Group 1 - The investment rating of the report is not provided [1] Group 2 - The report's core view is that the LPG market had significant fluctuations and a rising center last week, mainly following oil prices. The basis fluctuated sharply, and the 4 - 5 month spread was positive. The key factor for the future is when the Strait of Hormuz will resume traffic, and short - term spot quotes depend on international oil prices. A shortage of LPG is likely in April in China, more severe in East and South China than in Shandong. The short - term futures price may continue to follow oil prices, and the month spread will be strong [1] Group 3 Daily Quotes - On March 19, the PG2604 contract closed at 6392 (+626) at 3 pm, with a 4 - 5 month spread of 109 (+13) and 1800 (+0) warehouse receipts. The night session closed at 6660 (+449), with a 4 - 5 month spread of 8 (-101). Shandong's civil LPG continued to rise, with a mainstream transaction of 5600 - 5850 yuan/ton. Shandong's ether - post LPG was 5810 (+300). Longkou Port's propane price was 7200 (+0), and Shandong's propane - propylene price was 8525 (+480). The East China market was stable with some individual increases, with a mainstream transaction of 5760 - 6340 yuan/ton [1] Weekly Viewpoints - Last week, the futures price fluctuated greatly and the center rose, mainly following oil prices. The basis rose and fell sharply, with the latest at - 321 (+346), and the 4 - 5 month spread at 132 (+5). There were 3108 (-1544) warehouse receipts. The cheapest deliverable was Shandong's ether - post LPG at 5430 (+280). Shandong's civil LPG was 5550 (+610), and East China's civil LPG was 6159 (+1178). The FEI month spread was 84 US dollars (+27), and the oil - gas price ratio fluctuated downward. The PG - FEI c1 spread was 52.4 (-45). The CIF discount for South China's CP propane was 402 (+30). The FOB discounts for AFEI, US Gulf, and Middle East propane were 104.75 (+12.75), 200.6 (+41.7), and 0 (+0) respectively. The FEI - MOPJ spread was - 126 (-59). The spot profit of PDH strengthened significantly. The port inventory ratio was 35.05% (-5.5pct). The external supply of LPG sample enterprises was 54.4 (-1.8) million tons. The PDH operating rate was 63.23 (-1.7pct) [1]

Report Overview - The report is an LPG morning report from the Energy and Chemicals Team of the Research Center on March 19, 2026, providing daily and weekly market data and analysis of LPG [4] Daily Market Data - **Price Data**: On March 18, 2026, the prices of South China LPG, East China LPG, and Shandong LPG were 6220, 6049, and 5630 respectively; the CFR South China price of propane was 1023; the CP forecast contract price was 589; the price of Shandong ether - post carbon four was 5510; the price of Shandong alkylated oil was 8700; the paper import profit was -1737; the main basis was 64. The daily changes were 20, 5, 100, 45, 2, 90, 200, -324, 183 respectively [4] - **Contract Data**: On March 18, the PG2604 contract closed at 5766 (-61) at 3 pm, with a 4 - 5 month spread of 96 (-27) and 1800 (+0) warrants. The night - session closed at 6268 (+509), with a 4 - 5 month spread of 73 (-23). The price of Shandong civil LPG was 5600 (+80) [4] Weekly Viewpoint - **Market Trends**: Last week, the futures market fluctuated greatly with the center moving up, mainly following the oil price. The basis fluctuated sharply, and the latest was -321 (+346), the 4 - 5 month spread was 132 (+5). The number of warrants was 3108 lots (-1544). The cheapest deliverable was Shandong ether - post carbon four at 5430 (+280). The price of Shandong civil LPG was 5550 (+610), and that of East China civil LPG was 6159 (+1178) [4] - **Related Spreads and Ratios**: The FEI month spread was 84 US dollars (+27), the oil - gas price ratio oscillated and declined. The internal and external PG - FEI c1 was 52.4 (-45). The South China CP 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 - MOPJ spread was -126 (-59) [4] - **Profit and Inventory**: The PDH spot profit strengthened significantly. The port inventory ratio was 35.05% (-5.5 pct), the external release of LPG sample enterprises was 54.4 tons (-1.8), and the PDH operating rate was 63.23 (-1.7 pct) [4] - **Future Outlook**: The key lies in when the Strait of Hormuz will resume traffic. Short - term spot quotes mainly depend on the international oil price. There will probably be a shortage of goods in China in April, which is expected to be more serious in East and South China than in Shandong. The short - term futures market may still