Group 1: Report Core View - The EIA weekly data shows that the refinery utilization rate rebounded, while the apparent demand for gasoline and diesel remained weak [2] - In the week ending October 17, US commercial crude oil inventories decreased by 961,000 barrels, with an increase in net crude oil imports of 656,000 barrels per day and an increase in crude oil processing volume of 600,000 barrels per day. Domestic focus is on production resilience and refinery utilization rate. The estimated single - week crude oil production decreased by 700 barrels per day to 13.629 million barrels per day, and the refinery utilization rate rose from 85.7% to 88.6%, likely due to the restart of refineries after early - month accidents [4] - Gasoline and diesel showed seasonal inventory declines, but their apparent demands were at low levels compared to the same period. The total inventory of crude oil and petroleum products declined from a high, and single - week data has limited indication [4] Group 2: Data Summary Inventory Data (in barrels) - US commercial crude oil inventory change: decreased by 961,000 barrels (previous value increased by 3.524 million barrels) [5] - US Cushing crude oil inventory change: decreased by 770,000 barrels (previous value decreased by 703,000 barrels) [5] - US strategic petroleum inventory change: increased by 819,000 barrels (previous value increased by 760,000 barrels) [5] - US gasoline inventory change: decreased by 2.147 million barrels (previous value decreased by 267,000 barrels) [5] - US diesel inventory change: decreased by 1.479 million barrels (previous value decreased by 4.529 million barrels) [5] - US jet fuel inventory change: decreased by 1.485 million barrels (previous value increased by 146,000 barrels) [5] - US fuel oil inventory change: increased by 505,000 barrels (previous value increased by 255,000 barrels) [5] - US crude oil and petroleum product inventory change (excluding SPR): decreased by 4.172 million barrels (previous value increased by 1.663 million barrels) [5] Production and Demand Data (in barrels per day) - US crude oil production: 13.629 million barrels per day (previous value 13.636 million barrels per day) [5] - US refined oil apparent demand: 20.014 million barrels per day (previous value 19.726 million barrels per day) [5] - US gasoline apparent demand: 8.454 million barrels per day (previous value 8.455 million barrels per day) [5] - US diesel apparent demand: 3.847 million barrels per day (previous value 4.233 million barrels per day) [5] - US crude oil imports: 5.918 million barrels per day (previous value 5.525 million barrels per day) [5] - US crude oil exports: 4.203 million barrels per day (previous value 4.466 million barrels per day) [5] - US refinery crude oil processing volume: 15.73 million barrels per day (previous value 15.13 million barrels per day) [5] - US refinery utilization rate: 88.6% (previous value 85.7%) [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The EIA weekly data shows that the refinery utilization rate rebounded, while the apparent demand for gasoline and diesel remained weak. The U.S. commercial crude oil inventory decreased by 961,000 barrels in the week ending October 17, 2025, with an increase in net imports and crude oil processing volume. The refinery utilization rate rose from 85.7% to 88.6%, likely due to the restart of refineries after early - month accidents. Gasoline and diesel showed seasonal inventory declines, but their apparent demands were at low levels for the same period, and the total inventory of crude oil and petroleum products decreased from a high level [4]. 3. Summary by Relevant Data Crude Oil - **Inventory**: The U.S. commercial crude oil inventory decreased by 961,000 barrels, and the Cushing crude oil inventory decreased by 770,000 barrels. The strategic petroleum inventory increased by 819,000 barrels [4][5]. - **Production**: The estimated single - week U.S. crude oil production decreased by 7,000 barrels per day to 13.629 million barrels per day [4]. - **Imports and Exports**: Crude oil net imports increased by 656,000 barrels per day. Imports were 5.918 million barrels per day, and exports were 4.203 million barrels per day [4][5]. Petroleum Products - **Inventory**: Gasoline inventory decreased by 2.147 million barrels, diesel inventory decreased by 1.479 million barrels, jet fuel inventory decreased by 1.485 million barrels, and fuel oil inventory increased by 505,000 barrels. The total inventory of crude oil and petroleum products (excluding SPR) decreased by 4.172 million barrels [5]. - **Apparent Demand**: The apparent demand for refined oil products was 20.014 million barrels per day, with gasoline at 8.454 million barrels per day and diesel at 3.847 million barrels per day. Both gasoline and diesel apparent demands were at low levels for the same period [4][5]. Refinery - **Processing Volume**: The U.S. refinery crude oil processing volume increased by 600,000 barrels per day to 15.73 million barrels per day [4]. - **Utilization Rate**: The refinery utilization rate rebounded from 85.7% to 88.6%, likely due to the restart of refineries after accidental shutdowns at the beginning of the month [4].