Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The LPG market is expected to continue its weak and volatile consolidation trend. Although there are some improvements in the international spot market and the market sentiment has improved due to low valuation, the overall supply exceeds demand, and the weak combustion demand persists, despite being gradually approaching the end [1]. 3. Summary by Relevant Information 3.1. Price Data - **Daily Price Changes**: On August 18, 2025, compared with the previous day, the price of South China LPG increased by 50 to 4450, the price of Shandong LPG increased by 20 to 4440, the price of propane CFR South decreased by 2 to 561, the price of propane CIF Japan decreased by 7 to 520, and the CP forecast contract price decreased by 2 to 517. The price of Shandong ether - post - carbon four decreased by 40 to 4890, and the price of Shandong alkylated oil decreased by 30 to 7800. The paper import profit increased by 65 to - 188, and the main basis increased by 60 to 599 [1]. - **Weekly Price and Market Indicators**: The basis strengthened to 539 (+67), the 9 - 10 spread was - 471 (+9), the number of registered warehouse receipts was 12888 lots (+2709). PG - CP reached 8.9 (+12), PG - FEI reached 20.7 (+12), FEI - MOPJ was 39.6 (-1.6), and the naphtha crack spread strengthened slightly [1]. 3.2. Market Conditions - **Domestic Market**: The cheapest deliverable was East China civil LPG at 4410. The PG futures market was volatile. The rebound was due to the improvement of the international spot market and low valuation. The domestic supply increased while demand was weak, the spot price center shifted downward, and the port inventory decreased by 2.06%, the refinery commodity volume decreased by 1.68%, and the refinery inventory increased by 0.07%. The PDH operating rate was 76.33% (+2.49pct) [1]. - **International Market**: The international market was volatile, freight rates were generally high and volatile, and the waiting time for VLGCs at the Panama Canal decreased. FEI and CP discounts strengthened significantly [1]. 3.3. Profit Situation - The production profit of PP made from FEI and CP strengthened slightly, and the CP production cost was lower than that of FEI. The spot profit of PDH - made PP weakened, and the paper profit fluctuated. The production gross profit of alkylated oil and MTBE decreased [1].

Report Overview - Report title: "Asphalt Report" [2] - Research team: Research Center's Energy and Chemicals Team [3] - Report date: August 18, 2025 [3] Core Data Summary Futures Contracts - **Prices**: The prices of various BU contracts (BU主力合约, BU06, BU09, BU12, BU03) decreased from July 17 to August 15. For example, the BU主力合约 dropped from 3628 to 3461, a decrease of 167 points [4]. - **Volume and Open Interest**: Both trading volume and open interest declined. Volume decreased from 255,138 on July 17 to 214,163 on August 15, and open interest dropped from 474,048 to 436,319 [4]. - **Inventory**: Futures inventory decreased from 42,950 on July 17 to 31,640 on August 15 [4]. Spot Market - **Prices**: Spot prices in different regions showed varying trends. For instance, the low - end price in the Shandong market decreased from 3570 to 3520, while the low - end price in the North China market increased from 3660 to 3680 [4]. - **Price Spreads**: The price spreads between regions and contracts also changed. For example, the Shandong - East China spread varied from - 100 to - 80, and the 06 - 09 spread changed from - 244 to - 179 [4]. Margins and Spreads - **Margins**: The asphalt Brent spread and asphalt Marrow profit showed significant fluctuations. The asphalt Marrow profit decreased from - 15 to - 53 from August 7 to August 15 [4]. - **Profits**: The comprehensive profit of ordinary refineries fluctuated between 452 and 532, while the import profit (South Korea - East China) decreased from - 154 to - 239 [4]. Related Prices - **Crude Oil and Refined Products**: Brent crude oil prices fluctuated between 65.6 and 68.5, and the prices of gasoline and diesel in the Shandong market also changed slightly [4].