follow the oil price, and the month spread will run strongly [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Last week, the futures price fluctuated greatly and the center moved up, mainly following the oil price. The basis fluctuated sharply, the 4 - 5 month spread was 132 (+5), and the number of warehouse receipts decreased by 1544 to 3108 lots. The cheapest deliverable was Shandong ether - post 5430 (+280). PDH spot profit strengthened significantly, port inventory ratio decreased by 5.5 pct to 35.05%, and the external supply of liquefied gas sample enterprises decreased by 1.8 to 54.4 tons. PDH operating rate decreased by 1.7 pct to 63.23. The subsequent core lies in when the Strait of Hormuz will resume passage, and short - term spot quotes mainly depend on international oil prices. There will probably be a shortage of goods in China in April, more serious in East and South China than in Shandong. The short - term futures price may still follow the oil price, and the month spread will run strongly [1] Summary by Relevant Catalogs Daily Quotes - On March 17, the PG2604 contract closed at 5849 (+10) at 3 pm, the 4 - 5 month spread was 113 (-27), and the number of warehouse receipts was 1800 (+0). The night session closed at 5848 (+21), and the 4 - 5 month spread was 83 (-30). Shandong civil gas was 5520 (+0), with a fair trading atmosphere. Shandong ether - post was 5450 (+30). Longkou Port propane was 7200 (+0), and Shandong propylene price was 8025 (+0). The East China market declined steadily, with the mainstream transaction price ranging from 5900 - 6280 yuan/ton, and the demand was average, with high - price refineries having difficulty in selling goods [1] Weekly Quotes - Last week, the futures price fluctuated greatly and the center moved up, mainly following the oil price. The basis was - 321 (+346), the 4 - 5 month spread was 132 (+5), and the number of warehouse receipts was 3108 (-1544). The cheapest deliverable was Shandong ether - post 5430 (+280). Shandong civil gas was 5550 (+610), and East China civil gas was 6159 (+1178). The FEI month spread was 84 US dollars (+27), the oil - gas price ratio declined oscillatingly. The internal and external PG - FEI c1 was 52.4 (-45). The CIF discount of South China CP propane 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 - MOPJ spread was - 126 (-59). PDH spot profit strengthened significantly. The port inventory ratio was 35.05% (-5.5 pct), and the external supply of liquefied gas sample enterprises was 54.4 tons (-1.8). The PDH operating rate was 63.23 (-1.7 pct) [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].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The LPG market has shown significant fluctuations. The LPG futures price has increased, while the spot price has largely given back the gains of the previous two days. The market is affected by geopolitical factors, and the impact of the supply interruption in the Middle East may gradually emerge in late March or April. The domestic basis is weak, the import profit has dropped to a deep negative value, and the 4 - 5 month spread may remain strong in the short term under the sign of rising geopolitical tensions [1] 3. Summary by Relevant Catalogs 3.1 Daily Data - **Prices**: From March 5 - 11, 2026, prices of LPG in South China, East China, and Shandong, as well as propane CFR South China, showed various changes. For example, on March 5, South China LPG was 5160, and on March 11, it was 6120. Propane CIF daily prices also fluctuated. The paper - import profit and the main basis also changed daily [1] - **Futures**: On March 11, the PG2604 contract closed at 5447 (+175) at 3 pm, with a 4 - 5 month spread of 159 (+7). The number of warehouse receipts was 3108 (-2268). At night, it closed at 5624 (+290), and the 4 - 5 month spread was 174 (+15) [1] - **Spot**: The spot price significantly gave back the gains of the previous two days. Shandong's civil LPG mainstream price was 5005 - 7000, down 500 - 1400, and the transaction was active after the price drop. The propane DES price at Longkou Port was 923 (-5). The East China market maintained stable prices, with the mainstream transaction price at 6100 - 6700 yuan/ton [1] 3.2 Weekly Data - **Market Trends**: The futures price rose significantly last week, mainly affected by geopolitical factors. The basis first decreased and then increased, with the latest at - 688 (-346). The 4 - 5 month spread was 127 (+60). The number of warehouse receipts was 4652 (-2027) [1] - **Related Indicators**: