December 16, it was 418, an increase of 26 [3] Group 3: Trading Volume and Open Interest - Trading Volume: On December 16, it was 567412, an increase of 239607 compared to the previous period [3] - Open Interest: On December 16, it was 472105, an increase of 45908 compared to the previous period [3] Group 4: Weekly Changes - The report also provides weekly change data for various indicators, such as a weekly change of 56 for a certain indicator and -14 for another [6]

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views of the Report - The report provides daily research and analysis on various energy and chemical futures, including trends, fundamentals, and market news for each product [2]. - Overall, the market shows a mixed trend, with some products in a high - level or low - level shock state, while others face supply - demand pressures or have short - term rebound opportunities. Summary by Product PX, PTA, MEG - **PX**: In a high - level shock market. Demand is seasonally weakening, but supply remains tight. The upside space is limited due to weakening demand and the end of the blending logic. The recommended operation range is 6550 - 7000, and some hedging positions should be closed [2][10]. - **PTA**: In a high - level shock market. The cost - side PX supply is tight, but polyester is accumulating inventory and incurring losses, so the upside space is limited. The recommended operation range is 4500 - 4800, and some hedging positions should be closed [2][11]. - **MEG**: The unexpected load reduction improves the inventory accumulation pressure, and there is short - term support below. The price has reached the cost line of most production devices, and some factories have stopped operating [2][11]. Rubber - In a shock operation state. The price has a small increase, and the inventory has increased. The trend strength is neutral [12]. Synthetic Rubber - The shock center moves up. The inventory of domestic butadiene rubber has decreased slightly, and the supply of butadiene has decreased marginally. The industry is under pressure but supported by valuation [15][18]. Asphalt - Affected by the rising situation in Venezuela. The price shows a shock trend, with changes in production capacity utilization and inventory in different regions [19][30]. LLDPE - Unilateral decline, with limited basis strengthening. The futures price is under pressure, and the demand is weakening. The supply pressure from high - capacity and weak demand needs to be concerned in the medium term [33][34]. PP - Under upstream selling pressure, with the price difference between powder and granular materials inverted. The cost support is limited, the demand is weak, and it is expected to continue the weak trend. Attention should be paid to the marginal changes of PDH devices [37][38]. Caustic Soda - Short - term rebound, but still under pressure later. Although the futures price rebounded due to macro and alumina factors, it is still in a high - production and high - inventory pattern, and the demand is difficult to support [40][41]. Pulp - In a wide - range shock state. The upward momentum comes from external cost and supply tightening expectations, while the downward pressure comes from high domestic inventory and weak terminal demand [44][47]. Glass - The price of the original sheet is stable. The futures price has a slight decline, and the spot price shows mixed trends in different regions. The northern region is affected by snowfall [52]. Methanol - Shock rebound. The port inventory is decreasing, and the fundamentals have improved. However, the MTO fundamentals are weak, and there is a price limit above, while the cost provides support below [54][58]. Urea - Short - term shock operation. The enterprise inventory is decreasing, and the fundamentals have improved marginally. The policy and cost form a support below, and there is a pressure level above [60][62]. Styrene - Short - term shock. The pure benzene market is in a shock state, with weak current situation and strong future expectations. The styrene downstream is in a high - start, high - inventory, and medium - profit pattern [63][64]. Soda Ash - The spot market changes little. The enterprise production is stable, and the downstream demand is flat, with poor procurement enthusiasm [67][68]. LPG - Short - term shock, with a downward trend in the long term. The price shows a shock trend, and