山东标品基差(+80) 500 300 100 -300 -500 s 疯皮期货 沥青早报 研究中心能化团队 2025/6/18 | | 指标 | 5/19 | 6/9 | 6/13 | 6/16 | 6/17 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3502 | 3488 | 3628 | 3667 | 3644 | -23 | 156 | | | BU06 | 3502 | 3516 | 3600 | 3650 | 3381 | -269 | -135 | | | BU09 | 3430 | 3488 | 3628 | 3667 | 3644 | -23 | 156 | | | BU12 | 3231 | 3320 | 3469 | 3499 | 3482 | -17 | 162 | | 据面 | BU03 | 3227 | 3267 | 3394 | 3423 | 3379 | -44 | 112 | | | 成交量 | 349940 | 463328 | 758434 | ...

Group 1: Report Core View - This week, the high-sulfur crack fluctuated, with crude oil rising significantly. High-sulfur fuel oil, with a large proportion of Iranian supply, performed well in oil product profits. The 380-month spread fluctuated, at $11.5 in July - August, and the basis strengthened. The domestic and international near - and far - month spreads of FU were differentiated, with the 07 contract falling to around -$5 (it is expected that there will be a large amount of delivery goods), and the 09 contract fluctuating at $9. The 0.5 crack in Singapore declined, the month spread strengthened month - on - month, and the basis strengthened [6]. - This week, on - shore inventories in Singapore continued to accumulate, high - sulfur floating storage inventories accumulated, low - sulfur floating storage inventories fluctuated at a low level, ARA slightly destocked, floating storage inventories fluctuated, on - shore inventories in Fujairah accumulated, and floating storage inventories increased significantly. Saudi Arabia's shipments increased significantly, and Russia's shipments decreased month - on - month. Iran and Iraq account for about 15% - 20% of Singapore's high - sulfur imports, mainly affecting some bunkering and refinery feedstock in the Asia - Pacific region, and cannot participate in physical delivery on the futures market. It is expected that Iran's shipments will decline in the future, mainly due to the impact of US sanctions. If the risk event in the Strait of Hormuz escalates, the impact magnitude will increase [7]. - Recently, high - sulfur fuel oil is still in the peak power - generation season, the near - month spreads of domestic and international FU are suppressed, the valuation is low, and the game continues. In the future, attention should be paid to the shipping situation in the Middle East, and the downward driving force for domestic and international prices has decreased. The production of LU increased month - on - month [7]. Group 2: Fuel Oil Price Data Rotterdam Fuel Oil | Type | 2025/06/10 | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O swap M1 | 407.23 | 409.51 | 417.96 | 441.01 | 448.31 | 7.30 | | Rotterdam 0.5% VLS FO swap M1 | 457.96 | 461.45 | 468.13 | 487.74 | 489.27 | 1.53 | | Rotterdam HSFO - Brent M1 | -2.96 | -2.98 | -2.76 | -2.60 | -1.35 | 1.25 | | Rotterdam 10ppm Gasoil swap M1 | 616.60 | 616.64 | 625.97 | 662.68 | 661.89 | -0.79 | | Rotterdam VLSFO - Gasoil M1 | -158.64 | -155.19 | -157.84 | -174.94 | -172.62 | 2.32 | | LGO - Brent M1 | 17.90 | 15.03 | 16.61 | 16.61 | 17.44 | 0.83 | | Rotterdam VLSFO - HSFO M1 | 50.73 | 51.94 | 50.17 | 46.73 | 40.96 | -5.77 | [4] Singapore Fuel Oil | Type | 2025/06/10 | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 420.07 | 415.25 | 429.92 | 459.79 | 470.69 | 10.90 | | Singapore 180cst M1 | 426.97 | 422.25 | 437.61 | 467.24 | 477.81 | 10.57 | | Singapore VLSFO M1 | 486.14 | 488.19 | 499.41 | 525.21 | 526.47 | 1.26 | | Singapore Gasoil M1 | 81.98 | 81.81 | 83.98 | 87.92 | 89.80 | 1.88 | | Singapore 380cst - Brent M1 | -0.28 | -0.88 | -0.39 | 0.21 | 2.16 | 1.95 | | Singapore VLSFO - Gasoil M1 | -120.51 | -117.20 | -122.04 | -125.40 | -138.05 | -12.65 | [4] Singapore Fuel Oil Spot | Type | 2025/06/10 | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 441.10 | 435.55 | 448.16 | 471.75 | 484.57 | 12.82 | | FOB VLSFO | 496.78 | 499.42 | 511.48 | 534.27 | 536.09 | 1.82 | | 380 Basis | 12.25 | 12.95 | 10.25 | 7.80 | 10.40 | 2.60 | | High - sulfur Domestic - International Spread | 7.0 | 6.8 | 6.2 | 12.2 | 11.0 | -1.2 | | Low - sulfur Domestic - International Spread | 16.5 | 17.6 | 17.1 | 20.3 | 18.7 | -1.6 | [5] Domestic FU | Type | 2025/06/10 | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2780 | 2780 | 2852 | 3048 | 3079 | 31 | | FU 05 | 2717 | 2727 | 2798 | 2986 | 3004 | 18 | | FU 09 | 2924 | 2912 | 2997 | 3205 | 3276 | 71 | | FU 01 - 05 | 63 | 53 | 54 | 62 | 75 | 13 | | FU 05 - 09 | -207 | -185 | -199 | -219 | -272 | -53 | | FU 09 - 01 | 144 | 132 | 145 | 157 | 197 | 40 | [5] Domestic LU | Type | 2025/06/10 | 2025/06/11 | 2025/06/12 | 2025/06/13 | 2025/06/16 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3431 | 3414 | 3496 | 3671 | 3695 | 24 | | LU 05 | 3358 | 3348 | 3461 | 3625 | 3620 | -5 | | LU 09 | 3518 | 3524 | 3609 | 3785 | 3829 | 44 | | LU 01 - 05 | 73 | 66 | 35 | 46 | 75 | 29 | | LU 05 - 09 | -160 | -176 | -148 | -160 | -209 | -49 | | LU 09 - 01 | 87 | 110 | 113 | 114 | 134 | 20 | [6]

Report Summary 1. Investment Rating - Not provided in the report 2. Core View - The fundamentals of the LPG market are marginally improving but still under pressure, with significant geopolitical risks. It is recommended to operate with caution [1] 3. Summary by Relevant Data and Analysis 3.1 Price and Basis Changes - **Daily Price Changes**: On June 16, 2025, compared to the previous day, the prices of civil LPG in Shandong, East China, and South China changed to 4610 (down 10), 4616 (up 53), and 4720 (up 80) respectively; the price of ether - post carbon four increased by 30 to 4980. The cheapest deliverable was Shandong civil LPG at 4610. The PG futures price rose significantly, with the basis of the 07 contract changing to 212 (down 9) and the 07 - 09 spread changing to 178 (down 17) [1] - **Weekly Changes**: The civil LPG price increased significantly, with the cheapest deliverable being East China civil LPG at 4603. The 07 contract basis weakened to 221 (down 130), and the 07 - 09 spread was 195 (up 10). The PG - CP spread was 18 US dollars (up 27), and the FEI - CP spread was - 19 (up 31) [1] 3.2 Market Factors - **Supply - related Factors**: The US - to - Far East arbitrage window closed. Port and factory inventories decreased. Arrivals and out - shipments declined, and it is expected that out - shipments will increase and arrivals will decrease in the future. The waiting time at the Panama Canal for VLGCs decreased [1] - **Demand - related Factors**: Chemical demand improved overall. The PDH operating rate increased to 64.3%, the alkylation operating rate increased to 48.18%, and MTBE production increased significantly. With rising temperatures, combustion demand is expected to decline [1] 3.3 Profit and Spread Analysis - **Profit Changes**: PDH production profit deteriorated, with FEI production profit lower than CP on a weekly basis and higher than CP on a daily basis. Alkylation oil profitability decreased significantly, MTBE gas - fractionation etherification profit increased, and isomerization etherification profit decreased [1] - **Spread Movements**: FEI - MOPJ and naphtha crack spreads decreased [1] 3.4 Other Information - The number of registered warrants was 9005 lots (down 335) [1]

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the high-sulfur crack spread declined, the 380-month spread dropped, and the basis strengthened. The low-sulfur crack spread weakened in a volatile manner, the near-term monthly spread slightly weakened, and the basis weakened. This week, inventories continued to accumulate at onshore locations in Singapore and at ARA ports, while US residual oil saw a slight de-stocking. Recently, the low-sulfur valuation has shown that there is room for downward correction in the crack spread and inter-month spreads after supply resumes. The high-sulfur crack spread has started to loosen, and the offshore market remains highly competitive. This year, in China, due to the impact of consumption tax deductions and tariff adjustments, the feedstock demand of fuel oil refineries has declined significantly. In terms of marine fuel, the global high-sulfur marine fuel from January to March increased by 2% year-on-year, while Singapore remained basically flat, and the total marine fuel was weaker year-on-year. Attention should be paid to the impact of tariffs on global trade activities. Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued. High-sulfur fuel oil is still in the peak season. Attention should be paid to the opportunity for the high-sulfur crack spread to decline in the medium term. With high domestic production schedules, a short position should be maintained for LU both domestically and overseas [3][8] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From June 6th to June 12th, 2025, the price of Rotterdam 3.5% HSF O swap M1 increased from 397.07 to 417.96, a change of 8.45; the price of Rotterdam 0.5% VLS FO swap M1 increased from 449.58 to 468.13, a change of 6.68; the Rotterdam HSFO - Brent M1 increased from -2.98 to -2.76, a change of 0.22; the Rotterdam 10ppm Gasoil swap M1 increased from 603.22 to 625.97, a change of 9.33; the Rotterdam VLSFO - Gasoil M1 decreased from -153.64 to -157.84, a change of -2.65; the LGO - Brent M1 increased from 16.55 to 16.61, a change of 1.58; the Rotterdam VLSFO - HSFO M1 decreased from 52.51 to 50.17, a change of -1.77 [1] Singapore Fuel Oil Swap Data - From June 6th to June 12th, 2025, the price of Singapore 380cst M1 increased from 408.87 to 429.92, a change of 14.67; the price of Singapore 180cst M1 increased from 415.78 to 437.61, a change of 15.36; the price of Singapore VLSFO M1 increased from 479.19 to 499.41, a change of 11.22; the Singapore Gasoil M1 increased from 80.13 to 83.98, a change of 2.17; the Singapore 380cst - Brent M1 increased from -0.09 to -0.39, a change of 0.49; the Singapore VLSFO - Gasoil M1 decreased from -113.77 to -122.04, a change of -4.84 [1] Singapore Fuel Oil Spot Data - From June 6th to June 12th, 2025, the FOB 380cst price increased from 430.80 to 448.16, a change of 12.61; the FOB VLSFO price increased from 489.76 to 511.48, a change of 12.06; the 380 basis decreased from 10.65 to 10.25, a change of -2.70; the high-sulfur domestic - overseas price difference decreased from 8.8 to 6.2, a change of -0.6; the low-sulfur domestic - overseas price difference decreased from 16.5 to 17.1, a change of -0.5 [2] Domestic FU Data - From June 6th to June 12th, 2025, the FU 01 price increased from 2717 to 2852, a change of 72; the FU 05 price increased from 2675 to 2798, a change of 71; the FU 09 price increased from 2858 to 2997, a change of 85; the FU 01 - 05 increased from - to 54, a change of 1; the FU 05 - 09 decreased from -183 to -199, a change of -14; the FU 09 - 01 increased from 141 to 145, a change of 13 [2] Domestic LU Data - From June 6th to June 12th, 2025, the LU 01 price increased from 3378 to 3496, a change of 82; the LU 05 price increased from 3312 to 3461, a change of 113; the LU 09 price increased from 3479 to 3609, a change of 85; the LU 01 - 05 decreased from 66 to 35, a change of -31; the LU 05 - 09 decreased from -167 to -148, a change of 28; the LU 09 - 01 increased from 101 to 113, a change of 3 [3]

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View The current Sino - US talks results lack detailed reports, causing the market to fluctuate with unconfirmed news. Fundamentally, the traditional off - season has arrived, leading to a weakening of some steel demand. However, steel mills maintain production through variety switching due to decent orders and profits. The raw material supply remains abundant, so the fundamental drive for a market rebound is weak. Market macro - sentiment fluctuations may cause the market to oscillate, and the pressure of a weakening off - season fundamental situation is gradually emerging [2]. 3. Summary by Relevant Content 3.1 Price Forecast - The predicted monthly price range for rebar is 2800 - 3100 with a current volatility of 11.25% and a volatility percentile of 14.0%. For hot - rolled coils, it is 2900 - 3200 with a current volatility of 11.37% and a volatility percentile of 9.74% [1]. 