1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - This week, the LPG futures market was driven by geopolitical factors, showing a volatile and upward - trending pattern. The blockage of the Strait of Hormuz led to a significant decrease in the passage of LPG ships, a sharp increase in freight rates, and a divergence in the price trends of CP and FEI. Iran's tough stance and the potential damage to energy facilities in the Middle East affected the supply of LPG. Although there is a need to be vigilant about the negative feedback of increased unconventional PDH maintenance, PDH manufacturers still have a certain inventory. It is not recommended to short - sell at the top. Future attention should be paid to actual shipping conditions, domestic refinery load reduction, and PDH operation changes [3]. - For trading strategies, it is suggested to go long at low levels or hold long positions for single - side trading; the monthly spread is expected to be strong; and it is advisable to wait and see for options trading [4]. 3. Summaries According to Relevant Catalogs 3.1 Comprehensive Analysis and Trading Strategy - **Comprehensive Analysis**: The LPG futures market was driven by geopolitics this week, with a volatile and upward - trending pattern. The blockage of the Strait of Hormuz led to a significant decrease in ship traffic, a sharp increase in freight rates, and a divergence in CP and FEI prices. Iran's tough attitude and potential damage to energy facilities in the Middle East affected LPG supply. There is a need to be vigilant about the negative feedback of increased unconventional PDH maintenance, but PDH manufacturers still have inventory support. It is not recommended to short - sell at the top, and future attention should be paid to shipping conditions, refinery load reduction, and PDH operation changes [3]. - **Trading Strategy**: For single - side trading, go long at low levels or hold long positions; for arbitrage, the monthly spread is expected to be strong; for options, wait and see [4]. 3.2 Core Logic Analysis - **Crude Oil**: The conflict between the US and Iran directly drove the rapid rise and high volatility of crude oil prices through geopolitical risk premiums. The main transmission paths were the uncertainty of Iran's supply and exports and the risk of the Strait of Hormuz's interruption. The blockage of the Strait of Hormuz led to a significant decrease in ship traffic, forcing Gulf countries to cut production and posing a substantial impact on global energy supply [9]. - **Supply**: The commodity volume of LPG decreased continuously on a week - on - week basis. The capacity utilization rate of major refineries' atmospheric and vacuum distillation units was 75.22%, a week - on - week decrease of 6.13% and a year - on - year decrease of 2.37%. The capacity utilization rate of domestic independent refineries' atmospheric and vacuum distillation units was 57.49%, a decrease of 1.5 percentage points from last week. The LPG commodity volume decreased by 2.68% week - on - week. A refinery in North China was under maintenance, and many domestic refineries reduced their loads, resulting in a decrease in domestic supply. It is expected that the domestic LPG commodity volume may decline next week [13]. - **Demand**: Chemical demand remained stable for the time being. The operating rate of domestic propane dehydrogenation (PDH) units was 65.63%, a week - on - week increase of 2.4 percentage points. It is expected that the domestic PDH operating rate will decline next week. The operating rate of Shandong MTBE export factories remained unchanged from last week. The capacity utilization rate of alkylated oil samples decreased by 0.28 percentage points, and the commodity volume decreased by 0.09 tons [16]. - **Inventory**: Port inventory increased, and factory inventory also increased. The arrival of ships at ports increased, and import resources were replenished. Chemical demand increased slightly, but overall demand fluctuated little. The inventory of LPG factories increased slightly, and the inventory of most regional third - level stations increased significantly, except for North China [20]. 