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The LPG market is expected to continue its weak and volatile consolidation. The supply has increased while the demand is weak, causing the spot price to decline. The PG futures market has rebounded due to the improvement in the international spot market and low valuation. The basis has strengthened, and the monthly spread has fluctuated. The international market is volatile, and the freight rates are high. The PDH - PP production profit has weakened, and the production margins of alkylation oil and MTBE have declined. The port inventory has decreased, the chemical demand has slightly increased, and the refinery output has decreased. The combustion demand is still weak but approaching the end [1] Group 3: Summary by Relevant Catalogs Daily Data - On August 15, 2025, the propane CFR South China was 4400, the South China LPG was 4410, the East China LPG was 4410, the Shandong LPG was 4420, etc. The daily changes showed that the propane CFR South China increased by 35, the South China LPG increased by 9, etc. The cheapest deliverable was the East China civil LPG at 4410. The FEI and CP first rose and then fell. The PP fluctuated weakly, and the production profit of PP from FEI and CP slightly weakened. The PG futures fluctuated, and the 09 - 10 spread was - 471 (+9). The US - Far East arbitrage window was closed [1] Weekly View - The spot price declined due to increased supply and weak demand, with the cheapest deliverable being East China civil LPG at 4410. The PG futures rebounded because of the improved international spot market and low valuation. The basis strengthened to 539 (+67), and the 9 - 10 spread was - 471 (+9). The warehouse receipt registration volume was 12888 lots (+2709). The international market was volatile, and the freight rates were high. The FEI and CP discounts strengthened significantly. The port inventory decreased by 2.06%, the refinery output decreased by 1.68%, and the refinery inventory increased by 0.07%. The PDH - PP spot profit weakened, and the paper profit fluctuated. The production margins of alkylation oil and MTBE declined. The PDH plant operating rate was 76.33% (+2.49 pct), and the combustion demand was still weak but approaching the end [1]

Report Title - Rubber Sector Weekly Report for the 3rd Week of August 2025 [1] Report Author - Panshengjie, Head of the Chemical Research Team at the Commodity Research Institute, with investment consulting license number Z0014607 [2] Report Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of natural rubber have improved month-on-month, but the year-on-year weak trend remains unchanged [5] - By the end of 2025, the mixed basis is expected to reach -1700 yuan/ton [4][8] - The year-end valuation of the unilateral price is expected to decline by -30% year-on-year [4][17] Summary by Related Catalogs Supply Side (Inventory and Imports) - In August, the inventory in Qingdao Free Trade Zone decreased for 3 - 4 consecutive weeks on a month-on-month basis, and the year-on-year inventory accumulation rate also narrowed. However, from the perspective of the 24-week average inventory change, both inside and outside the zone are still in the inventory accumulation stage. For example, the off-zone inventory was the same as the previous year in early April but had accumulated an additional 15.1 tons by August [4][8] - In July, the total inventory of NR warehouse receipts, in-zone inventory, and off-zone inventory in Qingdao Free Trade Zone was 67.56 tons, with an average inventory decrease of -8.0% year-on-year in the past six months and continuous inventory accumulation for eight months [15] - In June, the total import volume of standard rubber and mixed rubber from Thailand, Malaysia, and Indonesia was 35.45 tons, with an average year-on-year increase of 13.9% in the past six months and continuous marginal increase for 11 months [10] Supply Side (Raw Material Prices) - The upstream rainfall is relatively high, but the impact on price spreads is not significant due to low domestic production. In Thailand, the weighted rainfall for production has not increased significantly, especially in July and August, which decreased compared to the previous year [4][17] - The current marginal decrease in rainfall has a negative impact on the unilateral price, but the impact is not significant. It is more likely that the heavy rainfall in the first three quarters of 2024 will result in normal production in the second half of 2025, with a year-on-year decline of -30% in valuation [4][17] - The premium of Thai smoked sheet rubber over 20 rubber is +415 dollars/ton, with an average year-on-year decrease of -8.3% in the past three months, showing a marginal decline and being negative for the unilateral price of RU [24] - The premium of Thai glue over cup lump is +5.55 Thai baht/kg, with an average year-on-year decrease of -7.06 Thai baht/kg in the past nine months and continuous marginal weakening for ten months [24] Demand Side (Tire Consumption) - As of the end of last week, the production line operating rate of all-steel tires increased to 63.1%, with an average year-on-year increase of 10.7% in the past 12 weeks and continuous marginal increase for two weeks. The finished product inventory of all-steel tires has increased for two consecutive weeks to 40 days, with an average year-on-year decrease of -3.5% in the 24-week inventory