Report Industry Investment Rating - No relevant information provided Core Viewpoints - Due to the escalation of the Middle East situation, attacks on gas fields in Iran and Qatar, and a compressor leak at Targe, the PG futures market has risen significantly [1] - The domestic PG market is in a contradiction between weak reality and strong expectations. The current basis is weak, and there is sufficient refinery gas in the short - term. The 4 - 5 month spread of the domestic market is in a delivery game and is expected to fluctuate greatly [1] - In the future, it is highly likely that there will be a shortage of goods in the second half of April in China. If the Strait is interrupted for a longer time, the international market will face a more serious shortage problem, and the civil gas demand gap will be difficult to make up, so the overseas market will still be strong [1] Summary by Relevant Catalogs Daily Data - On March 24, 2026, the closing price of the PG2605 contract at 3 pm was 6836 (-162), the 5 - 6 month spread was 195 (+0), the number of warehouse receipts was 3100 (+0), the night - session closing price was 6668 (-543), and the 5 - 6 month spread was 256 (+61) [1] - On Tuesday, the price of civil LPG in Shandong was 6550 (+0), the price of ether - after carbon four in Shandong was 6470 (-70), the price of propane in Shandong was 6950 (+27), and the price of propane at Longkou Port was 7500 (+0) [1] Weekly Data - The latest basis is -1057 (-736), the 4 - 5 month spread is 64 (-68), and the number of warehouse receipts is 3100 lots (+8) [1] - The cheapest deliverable is Shandong ether - after carbon four at 5950 (+520), Shandong civil LPG at 5990 (+440), East China civil LPG at 6189 (+30), and South China civil LPG at 6300 (+150) [1] - The FEI month spread is 112 US dollars (+28), the oil - gas price ratio has declined, the domestic PG - FEI c1 is 35 (-15.5) [1] - The CIF discount of South China CP propane is 501 (+108), and the FOB discounts of AFEI, US Gulf, and Middle East propane are 50 (-54.75), 273.5 (+72.9), and 0 (+0) respectively [1] - The FEI - MOPJ spread is -76 (+52) [1] - The spot profit of propylene production from domestic PDH has weakened slightly, and the paper profit of PP production from PDH in East and South China has declined [1] - The port inventory ratio is 35.84% (+0.79 pct), the enterprise storage capacity utilization rate is 26.05% (+1.11 pct), and the PDH operating rate is 65.63% (+2.4 pct) [1]