3.3 Weekly Data Tracking - **Price Data**: The report provides price trends of Brent, WTI, CP C3, FEI C3, LPG futures prices, and related spreads and profit data, including import profits, PDH propylene and polypropylene profits under different pricing systems [24]. - **Spread Data**: It shows the spreads between different LPG products and the basis seasonal data of LPG in different regions [27]. - **Disk Profit Data**: It presents the import profits, PDH propylene and polypropylene profits under CP, FEI, and other pricing systems [30]. - **Spot Profit Data**: It includes the import profits, PDH propylene and polypropylene profits under FOB, CFR, and other pricing systems, as well as the gross margins of isomerization etherification and dehydrogenation etherification [33]. - **Supply Data**: It shows the capacity utilization rates of major refineries and independent refineries, the LPG commodity volume, and the seasonal data of crude oil processing volume. It also lists the maintenance plans of domestic refineries and PDH units [36][37][38]. - **Inventory Data**: It provides the inventory and capacity utilization rate data of LPG ports, third - level stations, and related capacity ratios [43].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - This week, the LPG futures market was still driven by geopolitical factors, showing a volatile and upward - trending pattern. Due to the substantial blockage of the Strait of Hormuz, the passage of LPG ships has been extremely limited, with less than 10 ships passing through since the strait was blocked. The significant increase in freight rates has also led to a divergence in the price trends of CP and FEI. Currently, Iran maintains a tough stance, and news of mine - laying in the strait during the week has kept the overall energy and chemical market strong. However, it is necessary to be vigilant about the negative feedback from the increasing number of non - regular PDH overhauls in the market. In the current situation of the strait's blockage, short - selling actions are not recommended. In the future, attention should be paid to the actual navigation situation, the reduction of domestic refinery loads, and changes in PDH operating rates [4]. - Unilateral trading strategy: Volatile and upward - trending. Arbitrage strategy: The monthly spread is expected to strengthen. Option strategy: Hold off on trading [5]. 3. Summary by Directory 3.1 Comprehensive Analysis and Trading Strategies - **Comprehensive Analysis**: The LPG futures market is driven by geopolitical factors, with the Strait of Hormuz blockage affecting ship passage and freight rates, leading to price divergence between CP and FEI. The overall energy and chemical market is strong, but there is a risk of negative feedback from PDH overhauls. Future attention should be paid to navigation, refinery load, and PDH operating rate changes [4]. - **Trading Strategies**: Unilateral trading is expected to be volatile and upward - trending; arbitrage trading shows a strengthening monthly spread; options trading should be on hold [5]. 3.2 Core Logic Analysis 3.2.1 Crude Oil - The US - Iran conflict drives the rapid rise and high volatility of crude oil prices through geopolitical risk premiums. The main transmission paths are the uncertainty of Iran's supply and exports and the risk of the Strait of Hormuz's interruption. Since the conflict, the Iranian Islamic Revolutionary Guard Corps has implemented military control over the strait, causing a sharp decline in ship traffic. As more than 90% of the crude oil exports of Gulf countries rely on this strait, shipping interruptions will lead to an increase in the scale of forced production cuts in these countries, posing a substantial impact on global energy supply [10]. 3.2.2 Supply - The capacity utilization rate of domestic major refineries' atmospheric and vacuum distillation units is 81.35%, a 1.46% decrease from the previous week but a 2.86% increase year - on - year. The capacity utilization rate of domestic independent refineries' atmospheric and vacuum distillation units is 58.99%, a 2.28 - percentage - point decrease from the previous week. The LPG commodity volume decreased by 3.22% week - on - week. Some refineries in Shandong and East China reduced their loads, and a refinery in North China plans to conduct maintenance next week, which may lead to a decline in the domestic LPG commodity volume [13]. 3.2.3 Demand - The domestic PDH operating rate is 63.23%, a 1.7 - percentage - point decrease from the previous week. An East China PDH Phase III plant restarted, but two PDH plants in East China had short - term shutdowns, and many PDH enterprises reduced their loads due to low raw material inventories. Next week, the East China PDH Phase III plant is expected to gradually increase its load, and the domestic PDH operating rate is expected to rise slightly. The operating rate of Shandong MTBE export plants is 66.54%, a 1.59 - percentage - point increase from the previous week. The capacity utilization rate of alkylated oil sample plants is 38.48%, a 0.08 - percentage - point increase from the previous week, and the commodity volume of Chinese alkylated oil sample enterprises increased by 0.03 tons to 12.46 tons. Overall, the chemical demand is temporarily stable, and some enterprises have carried out preventive production cuts [16]. 