Report Industry Investment Rating - Not provided Core View of the Report - Last week, the futures market fluctuated significantly with an upward central tendency, mainly following the oil price. The basis fluctuated sharply, and the latest value was -321 (+346). The spread between April and May was 132 (+5). The number of warehouse receipts was 3108 lots (-1544). The cheapest deliverable was Shandong ether post-5430 (+280). The domestic shortage problem in April is likely inevitable, and it is expected to be more severe in East and South China than in Shandong. In the short term, the futures market may still follow the oil price, and the spread between months will be strong [3]. Summary by Relevant Catalogs Daily Quotes - On March 16, the PG2604 contract closed at 5884 (+172) at 3 pm, with a spread of 140 (+8) between April and May. The number of warehouse receipts was 1800 (-1308). The night session closed at 5810 (-29), with a spread of 116 (-24) between April and May. Shandong civil gas was at 5520 (+190), and the overall trading atmosphere was fair. Shandong ether post was at 5420 (+0), with controllable shipments and inventory at mainstream manufacturers, but the downstream showed signs of weakness in following the price increase. Longkou Port propane was at 7200 (+0), and the Shandong propylene price was 8025 (-25). The East China market declined steadily, with mainstream transactions at 5900 - 6340 yuan/ton, and demand was average, with high-price refineries having difficulty in shipping. As of 11 pm, FEI was at 792 (+21), with a spread of 87 (+5) between April and May. The FEI - MOPJ was -128 (-8) [3]. Weekly View - The futures market fluctuated significantly last week with an upward central tendency, mainly following the oil price. The basis fluctuated sharply, and the latest value was -321 (+346). The spread between April and May was 132 (+5). The number of warehouse receipts was 3108 lots (-1544). The cheapest deliverable was Shandong ether post-5430 (+280). Shandong civil gas was at 5550 (+610), and East China civil gas was at 6159 (+1178). The FEI spread was 84 US dollars (+27), and the oil - gas price ratio fluctuated and declined. The internal and external PG - FEI c1 was 52.4 (-45). The CIF discount for South China CP propane was 402 (+30), and 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 PDH spot profit strengthened significantly. The port inventory ratio was 35.05% (-5.5 pct). The external release of liquefied gas sample enterprises was 54.4 tons (-1.8). The PDH operating rate was 63.23 (-1.7 pct). The core issue in the future is when the Strait of Hormuz will resume traffic, and short - term spot quotes mainly depend on the international oil price. The domestic shortage problem in April is likely inevitable, and it is expected to be more severe in East and South China than in Shandong. In the short term, the futures market may still follow the oil price, and the spread between months will be strong [3].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Last week, the futures price increased mainly due to geopolitical factors and a Saudi Arabian device failure. The basis was -342 (-76), and the April - May spread was 73 (-8). The number of warehouse receipts was 6679 lots (-83). The cheapest deliverable was Shanghai civilian LPG at 4200 (+50). The FEI monthly spread was 47.5 USD (+27.5), and the oil - gas price ratio decreased significantly. The March CP official price was lower than expected, with propane and butane at 545/540 (+0). The domestic and international markets were strong first and then weak, with PG - FEI c1 at 43.9 (-5.5). The CIF premium for propane in East China was 107 (+14); the FOB premiums for AFEI, US Gulf, and Middle East propane were 20 (-7), 78.15 (+13), and 0 (+0) respectively. The FEI - MOPJ spread was -22 (+20). The spot profit of PDH increased slightly, while the futures profit decreased significantly. The port inventory ratio was 33.12% (+2.77 pct). The production - sales rate of LPG sample enterprises was 100%, and the external supply was 57.27 tons (+1.74%). The PDH operating rate was 63.23% (-1.61 pct). Chemical demand was resilient, and combustion demand would gradually enter the off - season as the weather warmed. The impact of the Saudi Juaymah corridor facility failure on domestic imports might be relatively limited; the Iranian situation was the biggest risk factor. The domestic basis was weak, the April - May spread was moderately low, and with the escalation of geopolitical risks, the futures price was expected to be strong in the short term; the tight supply situation of overseas propane in April was difficult to ease, and the strategy of shorting the domestic - international spread could still be considered in the short term [1] 3. Summary by Relevant