there are changes in PDH and other operating rates [71][72]. Propylene - Short - term narrow - range adjustment. The price and relevant operating rates show certain changes [72]. PVC - Low - level shock. The market is in a high - production and high - inventory pattern, and there is a short - term rebound expectation, but the large - scale production reduction expectation may occur after the 03 contract [80][81]. Fuel Oil - The night - session rebounds, temporarily getting rid of the weak state. The low - sulfur fuel oil is weaker than the high - sulfur fuel oil, and the price difference between high - and low - sulfur in the external market rebounds slightly [83]. Container Shipping Index (European Line) - Short - term sentiment is optimistic, and it is in a medium - term shock market. The freight rate index shows an upward trend, and there are changes in shipping capacity and schedules [85]. Short - fiber and Bottle - chip - Medium - term pressure. It is recommended to hold long PTA and short short - fiber/bottle - chip positions. The futures prices are in a low - level shock state, and the spot prices show certain changes [94][95]. Offset Printing Paper - It is recommended to wait and see. The spot price is stable, and the market demand is weak, with strong wait - and - see sentiment [97][98]. Pure Benzene - Short - term shock. The port inventory has increased, and the market is affected by factors such as supply and demand and overseas market conditions [102][103].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the high - sulfur crack spread fluctuated, the monthly spread and basis fluctuated at a low level. The high - sulfur crack spread in Europe weakened, the monthly spread weakened, and EW strengthened. The 0.5% crack spread in Singapore fluctuated at a historical low, the monthly spread and basis fluctuated at a low level, and the VLSFO crack spread in Singapore further weakened [4]. - In terms of inventory, Singapore's residual fuel oil inventory increased, high - sulfur floating storage inventory increased, ARA's residual fuel oil inventory increased significantly, Fujairah's residual fuel oil inventory continued to increase significantly, high - sulfur floating storage inventory decreased, and EIA's residual fuel oil inventory decreased [4]. - This week, the crack spreads of gasoline and diesel in the external market continued to decline, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the fire at the Al Zour refinery on October 21, it was shut down, providing support for the external low - sulfur market, but the short - term upside space was limited [5]. - The global residual fuel oil has entered the off - season for inventory accumulation. The external crack spreads are subject to crude oil price fluctuations, and there is no improvement in the spot market. It is regarded as bearish. The low - sulfur fuel oil has a low valuation but no driving force for now [5]. 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data - From December 8 to December 12, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 0.19, Rotterdam 0.5% VLS FO swap M1 changed by 0.76, Rotterdam HSFO - Brent M1 changed by - 0.02, Rotterdam 10ppm Gasoil swap M1 changed by - 1.07, Rotterdam VLSFO - Gasoil M1 changed by 1.83, LGO - Brent M1 changed by - 0.01, and Rotterdam VLSFO - HSFO M1 changed by 0.57 [2]. Singapore Fuel Oil Data - **Swap Data**: From December 8 to December 12, 2025, the price of Singapore 380cst M1 changed by 1.88, Singapore 180cst M1 changed by - 1.16, Singapore VLSFO M1 changed by 4.94, Singapore GO M1 changed by 0.38, Singapore 380cst - Brent M1 changed by 0.20, and Singapore VLSFO - Gasoil M1 changed by 2.12 [2][8]. - **Spot Data**: From December 8 to December 12, 2025, the FOB 380cst price changed by 3.14, FOB VLSFO price changed by 5.44, 380 - basis changed by 0.90, high - sulfur internal - external price difference changed by 2.5, and low - sulfur internal - external price difference changed by 2.4 [3]. Domestic FU Data - From December 8 to December 12, 2025, FU 01 changed by - 14, FU 05 changed by - 15, FU 09 changed by - 12, FU 01 - 05 changed by 1, FU 05 - 09 changed by - 3, and FU 09 - 01 changed by 2 [3]. Domestic LU Data - From December 8 to December 12, 2025, LU 01 changed by - 2, LU 05 changed by - 2, LU 09 changed by 3, LU 01 - 05 changed by 0, LU 05 - 09 changed by - 5, and LU 09 - 01 changed by 5 [4].

