1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In the short - term, considering the approaching peak civilian use season, LPG prices are expected to fluctuate strongly. However, in the medium - to - long - term, with high supply and the expectation that demand is unlikely to strengthen beyond expectations, a bearish outlook is maintained. [6] - This week, crude oil prices continued to be weak, but PG remained firm supported by strong demand. OPEC+ further increased crude oil production. Although geopolitical disturbances between the US and Venezuela, Iran, and Russia may offset the increase to some extent, it does not change the abundant supply of oil and gas. On the demand side, the peak civilian use season is approaching, which can maintain the strength of gas prices for a certain period, while the chemical industry has poor profits and the operating rate is difficult to stay at a high level. Overall, in the long - run, LPG supply is very abundant. [6] 3. Summary by Relevant Catalogs PART 01: LPG Market Review - In the current period, both the commercial volume and arrival volume of LPG decreased, and the reduction on the supply side provided support, causing port inventories to decline. In the next period, although the commercial volume is expected to decrease, the increase in vessel arrivals at the docks is significant, so the supply - side pressure will rise, and port inventories are expected to increase, while the inventories of production enterprises may decline slightly. [5] - The international market first rose and then fell. In the early stage, prices were at a relatively low level, and strong buying in the market drove prices up. However, buyers' acceptance of high - priced resources was insufficient, market sentiment weakened, and prices turned down. Although the November CP price decreased, the rising import cost strongly supported market sentiment, and both domestic and international spot markets increased. Coupled with the expectation of the peak combustion demand season, the winter contracts were less affected by crude oil and showed a strong trend. [5] PART 02: LPG Fundamentals LPG Supply - Domestic - The report presents data on the operating rates of major refineries' atmospheric and vacuum distillation units, Shandong local refineries' atmospheric and vacuum distillation units, comprehensive refining profits of major refineries, and the weekly commercial volume of LPG in China from 2021 to 2025. [12] LPG Supply - Import - It shows data on the weekly arrival volume of LPG in China, the weekly import trade gross profit of LPG in the South China region, the monthly total import volume of LPG in China, and the shipping prices from the Arabian Gulf region and the US Gulf Coast to the Far East from 2021 to 2025. [15][16][18] LPG Inventory - Data on weekly port inventories, refinery storage capacity ratios, port storage capacity ratios, and factory - level inventories of LPG in China from 2021 to 2025 are provided. Also, the weekly production - sales ratios in the South China, East China regions, and Shandong are presented. [21][23][24] LPG Downstream Demand - The report includes data on the weekly operating rate of PDH plants in China, the weekly production gross profit of PDH in China, the weekly production gross profit of MTBE's isomerization etherification in Shandong, the weekly capacity utilization rate of MTBE export factories in China, the weekly capacity utilization rate of alkylated oil in China, and the weekly production gross profit of alkylated oil in Shandong from 2021 to 2025. [26][28][30] PART 03: LPG - Related Price Data Import Cost: CP Forward and Current - Month Prices - It shows the CP contract prices of propane and butane from 2021 to 2025, the CP crude oil price trend, and the spot price of propane (frozen cargo) in the South China region from 2021 to 2025. [35] Spot: Domestic Refinery Civil Gas Prices and Import Discounts - Data on the ex - factory prices of civil LPG from Guangzhou Petrochemical, Jinan Refinery, and Shanghai Gaoqiao from 2021 to 2025 are presented. [38][39] PART 04: LPG Other Data - The report provides data on the basis of the LPG main contract from 2021 to 2025, the difference between the first - and second - consecutive contracts from 2021 to 2025, and the registered warehouse receipts of LPG in major delivery warehouses in 2024 - 2025. [42][44] Key Strategy Recommendation - For futures trading, in the medium - to - long - term, try to go short at high prices. [7]