3.2.4 Inventory - The port inventory of LPG decreased. Although the number of arriving ships increased this period, the inventory of ships arriving at the end of the week will be reflected next week, and the unloading volume this week did not change much. The chemical demand increased slightly, but due to large fluctuations in import prices caused by geopolitical conflicts, the port shipment situations varied. The LPG inventory in refineries increased slightly. The market sentiment was still dominated by news. Initially, there was a strong sentiment of chasing price increases, and refineries held back supplies to push up prices. However, as the geopolitical situation showed signs of easing, the news - based support weakened, and refineries rushed to sell but with poor trading results, leading to an increase in inventory in various regions. Except for the North China third - level stations, the storage capacity utilization rates in most regions increased significantly [20]. 3.3 Weekly Data Tracking 3.3.1 Price Data - The document provides price data for Brent, WTI, CP C3, FEI C3, LPG futures prices, etc., as well as their historical trends [24]. 3.3.2 Spread Data - It presents spread data such as the basis of LPG in South China, East China, and Shandong ether - post C4, and their seasonal trends [27]. 3.3.3 Disk Profit Data - Disk profit data includes import profit (CP, FEI), PDH propylene profit, and PDH polypropylene profit [30]. 3.3.4 Spot Profit Data - Spot profit data covers import profit (FOB, CFR), PDH propylene profit, PDH polypropylene profit, isomerization etherification gross profit, and dehydrogenation etherification gross profit [33]. 3.3.5 Supply Data - It shows the capacity utilization rates of major and independent refineries, LPG commodity volume, and crude oil processing volume, as well as their historical trends. It also lists the routine and non - routine maintenance situations of domestic refineries and the weekly maintenance data of Chinese PDH plants [37][40][43]. 3.3.6 Inventory Data - Inventory data includes the storage capacity utilization rates of third - level stations in various regions, LPG port inventory, and port storage capacity ratio, along with their historical trends [49].

Report Title - LPG Liquefied Gas Weekly Report: Focus on US-Iran Negotiations [1] Report Industry Investment Rating - Not provided Core Viewpoints of the Report - This week, LPG has been oscillating within a range after a previous decline. Overseas, Middle Eastern supplies remain tight with rising Saudi CP prices in March and uncertain Iranian situation, keeping prices high. In Europe and America, cold snaps led to continuous inventory reduction of propane in the US, driving prices up with natural gas, but supply is sufficient. Domestically, although the arrival volume is low, refinery off - gas has increased. In terms of demand, combustion demand is still in the peak season, but chemical demand is weak, with low PDH operating rates due to high import prices and poor profits. Looking ahead, refinery off - gas may decline slightly, and there is no sign of further weakening in PDH operations. The impact of the Iranian negotiations should be continuously monitored [4]. - Unilateral trading strategy: wide - range oscillation; Arbitrage strategy: wait - and - see; Option strategy: wait - and - see [5] Summary of Each Chapter Chapter One: Comprehensive Analysis and Trading Strategy Comprehensive Analysis - Overseas market: Tight Middle Eastern supply, rising Saudi CP prices in March, and uncertain Iranian situation keep Middle Eastern prices high. In Europe and America, cold snaps in the US led to propane inventory reduction, driving prices up with natural gas, but supply is sufficient. - Domestic market: Supply side shows low arrival volume but increased refinery off - gas. Demand side has strong combustion demand but weak chemical demand, with low PDH operating rates due to high import prices and poor profits. Future refinery off - gas may decline slightly, and PDH operations may not weaken further [4]. Trading Strategy - Unilateral: wide - range oscillation; Arbitrage: wait - and - see; Option: wait - and - see [5] Chapter Two: Core Logic Analysis Crude Oil - The international crude oil market is highly volatile and widely oscillating, mainly driven by the repeated US - Iran geopolitical negotiations, along with macro - demand concerns and supply - side signals. Oil prices first fell and then rebounded, but still ended the week lower, breaking the previous upward trend. Geopolitical factors led to a roller - coaster market. At the beginning of the week, easing negotiation expectations reduced geopolitical risks and oil prices