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - This week, the prices of fuel oil and low - sulfur fuel oil continued to decline and reached the lowest point of the year. For high - sulfur fuel oil, the impact of the decline in Russian exports still exists, but most refineries plan to end maintenance at the end of October. If the operating rate of Russian refineries recovers, the high - sulfur market may face negative factors. Meanwhile, the crude oil import quotas of domestic local refineries are gradually being consumed, and some small and medium - sized refineries may increase fuel oil imports in the future, which needs continuous attention. For low - sulfur fuel oil, the external market has shown little fluctuation recently. Although the number of domestic LU warehouse receipts is gradually decreasing, the opening of the internal - external price difference will continue to attract foreign spot goods for delivery, which will significantly suppress the near - month valuation, and the monthly spread will remain weak in the near future [4]. - Valuation: FU is valued at 2650 - 2800, and LU is valued at 3050 - 3350 [4]. - Strategies: 1) Unilateral: FU and LU have entered a low - price range, and the short - term downward space is relatively limited. 2) Inter - period: There is a probability that the LU monthly spread will continue to decline. 3) Inter - variety: The FU crack spread fluctuates at a high level; the LU - FU price difference may still shrink slightly in the short term [4]. 3. Summary According to the Table of Contents Supply - Multiple charts show the capacity utilization rates of Chinese refineries (including overall, independent, and major refineries), the maintenance volume of global CDU, hydrocracking, FCC, and coking units, as well as the production and commercial volume of domestic refinery fuel oil over different years [6][10][20]. Demand - Charts present the demand data of fuel oil at home and abroad, including the actual consumption of marine fuel oil in China, the sales volume of fuel oil in Singapore, and the apparent consumption of fuel oil in China over different years [23]. Inventory - Charts show the global fuel oil spot inventory, including the heavy oil inventory in Singapore, the fuel oil inventory in European ARA, the heavy distillate inventory in Fujairah, and the residual fuel oil inventory in the US over different years [26][28][29]. Price and Spread - **Regional Spot FOB Prices**: Include the FOB prices of fuel oil in the Asia - Pacific region (such as in Singapore and Fujairah), the European region (such as in Northwest Europe and the Mediterranean), and the US region (such as in the US Gulf and New York Harbor) over different years [34][36][43]. - **Paper and Derivative Prices**: Show the prices of high - sulfur and low - sulfur swaps in Northwest Europe and Singapore, as well as the prices of fuel oil futures contracts such as FU and LU over different years [46][47]. - **Fuel Oil Spot Spread**: Include the high - low sulfur spread and viscosity spread in Singapore [56][57]. - **Global Fuel Oil Crack Spread**: Present the crack spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe [60][62]. - **Global Fuel Oil Paper Monthly Spread**: Show the monthly spreads of high - sulfur and low - sulfur fuel oil in Singapore and Northwest Europe [64]. Import and Export - **Domestic Fuel Oil Import and Export Data**: Charts show the import and export quantities of fuel oil (excluding biodiesel) in China over different years [69][71]. - **Global High - Sulfur Fuel Oil Import and Export Data**: Present the weekly changes in the import and export quantities of global high - sulfur fuel oil in different regions [73]. - **Global Low - Sulfur Fuel Oil Import and Export Data**: Show the weekly changes in the import and export quantities of global low - sulfur fuel oil in different regions [75]. Futures Market Indicators and Internal - External Price Difference - **Internal - External Price Difference in the Spot Market**: Include the internal - external price differences of 380 - grade and 0.5% fuel oil, as well as the internal - external price differences between LU and Singapore [82][83][85]. - **Internal - External Price Difference in the Futures Market**: Include the internal - external price differences between FU and Singapore (such as FU main contract, FU continuous contract 1) and between LU and Singapore (such as LU continuous contract, LU continuous contract 1, LU continuous contract 2) [86][87]. - **Changes in the Positions and Trading Volumes of FU and LU**: Show the trading volumes and positions of fuel oil main contract, continuous contract 1, low - sulfur fuel oil continuous contract, and continuous contract 1 over different years [90][92][95]. - **Changes in the Warehouse Receipt Quantities of FU and LU**: Present the changes in the warehouse receipt quantities of fu and lu over different years [102][103].

