LPG：原油隔夜大跌，成本支撑走弱

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core View of the Report The cost support of LPG has weakened due to the overnight sharp decline in crude oil prices. The LPG trend strength is -1, indicating a bearish outlook [1][7]. 3. Summary by Relevant Catalogs 3.1 LPG Fundamental Data - Futures Prices and Trading Volume: The closing price of PG2506 yesterday was 4,448 with a daily increase of 0.02%, and the night - session closing price was 4,406 with a decline of -0.94%. The closing price of PG2507 yesterday was 4,357 with a daily increase of 0.16%, and the night - session closing price was 4,320 with a decline of -0.85%. The trading volume of PG2506 yesterday was 60,926, a decrease of 5,519 compared to the previous day, and the position was 64,205, a decrease of 515. The trading volume of PG2507 was 18,086, an increase of 957, and the position was 39,193, an increase of 4,325 [1]. - Price Spreads: The spread between Guangzhou domestic gas and the 06 contract was 752 yesterday, compared to 803 the previous day. The spread between Guangzhou imported gas and the 06 contract was 792 this week, compared to 803 last week [1]. - Industrial Chain Important Price Data: The PDH operating rate was 60.1%, down from 63.2%; the MTBE operating rate was 65.0%, down from 67.2%; the alkylation operating rate was 45.2%, down from 47.8% [1]. 3.2 Market Information - Saudi CP Expectations: On May 6, 2025, the expected price of propane in the June Saudi CP was 572 US dollars per ton, up 4 US dollars per ton from the previous trading day; the expected price of butane was 552 US dollars per ton, up 4 US dollars per ton from the previous trading day [8]. - Domestic PDH Device Maintenance Plans: Multiple domestic enterprises have PDH device maintenance plans, including enterprises such as Puyang Far East Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., with the start time ranging from 2023 to 2025 and most of the end times undetermined [8]. - Domestic Liquefied Gas Factory Device Maintenance Plans: Many domestic liquefied gas factories have device maintenance plans, involving refineries in Shandong, Northeast, South China, etc., with different start and end times and varying loss amounts [9].