Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The core contradictions affecting the LPG price trend include cost - end crude oil fluctuations due to supply surplus and geopolitical issues, an unexpected decline in the CP October contract price, the recurrence of Sino - US contradictions, and a loose domestic market with stable supply - demand and weak combustion demand [2] - Bullish factors include a small rebound in the crude oil market, the expansion of PDH profits supporting demand, and the widening FN spread attracting cracking demand [3] - Bearish factors are the persistent supply surplus of crude oil in the fourth quarter and the weak performance of both the outer - market propane and domestic spot [2] Summary by Related Catalogs LPG Price and Volatility - The monthly price range prediction for LPG is 3800 - 4200, with a current 20 - day rolling volatility of 21.39% and a 3 - year historical percentage of 37.37% [1] LPG Hedging Strategies Inventory Management - For high inventory and fear of price drops, sell PG2511 futures at a 25% hedging ratio in the 4400 - 4500 range to lock in profits and sell PG2511C4400 call options at a 25% ratio in the 60 - 70 range to reduce costs [1] Procurement Management - For low procurement inventory, buy PG2511 futures at a 25% hedging ratio in the 3800 - 4000 range to lock in procurement costs and sell PG2511P3800 put options at a 25% ratio in the 50 - 70 range to reduce costs [1] Industry Data Price - Brent crude was at $63.39 on October 13, 2025, up $1.3 from the previous day and down $2.76 from the week - ago level. WTI was at $59.14, up $1.3 and down $2.88 respectively [5] - LPG's main contract closed at 4082 yuan/ton on October 13, 2025, up 12 yuan from the previous day and down 155 yuan from the week - ago level [5] Spread - FEI - MOPJ M1 was - 86.30 on October 13, 2025, down 19.43 from the previous day and 14.67 from the week - ago level [5] - LPG - FEI was 49.85, up 150.25 from the previous day and 198.37 from the week - ago level [5] Monthly Spread - LPG11 - 12 was 107 on October 13, 2025, up 29 from the previous day and the week - ago level [5] - FEI M1 - M2 was - 13.63, down 0.38 from the previous day and up 0.63 from the week - ago level [5] Ratio - MB/WTI was 0.44 on October 13, 2025, down 0.03 from the previous day and up 0.01 from the week - ago level [5] - FEI/Brent was 0.60, down 0.03 from the previous day and 0.02 from the week - ago level [5] Disk Profit - The disk import profit - FEI was - 400.55 on October 13, 2025, up 14.53 from the previous day and down 152.04 from the week - ago level [5] - The PDH disk profit - PG was 278.7, down 42.8 from the previous day and up 19.25 from the week - ago level [5] Spot Profit - The Asian naphtha cracking profit was - 32.4996 on October 13, 2025, up 7.99 from the previous day and 17.54 from the week - ago level [5] - The Asian propane cracking profit was 47.0266, up 30.56 from the previous day and 53.52 from the week - ago level [5] Freight - The freight from the Middle East to the Far East was 62.667 on October 13, 2025, down 1 from the previous day and 7.5 from the week - ago level [5] - The freight from the US to Europe was 67.5, down 1.5 from the previous day and 11.625 from the week - ago level [5]