新 加 坡 燃 料 油 现 货 | 日期 | FOB 380cst | FOB VLSFO | 380基差 | 高硫内外价差 | 低硫内外价差 | | --- | --- | --- | --- | --- | --- | | 2025/12/05 | 340.82 | 421.73 | -5.60 | 0.4 | 5.1 | | 2025/12/08 | 343.53 | 425.03 | -6.40 | 2.1 | 4.5 | | 2025/12/09 | 333.81 | 415.01 | -5.22 | 1.7 | 4.2 | | 2025/12/10 | 330.84 | 416.96 | -5.85 | -0.2 | 3.8 | | 2025/12/11 | - | - | - | 0.8 | 3.7 | | 变化 | - | - | - | 1.0 | -0.1 | | | | | | 燃料油早报 | | 研究中心能化团队 2025/12/12 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 燃 料 油 | | | | | | | ...

1. Report's Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - No information provided 3. Summary by Relevant Catalogs 3.1 Basis and Spread - The Shandong basis (+80) (non-Jingbo) was -30 on 11/11, 42 on 12/5, -43 on 12/9, -40 on 12/10, -60 on 12/11, with a daily change of -20 and a weekly change of -102 [2][3] - The East China basis (Zhenjiang warehouse) was 100 on 11/11, 92 on 12/5, 97 on 12/9, 100 on 12/10, 20 on 12/11, with a daily change of -80 and a weekly change of -72 [2][3] - The South China basis (Foshan warehouse) was 80 on 11/11, -18 on 12/5, 17 on 12/9, 20 on 12/10, 0 on 12/11, with a daily change of -20 and a weekly change of 18 [2][3] - The 01 - 03 spread was -40 on 11/11, -25 on 12/5, -35 on 12/9, -36 on 12/10, -28 on 12/11, with a daily change of 8 and a weekly change of -3 [2][3] - The 02 - 03 spread was -26 on 11/11, -14 on 12/5, -20 on 12/9, -18 on 12/10, -13 on 12/11, with a daily change of 5 and a weekly change of 1 [2][3] - The 03 - 06 spread was -30 on 11/11, -41 on 12/5, -42 on 12/9, -42 on 12/10, -39 on 12/11, with a daily change of 3 and a weekly change of 2 [2][3] 3.2 Futures Market - The BU main contract (02) was 3050 on 11/11, 2948 on 12/5, 2943 on 12/9, 2940 on 12/10, 2960 on 12/11, with a daily change of 20 and a weekly change of 12 [2][3] - The trading volume was 314162 on 11/11, 253337 on 12/5, 280627 on 12/9, 226203 on 12/10, 394179 on 12/11, with a daily change of 167976 and a weekly change of 140842 [2][3] - The open interest was 339671 on 11/11, 428146 on 12/5, 426690 on 12/9, 430400 on 12/10, 427106 on 12/11, with a daily change of -3294 and a weekly change of -1040 [2][3] 3.3 Spot Market - Brent crude oil was 65.2 on 11/11, 63.3 on 12/5, 62.5 on 12/9, 61.9 on 12/10, 62.2 on 12/11, with a daily change of 0.3 and a weekly change of -1.1 [2][3] - Jingbo's price was 3000 on 11/11, 2940 on 12/5, 2940 on 12/9, 2950 on 12/10, 2960 on 12/11, with a daily change of 10 and a weekly change of 20 [2][3] - The price in Shandong (non-Jingbo) was 2940 on 11/11, 2910 on 12/5, 2820 on 12/9, 2820 on 12/10, 2820 on 12/11, with a daily change of 0 and a weekly change of -90 [2][3] - The price in Zhenjiang warehouse was 3150 on 11/11, 3040 on 12/5, 3040 on 12/9, 3040 on 12/10, 2980 on 12/11, with a daily change of -60 and a weekly change of -60 [2][3] - The price in Foshan warehouse was 3130 on 11/11, 2930 on 12/5, 2960 on 12/9, 2960 on 12/10, 2960 on 12/11, with a daily change of 0 and a weekly change of 30 [2][3] 3.4 Profit - The asphalt Ma瑞 profit was 64 on 11/11, 154 on 12/5, 192 on 12/9, 358 on 12/10, 346 on 12/11, with a daily change of -12 and a weekly change of 192 [2][3]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The domestic LPG market shows a situation where the internal valuation is relatively high. Although the domestic chemical industry has poor profits, the operating rate remains strong, and there is an expectation of a slight increase in civil demand, providing short - term support. Attention should be paid to winter weather and oil price conditions [1] 3. Summary by Relevant Data and Information Daily Changes - On Thursday, for civil LPG, the price in East China