Report Industry Investment Rating - Not provided Core View of the Report - It is expected that the LPG futures market will generally fluctuate with an upward bias in the short term [1] Summary by Relevant Catalogs Daily Changes - In terms of civil gas, prices in Shandong decreased by 10 to 4900, in East China decreased by 7 to 4900, and in South China increased by 10 to 5150; for imported gas, prices in East China decreased by 11 to 5135, and in South China increased by 10 to 5240; the price of etherified C4 decreased by 60 to 5060. The lowest price was 4900 for civil gas in Shandong and East China. The PG futures market fluctuated with a slight upward bias, the basis of the 05 contract weakened to 361, and the spread between the PG05 - 06 contracts strengthened to 142. The arbitrage window from the US to the Far East closed [1] Weekly View - Last week, civil gas prices corrected from their highs. The center of the futures market generally moved up. The basis of the 05 contract fell to 471, and the spread between the 05 - 06 contracts strengthened to 137. Port inventories continued to decline, while factory inventories remained flat. On the supply side, the commercial volume of LPG rebounded slightly, but the inbound volume increased month - on - month. The PDH operating rate dropped to 63.15%, with many factories reducing loads or planning maintenance, and it is expected to continue to decline. In the overseas market, prices rebounded significantly, the price ratios of FEI - MB, FEI - CP, and MB - CP all increased significantly, while PG - FEI decreased. The arbitrage window from the US to the Far East closed. The supply of propane from the Middle East was limited, and negotiations with Chinese buyers progressed slowly. Freight rates also rebounded slightly. The change in US C3 inventories was small, but exports increased [1]