Group 1: Core View - The weekly EIA data shows that refinery operations declined, and the total inventory pressure remains high. The increase in commercial crude oil inventory, net crude oil exports, and the decrease in crude oil processing volume all had a significant impact on inventory. The domestic focus is on production resilience and the decline in refinery operating rates. The single - week crude oil production estimate increased by 0.7 million barrels per day to 13.636 million barrels per day, and the refinery operating rate dropped from 92.4% to 85.7%, likely due to seasonal maintenance and a refinery accident in California. Gasoline and diesel showed seasonal inventory declines, while the total inventory of crude oil and petroleum products continued to rise, with the single - week data being bearish [2][4]. Group 2: Data Summary Inventory Data - US commercial crude oil inventory increased by 3.524 million barrels, and the previous value was an increase of 3.715 million barrels [4][5]. - US Cushing crude oil inventory decreased by 0.703 million barrels, and the previous value was a decrease of 0.763 million barrels [5]. - US strategic petroleum inventory increased by 0.76 million barrels, and the previous value was an increase of 0.285 million barrels [5]. - US gasoline inventory decreased by 0.267 million barrels, and the previous value was a decrease of 1.601 million barrels [5]. - US diesel inventory decreased by 4.529 million barrels, and the previous value was a decrease of 2.018 million barrels [5]. - US jet fuel inventory increased by 0.146 million barrels, and the previous value was a decrease of 0.071 million barrels [5]. - US fuel oil inventory increased by 0.255 million barrels, and the previous value was an increase of 0.541 million barrels [5]. - The inventory change of US crude oil and petroleum products (excluding SPR) increased by 1.663 million barrels, and the previous value was a decrease of 1.23 million barrels [5]. Production and Demand Data - US crude oil production was 13.636 million barrels per day, and the previous value was 13.629 million barrels per day [5]. - US refined oil apparent demand was 19.726 million barrels per day, and the previous value was 21.99 million barrels per day [5]. - US gasoline apparent demand was 8.455 million barrels per day, and the previous value was 8.919 million barrels per day [5]. - US diesel apparent demand was 4.233 million barrels per day, and the previous value was 4.346 million barrels per day [5]. Trade and Processing Data - US crude oil imports were 5.525 million barrels per day, and the previous value was 6.403 million barrels per day [5]. - US crude oil exports were 4.466 million barrels per day, and the previous value was 3.59 million barrels per day [5]. - US refinery crude oil processing volume was 15.13 million barrels per day, and the previous value was 16.297 million barrels per day [5]. - US refinery operating rate was 85.7%, and the previous value was 92.4% [5].

Core Viewpoint - Oil futures are experiencing a downward trend, with the main contract reported at 433.6 yuan per barrel, a significant drop of 2.17% [1] News Summary - Egypt has raised gasoline prices, with 80-octane gasoline now at 17.75 Egyptian pounds per liter, 92-octane at 19.25 pounds, 95-octane at 21 pounds, and diesel at 17.5 pounds [2] - Indian refiners have purchased their first batch of Guyanese crude oil from ExxonMobil for delivery between December and January [2] - U.S. officials indicated productive discussions with India, which has reduced its oil imports from Russia by 50% [2] Institutional Perspectives - Dongwu Futures notes that oil prices are declining due to a potential breakthrough in Russia-Ukraine negotiations, with Trump indicating a summit with Putin to discuss ending the conflict. If Russian energy sanctions are lifted, it could significantly impact Western energy markets, particularly the currently tight diesel market. The latest EIA report showed a much larger-than-expected increase in U.S. crude oil inventories, with refinery utilization rates indicating deepening autumn maintenance. The firm maintains a bearish long-term outlook but acknowledges the possibility of a return of geopolitical risk premiums in the short term [3] - Yide Futures attributes the drop in oil prices to easing geopolitical tensions, with Trump planning a summit with Putin to discuss the end of the Russia-Ukraine war, which introduces uncertainty into global energy supply. The recent EIA inventory report revealed a substantial increase in U.S. crude oil inventories, primarily due to a significant decline in refinery utilization rates as they enter the autumn maintenance season. U.S. production has reached a record high of 13.636 million barrels per day. The potential cessation of Russian oil imports by India is expected to reshape oil flows and increase supply demand in other regions. Data shows a continued decline in