was 4415 (-9), in Shandong was 4400 (+30), and in South China was 4420 (-20). The price of ether - after carbon four was 4570 (+0). The lowest delivery location was Shandong, with a basis of 292 (+164), the 01 - 02 month spread was 68 (-9), and the 03 - 04 month spread was - 237 (-31). As of 21:00, FEI was 527 (-4) and CP was 521 (-3) dollars per ton [1] Weekly Views - The futures market was volatile, with a basis of 143 (+232), the 01 - 02 month spread of 79 (+3), and the 03 - 04 month spread of - 211 (-19). The number of warehouse receipts was 4611 lots (-200). Civil LPG prices rose, and the cheapest delivery product was civil LPG in East China at 4411 (+88). The foreign market FEI declined, while CP and MB increased, and the oil - gas ratio decreased. The internal and external markets weakened, with PG - CP dropping to 100 (-21) and PG - FEI dropping to 79 (-7). The US - Asia arbitrage window opened. The arrival premium for propane in East China was 97 (-2), and the FOB premiums for propane in AFEI, the Middle East, and the United States were 30 (+18.75), 25 (-13), and 43 dollars (+4) respectively. Freight rates declined. The spot profit of PDH weakened, and the futures profit decreased; the alkylation unit improved; the MTBE profit fluctuated. Port inventories decreased (-7%) due to a significant drop in arrivals (-18%) and a slight increase in demand; refinery inventories increased slightly (+0.86%). The PDH operating rate was 70.22% (+0.4pct), the alkylation operating rate was 37.93% (+1pct), and the MTBE operating rate was 71.58% (+0) [1]

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - This week, the cracking spread of high - sulfur fuel oil in Singapore fluctuated, the monthly spread was at a historical low, strengthened slightly on Friday, the basis weakened and then strengthened slightly on Friday; the cracking spread of European HSFO fluctuated weakly, and the EW spread fluctuated. The cracking spread of 0.5% fuel oil in Singapore weakened, with the monthly spread and basis fluctuating at low levels. [3] - In terms of inventory, Singapore's residue oil had a slight inventory build - up, high - sulfur floating storage had a slight inventory draw - down, ARA's residue oil had a slight inventory build - up, Fujairah's residue oil had a significant inventory build - up, high - sulfur floating storage had an inventory draw - down, and EIA's residue oil had a slight inventory build - up. [3] - With the increasing expectation of Russia - Ukraine peace talks, the cracking spreads of gasoline and diesel in the external market continued to decline this week, and the price difference between low - sulfur fuel oil and diesel continued to rebound. After the fire at Al Zour refinery on October 21, the external low - sulfur fuel oil was supported, but the short - term upside space was limited. [4] - The global heavy - oil market entered the off - season with inventory build - up. The external cracking spread was affected by crude oil fluctuations, and there was no improvement in the spot market. FU01 should be treated bearishly. The valuation of low - sulfur fuel oil was low but there was no driving force. [4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From December 3 to December 9, 2025, the price of Rotterdam 3.5% HSF O swap M1 dropped from 348.42 to 335.47, a decrease of 4.32; the price of Rotterdam 0.5% VLS FO swap M1 dropped from 390.01 to 381.64, a decrease of 3.04. [1] - The Rotterdam HSFO - Brent M1 spread changed by 0.06, the Rotterdam 10ppm Gasoil swap M1 decreased by 11.68, the Rotterdam VLSFO - Gasoil M1 increased by 8.64, the LGO - Brent M1 decreased by 0.96, and the Rotterdam VLSFO - HSFO M1 