Catalogs Price and Market Data - From February 13 to February 27, 2026, the prices of LPG in South China, East China, and Shandong, as well as the CFR price of propane in South China, CIF price of propane in Japan, CP forecast contract price, price of ether - after carbon four in Shandong, and price of alkylated oil in Shandong showed certain changes. The daily changes were 5, -15, 20, -1, 7, 1, 10, 0 respectively, and the paper import profit changed by 1, and the basis of the main contract changed by 32 [1] Market Analysis - The futures price increase last week was affected by geopolitical factors and a Saudi Arabian device failure. The basis, month - spread, warehouse receipts, and other indicators changed. The FEI monthly spread increased, and the oil - gas price ratio decreased. The 3 - month CP official price was lower than expected. The domestic and international markets showed a trend of being strong first and then weak. The premiums of different regions also changed [1] Supply and Demand Analysis - The port inventory ratio increased by 2.77 pct to 33.12%. The production - sales rate of LPG sample enterprises was 100%, and the external supply increased by 1.74% to 57.27 tons. The PDH operating rate decreased by 1.61 pct to 63.23%. Chemical demand was resilient, and combustion demand would gradually enter the off - season as the weather warmed [1] Risk and Strategy - The impact of the Saudi Juaymah corridor facility failure on domestic imports might be relatively limited. The Iranian situation was the biggest risk factor, and the situation of Iranian docks, energy facilities, and the Strait of Hormuz needed to be continuously monitored. The domestic basis was weak, the April - May spread was moderately low, and with the escalation of geopolitical risks, the futures price was expected to be strong in the short term. The tight supply situation of overseas propane in April was difficult to ease, and the strategy of shorting the domestic - international spread could still be considered in the short term [1]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The short - term outlook for the East China LPG market is expected to remain stable, with a possible slight decline in local transaction prices. The internal basis of the LPG market is still weak, and the downside risk for the civil LPG market during pre - holiday inventory clearance is limited due to the large price difference between propane and civil LPG. The 3 - 4 month spread is fairly valued, and the situation of warehouse receipts needs to be monitored. The external market remains tight in the short term, with high freight rates, and geopolitical factors and cold snaps are key factors that need continuous attention [1] Summary by Related Catalogs Daily Situation - The March - April spread rebounded, with the 3 - 4 month spread at - 275 (+22) and the 4 - 5 month spread at 89 (-2). Warehouse receipts remained unchanged. The East China market was generally stable, with mainstream transactions ranging from 4,150 to 4,800 yuan per ton. Market transportation capacity is gradually decreasing, and refineries are mainly focused on stabilizing inventory before the holiday, with a cautious attitude and limited willingness to adjust prices [1] Weekly Situation - The futures price fluctuated downward this week, mainly due to the decline in oil prices and the weak basis of PG. The basis strengthened by 163 to - 71 (calculated using Shanghai civil LPG), the 3 - 4 month spread was - 303 (-9), and the number of warehouse receipts was 6,902 lots (+1,035), with Wuchan Zhongda adding 1,000 lots. The current cheapest deliverable is Shanghai civil LPG at 4,150 (+30). The monthly spread of overseas paper goods increased, and the oil - gas price ratio fluctuated. The internal - external spread weakened, with PG - FEI c1 at 75.26 (-9.6), FEI - MB at 185.6 (+16.6), and FEI - CP at 10 (+13). Freight rates increased. The discount changed significantly due to contract roll - over, but the actual landed cost fluctuated weakly. The FEI - MOPI spread widened to - 44.75 (-15.75). PDH profit decreased. Port storage capacity decreased by 1.67 pct, and the number of incoming vessels decreased by 5.22%, mainly in East China; refinery storage capacity decreased by 0.39 pct, and external sales increased by 0.94%. Chemical demand increased, with PDH operating rate at 62.66% (+1.94 pct), and Donghua Zhangjiagang and Ningbo Formosa Plastics increasing their loads. Yantai Wanhua Phase II is expected to resume next week. Although the temperature has slightly warmed up, it is still low, and the rigid demand for combustion is fair. As the Spring Festival approaches, the downstream restocking is coming to an end. It is expected that transportation capacity will decline next week, and factories will focus on inventory clearance [1]

