Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report's Core View - The Middle East has a tight supply of LPG, and prices are unlikely to fall significantly in winter. The domestic market is expected to be weak in the short - term, with attention on the subsequent PDH operation under high - cost conditions and the situation of factory - warehouse warrants [4] Group 3: Summary by Related Catalog Price and Basis - In the civil gas segment, prices in East China were 4408 (-5), Shandong 4440 (-20), and South China 4460 (+0). The price of ether - after carbon four was 4570 (+20). The lowest delivery area was East China, with a basis of 198 and a daily change of (+5). The 01 - 02 monthly spread was 155 (+1), and the 03 - 04 monthly spread was - 212 (+18). As of 21:00, FEI was 506 (-6) and CP was 503 (+0) dollars/ton [4] - The PG futures price dropped due to falling oil prices, PDH shutdown news, and an increase in warrants. The basis was 265 (+122), the 01 - 02 monthly spread was 84 (+5), and the 03 - 04 monthly spread was - 223 (-12). The number of warrants was 5476 lots (+865). Domestic civil gas prices declined, and the cheapest delivery product was East China civil gas at 4419 [4] External and Internal Market Relationships - The external paper market first rose and then fell. The FEI and CP monthly spreads strengthened, while the MB monthly spread weakened; the oil - gas ratio declined. The internal - external relationship weakened, with PG - CP at 71 (-28) and PG - FEI at 65 (-14). The US - Asia arbitrage window opened. The arrival premium for propane in East China was 85 (-7), and the FOB premiums for propane in AFEI, the Middle East, and the US were 42 (+12), 42 (+17), and 47 (+4) respectively. Freight rates increased slightly [4] Profit and Operation - The spot and futures profits of PDH weakened; the alkylation unit's performance deteriorated; the MTBE profit fluctuated. The arrival volume increased by 12.25%, port inventory increased by 3.22%, external sales increased slightly by 1.3%, and refinery storage capacity increased slightly by 0.27%. The chemical demand had poor profit but strong operating rates, with the PDH operating rate at 72.87% (+2.65 pct) [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - The Middle East LPG supply is tight, and prices are unlikely to drop significantly in winter; the domestic LPG market is expected to be weak in the short - term. Attention should be paid to the subsequent PDH operation under high costs and the situation of factory - warehouse warrants [4] Group 3: Summary by Related Content Price and Basis - On Friday, for civil LPG, the price in East China was 4419 (+4), in Shandong was 4430 (+30), and in South China was 4420 (+0). The price of ether - after carbon four was 4560 (-10). The lowest delivery location was East China, with a basis of 26 [4] - The PG futures price dropped due to falling oil prices, PDH shutdown news, and an increase in warrants. The basis was 265 (+122), the 01 - 02 month - spread was 84 (+5), and the 03 - 04 month - spread was -223 (-12). The number of warrants was 5476 lots (+865) [4] External Market and Arbitrage - The external paper market first rose and then fell. The FEI and CP month - spreads strengthened, while the MB month - spread weakened; the oil - gas ratio declined. The domestic - foreign relationship weakened, with PG - CP at 71 (-28) and PG - FEI at 65 (-14). The US - Asia arbitrage window opened [4] Premium and Freight - The East China propane arrival premium was 85 (-7). The AFBI, Middle East, and US propane FOB premiums were 42 (+12), 42 (+17), and 47 (+4) respectively. Freight rates increased slightly [4] Profit and Operation - The PDH spot and futures profits weakened; the alkylation unit performance deteriorated; the MTBE profit fluctuated. The chemical demand profit was poor, but the operation was stable, with the PDH operation rate at 72.87% (+2.65pct) [4] Inventory and Supply - The arrival volume increased by 12.25%, and the port inventory increased by 3.22%; the external supply increased slightly by 1.3%, and the refinery storage capacity increased slightly by 0.27% [4]