increased by 1.28. [1] Singapore Fuel Oil Swap Data - From December 3 to December 9, 2025, the price of Singapore 380cst M1 dropped from 345.72 to 341.31, a decrease of 11.08; the price of Singapore 180cst M1 dropped from 350.42 to 349.84, a decrease of 9.74; the price of Singapore VLSFO M1 dropped from 419.63 to 416.32, a decrease of 10.14. [1] - The price of Singapore GO M1 dropped from 83.93 to 83.59, a decrease of 1.87; the Singapore 380cst - Brent M1 spread decreased by 0.31, and the Singapore VLSFO - Gasoil M1 increased by 3.69. [1] Singapore Fuel Oil Spot Data - From December 3 to December 9, 2025, the FOB price of 380cst dropped from 334.01 to 333.81, a decrease of 9.72; the FOB price of VLSFO dropped from 418.67 to 415.01, a decrease of 10.02. [2] - The 380 - cst basis increased by 1.18, the high - sulfur internal - external price difference decreased by 0.4, and the low - sulfur internal - external price difference decreased by 0.3. [2] Domestic FU Data - From December 3 to December 9, 2025, the price of FU 01 dropped from 2437 to 2418, a decrease of 90; the price of FU 05 dropped from 2499 to 2488, a decrease of 85; the price of FU 09 dropped from 2468 to 2464, a decrease of 70. [2] - The FU 01 - 05 spread decreased by 5, the FU 05 - 09 spread decreased by 15, and the FU 09 - 01 spread increased by 20. [2] Domestic LU Data - From December 3 to December 9, 2025, the price of LU 01 dropped from 3010 to 2989, a decrease of 82; the price of LU 05 dropped from 3021 to 3003, a decrease of 88; the price of LU 09 dropped from 3060 to 3033, a decrease of 72. [3] - The LU 01 - 05 spread increased by 6, the LU 05 - 09 spread decreased by 16, and the LU 09 - 01 spread increased by 10. [3]

Report Industry Investment Rating - Not provided Core View - The domestic market has a relatively high valuation. Although the domestic chemical industry has poor profits, its operation is firm, and there is an expectation of a slight increase in civil demand, so there is still short - term support. Attention should also be paid to winter weather and oil prices [1] Summary by Related Catalogs Daily Changes - On Tuesday, for civil gas, the price in East China was 4392 (-9), in Shandong was 4450 (-50), and in South China was 4440 (-20). The price of ether - post carbon four was 4550 (+10). The lowest delivery location was East China, with a basis of 149 (+58), and the 01 - 02 month spread was 77 (+6). As of 21:00, FEI was 525 (-3) and CP was 511 (+3) dollars/ton [1] Weekly View - The futures market fluctuated, with a basis of 143 (+232), a 01 - 02 month spread of 79 (+3), and a 03 - 04 month spread of -211 (-19). The number of warehouse receipts was 4611 lots (-200). Civil gas prices rose, and the cheapest deliverable product was East China civil gas at 4411 (+88). The overseas FEI declined, while CP and MB rose, and the oil - gas ratio decreased. Both domestic and overseas markets weakened, with PG - CP dropping to 100 (-21) and PG - FEI dropping to 79 (-7). The US - Asia arbitrage window opened. The landing premium for propane in East China was 97 (-2), and the FOB premiums for propane in AFEI, the Middle East, and the US were 30 (+18.75), 25 (-13), and 43 dollars (+4) respectively. Freight rates declined. The spot profit of PDH weakened, and the futures profit dropped; the alkylation unit improved; the MTBE profit fluctuated. Port inventories decreased (-7%) due to a significant drop in incoming vessels (-18%) and a slight increase in demand; refinery inventories slightly increased (+0.86%). The PDH operation rate was 70.22% (+0.4pct), the alkylation operation rate was 37.93% (+1pct), and the MTBE operation rate was 71.58% (+0) [1]