Report Summary Report Industry Investment Rating No information provided. Core View This week, the domestic LPG market rose significantly influenced by geopolitical factors and the international market. The overall internal and external valuation is moderately high. Despite the decline in PDH operation rate, the fundamentals remain tight in the short term due to the cold wave in the US and the peak combustion season. However, as the cold wave ends and Middle - East supply resumes, combined with negative feedback from poor PDH profits and the maintenance season in March, the upward momentum will weaken. The domestic LPG spread valuation is neutral, and the fundamentals support bull spreads, but attention should be paid to the situation of warehouse receipts. [4] Summary by Relevant Content 1. Price and Spread Data - **Daily Price Changes**: From 2026/01/21 to 2026/01/27, prices of LPG in South China, East China, and Shandong, as well as related products like propane CFR South China, showed fluctuations. The daily change on 2026/01/27 included a 70 - yuan increase in South China LPG, a 2 - yuan increase in East China LPG, and a 10 - yuan decrease in Shandong LPG. [4] - **Spread Data**: The 03 - 04 spread was - 274 (- 6), and the 04 - 05 spread was 88 (- 5). As of 9 pm, FEI and CP paper prices reached $539.64 and $534.64 respectively. Weekly spreads also changed, with the 03 basis at 96 (- 83), 02 - 03 spread at 64 (- 16), and 03 - 04 spread at - 261 (- 32). [4] 2. Market Conditions and Factors - **Domestic Market**: The domestic market was significantly affected by geopolitical and international factors this week. Civil LPG prices were divergent, with Shandong at 4460 (+ 20), East China at 4372 (- 151), and South China at 4780 (- 255). The cheapest deliverable was Shandong ether - after carbon four at 4350 (+ 10). Warehouse receipts were 5898 lots (- 79). [4] - **International Market**: FEI spreads rose, while MB and CP spreads slightly declined. The oil - gas ratio decreased slightly, FEI strengthened against CP and MB, and MB - CP also strengthened. The PG - FEI c1 spread was 55.1 (- 18.7). Propane arrival discounts in East China, and FOB discounts in AFEI, the Middle East, and the US also changed. Freight rates decreased, and the FEI - MOPJ spread was - 18 (weekly + 9). [4] 3. Profit and Inventory - **Profit**: PDH spot profits fluctuated, and paper profits dropped significantly. [4] - **Inventory**: Port inventory decreased by 1.53%, and incoming shipments decreased by 13.21%. Refinery storage utilization increased by 1.21 pct, and external sales increased by 2.11%. [4] 4. Industry Operation PDH operation rate was 62.25% (- 10.82 pct). Juzhengyuan Phase II was under maintenance, and Ruiheng had a breakdown and stopped production, expected to resume next week. [4]

Group 1: Investment Rating - No relevant information provided Group 2: Core Viewpoints - This week, the domestic LPG market rose significantly due to geopolitical factors and the influence of the external market. Although the PDH operating rate has decreased, the fundamentals are still tight in the short term due to the cold wave in the United States and the peak combustion season. However, as the cold wave ends, Middle - East supply returns, and considering the negative feedback of poor PDH profits and the maintenance season in March, the driving force will weaken. The domestic market's month - spread valuation is neutral, and the fundamentals support bull spreads, but attention should be paid to the situation of warehouse receipts [1] Group 3: Summary by Relevant Content 1. Daily Market Data - From January 20 to January 26, 2026, prices of LPG in South China, East China and Shandong, as well as related products like propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - after carbon four, and Shandong alkylation oil showed different changes. The paper import profit decreased from 148 to - 169, and the main contract basis decreased from 519 to 142. On January 26, compared with the previous day, the price of South China LPG decreased by 10, the price of East China LPG increased by 10, the price of Shandong LPG decreased by 40, and other indicators also had corresponding daily changes [1] 2. Daily Market Conditions - On Monday, under the influence of macro and geopolitical sentiments, the futures market showed a strong performance. The 03 - 04 month - spread was - 246 (+15), and the 04 - 05 month - spread was 91 (-13). As of 9 p.m., the FEI and CP paper - cargo prices reached 551 and 540 US dollars respectively [1] 3. Weekly Views a. Price and Basis Changes - The domestic market rose this week. The 03 basis was 96 (-83), the 02 - 03 month - spread was 64 (-16), and the 03 - 04 month - spread was - 261 (-32). Civil LPG