declined. In the middle and later part of the week, negotiation uncertainties and the US shooting down an Iranian drone increased the geopolitical premium and oil prices rebounded. In terms of supply and demand, OPEC + confirmed no change in the March production policy, Saudi Arabia lowered its official selling price to Asia, the impact of extreme cold in the US is fading, and the US oil inventory change is limited with an emerging supply - surplus pattern [10]. Supply - The capacity utilization rate of domestic major refineries' atmospheric and vacuum distillation units is 81.81%, up 1.79% week - on - week and 2.87% year - on - year. The capacity utilization rate of independent refineries is 60.00%, down 0.91 percentage points week - on - week. Due to the increased operation of major refineries and reduced self - use in some enterprises, supply has increased. Next week, refinery off - gas is expected to decrease, and domestic LPG production may decline [13]. Demand - Chemical demand is weak. The PDH operating rate is 62.66%, up 1.94% week - on - week but at a historically low level, mainly due to increased production in East China. MTBE production remained flat this week. The capacity utilization rate of alkylation oil samples is 36.30%, up 0.87% week - on - week [16]. Inventory - This week, the number of arriving ships at ports decreased slightly, but the inventory of ships arriving last week was unloaded this week, increasing the unloading volume. Due to the addition of new port sample enterprises by Longzhong, port inventory increased. LPG inventory at refineries decreased slightly. From the perspective of tertiary - station inventory, the storage rates in different regions vary, with the storage rate in North China rising from the bottom, remaining high in South China and along the Yangtze River, increasing in East China, and being neutral in other regions [20]. Chapter Three: Weekly Data Tracking Price Data - Not summarized as only data graphs are presented without specific text analysis [24] Spread Data - Not summarized as only data graphs are presented without specific text analysis [27] Disk Profit Data - Not summarized as only data graphs are presented without specific text analysis [30] Spot Profit Data - Not summarized as only data graphs are presented without specific text analysis [34] Supply Data - Data on the capacity utilization rates of major and independent refineries, LPG production, and crude oil processing volume are presented. There is also a refinery maintenance plan table showing the maintenance information of multiple domestic refineries from 2025 to 2027 [37][39] PDH Device Maintenance Data - A table shows the maintenance information of PDH devices of multiple enterprises from 2023 to 2026 [41] National Temperature Forecast - Not summarized as only the data source is provided without specific content [45] Inventory Data - Data on the storage rates of tertiary stations, port inventory, and port storage ratios of LPG are presented [48]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - This week, the main contract of LPG changed from 2602 to 2603, with prices showing a weak trend. The previous concerns about restricted Iranian gas exports had significantly boosted the domestic market. However, President Trump's statement eased market panic, leading to a retracement of the geopolitical premium in oil prices. Based on the current fundamental data, both the domestic production volume and imports of LPG have slightly increased, while the chemical demand has slightly declined but still remains supported. Given the high costs for downstream chemical enterprises, the negative feedback from PDH may affect the operating rate. In the future, with an expected decline in PDH operating rate and no further escalation of geopolitical events, the futures price may face downward pressure [4]. - The trading strategy suggests a weak and volatile trend for single - sided trading, while recommending a wait - and - see approach for both arbitrage and options trading [5]. Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategy Comprehensive Analysis - The main LPG contract changed from 2602 to 2603, and prices were weak. Geopolitical concerns initially boosted the market, but Trump's statement led to a retracement of the geopolitical premium in oil prices. Supply increased slightly, and chemical demand decreased slightly but still had support. High costs for downstream enterprises may affect PDH operating rates, and future prices may face pressure [4]. Strategy - Single - sided trading: Weak and volatile. Arbitrage: Wait - and - see. Options: Wait - and - see [5]. Chapter 2: Core Logic Analysis Crude Oil - The previous oil price increase was a short - term rebound driven by geopolitical risks rather than a fundamental turnaround. After reaching a low in late 2025, oil prices had some upward momentum, driven by various geopolitical risks. The easing of Iranian geopolitical risks led to a retracement of the $3 - 5 per barrel premium. Globally, high inventories, stable OPEC+ and US production, and sufficient supply continue to limit the upside of oil prices [8]. Supply - The capacity utilization rate of major domestic refineries increased slightly by 0.26% to 77.24%, above the five - year average, with an expected increase in LPG supply. The capacity utilization rate of independent refineries decreased slightly by 0.32% to 61.01%, at a relatively low historical level. Overall LPG production increased slightly due to the increase in major refineries and the decrease in independent refineries [13]. Demand - Overall, chemical demand still has support, except for the low operating rate of alkylation. Attention should be paid to the PDH operating rate under continuous losses. The current PDH operating rate decreased by 2.54% to 73.07%, and is expected to decline further next week. The MTBE operating rate remains at a high level [15][17]. Inventory - Port arrivals increased slightly but remained at a low level. Ports continued to deplete inventory as imports were insufficient. Chemical demand decreased slightly, and downstream enterprises fulfilled previous low - price contracts, but overall arrivals were limited, resulting in some ports holding back inventory. Factory inventories also decreased slightly due to low supply and smooth sales. The inventory levels of tertiary stations varied by region, with stable low - level inventory in North China, a significant increase in South China, and stable inventory along the Yangtze River [20]. Chapter 3: Weekly Data Tracking Price Data - Multiple price - related data charts are presented, including Brent, WTI, CP, FEI, and LPG prices, but no specific analysis is provided [24]. Spread Data - Multiple spread - related data charts are presented, such as the basis between different regions' LPG and the main contract, but no specific analysis is provided [27]. Disk Profit Data - Multiple profit - related data charts are presented, including import profits and PDH profits based on different price benchmarks, but no specific analysis is provided [30]. Spot Profit Data - Multiple profit - related data charts are presented, including import profits and PDH profits based on different price benchmarks, as well as etherification profit data, but no specific analysis is provided [34]. Supply Data - Data on the capacity utilization rates of major and independent refineries, LPG production volume, and crude oil processing volume are presented. A list of major domestic refinery maintenance plans and PDH device maintenance schedules is also provided [37][39][41]. Inventory Data - Data on the inventory levels of LPG ports and tertiary stations, as well as port capacity ratios, are presented [47].

Report Title LPG Liquefied Gas Weekly Report: Short - term Slight Support with Limited Upside Space [1] 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the main LPG contract changed to 2602. Due to the large previous decline, there was a slight repair, and the fundamentals this period also supported the price. The supply had no more increment, and although the combustion demand lacked highlights, the increase in PDH operation supported the price floor. With a small reduction in warehouse - receipt pressure, the 02 contract showed a strong trend this week. However, in the medium - to - long - term, the high costs of downstream chemical enterprises and the weak PP trend would cause PDH negative feedback to affect the operation [4]. - For trading strategies, maintain a strategy of shorting on rallies for single - side trading, and stay on the sidelines for arbitrage and options trading [5]. 3. Summary by Directory 3.1 Comprehensive Analysis and Trading Strategies - **Analysis**: The main LPG contract 2602 had a slight upward repair due to previous decline and fundamental support. Supply had no new increments, combustion demand was lackluster, but PDH operation increase supported the price. However, PDH negative feedback may occur in the long - term [4]. - **Strategies**: - Single - side: Maintain a strategy of shorting on rallies [5]. - Arbitrage: Stay on the sidelines [5]. - Options: Stay on the sidelines [5]. 3.2 Core Logic Analysis 3.2.1 Crude Oil - Geopolitical risks have many uncertainties. The expectation of a cease - fire in the Russia - Ukraine conflict drives oil prices down, while the tense situation in Venezuela drives them up. - From the supply - demand perspective, the surplus pressure keeps oil prices oscillating at this year's low, lacking the momentum for a significant short - term rebound. - In the medium - term, as the surplus pressure cannot be disproven, oil prices are expected to oscillate weakly [10]. 