monthly spreads, with mixed movements in crack spreads, and the market remains undervalued [3]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The EIA report is a mixed bag. Real - time indicators are relatively positive, with inventories of crude oil and refined products all decreasing and the decline in refinery operating rate being limited. However, leading indicators are persistently weak, with terminal demand remaining poor. The lackluster performance of distillates during the peak season may speed up autumn maintenance, offsetting the positive impact of inventory data. Despite the short - term upward trend in oil prices after the report release, the upward potential of oil prices is limited due to weak forward - looking indicators [12] Group 3: Summary by Relevant Catalog Inventory Data - As of September 19, U.S. commercial crude oil inventory was 414.754 million barrels, a week - on - week decrease of 607,000 barrels, contrary to the expected increase of 235,000 barrels. Cushing inventory increased by 177,000 barrels, and strategic reserve inventory increased by 230,000 barrels. Gasoline inventory decreased by 1.081 million barrels, contrary to the expected increase of 200,000 barrels, and distillate inventory decreased by 1.685 million barrels, exceeding the expected decrease of 500,000 barrels. The total inventory of the U.S. crude oil chain decreased by 244,000 barrels [2][3] Production, Import, and Processing Data - U.S. crude oil production increased by 19,000 barrels per day to 13.501 million barrels per day. Crude oil net imports increased by 1.596 million barrels per day to 2.011 million barrels per day. Crude oil processing volume increased by 52,000 barrels per day to 16.476 million barrels per day. The refinery operating rate decreased by 0.3% week - on - week to 93.0% [3] Terminal Demand Data - The four - week smoothed terminal apparent demand for U.S. crude oil decreased by 205,250 barrels per day to 20.46575 million barrels per day. The four - week smoothed apparent demand for gasoline decreased by 70,250 barrels per day to 8.8485 million barrels per day. The four - week smoothed apparent demand for distillates decreased by 100,750 barrels per day to 3.626 million barrels per day. The four - week smoothed apparent demand for jet fuel decreased by 57,500 barrels per day to 1.64525 million barrels per day. Terminal demand for refined products remains poor [3][8]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - This week, oil prices fluctuated within a narrow range, and the absolute price declined on Friday. The peak season of refinery operations in summer is coming to an end, and the inflection point of the crude oil fundamentals has emerged. The monthly spreads of Brent and WTI crude oil strengthened slightly, while that of Dubai crude oil strengthened significantly. The refining margins of European and American refineries declined slightly, the gasoline crack spread in the US strengthened, and the European diesel crack spread fluctuated. The balance sheet is expected to have a surplus of 1.8 million barrels per day in the fourth quarter and 1.8 - 2.5 million barrels per day in 2026. Global oil inventories increased slightly, US commercial crude oil inventories decreased seasonally, the absolute inventory is at a historically low level in the same period, Cushing inventories decreased, and US gasoline and diesel inventories decreased. Institutions estimate that refinery maintenance in October globally will exceed previous levels (in Europe and Africa), and the crude oil monthly spread is expected to face pressure. Recently, the absolute price of crude oil has been fluctuating. Pay attention to the switch between the off - peak and peak seasons. The market focuses on the medium - and long - term surplus pattern, and the absolute price is under downward pressure. It is expected that the price center in the fourth quarter will drop to $60 per barrel. Due to the adjustment of the European autumn maintenance expectations, the European diesel crack spread price expectation for the fourth quarter is raised [5] 3. Summary by Relevant Catalogs 3.1 Oil Price Data - From August 27 to September 2, 2025, the price of BRENT crude oil increased by $0.99. The price of OMAN increased by $1.92, and the price of domestic gasoline increased by $60.00. The price of Japanese naphtha - BRT decreased by $3.03, the price of Singapore fuel oil 380CST increased by $0.35, the price of the SHFE FU main contract increased by 15, and the price of the SHFE BU main contract increased by 11. The price of HH natural gas decreased by $0.74 [3] 3.2 Daily News - Trump will hold an emergency meeting on tariff rulings on Wednesday, and will appeal to the Supreme Court as soon as possible. If the tariff appeal is rejected, tariffs will have to be withdrawn. If the tariff ruling is unfavorable, trillions of dollars will have to be refunded, and he will urge the Supreme Court