prices were differentiated, with the price in Shandong being 4460 (+20), in East China 4372 (-151), and in South China 4780 (-255). The cheapest deliverable product was Shandong ether - after carbon four at 4350 (+10). The number of warehouse receipts was 5898 (-79) [1] b. International Market Indicators - The FEI month - spread increased, while the MB and CP month - spreads decreased slightly. The oil - gas ratio declined slightly. FEI strengthened compared to CP and MB, and MB - CP also strengthened. The domestic - foreign PG - FEI c1 reached 55.1 (-18.7). The arrival - at - shore discount of propane in East China, China was 85 (+8); the FOB discounts of propane in AFEI, the Middle East, and the United States were 36 (-1.75), 20 (-9), and 62.52 US dollars (+11.72) respectively. Freight rates decreased. The FEI - MOPJ spread was - 18 (week - on - week +9) [1] c. Profit and Inventory - PDH spot profits fluctuated, and paper - cargo profits dropped significantly. Port inventory decreased by 1.53%, and incoming shipments decreased by 13.21%, indicating a narrowing demand. The refinery storage capacity utilization rate increased by 1.21 pct, and external sales increased by 2.11%. The PDH operating rate was 62.25% (-10.82 pct), with Juzhengyuan Phase II under maintenance and Ruiheng out of operation due to a fault, expected to resume next week [1]

1. Report Industry Investment Rating - No information provided about the industry investment rating in the given content 2. Core Viewpoints of the Report - This week, the domestic LPG market rose significantly influenced by geopolitical factors and the international market. The 03 basis was 96 (-83), the 02 - 03 monthly spread was 64 (-16), and the 03 - 04 monthly spread was -261 (-32). The prices of civil LPG showed a divergence, with prices in Shandong at 4460 (+20), in East China at 4372 (-151), and in South China at 4780 (-255). The cheapest deliverable was Shandong ether - after carbon four at 4350 (+10). The number of warehouse receipts was 5898 lots (-79). The FEI monthly spread increased, while the MB and CP monthly spreads slightly decreased. The oil - gas price ratio declined slightly. FEI strengthened compared to CP and MB, and MB - CP also strengthened. The internal and external PG - FEI c1 was 55.1 (-18.7). The CIF discount for propane in East China, China, was 85 (+8), and the FOB discounts for propane in AFEI, the Middle East, and the United States were 36 (-1.75), 20 (-9), and 62.52 US dollars (+11.72) respectively. Freight rates dropped. The FEI - MOPJ spread was -18 (week - on - week +9). The spot profit of PDH fluctuated, while the paper profit dropped significantly. Port inventory decreased by 1.53%, vessel arrivals decreased by 13.21%, and demand contracted. The refinery storage capacity utilization rate increased by 1.21 pct, and external sales increased by 2.11%. The PDH operating rate was 62.25% (-10.82 pct), with Juzhengyuan Phase II under maintenance and Ruiheng out of operation due to a fault, expected to resume next week. Overall, the internal and external valuations are moderately high. Although the PDH operating rate has decreased, the fundamentals remain tight in the short term due to the cold wave in the United States and the peak combustion season. As the cold wave ends and Middle - East supply resumes, the negative feedback from poor PDH profits and the maintenance season in March will weaken the driving force. The internal monthly spread valuation is neutral, and the fundamentals support bull spreads, but attention should be paid to the situation of warehouse receipts [1] 3. Summary by Relevant Catalog 3.1 Price and Spread Data - **LPG Prices**: On January 23, 2026, the prices in South China, East China, and Shandong were 4780, 4372, and 4460 respectively, with daily changes of -35, -56, and -20 compared to the previous day [1] - **Propane Prices**: The CFR price of propane in South China was 614, and the CIF price in Japan was 584 on January 23, 2026 [1] - **CP Forecast Contract Price**: On January 23, 2026, it was 536, with a daily change of -4 [1] - **Other Product Prices**: The price of Shandong ether - after carbon four was 4350 (+10), and the price of Shandong alkylation oil was 7150 (unchanged) on January 23, 2026 [1] - **Paper Import Profit and Basis**: On January 23, 2026, the paper import profit was -127, and the main contract basis was 298, with daily changes of 45 and -96 respectively [1] - **Monthly Spreads**: The 03 basis was 96 (-83), the 02 - 03 monthly spread was 64 (-16), and the 03 - 04 monthly spread was -261 (-32) [1] 3.2 Market and Fundamental Indicators - **Warehouse Receipts**: The number of warehouse receipts was 5898 lots, a decrease of 79 [1] - **Price Relationships**: The FEI monthly spread increased, while the MB and