3.2.2 Supply - **Refinery Production**: The capacity utilization rate of domestic major crude oil refineries remained flat this week, at a relatively low level this year but normal for the historical period due to seasonal maintenance. With the end of autumn maintenance, the capacity utilization rate is expected to increase. The production utilization rate of domestic independent crude oil refineries slightly decreased by 0.01% to 64.33%, still at a high level this year and historically. The overall supply is expected to remain stable next week [13]. - **Imports**: The number of LPG ships arriving in China has rebounded. This week, the LPG arrival volume was 677,000 tons, a weekly decrease of 56,000 tons. The freight rates of three classic VLGC routes have increased slightly. Due to the high external prices, domestic PDH enterprises are in a theoretical loss, reducing their willingness to import significantly [16]. 3.2.3 Demand - The PDH operation rate increased by 2.13% to over 75%, at a high level this year. The MTBE operation rate slightly decreased by 0.85% but remained at a relatively high level. Although the combustion demand may be lackluster due to the expected warm winter, the chemical demand provides obvious support [19]. 3.2.4 Inventory - The LPG port inventory decreased this week due to a slight reduction in arrivals and an increase in chemical demand. The port storage capacity ratio also continued to decline, below the seasonal level. The in - plant inventory also slightly decreased. The storage capacity utilization rates of tertiary stations in different regions showed a differentiated trend, which may be due to uneven temperatures [20][23]. 3.3 Weekly Data Tracking 3.3.1 Price Data No specific analysis provided, only price - related charts are shown, including Brent, WTI, CP, FEI, and LPG main contract prices [27]. 3.3.2 Spread Data No specific analysis provided, only spread - related charts are shown, including the spread between different regions' civilian LPG and the main contract, and the seasonal basis of LPG [31]. 3.3.3 Disk Profit Data No specific analysis provided, only profit - related charts are shown, including import profit, PDH propylene profit, and PDH polypropylene profit [34]. 3.3.4 Spot Profit Data No specific analysis provided, only profit - related charts are shown, including import profit under different trade terms, PDH propylene profit, PDH polypropylene profit, and etherification gross profit [37]. 3.3.5 Supply Data - The data shows the seasonal trends of LPG production, crude oil processing volume, and the capacity utilization rates of major and independent refineries [40]. - There are also schedules for domestic major refinery device overhauls and PDH device overhauls of some enterprises [43][45]. 3.3.6 Inventory Data The data shows the seasonal trends of LPG port inventory, port storage capacity ratio, and the storage capacity utilization rate of tertiary stations [52].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - This week, the LPG market showed a volatile and weak trend, especially with a significant decline starting from the night session on Thursday. The decline was caused by multiple factors, including the weakening support from the cost side due to the weak international crude oil prices, the need to digest the warehouse receipt pressure, and the divergence between the domestic and international markets. The firmness of the international market led to high import costs for downstream chemical enterprises, continuous losses in PDH profits, a decrease in the operating rate, and a more pessimistic outlook for future operations. Additionally, the economic efficiency compared to naphtha cracking continued to deteriorate. On the other hand, the relatively warm winter in the Yangtze River Delta region and the high inventory levels at the third - tier stations indicated that the combustion demand did not exceed expectations and might even fall short [4]. - For trading strategies, it is recommended to adopt a short - selling strategy on rallies for single - side trading, wait and see for the 03/04 reverse spread opportunity in arbitrage trading, and watch for the put options opportunities of LPG2603 and LPG2604 [4]. 