to speed up the ruling [3] - Russian Foreign Minister Lavrov said that India did not yield to US pressure to stop buying resources from Russia, and Russia appreciates this [3] - US Treasury Secretary Bessent said that by targeting Iran's oil revenue sources, the Treasury will further weaken Iran's ability to attack the US and its allies. The US is still committed to ensuring that oil supply is not affected by Iran and will continue to prevent Iran's ongoing attack attempts [3] - US Secretary of State Rubio said that the US military carried out a fatal strike on a drug - carrying vessel departing from Venezuela in the South Caribbean Sea [3] 3.3 Regional Fundamentals - According to the EIA report, in the week of August 15, US crude oil exports increased by 795,000 barrels per day to 4.372 million barrels per day, and domestic crude oil production increased by 55,000 barrels to 13.382 million barrels per day [4] - Commercial crude oil inventories excluding strategic reserves decreased by 6.014 million barrels to 421 million barrels, a decrease of 1.41%. The four - week average supply of US crude oil products was 21.093 million barrels per day, a year - on - year increase of 3.34% [4] - In the week of August 15, the US Strategic Petroleum Reserve (SPR) inventory increased by 223,000 barrels to 403.4 million barrels, an increase of 0.06%. The import of commercial crude oil excluding strategic reserves was 6.497 million barrels per day, a decrease of 423,000 barrels per day compared with the previous week [4] - From August 15 to August 22, US EIA gasoline inventory was - 2.72 million barrels (expected - 0.915 million barrels, previous value - 0.792 million barrels), and EIA refined oil inventory was 2.343 million barrels (expected 0.928 million barrels, previous value 0.714 million barrels) [4][5] - From August 22 to 29, the operating rate of major refineries decreased slightly, and the operating rate of Shandong local refineries increased slightly. Domestic gasoline production decreased while diesel production increased, and both gasoline and diesel inventories decreased. The comprehensive profit of major refineries fluctuated weakly, and the comprehensive profit of local refineries decreased month - on - month [5]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The EIA weekly report is relatively bullish as inventories of crude oil and major refined products have all declined. Although the refinery operating rate has decreased, the strong diesel demand is reassuring for market bulls. With the start of the autumn harvest, diesel demand will seasonally strengthen, and the relatively low distillate inventory may keep distillate cracking firm, thus supporting refining demand. After the data was released last night, oil prices generally fluctuated upwards [7] Summary by Related Catalogs Inventory Data - As of August 22, U.S. commercial crude oil total inventory was 418.292 million barrels, a week-on-week decrease of 2.392 million barrels, exceeding the expected decrease of 1.9 million barrels. Cushing inventory decreased by 838,000 barrels, and strategic reserve inventory increased by 776,000 barrels. Gasoline inventory decreased by 1.236 million barrels, falling short of the expected decrease of 2.2 million barrels. Distillate inventory decreased by 1.786 million barrels, contrary to the expected increase of 900,000 barrels [2] - From August 15 to August 22, U.S. commercial crude oil inventory decreased from 420.684 million barrels to 418.292 million barrels; Cushing crude oil inventory decreased from 23.47 million barrels to 22.632 million barrels; U.S. strategic reserve inventory increased from 403.425 million barrels to 404.201 million barrels; U.S. gasoline inventory decreased from 223.57 million barrels to 222.334 million barrels; U.S. distillate inventory decreased from 116.028 million barrels to 114.242 million barrels; U.S. total crude oil chain inventory decreased from 1.666537 billion barrels to 1.662919 billion barrels [3] Production, Import, Processing, and Demand Data - From August 15 to August 22, U.S. crude oil production increased from 13.382 million barrels per day to 13.439 million barrels per day; U.S. crude oil net imports increased from 2.125 million barrels per day to 2.424 million barrels per day; U.S. crude oil processing volume decreased from 17.208 million barrels per day to 16.88 million barrels per day [3] - The four - week smoothed U.S. crude oil terminal apparent demand increased from 21.093 million barrels per day to 21.14975 million barrels per day; the four - week smoothed U.S. gasoline apparent demand increased from 9.0085 million barrels per day to 9.0305 million barrels per day; the four - week smoothed U.S. distillate apparent demand increased from 3.74825 million barrels per day to 3.88225 million barrels per day; the four - week smoothed U.S. jet fuel apparent demand decreased from 1.8815 million barrels per day to 1.7905 