and continuous marginal increase for three weeks [57] - The production line operating rate of semi-steel tires has decreased for four consecutive weeks to 72.1%, with an average year-on-year decrease of -3.8% in the past 24 weeks and continuous marginal decrease for four weeks. The product inventory of semi-steel tires has increased for two consecutive weeks to 47 days, with an average year-on-year increase of 36.0% in the 24-week inventory and continuous marginal decrease for 12 weeks [57] Demand Side (Automobile Industry) - As of July 2025, the domestic automobile inventory warning index has increased for two consecutive months to 57.2 points, with an average year-on-year decrease of -6.8% in the past 12 months and continuous expansion of the decline for four months, which is positive for the unilateral price of RU [66] - The European automobile industry index has rebounded for three consecutive months to -23.2 points [66] Spread Analysis - As of August, the discount of Indian standard rubber to Thai standard rubber has narrowed from -250 dollars/ton in April to -100 dollars/ton. The increasing trend of Indian standard rubber imports since February has not ended, which is negative for NR month spreads, NR - RU spreads, and the mixed basis [30] - Since mid-July, the RU September - January spread has started an anti-arbitrage logic, providing sufficient motivation to take delivery of old rubber. However, from the two factors determining the month spread, the current fundamentals still support the positive arbitrage logic of the near-month strengthening [37] - In August, the domestic annualized capital interest rate was 1.47%, with six consecutive months of interest rate cuts, which determines the narrowing of the September - January spread [37] - In August, the RU warehouse receipts decreased for four consecutive months to 17.77 tons, a year-on-year decrease of -25.5%, reaching a new low since September 2023. At the same time, the RU warehouse receipts have decreased marginally for seven consecutive months, which is positive for the near end [37] Synthetic Rubber Supply - As of last Friday, the domestic butadiene capacity utilization rate increased to 69.7%, with an average year-on-year increase of 0.8% in the past five weeks and continuous marginal increase for two weeks [50] - The domestic high-cis butadiene rubber capacity utilization rate decreased to 64.5%, with an average year-on-year increase of 12.1% in the past five weeks and continuous marginal increase for four weeks [50] - The domestic butadiene port inventory increased to 2.04 tons, with an average year-on-year decrease of -0.35 tons in the past five weeks and continuous marginal decrease for seven weeks [50] - The total inventory of domestic butadiene rubber traders and factories was 3.04 tons, with an average year-on-year increase of 0.68 tons in the five-week inventory and continuous marginal decrease for seven weeks [50]

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 spread rebounded to $5.5/ton, the basis oscillated at a low level (-$5), and the FU01 internal - external spread strengthened slightly to $2.5. [2] - The 0.5 cracking of Singapore oscillated and continued to weaken, the 9 - 10 spread rebounded slightly to $3.75/ton, and the LU11 internal - external spread oscillated around $8. [2] - This week, Singapore's on - shore inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased month - on - month, Saudi Arabia's shipments were at a historical high in the same period, the arrival volume rebounded this week, and the shipments from the UAE rebounded significantly month - on - month, with a large increase in net exports. [3] - The divergence between the East and the West of high - sulfur fuel oil continued. The current price difference has triggered changes in logistics. In the heavy - quality pattern, the cracking of Singapore 380cst is the weakest, and the premium of heavy - quality crude oil is the strongest. A two - way regression is expected in the future. [3] - The weakening of LU this week was realized, the spot price of the external MF0.5 weakened slightly, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. [3] - Pay attention to the opportunity of the widening of the high - sulfur 380 EW spread, and exit the short - term short allocation of LU. [3] 3) Summary by Related Catalogs Fuel Oil Price Data - **Rotterdam Fuel Oil**: From August 8th to 14th, 2025, the price of Rotterdam 3.5% HSF O swap M1 changed by 3.36, Rotterdam 0.5% VLS FO swap M1 changed by 5.58, Rotterdam HSFO - Brent M1 changed by - 0.67, etc. [1] - **Singapore Fuel Oil Swap**: During the same period, the price of Singapore 380cst M1 changed, and other related swap prices also had corresponding changes. For example, Singapore 