Group 1 - Iran's Islamic Revolutionary Guard Corps emphasized that any attack on its power system will result in retaliatory measures against Israel's power plants and those supplying U.S. military bases in the Middle East [1] - U.S. President Trump stated that if Iran does not fully open the Strait of Hormuz within 48 hours, U.S. targets will include Iran's power plants [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Last week, the LPG futures market fluctuated significantly with a rising central value, mainly following the oil price. The basis fluctuated sharply, and the latest basis was -321 (+346), with the April - May spread at 132 (+5). The number of warehouse receipts decreased to 108 (-1544). The cheapest deliverable was Shandong ether - after carbon four at 430 (+280). The PDH spot profit strengthened significantly. The port inventory ratio was 35.05% (-5.5pct), and the LPG sample enterprises' external supply was 64.4 tons (-1.8). The PDH operating rate was 63.23 (-1.7pct). The subsequent core lies in the temporary passage of the Strait of Hormuz, and short - term spot quotes mainly depend on the international oil price. There will likely be a shortage of LPG in China in April, more severe in East and South China than in Shandong. The short - term futures market may still follow the oil price, and the spread will be strong [1]. Summary by Related Catalogs Market Price Data - From March 9 - 13, 2026, the market prices of LPG in South China, East China, and Shandong showed fluctuations. For example, on March 9, the South China LPG price was 5920, and on March 13, it was 5550. The daily changes in prices, basis, and other indicators were also presented, such as a - 105 change in South China LPG price on March 13 compared to the previous day [1]. Market Indicators - The FEI monthly spread was 84 US dollars (+27), and the oil - gas price ratio fluctuated downward. The internal and external PG - FEI c1 was 52.4 (-45). The South China 2P propane arrival discount was 402 (+30), and the FOB discounts of AFEI, US Gulf, and Middle East propane were 104.75 (+12.75), 200.6 (+41.7), and 0 (+0) respectively. The FEI - MOP spread was - 126 (-59) [1]. Supply and Demand - The port inventory ratio decreased by 5.5 percentage points to 35.05%, and the LPG sample enterprises' external supply decreased by 1.8 tons to 64.4 tons. The PDH operating rate decreased by 1.7 percentage points to 63.23 [1].