Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Due to the escalation of the Middle East situation, attacks on gas fields in Iran and Qatar, and a compressor leak, the PG futures price has risen significantly. 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 in China. The 4 - 5 month spread of the domestic market is in a delivery game and is expected to fluctuate greatly. In the future, it is 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] Group 3: Summary by Related Catalogs 1. Daily Data - On March 23, 2026, the PG2605 contract closed at 7244 (+717) at 3 pm, with a 5 - 6 month spread of 195 (+3) and 3100 (+0) warehouse receipts. The night - session closed at 6986 (-258), with a 5 - 6 month spread of 246 (+51). On Monday, the civil LPG price in Shandong was 6550 (+20), the post - ether price in Shandong was 6540 (+50), the propane price in Shandong was 6923 (+625), and the propane price at Longkou Port was 7500 (+300) [1] 2. Weekly Data - The latest basis is - 1057 (-736), the 4 - 5 month spread is 64 (-68), and there are 3100 (+8) warehouse receipts. The cheapest deliverable is Shandong post - ether at 5950 (+520). The civil LPG price in Shandong is 5990 (+440), in East China is 6189 (+30), and in South China is 6300 (+150). The FEI month spread is 112 US dollars (+28), and the oil - gas price ratio has declined. The PG - FEI c1 is 35 (-15.5). The CIF propane premium in South China is 501 (+108), and the FOB premiums of AFEI, US Gulf, and Middle East propane are 50 (-54.75), 273.5 (+72.9), and 0 (+0) respectively. The FEI - MOPJ spread is - 76 (+52). The spot profit of domestic PDH to propylene has weakened slightly, and the paper profit of PDH to PP in East and South China has declined. The port inventory ratio is 35.84% (+0.79 pct), the enterprise storage capacity ratio is 26.05% (+1.11 pct), and the PDH operating rate is 65.63% (+2.4 pct) [1]