CP monthly spreads slightly decreased. The oil - gas price ratio declined slightly. FEI strengthened compared to CP and MB, and MB - CP also strengthened. The internal and external PG - FEI c1 was 55.1 (-18.7) [1] - **Propane Discounts**: The CIF discount for propane in East China, China, was 85 (+8), and the FOB discounts for propane in AFEI, the Middle East, and the United States were 36 (-1.75), 20 (-9), and 62.52 US dollars (+11.72) respectively [1] - **Freight Rates**: Freight rates dropped [1] - **FEI - MOPJ Spread**: The FEI - MOPJ spread was -18 (week - on - week +9) [1] - **PDH Profits**: The spot profit of PDH fluctuated, while the paper profit dropped significantly [1] - **Inventory and Arrivals**: Port inventory decreased by 1.53%, and vessel arrivals decreased by 13.21% [1] - **Refinery Indicators**: The refinery storage capacity utilization rate increased by 1.21 pct, and external sales increased by 2.11% [1] - **PDH Operating Rate**: The PDH operating rate was 62.25% (-10.82 pct), with Juzhengyuan Phase II under maintenance and Ruiheng out of operation due to a fault, expected to resume next week [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - This week, the domestic market was greatly affected by geopolitical factors, rising first and then falling, with a slight upward shift in the weekly central level [1]. - The internal and external valuations are relatively high; the external supply - demand pattern is expected to weaken, as the impact of fog in the US is expected to be small, and although the Middle East is tight in the short - term, it will be loose later; the combustion demand will end in February, and the PDH operation rate will decline [1]. - The domestic valuation is neutral, and the 2 - 3 and 3 - 4 spreads are in reverse arbitrage. Attention should be paid to the situation of warehouse receipts in the future [1]. Group 3: Summary by Relevant Catalogs Daily Data Changes - From 2026/01/13 to 2026/01/19, the prices of South China LPG, East China LPG, Shandong LPG, propane CFR South China, propane CIF Japan, CP forecast contract price, Shandong ether - after carbon four, Shandong alkylation oil, paper import profit and main basis all had different degrees of changes. The daily changes on 2026/01/19 were - 75, 0, 30, 1, 1, 1, 20, 0, - 79, 45 respectively [1]. Daily Viewpoint - On Monday, the futures market dropped significantly. The 02 - 03 spread was 85 (+10), the 03 - 04 spread was - 256 (+3), and the 02 - 04 spread was - 171 (+13). At 10 p.m. on Monday, the FEI and CP paper prices reached 523 and 527 US dollars respectively, with small changes [1]. Weekly Viewpoint - The 02 basis was 138 (-41), the 02 - 03 spread was 70 (+15), and the 03 - 04 spread was - 250 (-58) [1]. - The prices of domestic gas increased. The price in Shandong was 4440 (+40), in East China was 4523 (+56), and in South China was 5035 (+195). The cheapest deliverable was Shandong ether - after carbon four at 4340 (-50) [1]. - There were 5977 warehouse receipts (-241). The FEI and CP spreads increased, the MB spread decreased, the oil - gas ratio weakened, and FEI strengthened compared with CP and MB [1]. - The PG - FEI spread was 73.6 (-11.9), and the PG - CP spread was 69.6 (-8). The arrival discount of propane in East China, China was 77 (-2); the FOB discounts of AFEI, Middle East, and US propane were 37.75 (+3.75), 29 (-1), and 50.8 US dollars (+9.12) respectively [1]. - Freight rates increased. The rate from the US Gulf to Japan was 139 (+7). The FEI - MOPJ spread was - 27 (weekly +12) [1]. - PDH profits were significantly repaired but still poor. Port inventory decreased by 4.9%, ship arrivals increased by 2.7%, and overall shipments increased significantly. The refinery storage capacity utilization rate decreased by 0.66 pct, and external sales decreased by 0.19% [1]. - The PDH operation rate was 73.07% (-2.54 pct), and there were expectations of multiple device shutdowns in February (Juzhengyuan Phase II and Zhongjing Phase II), with the PDH operation rate expected to continue to decline [1].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Report Core View - The LPG market is characterized by a tight supply of Middle Eastern resources, rising premiums, and high prices in winter. The 1 - month CP official price is approaching release. The internal and external valuations are high, but the driving force is weak, and the internal and external trading logics are differentiated. The upward driving force of FEI is limited, and the domestic market needs to focus on the negative feedback between warehouse receipts and PDH, with high uncertainty [4] Group 3: Summary by Relevant Catalog Market Price and Basis - On December 15 - 19, 2025, the prices of Shandong LPG, propane CIF Japan, Shandong ether - after carbon