部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 台H 研究中心能化团队 2025/12/26 -P G 内院CFR华 CP预测合 山东烷基 山东液化气 丙烷CIF日本 纸面进口利润 日期 华南液化气 山东醚后碳四 主力基差 华东液化气 目似 化油 E 2025/12/19 4398 4500 4380 573 504 497 4610 7150 -142 399 2025/12/22 4370 | 7150 4480 4388 580 536 202 4580 -213 355 2025/12/23 4475 4377 4370 7180 444 590 550 507 4580 -291 2025/12/24 4392 4320 4480 590 543 510 4570 7180 -277 398 2025/12/25 4520 4505 4389 4310 539 7150 413 l l I 0 B 日度变化 -10 -4 -50 -30 15 ...

部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 台H 研究中心能化团队 2025/12/25 -P G 内院CFR华 CP预测合 山东烷基 山东液化气 丙烷CIF日本 纸面进口利润 日期 华南液化气 山东醚后碳四 主力基差 华东液化气 同价 化油 E 2025/12/18 4398 4500 4380 203 500 4610 7130 -165 576 388 2025/12/19 4398 4380 . 7150 4500 573 504 497 4610 -142 399 2025/12/22 4480 4388 4370 4580 7150 580 536 202 -213 355 2025/12/23 4377 4370 4475 590 550 507 4580 7180 -291 444 2025/12/24 4392 4320 4570 4480 590 543 510 7180 -277 398 日度变化 5 12 -50 0 3 P ...

部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 台H 研究中心能化团队 2025/12/23 -P G 内院CFR华 CP预测合 山东烷基 纸面进口利润 日期 华南液化气 华东液化 山东液化气 丙烷CIF日本 山东醚后碳四 主力基差 目尖 化油 南 2025/12/16 4460 4440 520 4408 285 203 4570 7130 -276 240 2025/12/17 4410 523 7110 4490 4398 586 504 4600 -254 282 2025/12/18 4500 4398 4380 203 500 4610 7130 576 -165 389 2025/12/19 4398 4500 4380 573 504 497 4610 7150 -142 399 2025/12/22 4480 4388 4370 536 4580 7150 355 l I l ll B 32 日度变化 -20 -10 -10 -30 0 ...

南华期货LPG产业周报 ——近端仍有支撑，预期承压 戴一帆（投资咨询资格证号：Z0015428） 研究助理：沈玮玮（期货从业证书：F03140197 ） 联系邮箱：shenweiwei@nawaa.com 交易咨询业务资格：证监许可【2011】1290号 2025年12月21日 第一章 核心矛盾及策略建议 1.1 核心矛盾 当前影响LPG价格走势的核心矛盾有以下几点： 1）成本端原油市场震荡反复：国际原油一方面承受供应过剩的基本面压力，另一方面持续受到地缘政治风险 事件的扰动。本周一度跌破60美金下探4月份的低点，但后在特朗普对委内瑞拉宣战后反弹，但整体依然偏弱 运行。 2）外盘丙烷走势坚挺：海外丙烷市场表现相对强势。美国市场产量下滑带动库存下降，中东地区发运量仍处 于低位，供应偏紧格局延续。当前FEI升贴水下滑至13美元，CP升贴水上升至51美元，反映出国际市场结构 性支撑仍存。 3）内盘基本面持稳：供应端到港量本周依然偏低，港口库存去化；化工需求端，PDH本周在巨正源及滨华复 产推动下开工上行至75%，但行业持续处于深度亏损状态，加之市场传闻部分PDH企业计划检修，关注实际 检修情况。 我们认为，LPG价 ...