The FEI month spread was 57 US dollars (+32), and the oil - gas price ratio increased significantly. The PG - FEI c1 reached 97 (+2). The East China propane arrival premium was 208 (+101); the AFEI, US Gulf, and Middle East propane FOB premiums were 92 (+72), 159 (+81), and 0 (+0) respectively. The FEI - MOPJ spread was - 68 [1] - **Profit and Inventory**: The PDH spot profit increased significantly, and the paper profit first decreased and then increased. The port inventory ratio was 35.6% (+2.5pct). The production and sales rate of LPG sample enterprises was 103% (+3pct), the external supply was 56.2 tons (-1.87%). The PDH operating rate was 64.93% (+1.7pct) [1] 3.3 Market Outlook - In the second week after the holiday, downstream demand recovered slowly, and supply was not substantially affected. The fundamental pattern was weak. The impact of the supply interruption in the Middle East may gradually emerge in late March or April. The domestic basis is weak, and the PG import profit has dropped to a deep negative value. The 4 - 5 month spread is mainly affected by the development of the Middle East situation and may remain strong in the short term under the sign of rising geopolitical tensions [1]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints - The domestic LPG market shows a situation where the internal valuation is relatively high. Although the domestic chemical industry has poor profits, the operating rate remains strong, and there is an expectation of a slight increase in civil demand, providing short - term support. Attention should be paid to winter weather and oil price conditions [1] 3. Summary by Relevant Data and Information Daily Changes - On Thursday, for civil LPG, the price in East China was 4415 (-9), in Shandong was 4400 (+30), and in South China was 4420 (-20). The price of ether - after carbon four was 4570 (+0). The lowest delivery location was Shandong, with a basis of 292 (+164), the 01 - 02 month spread was 68 (-9), and the 03 - 04 month spread was - 237 (-31). As of 21:00, FEI was 527 (-4) and CP was 521 (-3) dollars per ton [1] Weekly Views - The futures market was volatile, with a basis of 143 (+232), the 01 - 02 month spread of 79 (+3), and the 03 - 04 month spread of - 211 (-19). The number of warehouse receipts was 4611 lots (-200). Civil LPG prices rose, and the cheapest delivery product was civil LPG in East China at 4411 (+88). The foreign market FEI declined, while CP and MB increased, and the oil - gas ratio decreased. The internal and external markets weakened, with PG - CP dropping to 100 (-21) and PG - FEI dropping to 79 (-7). The US - Asia arbitrage window opened. The arrival premium for propane in East China was 97 (-2), and the FOB premiums for 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. 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]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The domestic market has a relatively high valuation. Although the domestic chemical industry has poor profits, the operating rate remains firm, and there is an expectation of a slight increase in civil demand, so there is still short - term support. Attention should also be paid to winter weather and oil price conditions [1]. 3) Summary by Related Content Daily Changes - On Monday, for civil gas, the prices in East China were 4401 (-10), in Shandong 4500 (+0), and in South China 4460 (-10). The price of ether - after carbon four was 4540 (+70). The lowest delivery location was East China, with a basis of 91 (-52) and a 01 - 02 month spread of 71 (-8). As of 21:00, FEI was 528 (+2) and CP was 508 (+2) dollars/ton [1]. Weekly Views - The futures market fluctuated. The basis was 143 (+232), the 01 - 02 month spread was 79 (+3), and the 03 - 04 month spread was -211 (-19). The number of warehouse receipts was 4611 (-200) hands. Civil gas prices rose, and the cheapest delivery 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 external markets weakened. PG - CP dropped to 100 (-21); PG - FEI dropped to 79 (-7). The US - Asia arbitrage window opened. The arrival premium of propane in East China was 97 (-2), and the FOB premiums of propane in AFEI, the Middle East, and the US were 30 (+18.75), 25 (-13), and 43 dollars (+4) respectively. Freight rates decreased [1]. - PDH spot profits weakened, and the futures market profits declined; the alkylation unit improved; MTBE profits fluctuated. Port inventories decreased (-7%) due to a significant drop in incoming ships (-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].