380cst M1 price changed from 407.04 on August 8th to 394.13 on August 14th. [1] - **Singapore Fuel Oil Spot**: From August 8th to 14th, the FOB 380cst price changed by - 1.32, FOB VLSFO changed by 0.91, etc. [2] - **Domestic FU**: The prices of FU 01, FU 05, and FU 09 all decreased from August 8th to 14th, with changes of - 22, - 15, and - 30 respectively. [2] - **Domestic LU**: The prices of LU 01, LU 05, and LU 09 also had certain changes, with LU 01 and LU 09 changing by - 13, and LU 05 changing by - 4. [2]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The basis is strong, the disk valuation is low, and there is no fundamental driving force. The overall situation is expected to be mainly volatile [1] Group 3: Summary by Relevant Catalog Spot Market - The center of the spot price has moved down, and the cheapest deliverable is the South China civil gas at 4365 on Thursday. The PG disk strengthened, and the 09 - 10 spread was -450 (+15). The US - Far East arbitrage window is closed [1] - The basis strengthened to 606 (+161), the monthly reverse spread continued to strengthen, the 9 - 10 spread was -478 (-39), and the warehouse receipt registration volume was 10179 lots (+420) [1] International Market - The international market fundamentals are loose. FEI and CP are oscillating, and MB is weakening. The oil - gas price ratio in North Asia and the Middle East has decreased, while that in North America has slightly increased [1] - The internal - external price difference has dropped significantly. PG - CP is 9.3 (-21); PG - FEI is -2.5 (-16). The US - Asia arbitrage window is open [1] - The freight from the US Gulf to Japan is 148 (+16), and that from the Middle East to the Far East is 85 (+11). The waiting time for VLGCs at the Panama Canal has increased, but it is expected to decline next [1] Industrial Profit - The FEI - MOPJ has significantly narrowed to -38 (+15), and the naphtha crack spread has strengthened. The PDH spot profit has weakened, while the paper profit has continued to improve [1] - The production gross profit of alkylated oil has decreased. The MTBE gas fractionation etherification gross profit has slightly increased, and the isomerization etherification gross profit has slightly decreased [1] Fundamental Data - The unloading port volume has increased, the port inventory has risen, the factory inventory has decreased by 0.51%, and the commodity volume has increased by 0.57% [1] - The PDH operating rate is 73.84% (+1.21 pct). Tianjin Bohua has resumed operation, Jiangsu Ruiheng has restarted, but Binhua has stopped due to a fault for an expected 20 days. Wanda Tianhong is expected to restart next week [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints No information provided. 3. Summary by Relevant Catalogs Futures Contract Data - The BU main contract price decreased from 3623 on 7/16 to 3472 on 8/14, a daily change of -31 and an interval change of -57 [4]. - The trading volume increased from 151,019 on 7/16 to 222,526 on 8/14, with a daily increase of 45,805 and an interval increase of 3,002 [4]. - The open interest decreased from 468,408 on 7/16 to 438,140 on 8/14, a daily decrease of 6,340 and an interval decrease of 17,227 [4]. Spot Market Prices - The low - end price in the Shandong market remained at 3,520 on 8/12 - 8/14, with no daily change and an interval decrease of 10 compared to 7/16 [4]. - The low - end price in the East China market decreased from 3,670 on 7/16 to 3,600 on 8/14, a daily decrease of 50 and an interval decrease of 50 [4]. - The low - end price in the North China market was 3,680 on 8/13 - 8/14, with no daily change and an interval increase of 20 compared to 7/16 [4]. Basis and Spread - The Shandong basis increased from - 63 on 7/16 to 48 on 8/14, a daily increase of 31 and an interval increase of 47 [4]. - The 06 - 09 spread increased from - 235 on 7/16 to - 185 on 8/14, a daily increase of 11 and an interval increase of 0 [4]. Crack Spread and Profit - The asphalt Brent crack spread increased from - 38 on 7/16 to 82 on 8/14, a daily increase of 30 and an interval increase of 36 [4]. - The asphalt Ma Rui profit increased from - 102 on 7/16 to 7 on 8/14, a daily increase of 27 and an interval increase of 33 [4]. - The comprehensive profit of ordinary refineries increased from 446 on 7/16 to 533 on 8/14 [4]. Related Prices - Brent crude oil price decreased from 68.7 on 7/16 to 65.6 on 8/14, a daily decrease of 0.5 and an interval decrease of 0.8 [4]. - The Shandong market price of gasoline decreased from 7,810 on 7/16 to 7,715 on 8/14, a daily decrease of 17 and an interval decrease of 12 [4]. - The Shandong market price of diesel decreased from 6,692 on 7/16 to 6,557 on 8/14, a daily decrease of 5 and an interval decrease of 6 [4].