LPG液化气周报：内外盘走势分化 研究员：赵若晨 期货从业证号：F03151390 投资咨询证号：Z0023496 目录 第二章 核心逻辑分析 4 第一章 综合分析与交易策略 2 第三章 周度数据追踪 12 GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 221/221/221 208/218/234 综合分析与交易策略 【综合分析】 本周液化气走势震荡走弱，特别是周四夜盘起，有明显跌幅。这一轮下跌的是由多重因素导致，首先是国际原油价格偏 弱对成本端支撑有小幅减弱。最关键的还是仓单压力需要时间来消化，以及内外盘走势分化导致。外盘相对于内盘的坚 挺，使得下游化工企业的进口成本较高，PDH利润持续亏损，开工率降低的同时对未来开工的预期也在下个月或有多套 装置停车检修的背景下更为低迷。同时，跟石脑油裂解的经济性也在持续变差。另一方面，目前长三角地区的冬季温度 偏暖，从三级站库容来看，处于历史同期偏高位，这意味着燃烧需求也没有超预期的表现，甚至可能不及预期。 【策略 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The domestic market has a relatively high valuation. Although the domestic chemical industry has poor profits, its operation remains stable, and there is an expectation of a slight increase in civil demand. Therefore, there is still short - term support for the driving force. Attention should also be paid to winter weather and oil price conditions [1] 3. Summary by Relevant Content 3.1 Daily Changes - On Friday, in the civil gas market, the price in East China was 4411 (+0), in Shandong was 4500 (+20), and in South China was 4470 (-50). The price of ether - post carbon four was 4470 (+10). The lowest delivery location was East China, with a basis of 79 (-22), and the 01 - 02 month difference was 79 (+0). As of 15:00, FEI was 516 (-1) and CP was 498 (-4) dollars/ton [1] 3.2 Weekly Views - The futures market fluctuated. The basis was 143 (+232), the 01 - 02 month difference was 79 (+3), and the 03 - 04 month difference was -211 (-19). The number of warehouse receipts was 4611 lots (-200). The price of civil gas increased, and the cheapest deliverable product was East China civil gas at 4411 (+88). The external market FEI declined, while CP and MB increased, and the oil - gas ratio decreased. Both domestic and international markets weakened. The PG - CP spread reached 100 (-21); the PG - FEI spread reached 79 (-7). The US - Asia arbitrage window opened [1] - The arrival premium of propane in East China was 97 (-2), and the FOB premiums of propane in AFEI, the Middle East, and the United States were 30 (+18.75), 25 (-13), and 43 dollars (+4) respectively. Freight rates declined. The spot profit of PDH weakened, and the futures profit decreased; the alkylation unit improved; the MTBE profit fluctuated [1] - Port inventories decreased (-7%) due to a significant drop in arrivals (-18%) and a slight increase in demand; refinery inventories increased slightly (+0.86%). The PDH operating rate was 70.22% (+0.4pct), the alkylation operating rate was 37.93% (+1pct), and the MTBE operating rate was 71.58% (+0) [1]

1. Report Industry Investment Ratings No information regarding industry investment ratings is provided in the reports. 2. Core Views of the Reports Methanol Industry - The inland market will see a continuous increase in production. The marginal devices in the inland area are in a loss - making state. The market sentiment has improved due to some Iranian devices starting to shut down due to gas restrictions. The price and basis have both strengthened. It is expected to be volatile and slightly stronger in the short term [1]. Crude Oil Industry - Overnight oil prices rebounded due to the increasing expectation of the Fed's interest rate cut in December and the unsuccessful Russia - Ukraine negotiations. However, under the pressure of continuous production increase by OPEC+ and the record - high US crude oil production, the supply - demand pattern of crude oil remains weak. Brent crude oil is expected to fluctuate in the range of $60 - 66 per barrel in the short term [5]. Polyolefin Industry - For PP, there is a pattern of both supply and demand increasing. The supply has recovered due to fewer maintenance, and the inventory has decreased slightly. For PE, there is a situation of increasing supply and decreasing demand. Although the unplanned maintenance eases some supply pressure, the imported goods are abundant, and the demand is generally weak. The 01 contract is still under great pressure [8]. Glass and Soda Ash Industry - Soda ash has an overall surplus pattern. The weekly production has declined due to some devices reducing their loads, and the soda ash factories have reduced their inventory stage by stage. In the medium term, the demand for soda ash will continue the previous rigid - demand pattern. The supply - demand situation will be further pressured without actual capacity withdrawal or load reduction. Glass has a short - term positive performance driven by cold - repair benefits, but in the long term, it is still under pressure due to the weakening demand and the surplus