Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core View of the Report - The fundamentals of the LPG market are marginally improving but still under pressure, with significant geopolitical risks. It is recommended to operate with caution [1] 3) Summary by Relevant Content a) Price Changes - **Daily Changes**: In the civil gas segment, prices in Shandong remained stable at 4610, increased by 61 to 4677 in East China, and decreased by 30 to 4690 in South China. The price of ether - post carbon four decreased by 20 to 4960. The cheapest deliverable was Shandong civil gas at 4610. The PP price declined, PDH production profit worsened, and FEI production profit was lower than CP. The PG futures price was revised downwards, the basis of the 07 contract increased by 16 to 228, and the 07 - 09 spread decreased by 18 to 160. The US - to - Far - East arbitrage window closed [1] - **Weekly Changes**: Civil gas prices rose significantly, with the cheapest deliverable being East China civil gas at 4603. There were signs of stabilization in Shandong; the market in East China was generally weak due to the expected commissioning of Zhenhai Phase II but improved marginally due to the postponed commissioning of Daxie; the spot market in South China rebounded due to the impact of typhoons on ship arrivals. The PG futures market was strong, the basis of the 07 contract weakened to 221 (-130), and the 07 - 09 spread was 195 (+10). The external market price strengthened significantly, mainly affected by geopolitical factors. In terms of spreads, PG - CP reached 18 US dollars (+27), and FEI - CP reached -19 (+31). Freight rates increased, and the waiting time at the Panama Canal for VLGCs decreased [1] b) Production Profit and Market Conditions - PDH production profit worsened, and FEI production profit was lower than CP. The profitability of alkylated oil decreased significantly, MTBE gas - fractionation etherification profit increased, isomerization etherification profit decreased, and the spreads of FEI - MOPJ and naphtha cracking decreased [1] c) Supply and Demand - **Supply**: Port inventories and factory inventories decreased. Arrivals and external shipments declined, and it is expected that external shipments will increase and arrivals will decrease in the future [1] - **Demand**: Chemical demand improved overall. The operating rate of PDH increased to 64.3%, the operating rate of alkylation increased to 48.18%, and MTBE production increased significantly. With rising temperatures, combustion demand is expected to decline [1] d) Futures Market - The PG futures price was adjusted. The basis of the 07 contract and the 07 - 09 spread changed. The number of registered warehouse receipts was 9005 lots (-335) [1]

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