3. Summary by Directory 3.1 Comprehensive Analysis and Trading Strategies - **Market Trend**: The LPG market was volatile and weak this week, with a significant decline starting from Thursday night. The decline was due to weak international crude oil prices, warehouse receipt pressure, and the divergence between domestic and international markets. The high international prices led to high import costs for downstream chemical enterprises, resulting in continuous losses in PDH profits, a decrease in the operating rate, and a poor outlook for future operations. The economic efficiency compared to naphtha cracking also deteriorated. The relatively warm winter in the Yangtze River Delta region and high third - tier station inventories suggested that the combustion demand was not as expected [4]. - **Trading Strategies**: - Single - side: Maintain a short - selling strategy on rallies as the market is expected to be volatile and weak. - Arbitrage: Wait and see for the 03/04 reverse spread opportunity. - Options: Watch for the put options opportunities of LPG2603 and LPG2604 [4]. 3.2 Core Logic Analysis - **Crude Oil**: The crude oil market continued to face supply pressure. Although OPEC+ suspended production increases in the first quarter of next year due to expectations of weak seasonal demand and sluggish global economic growth, the expectation of oversupply was difficult to change in the short term. The interception of a sanctioned oil tanker by the US military and the possible seizure of more oil tankers transporting Venezuelan oil affected oil prices. The Fed's interest rate cut this week also boosted the macro - financial market [7][8][10]. - **Supply from Refineries**: The capacity utilization rate of domestic major crude oil refineries rebounded by 0.45% to 75.11% after three consecutive weeks of decline. Although it was at a relatively low level this year, it was normal compared to historical levels due to seasonal maintenance. With the end of autumn maintenance, the capacity utilization rate of major refineries is expected to increase. The capacity utilization rate of independent refineries slightly decreased by 0.25% to 64.34%, but it was still at a relatively high level this year and in historical terms. The overall supply is expected to remain stable as there are no major load adjustment plans for Shandong refineries next week [13]. - **Supply from Imports**: According to Clarkson data, the number of LPG ships arriving at Chinese ports rebounded, and the weekly LPG arrival volume increased by 175,000 tons. The freight rates of VLGC ships on three classic routes increased slightly, which was reflected in the FEI price. However, due to the divergence between domestic and international markets and the continuous losses of domestic PDH enterprises, the willingness for large - scale imports was weak [16]. - **Inventory**: The LPG port inventory increased slightly this week due to a small increase in arrivals, and the port storage capacity ratio continued to be below the seasonal average. The LPG inventory in refineries also increased slightly. The inventory capacity utilization rates at third - tier stations showed regional divergence, with continuous decreases in North China, high levels in the Yangtze River Basin and South China, and neutral levels in other regions, possibly due to uneven temperatures [17][20]. 3.3 Weekly Data Tracking - **Price Data**: The report presents various price - related data, including Brent and WTI crude oil prices, CP, C3, FEI C3 prices, LPG main contract prices, and their seasonal trends, as well as the economic efficiency comparison between CP/FEI and other related data [24]. - **Spread Data**: It shows the spread data between different regions' LPG prices (such as South China, East China, and Shandong), the basis seasonal trends of LPG in different regions, and the basis between the LPG main contract and the spot market [27]. - **Profit Data on the Futures Market**: The data includes import profits based on CP and FEI, PDH propylene and polypropylene profits based on CP and FEI, and the relationship between import prices, LPG futures prices, and profits [30]. - **Profit Data in the Spot Market**: It covers import profits based on FOB, CFR, PDH propylene and polypropylene profits based on FOB and CFR, and the profits of isomerization etherification and dehydrogenation etherification [34]. - **Supply Data**: The data shows the seasonal trends of LPG production, crude oil processing volume, the capacity utilization rates of major and independent refineries, and also provides the maintenance schedules of domestic major refineries and PDH plants [37][39][41]. - **Temperature Forecast**: The report provides the national temperature forecast, but no specific forecast content is given, only the data source is mentioned [43]. - **Inventory Data**: It presents the inventory capacity utilization rates of third - tier stations in different regions, the seasonal trends of LPG port inventory, and the seasonal trends of the port storage capacity ratio [47].