million barrels per day [3] Market Analysis - Last week, U.S. crude oil and refined product inventories decreased. Although the commercial crude oil inventory decreased more than expected, the decline in the refinery operating rate slightly diluted the positive effect. The weekly refinery operating rate decreased by 2.0% to 94.6%. From a seasonal perspective, the driving peak season usually ends on the Labor Day weekend in early September, after which the refinery operating rate shows a seasonal decline [4] - In the refined product market, gasoline demand remains lower than last year and the same period in previous years, suggesting insufficient consumption ability or willingness of U.S. residents in the context of low oil prices. However, distillate demand has continued to rebound, far exceeding last year's level and the average of previous years last week, leading to an unexpected decrease in distillate inventory. As autumn approaches, distillate demand will increase with the autumn harvest while the inventory is relatively low, and distillate cracking is expected to remain firm. The market will focus more on distillates in the future [6]

Group 1: Report Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - The EIA report for the week is relatively bullish. The decline in inventory is due to the demand side, with overseas exports rebounding and refineries maintaining high operating rates, which may slow down the seasonal decline in demand. The structural issues in the diesel market are worth attention, as the demand for diesel will seasonally strengthen with the start of the autumn harvest while the distillate inventory is relatively low, which may make the previously slowing distillate cracking recover and drive refinery demand [8]. Group 3: Summary of Key Data - As of August 15, U.S. commercial crude oil inventories decreased by 6014 thousand barrels to 420684 thousand barrels, exceeding the expected decrease of 1800 thousand barrels. Cushing inventories increased by 419 thousand barrels, and strategic reserve inventories increased by 223 thousand barrels. Gasoline inventories decreased by 2720 thousand barrels, exceeding the expected decrease of 900 thousand barrels, while distillate inventories increased by 2343 thousand barrels, exceeding the expected increase of 900 thousand barrels [2][3]. - U.S. crude oil net imports decreased by 1218 thousand barrels per day to 2125 thousand barrels per day, and the single - week export volume reached 4372 thousand barrels per day, a new high since April [3][4]. - The refinery operating rate increased by 0.2% to 96.6% [4]. - The four - week smoothed U.S. crude oil terminal apparent demand decreased by 66 thousand barrels per day to 21093 thousand barrels per day, gasoline apparent demand decreased by 31.25 thousand barrels per day to 9008.5 thousand barrels per day, distillate apparent demand increased by 156 thousand barrels per day to 3748.25 thousand barrels per day, and jet fuel apparent demand increased by 54.25 thousand barrels per day to 1881.5 thousand barrels per day [3]. Group 4: Market Analysis - The significant decline in U.S. commercial crude oil inventories last week was due to a sharp drop in net imports caused by a surge in exports, indicating an improvement in previously weak overseas demand, and the high - level refinery operating rate [4]. - Gasoline demand remains lower than last year and the same period in previous years, suggesting insufficient consumer ability or willingness. Distillate demand has rebounded significantly, and its inventory is still at a low level. As autumn approaches, the market will focus more on distillates [7].

Core View - Propane dehydrogenation unit operating rate increased to 73.13% (weekly increase of 1.35%), and the support for chemical demand marginally strengthened [2] - Saudi CP prices were lowered (propane at $575/ton, butane at $545/ton), reducing the import cost at the port of arrival and partially alleviating domestic price pressure [2] - Domestic refinery operating rate was at a high level, with the commercial volume maintained above 520,000 tons and port inventory exceeding 3 million tons [2] - Consumption was sluggish during the off - season, and the sales - to - production ratios in East China and South China dropped to 99% and 93% respectively (weekly decrease of 1% - 7%) [2] - Despite the marginal improvement in chemical demand, supply pressure and the off - season for combustion dominated the market. Coupled with high port inventory, the price rebound space was limited [3] Data Charts - The report includes multiple data charts, such as the daily settlement price of propane's Far - East Inbound Price FEI: M1, the seasonal comparison between FEI and Brent, PDH profit/operating rate, FEI/MOPJ spread seasonality, propane's US FOB price, MB and WTI ratio seasonality, VLGC freight, US propane weekly production, import volume, inventory, and export volume [4][5][7]