报告行业投资评级 - Not provided 报告的核心观点 - PG main contract fluctuates weakly, with the cheapest deliverable being East China civil LPG at 4481. The basis first weakens then strengthens to 70 (+59). The 9 - 10 spread is -721 (-212), and the 10 - 11 spread is 87 (+7). The registered warrant volume is 13207 lots (+320). The September CP official price remains stable, with propane and butane at 520/490. The fundamentals show that port inventories are decreasing, refinery commercial volume increases by 2.47%, and overall, the market is expected to rise steadily [1] 根据相关目录分别进行总结 日度变化 - The daily change shows that the price of South China LPG remains unchanged, East China LPG increases by 5, Shandong LPG remains unchanged, propane CFR South China increases by 6, propane CIF Japan increases by 5, MB propane spot decreases by 1, CP forecast contract price decreases by 1, Shandong ether - post - carbon four increases by 20, Shandong alkylated oil remains unchanged, paper import profit decreases by 47, and the main basis increases by 3. P - to - PP production profit weakens, CP production cost is lower than FEI. The PG futures fluctuates, and the 10 - 11 spread is 87 (+10). The US - to - Far - East arbitrage window is closed. The cheapest deliverable on Friday is East China civil LPG at 4481 [1] 周度观点 - The PG main contract fluctuates weakly. The cheapest deliverable is East China civil LPG at 4481. The basis first weakens then strengthens to 70 (+59). The 9 - 10 spread is -721 (-212), the 10 - 11 spread is 87 (+7). The registered warrant volume is 13207 lots (+320). The September CP official price remains stable, with propane and butane at 520/490. FEI and CP spreads fluctuate, MB spreads strengthen, and the oil - gas ratio changes little. The domestic - foreign spread fluctuates. The PG - CP is 106, the PG - FEI is 85, and the FEI - CP is 21.5 (+4.5). The US - Asia arbitrage window fluctuates and is closed. The AFEI offshore discount is 5.5 (-0.5), and the CP South China CIF discount is 65 (+8). Freight rates are flat, the waiting time at the Panama Canal decreases, but the auction fee remains high. The FEI - MOPJ widens to -56 (-10), and the naphtha crack spread strengthens slightly. PDH spot profit changes little, and paper profit fluctuates downward. The production gross profit of alkylated oil declines. MTBE gross profit decreases. Fundamentally, port inventories are decreasing, refinery commercial volume increases by 2.47%, and plant inventories increase but are generally controllable. PDH operating rate is 73.02% (-2.64pct), Wanhua Phase II is under maintenance, and Quanzhou Guoheng restarts at the end of the week. Next week, Quanzhou Guoheng is expected to increase production, and Hebei Haiwei plans to shut down. The alkylation operating rate is 48.42% (+0.74), and the MTBE operating rate is 63.54% (+0). Although the peak season is coming to an end, demand remains weak. East China is the cheapest delivery area, with expected tight supply, improved demand, and increased import costs, and the overall market rises steadily [1]