four, etc. fluctuated. The lowest delivery location was Shandong, with a basis of 143 and a daily change of (- 19). The 01 - 02 month spread was 145 (+ 26), the 02 - 03 month spread was 166 (+ 5), and the 03 - 04 month spread was - 185 (+ 21). The FEI was 512 (+ 6) and the CP was 498 (- 1) US dollars/ton [4] Market Trends - The LPG futures price rebounded. The 01 basis was 162 (- 187), the 01 - 02 month spread was 119 (+ 35), and the 03 - 04 month spread was - 206 (+ 33). The number of warehouse receipts was 3368 lots (- 108). Domestic civil LPG prices were differentiated, with the most suitable delivery product being Shandong at 4380 (- 50), East China at 4398 (- 21), and South China at 4500 (+ 80). The FEI month spread strengthened, the CP month spread weakened, and the oil - gas ratio fluctuated [4] Profit and Inventory - The PDH spot profit was weak, but the futures profit rebounded. The number of arriving ships decreased by 7.64%, and the port inventory decreased by 7.89%. The refinery commercial volume increased by 0.82%, and the refinery inventory decreased by 0.03%. The PDH operating rate was 75% (+ 2.13 pct) [4]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - The Middle East supply is tight, and prices are unlikely to drop significantly in winter; the domestic market is expected to fluctuate weakly in the short term. Attention should be paid to the subsequent start - up of PDH under high costs and the situation of factory - warehouse warrants [4] Group 3: Summary by Related Catalogs Price and Basis - **Domestic Civil Gas Prices**: On Monday, the price in East China was 4413 (-6), in Shandong was 4460 (+30), and in South China was 4460 (+40). The price of ether - after carbon four was 4550 (-10). The lowest delivery location was East China, with a basis of 24 [4] - **PG Futures**: The PG futures price dropped due to falling oil prices, PDH shutdown news, and an increase in warrants. The basis was 265 (+122), the 01 - 02 spread was 84 (+5), and the 03 - 04 spread was - 223 (-12). The number of warrants was 5476 lots (+865) [4] - **External Paper Goods**: The external paper goods first rose and then fell. The FEI and CP spreads strengthened, while the MB spread weakened; the oil - gas ratio declined. The PG - CP spread was 71 (-28), and the PG - FEI spread was 65 (-14). The US - Asia arbitrage window opened [4] Market Conditions and Profits - **Arrival and Inventory**: The arrival volume increased by 12.25%, and the port inventory increased by 3.22%. The external release increased slightly by 1.3%, and the refinery storage capacity increased slightly by 0.27% [4] - **Profit Conditions**: The spot and futures profits of PDH weakened; the alkylation unit deteriorated; the MTBE profit fluctuated. The chemical demand had poor profits but strong start - up, with the PDH start - up rate at 72.87% (+2.65pct) [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - The Middle East LPG supply is tight, and prices are unlikely to drop significantly in winter; the domestic LPG market is expected to be weak in the short - term. Attention should be paid to the subsequent PDH operation under high costs and the situation of factory - warehouse warrants [4] Group 3: Summary by Related Content Price and Basis - On Friday, for civil LPG, the price in East China was 4419 (+4), in Shandong was 4430 (+30), and in South China was 4420 (+0). The price of ether - after carbon four was 4560 (-10). The lowest delivery location was East China, with a basis of 26 [4] - The PG futures price dropped due to falling oil prices, PDH shutdown news, and an increase in warrants. The basis was 265 (+122), the 01 - 02 month - spread was 84 (+5), and the 03 - 04 month - spread was -223 (-12). The number of warrants was 5476 lots (+865) [4] External Market and Arbitrage - The external paper market first rose and then fell. The FEI and CP month - spreads strengthened, while the MB month - spread weakened; the oil - gas ratio declined. The domestic - foreign relationship weakened, with PG - CP at 71 (-28) and PG - FEI at 65 (-14). The US - Asia arbitrage window opened [4] Premium and Freight - The East China propane arrival premium was 85 (-7). The AFBI, Middle East, and US propane FOB premiums were 42 (+12), 42 (+17), and 47 (+4) respectively. Freight rates increased slightly [4] Profit and Operation - The PDH spot and futures profits weakened; the alkylation unit performance deteriorated; the MTBE profit fluctuated. The chemical demand profit was poor, but the operation was stable, with the PDH operation rate at 72.87% (+2.65pct) [4] Inventory and Supply - The arrival volume increased by 12.25%, and the port inventory increased by 3.22%; the external supply increased slightly by 1.3%, and the refinery storage capacity increased slightly by 0.27% [4]