3.2 Risk Management Strategies - **High finished - product inventory**: To prevent inventory losses, enterprises can short rebar or hot - rolled coil futures according to their inventory. For example, sell RB2510 with a 40% hedging ratio at 3000 - 3100 and HC2510 with a 40% ratio at 3120 - 3200. Also, sell call options like RB2510C3200 with a 50% ratio at 30 - 40 to reduce capital costs [1]. - **Low procurement inventory**: To avoid rising procurement costs, buy rebar or hot - rolled coil futures. For instance, buy RB2510 with a 20% ratio at 2850 - 2920 and 2950 - 3030. Sell put options such as RB2510P2700 with a 20% ratio at 30 - 40 to reduce procurement costs [1]. 3.3 Market Situation Analysis - **Positive factors**: Total steel inventory is not high, and there are no obvious signs of a significant reduction in hot metal production [3]. - **Negative factors**: The recent rebar delivery volume in Hangzhou has decreased significantly; hot - rolled coils have accumulated inventory in many places; steel mills plan a fourth round of coke price cuts; iron ore shipments have increased in the past two weeks; and coal mine inventories remain high [4][5]. 3.4 Price Data - **Futures prices**: On June 13, 2025, the closing prices of rebar and hot - rolled coil futures contracts showed little daily change but some weekly changes. For example, the rebar 10 - contract closing price was 2968, unchanged daily but down 7 weekly [5]. - **Spot prices**: On June 12, 2025, the rebar and hot - rolled coil spot prices in different regions had various daily and weekly changes. For example, the Shanghai rebar summary price was 3090, down 20 daily and 10 weekly [5]. 3.5 Other Data - **Hot - rolled coil overseas data**: The FOB export prices and CFR import prices of hot - rolled coils in different countries had different weekly changes on June 12, 2025. For example, the Japanese FOB export price dropped from 510 to 495 [6]. - **Basis data**: The basis of rebar and hot - rolled coils in Shanghai showed certain daily and weekly changes on June 12, 2025. For example, the 01 rebar basis in Shanghai was 128, up 3 daily and down 21 weekly [6]. - **Spread data**: The month - spreads, roll - rebar spreads, rebar - iron ore ratios, and rebar - coke ratios of rebar and hot - rolled coils had different changes on June 13, 2025. For example, the 01 roll - rebar spread was 117, down 7 weekly [7][8][9].

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 Industry Investment Rating - Not provided Core Viewpoints of the Report - This week, the high-sulfur crack spread declined, the 380-month spread decreased, and the basis strengthened. The low-sulfur crack spread weakened in a volatile manner, the near-term month spread slightly weakened, and the basis weakened. This week, inventories in Singapore continued to accumulate, inventories in ARA ports continued to accumulate, and US residual oil inventories decreased slightly. Recently, the low-sulfur valuation has shown that there is room for downward correction in the crack spread and the inter-month spread after the supply recovers. The high-sulfur crack spread has started to loosen, and the game in the overseas market remains strong. This year, affected by the consumption tax deduction and tariff adjustment in China, the feedstock demand of fuel oil refineries has declined significantly. In terms of marine fuel, the global high-sulfur marine fuel from January to March increased by 2% year-on-year, and Singapore remained basically flat. The total marine fuel was weaker year-on-year. Pay attention to the impact of tariffs on global trade activities in the future. Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued. High-sulfur fuel oil is still in the peak season. Pay attention to the opportunity for the high-sulfur crack spread to decline in the medium term. The domestic production schedule is relatively high, and the idea of shorting LU at high levels both domestically and overseas remains unchanged. [3][8] Summary by Relevant Catalogs Rotterdam Fuel Oil Swap Data - From June 5th to June 11th, the price of Rotterdam 3.5% HSFO swap M1 increased from 397.00 to 416.62, with a change of 9.39; the price of Rotterdam 0.5% VLSFO swap M1 increased from 450.35 to 469.90, with a change of 11.94; the Rotterdam HSFO-Brent M1 decreased from -2.45 to -3.10, with a change of -0.14; the price of Rotterdam 10ppm Gasoil swap M1 increased from 599.39 to 628.77, with a