Group 1: Report Industry Investment Rating - No investment rating information is provided in the report [1] Group 2: Core Viewpoints - The spot price center has moved down, with the cheapest deliverable being South China civil LPG at 4380. The PG futures market is running weakly. The basis has strengthened to 606 (+161). The inter - monthly reverse spread has continued to strengthen, with the September - October spread at - 478 (-39). The registered warrants have increased to 10179 lots (+420). The international market fundamentals are loose, with FEI and CP fluctuating and MB weakening. The North Asian - Middle East oil - gas price ratio has declined, and the North American oil - gas price ratio has slightly increased. The internal - external price difference has decreased significantly. The US - Asia arbitrage window has opened. The freight rates from the US Gulf to Japan and the Middle East to the Far East have increased. The waiting time for VLGCs at the Panama Canal has increased but is expected to decline. The FEI - MOPJ spread has significantly narrowed. The naphtha crack spread has strengthened. The PDH spot profit has weakened, while the paper profit has continued to improve. The alkylation oil production gross profit has decreased. The MTBE gas - fractionation etherification gross profit has slightly increased, and the isomerization etherification gross profit has slightly decreased. Fundamentally, the unloading volume has increased, port inventories have risen, factory inventories have decreased by 0.51%, and the commodity volume has increased by 0.57%. The PDH operating rate is 73.84% (+1.21pct). Overall, without fundamental drivers, the market is expected to fluctuate [1] Group 3: Summary by Relevant Catalog Market Data - From August 7 to August 13, 2025, the prices of South China LPG, East China LPG, and Shandong LPG have shown different degrees of change. The daily change on August 13 shows that South China LPG decreased by 10, Shandong LPG decreased by 20, while East China LPG remained unchanged. The prices of propane CFR South China, propane CIF Japan, MB propane spot, and CP forecast contract price also had corresponding changes. The paper import profit decreased by 7, and the main basis decreased by 12 [1] Wednesday Situation - On Wednesday, the cheapest deliverable was South China civil LPG at 4350. FEI and CP decreased. PP fluctuated weakly. The production profits of PP made from FEI and CP fluctuated, and the CP production cost was lower than that of FEI. The PG futures market fluctuated, and the 09 - 10 month spread was - 473 (+8). The US - Far East arbitrage window was closed [1] Weekly Viewpoints - The spot price center has moved down, and the PG futures market is running weakly. The basis has strengthened, and the inter - monthly reverse spread has continued to strengthen. The registered warrants have increased. The international market fundamentals are loose. The North Asian - Middle East oil - gas price ratio has declined, and the North American oil - gas price ratio has slightly increased. The internal - external price difference has decreased significantly. The US - Asia arbitrage window has opened. The freight rates have increased. The waiting time for VLGCs at the Panama Canal has increased but is expected to decline. The FEI - MOPJ spread has significantly narrowed. The naphtha crack spread has strengthened. The PDH spot profit has weakened, while the paper profit has continued to improve. The alkylation oil production gross profit has decreased. The MTBE gas - fractionation etherification gross profit has slightly increased, and the isomerization etherification gross profit has slightly decreased. Fundamentally, the unloading volume has increased, port inventories have risen, factory inventories have decreased by 0.51%, and the commodity volume has increased by 0.57%. The PDH operating rate is 73.84% (+1.21pct) [1]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - This week, the high - sulfur cracking of Singapore 380cst rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 spread rebounded to $5.5/ton, the basis oscillated at a low level (-$5), and the FU01 internal - external spread strengthened slightly to $2.5. The 0.5 cracking of Singapore oscillated and continued to weaken, the 9 - 10 spread rebounded slightly to $3.75/ton, and the LU11 internal - external spread oscillated around $8. [3][4] - This week, Singapore's on - land inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased month - on - month. Saudi Arabia's shipments were at a historical high in the same period, arrivals rebounded this week, UAE's shipments rebounded significantly month - on - month, and net exports increased significantly. [4] - The divergence between the East and the West of high - sulfur fuel oil continued. The