乙二醇：供需结构改善 MEG短期下方支撑较强

Supply and Demand - As of May 15, the overall operating rate of MEG is 60.51%, down by 8.48%, while the coal-based MEG operating rate is 60.04%, down by 6.71% [2] - As of May 19, the estimated MEG port inventory in the East China main port area is approximately 743,000 tons, a decrease of 0.8 thousand tons compared to the previous period [2] - Demand remains consistent with PTA demand [2] Market Outlook - In May, the ethylene glycol industry is experiencing both maintenance and restart of facilities, with a significant recovery in synthetic gas load expected in mid to late May [3] - Hengli Petrochemical's 1.8 million tons/year MEG facility is temporarily shut down in mid-May, with an expected downtime of over one month [3] - Short-term polyester load is running at a high level, and due to maintenance of two large facilities in Saudi Arabia, the expected import volume is adjusted downward [3] - Recent overseas shipments arriving at the port are limited, indicating a trend of inventory reduction in May and June, which is also reflected in port inventory [3] - The easing of China-US tariff issues is expected to provide short-term support for ethylene glycol prices [3] - The strategy suggests considering selling put options EG2509-P-4300 and taking low-price positions in EG9-1 [3]