pattern [9]. Styrene Industry - For pure benzene, the supply is generally loose, and the demand support is limited. The port inventory has increased significantly, and the supply - demand expectation is generally loose. The price may be adjusted due to the drag of oil prices in the short term. For styrene, the supply of goods is limited, and the demand support is expected to be limited. The rebound space is restricted [10]. Natural Rubber Industry - The supply cost is strongly supported, but the inventory is increasing seasonally, and the terminal demand support is insufficient. The downstream enterprise's operating rate is expected to decline further. The natural rubber market is expected to enter a range - bound consolidation [11]. PVC and Caustic Soda Industry - Caustic soda has certain supply - demand pressure, and the price is expected to be weak. PVC has a surplus supply - demand pattern, and the price is expected to continue the weak trend at the bottom [12]. Polyester Industry - PX has limited short - term drive but strong medium - term support. PTA's supply - demand expectation has been significantly repaired, but the rebound space is limited. Ethylene glycol is expected to fluctuate at a low level. Short - fiber's supply - demand is weak, and the processing fee is expected to be compressed. Bottle - chip's supply - demand is in a loose pattern, and the processing fee is expected to decline [13]. LPG Industry - The LPG price has declined, the inventory has increased, and the operating rates of upstream and downstream industries have changed. The overall market situation needs further attention [15]. 3. Summaries According to Relevant Catalogs Methanol Industry - **Price and Spread**: MA2601 and MA2605 prices increased, with increases of 3.64% and 2.81% respectively. The regional spread between Taicang and Inner Mongolia's northern line increased by 475.00% [1]. - **Inventory**: Methanol enterprise inventory, port inventory, and social inventory all decreased, with decreases of 2.86%, 4.16%, and 3.91% respectively [1]. - **Operating Rate**: The operating rate of domestic upstream enterprises decreased by 0.38%, while that of overseas upstream enterprises increased by 0.30%. The operating rate of downstream MTO devices remained unchanged [1]. Crude Oil Industry - **Price and Spread**: Brent and WTI crude oil prices increased, with increases of 1.29% and 1.34% respectively. The refined oil cracking spreads of different regions showed different changes [5]. Polyolefin Industry - **Price and Spread**: The closing prices of L2601, L2605, PP2601, and other contracts increased to varying degrees. The L15 and PP15 spreads increased by 14.75% and 12.82% respectively [8]. - **Operating Rate**: The PE device operating rate decreased by 0.51%, and the PP device operating rate decreased by 1.60% [8]. - **Inventory**: PE and PP enterprise inventories decreased, with decreases of 4.89% and 4.23% respectively [8]. Glass and Soda Ash Industry - **Price and Spread**: Glass 2601 price increased by 2.63%, and soda ash 2601 and 2605 prices increased by 1.11% and 1.20% respectively [9]. - **Operating Rate and Production**: The soda ash operating rate decreased by 4.85%, and the weekly production decreased by 4.86%. The float - glass daily melting volume decreased by 1.98% [9]. - **Inventory**: The glass factory's soda ash inventory days increased by 2.15%, and the soda ash factory's inventory decreased by 0.93% [9]. Styrene Industry - **Price and Spread**: The prices of upstream raw materials such as Brent crude oil and WTI crude oil increased. The price of styrene's EB2601 decreased by 1.1% [10]. - **Inventory**: The inventories of pure benzene and styrene in Jiangsu ports increased by 11.6% and 10.7% respectively [10]. - **Operating Rate**: The domestic pure benzene operating rate decreased by 1.7%, and the styrene operating rate decreased by 0.4% [10]. Natural Rubber Industry - **Price and Spread**: The price of Yunnan state - owned standard rubber increased by 1.36%, and the full - latex basis increased by 24.49% [11]. - **Production and Operating Rate**: The production of natural rubber in some regions decreased, and the operating rates of automobile tire factories decreased [11]. - **Inventory**: The bonded - area inventory and the warehouse - receipt inventory of natural rubber in the SHFE increased by 3.60% and 1.01% respectively [11]. PVC and Caustic Soda Industry - **Price and Spread**: The price of Shandong 32% liquid caustic soda decreased by 2.6%, and the price of East China calcium - carbide - based PVC increased by 0.5% [12]. - **Operating Rate**: The caustic soda industry operating rate increased by 0.6%, and the PVC total operating rate increased by 1.0% [12]. - **Inventory**: The liquid caustic soda inventory in East China and Shandong increased, while the PVC upstream factory inventory decreased by 2.1% [12]. Polyester Industry - **Price and Spread**: The prices of some polyester products such as POY150/48 decreased, and the price of CFR China PX increased by 0.2% [13]. - **Operating Rate**: The Asian PX operating rate increased by 1.5%, and the PTA operating rate decreased by 4.8% [13]. - **Inventory**: The MEG port inventory remained unchanged, and the arrival expectation decreased by 14.4% [13]. LPG Industry - **Price and Spread**: The prices of LPG futures contracts such as PG2512 and PG2601 decreased. The PG12 - 01 spread increased by 21.67% [15]. - **Inventory**: The LPG port inventory increased by 6.28%, and the port storage - capacity ratio increased by 6.29% [15]. - **Operating Rate**: The upstream main - refinery operating rate decreased by 3.35%, and the downstream PDH operating rate decreased by 2.93% [15].

Report Industry Investment Ratings No relevant content provided. Core Views of the Reports Polyolefins - PP shows a pattern of both supply and demand increase, with reduced maintenance leading to increased supply and slight inventory accumulation under new capacity pressure. PE shows increased supply and decreased demand, with abundant imported goods and weak demand except for agricultural film. The cost side has fluctuating crude oil and strong coal, and PDH profits continue to weaken [2]. Crude Oil - The US proposed a new plan to restart the Russia - Ukraine peace negotiation, causing geopolitical premiums to decline and oil prices to fall. OPEC+ is continuously increasing production, and US crude oil production is at a new high, resulting in a weak supply - demand pattern and significant pressure on oil prices. Short - term Brent crude is expected to find support at $60 per barrel [3]. Natural Rubber - Supply: Domestic production areas are entering the production - reducing and cutting - off season, and rainfall in overseas areas keeps raw material prices high. However, the arrival of overseas ships is increasing seasonally, and inventory accumulation suppresses spot prices. Demand: Overall demand is weak, and the market mainly focuses on digesting channel inventory. It is expected that the natural rubber market will enter a range - bound consolidation [5]. Glass and Soda Ash - Soda Ash: The market is in an overall surplus situation. Supply is high, and downstream demand is mainly based on rigid needs. The supply - demand pattern is still bearish, and it is recommended to wait for rebounds to short [7]. - Glass: Recently, prices have been falling, and low prices have driven better sales. However, there are still production line restarts in the future, which will increase supply pressure. In the short term, there is some rigid demand support, but in the long term, demand will shrink, and prices will be under pressure [7]. PVC and Caustic Soda - Caustic Soda: The supply - demand situation is under pressure. The main downstream, alumina, has reduced purchasing enthusiasm. Although there is some supply reduction in the East China region, the long - term supply - demand pressure remains large, and prices are expected to be weak [8]. - PVC: The spot market is in a weak and volatile state. Supply is still at a high level, and demand is in the off - season. The export situation is not optimistic, and the supply - demand surplus pattern continues, with prices expected to remain at the bottom [8]. Polyester Industry Chain - PX: Asian and domestic PX loads have decreased, but supply remains high. Demand is weak, and although there are some supporting factors, the rebound space is limited, and it is expected to be in a high - level shock in the short term [9]. - PTA: After the maintenance of some devices, the basis has strengthened slightly. The supply - demand situation is expected to be relatively balanced in November and more relaxed from December to the first quarter. The rebound space is limited, and it is expected to be in a high - level shock in the short term [9]. - Ethylene Glycol: Domestic supply remains high, and overseas shipments will be concentrated in November, leading to inventory accumulation and a weak basis. It is under pressure above, and corresponding option and spread strategies are recommended [9]. - Short - fiber: Supply remains