change of 12.17; the Rotterdam VLSFO-GO M1 decreased from -149.04 to -158.87, with a change of -0.23; the LGO-Brent M1 remained unchanged at 17.90; the Rotterdam VLSFO-HSFO M1 increased from 53.35 to 53.28, with a change of 2.55 [1] Singapore Fuel Oil Swap Data - From June 5th to June 11th, the price of Singapore 380cst M1 increased from 412.03 to 430.99, with a change of 10.92; the price of Singapore 180cst M1 increased from 418.53 to 431.27, with a change of 4.30; the price of Singapore VLSFO M1 increased from 478.40 to 501.76, with a change of 15.62; the price of Singapore GO M1 increased from 79.75 to 84.48, with a change of 2.50; the Singapore 380cst-Brent M1 decreased from 0.57 to -0.91, with a change of -0.63; the Singapore VLSFO-GO M1 decreased from -111.75 to -123.39, with a change of -2.88 [1] Singapore Fuel Oil Spot Data - From June 5th to June 11th, the FOB 380cst decreased from 435.70 to 435.55, with a change of -5.55; the FOB VLSFO increased from 489.42 to 499.42, with a change of 2.64; the 380 basis increased from 10.50 to 12.95, with a change of 0.70; the high-sulfur domestic and overseas price difference decreased from 6.7 to 6.8, with a change of -0.2; the low-sulfur domestic and overseas price difference increased from 18.4 to 17.6, with a change of 1.1 [2] Domestic FU Data - From June 5th to June 11th, the FU 01 remained unchanged at 2780; the FU 05 increased from 2657 to 2727, with a change of 10; the FU 09 decreased from 2853 to 2912, with a change of -12; the FU 01-05 decreased from 55 to 53, with a change of -10; the FU 05-09 increased from -196 to -185, with a change of 22; the FU 09-01 decreased from 141 to 132, with a change of -12 [2] Domestic LU Data - From June 5th to June 11th, the LU 01 decreased from 3356 to 3414, with a change of -17; the LU 05 decreased from 3280 to 3348, with a change of -10; the LU 09 increased from 3450 to 3524, with a change of 6; the LU 01-05 decreased from 76 to 66, with a change of -7; the LU 05-09 decreased from -170 to -176, with a change of -16; the LU 09-01 increased from 94 to 110, with a change of 23 [3]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the high - sulfur crack spread declined, the 380 - month spread declined, and the basis strengthened. The low - sulfur crack spread weakened in a volatile manner, the near - end month spread weakened slightly, and the basis weakened. [6] - Singapore's on - land inventory continued to accumulate, ARA ports continued to accumulate inventory, and US residual oil slightly reduced inventory. Recently, the low - sulfur valuation showed that there is room for downward correction in the crack spread and the inter - month spread after supply recovery. [6][11] - The high - sulfur crack spread has started to loosen, and the overseas market game remains strong. Affected by consumption tax deductions and tariff adjustments in China this year, the refinery feedstock demand for fuel oil has significantly declined. In the bunker fuel sector, global high - sulfur bunker fuel from January to March increased by 2% year - on - year, Singapore remained basically flat, and the total bunker fuel was weaker year - on - year. Attention should be paid to the impact of tariffs on global trade activities. [11] - Recently, Saudi Arabia's net imports have rebounded, and Egypt's purchases have continued. High - sulfur fuel oil is still in the peak season. Attention should be paid to the opportunity of the medium - term decline in the high - sulfur crack spread. With high domestic production scheduling, a short - selling approach should be maintained for the domestic - overseas spread of LU. [11] 3. Summary According to Relevant Data Rotterdam Fuel Oil Swap Data - From June 4th to June 10th, 2025, the price of Rotterdam 3.5% HSF Swap M1 increased by 4.72, Rotterdam 0.5% VLSFO Swap M1 increased by 4.97, Rotterdam HSFO - Brent M1 decreased by 0.20, Rotterdam 10ppm Gasoil Swap M1 increased by 7.25, Rotterdam VLSFO - Gasoil M1 decreased by 2.28, LGO - Brent M1 increased by 1.15, and Rotterdam VLSFO - HSFO M1 increased by 0.25 [4] Singapore Fuel Oil Swap Data - From June 4th to June 10th, 2025, the