LPG：短期利空兑现，关注下方支撑日涨幅

Group 1: Report Title and General Information - The report is titled "LPG: Short - term bearish factors realized, focus on lower support" and was released on May 16, 2025 [1] Group 2: Fundamental Tracking Futures Prices - PG2506 had a yesterday's closing price of 4,269 with a - 2.00% daily increase, and a night - session closing price of 4,278 with a 0.21% night - session increase. PG2507 had a yesterday's closing price of 4,181 with a - 1.99% daily increase, and a night - session closing price of 4,190 with a 0.22% night - session increase [1] Trading Volume and Open Interest - PG2506 had a yesterday's trading volume of 79,440, a decrease of 21,002 from the previous day, and an open interest of 56,401, an increase of 1,503 from the previous day. PG2507 had a yesterday's trading volume of 32,299, a decrease of 590 from the previous day, and an open interest of 55,554, an increase of 7,618 from the previous day [1] Price Spreads - The spread between Guangzhou domestic gas and the 06 contract was 711 yesterday (compared to 694 the day before), and the spread between Guangzhou imported gas and the 06 contract was 771 yesterday (compared to 724 the day before) [1] Industry Chain Key Price Data - This week, the PDH operating rate was 58.0% (compared to 59.6% last week), the MTBE operating rate was 56.1% (compared to 61.4% last week), and the alkylation operating rate was 39.9% (compared to 42.2% last week) [1] Group 3: Trend Intensity - The LPG trend intensity is 0, with the range of trend intensity being integers in the [- 2,2] interval, where - 2 represents the most bearish and 2 represents the most bullish [7] Group 4: Market Information Saudi CP Expectations - On May 14, 2025, the expected price of propane in the June Saudi CP was 583 dollars/ton, a 6 - dollar/ton increase from the previous trading day; the expected price of butane was 563 dollars/ton, a 6 - dollar/ton increase from the previous trading day. The expected price of propane in the July Saudi CP was 560 dollars/ton, a 7 - dollar/ton increase from the previous trading day; the expected price of butane was 540 dollars/ton, a 7 - dollar/ton increase from the previous trading day [9] Domestic PDH Device Maintenance Plans - Multiple companies including Puyang Far East Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., have PDH device maintenance plans with various start and end times, some of which are still undetermined [8] Domestic Liquefied Gas Factory Device Maintenance Plans - Many refineries such as Zhenghe Petrochemical, Panjin Haoye, etc., have device maintenance plans with different normal production volumes, loss volumes, start times, and end times, some of which are still undetermined [10]