high, and demand is seasonally weak. The absolute price drive is limited, and processing fees are expected to be compressed [9]. - Bottle - grade PET: Supply changes little, and demand support is insufficient. The supply - demand pattern is loose, and the social inventory is likely to enter the seasonal accumulation period. The processing fee will follow the raw material cost [9]. Methanol - In the inland market, production will continue to increase, and marginal devices are in a loss state. In the port market, Iranian gas restrictions are postponed, and shipments are accelerating, resulting in high inventory and weak prices. The core contradiction is high port inventory, and the "weak reality" logic will continue [10]. Pure Benzene and Styrene - Pure Benzene: Although there are maintenance expectations for some devices, imports are expected to be high, and overall supply may be relatively loose. Demand support is limited, and port inventory is accumulating. The supply pressure is large, and the short - term BZ2603 contract is recommended to be observed [13]. - Styrene: The supply - demand situation has improved, with export expectations and falling port inventory. However, profit recovery may lead to delayed maintenance and new device trials, and downstream EPS demand is expected to weaken, so the upside space is limited [13]. Summaries According to Related Catalogs Polyolefins - **Prices and Spreads**: L2601, L2605, PP2601, and PP2605 have different price changes, and there are also changes in spreads such as L15, PP15, and LP01. Spot prices of PP and LLDPE in some regions have declined [2]. - **Inventory and开工率**: PE and PP enterprise and social inventories have decreased to varying degrees. PE and PP device and downstream weighted开工率 also show different trends [2]. Crude Oil - **Prices and Spreads**: Brent, WTI, and SC crude oil prices have declined, and there are also changes in spreads such as Brent - WTI and SC - Brent. Product oil prices and spreads have also changed [3]. Natural Rubber - **Prices and Spreads**: Spot prices of various natural rubber products have changed, and there are also changes in monthly spreads such as 9 - 1, 1 - 5, and 5 - 9 [5]. - **Fundamentals**: Production in September in Thailand, Indonesia, India, and China has changed. Tire production, export, and import data in October have also changed, as well as开工率 data [5]. - **Inventory**: Bonded area inventory and factory - warehouse futures inventory have increased, while some出库 and入库 rates have changed [5]. Glass and Soda Ash - **Prices and Spreads**: Glass and soda ash prices in different regions and futures prices have changed, and basis has also changed [7]. - **Supply**: Soda ash production rate and weekly output have decreased slightly, and glass melting volume has remained stable [7]. - **Inventory**: Glass factory - warehouse inventory and soda ash factory - warehouse inventory have increased, while soda ash delivery - warehouse inventory has decreased [7]. PVC and Caustic Soda - **Prices and Spreads**: PVC and caustic soda prices in different regions and futures prices have changed, and there are also changes in spreads [8]. - **Supply and Demand**: Chlor - alkali开工率 and industry profits have changed, and downstream开工率 of caustic soda and PVC has also changed. Inventory has decreased to some extent [8]. Polyester Industry Chain - **Downstream Product Prices and Cash Flows**: Prices of polyester products such as POY, FDY, and DTY have remained stable, and cash flows have changed [9]. - **PX - related**: PX prices and spreads have changed, and开工率 has decreased [9]. - **PTA - related**: PTA prices, basis, and processing fees have changed, and开工率 has decreased slightly [9]. - **MEG - related**: MEG prices, basis, and spreads have changed, and开工率 has changed slightly [9]. Methanol - **Prices and Spreads**: Methanol futures and spot prices have changed, and basis and regional spreads have also changed [10]. - **Inventory**: Methanol enterprise, port, and social inventories have decreased [10]. - **开工率**: Upstream and downstream开工率 of methanol have changed [10]. Pure Benzene and Styrene - **Upstream Prices and Spreads**: Prices of pure benzene and related spreads have changed, and import profits have also changed [13]. - **Styrene - related Prices and Spreads**: Styrene prices, basis, and spreads have changed, and cash flows have also changed [13]. - **Downstream Cash Flows**: Cash flows of pure benzene and styrene downstream products have changed [13]. - **Inventory and开工率**: Pure benzene and styrene port inventories have changed, and产业链开工率 has also changed [13].