price of Singapore 380cst M1 increased by 7.10, Singapore 180cst M1 increased by 7.00, Singapore VLSFO M1 increased by 5.80, Singapore Gasoil M1 increased by 0.45, Singapore 380cst - Brent M1 increased by 0.20, and Singapore VLSFO - Gasoil M1 increased by 2.47 [4] Singapore Fuel Oil Spot Data - From June 4th to June 10th, 2025, the FOB price of 380cst increased by 7.51, the FOB price of VLSFO increased by 6.72, the 380 basis increased by 1.60, the high - sulfur domestic - overseas spread increased by 0.5, and the low - sulfur domestic - overseas spread increased by 0.3 [5] Domestic FU Data - From June 4th to June 10th, 2025, the price of FU 01 increased by 43, FU 05 increased by 31, FU 09 increased by 50, FU 01 - 05 increased by 12, FU 05 - 09 decreased by 19, and FU 09 - 01 increased by 7 [5] Domestic LU Data - From June 4th to June 10th, 2025, the price of LU 01 increased by 27, LU 05 increased by 41, LU 09 increased by 40, LU 01 - 05 decreased by 14, LU 05 - 09 increased by 1, and LU 09 - 01 increased by 13 [6]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No explicit core view presented in the given content 3. Summary by Related Catalogs Futures Contracts - The closing price of the BU main contract on June 10 was 3483, a daily decrease of 5 [4] - The closing price of BU06 was 3522, a daily increase of 6 and a monthly increase of 43 [4] - The closing price of BU09 was 3483, a daily decrease of 5 and a monthly increase of 27 [4] - The closing price of BU12 was 3317, a daily decrease of 3 and a monthly increase of 26 [4] - The closing price of BU03 was 3255, a daily decrease of 12 and a monthly decrease of 5 [4] Trading Volume and Open Interest - The trading volume on June 10 was 365,488, a daily decrease of 97,840 and a monthly decrease of 40,691 [4] - The open interest was 480,437, a daily increase of 15,737 and a monthly increase of 57,312 [4] Spot Market Prices - The low - end price in the Shandong market was 3500, a daily increase of 30 and a monthly increase of 30 [4] - The low - end price in the East China market was 3580, a daily increase of 30 and a monthly increase of 30 [4] - The low - end price in the South China market was 3390, with no daily change and a monthly increase of 30 [4] - The low - end price in the North China market was 3740, with no daily change and a monthly increase of 100 [4] - The low - end price in the Northeast market was 3800, with no daily change and a monthly increase of 20 [4] Basis and Calendar Spreads - The Shandong basis was 17, a daily increase of 35 and a monthly increase of 29 [4] - The East China basis was 97, a daily increase of 35 and a monthly increase of 29 [4] - The South China basis was - 93, a daily increase of 5 and a monthly increase of 29 [4] - The 03 - 06 spread was - 267, a daily decrease of 18 and a monthly decrease of 48 [4] - The 06 - 09 spread was 39, a daily increase of 11 and a monthly increase of 16 [4] - The 09 - 12 spread was 166, a daily decrease of 2 and a monthly increase of 1 [4] - The 12 - 03 spread was 62, a daily increase of 9 and a monthly increase of 31 [4] Crack Spreads and Profits - The asphalt Brent crack spread was - 14, with no daily change and a monthly decrease of 35 [4] - The asphalt and Ma Rui profit was - 80, with no daily change and a monthly decrease of 32 [4] - The comprehensive profit of ordinary refineries was 397, a daily decrease of 24 and a monthly decrease of 92 [4] - The import profit from South Korea to East China was - 159, a daily increase of 27 and a monthly increase of 35 [4] - The import profit from Singapore to South China was - 994, with no daily change and a monthly increase of 37 [4] Related Prices - The price of Brent crude oil was 67.0, a daily increase of 0.6 and a monthly increase of 1.4 [4] - The market price of gasoline in Shandong was 7548, a daily decrease of 1 and a monthly decrease of 27 [4] - The market price of diesel in Shandong was 6613, a daily decrease of 1 and a monthly decrease of 51 [4] - The market price of residual oil in Shandong was 3605, with no daily change and a monthly decrease of 105 [4]

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].