current price difference has triggered logistics changes. In the heavy - quality pattern, the cracking of Singapore 380cst is the weakest, and the premium of heavy - quality crude oil is the strongest. It is expected to return in both directions later. [4] - This week, the weakening of LU was realized, the spot price of the external MF0.5 weakened slightly, and the valuation was realized. Pay attention to the subsequent release of LU quotas. Pay attention to the opportunity of the widening of the high - sulfur 380 EW spread, and exit the short - term short allocation of LU. [4] 3. Summary by Relevant Data Rotterdam Fuel Oil Swap Data - From August 6th to 12th, 2025, the price of Rotterdam 3.5% HSF O swap M1 decreased from $411.10 to $394.34, a decrease of $6.98; the price of Rotterdam 0.5% VLS FO swap M1 decreased from $464.89 to $451.49, a decrease of $3.11. [1] Singapore Fuel Oil Swap Data - From August 6th to 12th, 2025, the price of Singapore 380cst M1 decreased from $413.20 to $395.15, a decrease of $2.51; the price of Singapore VLSFO M1 decreased from $494.45 to $478.30, a decrease of $3.32. [1][6] Singapore Fuel Oil Spot Data - From August 6th to 12th, 2025, the FOB price of 380cst increased from $406.83 to $396.64, an increase of $4.91; the FOB price of VLSFO increased from $495.11 to $483.55, an increase of $1.88. [2] Domestic FU Data - From August 6th to 12th, 2025, the price of FU 01 increased from 2859 to 2800, an increase of 19; the price of FU 05 increased from 2818 to 2770, an increase of 23. [2] Domestic LU Data - From August 6th to 12th, 2025, the price of LU 01 increased from 3496 to 3457, an increase of 39; the price of LU 05 increased from 3437 to 3417, an increase of 25. [3]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoint of the Report - The basis is strong, the futures valuation is low, and there is no fundamental driving force. The overall market is expected to fluctuate mainly [1] Group 3: Summary Based on Relevant Catalogs 1. Price and Data Changes - From August 6 - 12, 2025, the prices of South China LPG, East China LPG, and Shandong LPG showed a downward trend, with the Shandong LPG price dropping by 60 yuan on August 12 compared to the previous day; the propane CFR South China price increased by 5 dollars, and the propane CIF Japan price decreased by 4 dollars. The CP forecast contract price increased by 1 dollar, and the paper import profit decreased by 35 yuan, while the main basis decreased by 27 yuan [1] - On Tuesday, the cheapest deliverable was South China civil LPG at 4360 yuan. FEI and CP increased, PP fluctuated, the production profit of PP made from FEI and CP deteriorated, but the CP production cost was lower than that of FEI. The PG futures strengthened, and the monthly spread decreased, with the latest 09 - 10 spread at - 481 (-7). The US - to - Far - East arbitrage window was closed [1] - The spot price center moved down, with the cheapest deliverable being South China civil LPG at 4380 yuan. The PG futures weakened. The basis strengthened to 606 (+161). The inter - month reverse spread continued to strengthen, with the 9 - 10 monthly spread at 478 (-39). The warrant registration volume was 10179 lots (+420), with Qingdao Yunda decreasing by 35 lots and Wuzhong Dahua increasing by 455 lots [1] - Internationally, the market fundamentals were loose, FEI and CP fluctuated, and MB weakened. The oil - gas price ratio in North Asia and the Middle East decreased, while that in North America increased slightly. The internal - external price difference decreased significantly, with PG - CP at 9.3 (-21) and PG - FEI at - 2.5 (-16). The US - Asia arbitrage window opened. The freight from the US Gulf to Japan was 148 (+16), and that from the Middle East to the Far East was 85 (+11) [1] 2. Weekly Outlook - The waiting time for VLGCs at the Panama Canal increased, possibly due to the peak of container ship arrivals from the previous China - US tariff rush, but it is expected to decrease as the container ship shipments have passed the peak. The FEI - MOPJ spread narrowed significantly to - 38 (+15) [1] - The naphtha crack spread strengthened. The PDH spot profit weakened, while the paper profit continued to improve. The production gross profit of alkylated oil decreased. The MTBE gas - separation etherification gross profit increased slightly, and the isomerization etherification gross profit decreased slightly [1] - Fundamentally, the unloading volume increased, port inventories rose, factory inventories decreased by 0.51%, and the commodity volume increased by 0.57%. The PDH operating rate was 73.84% (+1.21 pct), with Tianjin Bohua resuming operation and Jiangsu Ruiheng restarting, but Binhuausing a fault to stop production for an expected 20 days. Wanda Tianhong is expected to restart next week [1]