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoint Domestic civil LPG may show a pattern of stronger in the south and weaker in the north, with overall peak - season expectations; the contraction of PDH profits may lead to a decline in propane demand, and the current domestic market valuation is high and may fall. The international propane market is in a loose pattern, and attention should be paid to weather and US cold wave conditions [1]. 3) Summary by Related Information Price and Basis - **Daily Price Changes**: On Monday, for civil LPG, the price in East China was 4377 (+3), in Shandong 4360 (+0), and in South China 4455 (+5). The price of ether - post carbon four in Shandong was 4630 (+130). The lowest delivery location was Shandong, with a basis of 3. The daily change of the basis was (-71), and the 12 - 01 month spread was 87 (+15). FEI was 494.68 (+0), and CP was 468.68 (+0.68) dollars/ton [1]. - **PG Main Contract**: The PG main contract fluctuated. The basis was 102 (+116), the 12 - 01 month spread was 72 (-8), and the number of warehouse receipts was 4444 (+250). The cheapest delivery product was East China civil LPG at 4374; prices in Shandong were 4380 (+80), in East China 4374 (+95), and in South China 4450 (+50). The price of ether - post carbon four in Shandong was 4500 (+80) [1]. - **External and Internal Price Relationships**: External prices fell; the internal - external relationship strengthened, with PG - CP reaching 137 (+4), PG - FEI reaching 113 (+15.6); FEI - MB was 153 (-1.8). The arrival discount of propane in East China was 85 US dollars (+6), and freight rates were basically flat. The FEI - MOPI spread widened, and the switching window remained open, with the latest value at - 73 (-6) [1]. Industry Profit and Operation - **Profit Changes**: The profit of PDH in Shandong decreased significantly (some plants stopped production). The profit of alkylation plants rebounded. The production gross profit of MTBE changed little, and the export profit fluctuated [1]. - **Inventory and Operation Rate**: Domestic production decreased, and factory inventories were basically flat; the arrival volume was limited, terminal sales improved, and port inventories decreased. The PDH operation rate was 75.49% (+1.6), due to Lihuayi Weiyuan operating at full capacity, while Binhua, Xintai, and Haiwei successively stopped production [1].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The IPG main contract fluctuated upward. The domestic trading atmosphere is expected to improve, and prices may rise slightly, but the upward momentum may be limited due to the decline in the official CP price [1] Group 3: Summary by Relevant Catalog Price Changes - On Thursday, for civil gas, the price in East China was 4374 (+33), in Shandong 4360 (+0), and in South China 4440 (+50). The price of etherified carbon four was 4520 (-90). The lowest delivery location was Shandong [1] - The FEI was 490 (-14) and the CP was 463 (-7) dollars per ton. The IPG main contract fluctuated upward. The basis was -14 (+55), and the December - January spread was 80 (-33) [1] - The cheapest deliverable was civil gas in East China at 4279; Shandong was 4300 (-60), East China 4279 (+0), and South China 4400 (-5). The etherified carbon four in Shandong was 4420 (-50) [1] - The number of warehouse receipts was 4194 lots (+1778). The external market price increased, and the oil - gas ratio decreased. The FEI monthly spread was -5 dollars (-1.75), and the CP monthly spread was -14.4 dollars (-6.4) [1] - The official November CP price dropped to 475/460 (-20/-15). The domestic and foreign PG - CP was 133 (-18); PG - FEI was 97 (-18.6). The US - Asia arbitrage window was closed. The FEI - CP was 35.75 (+0.75) [1] - The on - shore account water for propane in East China was 85 (+6). The freight from the US Gulf to Japan was 129 (+13), and from the Middle East to the Far East was 68 (+12). The FEI - MOPI was -66.7 (-15.8) [1] Profit and Demand - The profit of PDH decreased slightly. The profit of alkylation units declined significantly, and the production gross profit of MTBE changed little. Domestic production decreased, imports increased, port inventory rebounded, but there was an expected increase in chemical demand [1] Market Structure - The basis changed by +55 to -14, and the December - January spread changed by -33 to 80. The lowest delivery location was Shandong, and the basis changed by +63 to 26, and the December - January spread changed by -16 to 72 [1]