LPG：成本宽幅震荡，民用气短期承压

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating provided in the content. Group 2: Core View of the Report - The cost of LPG fluctuates widely, and the civil gas is under short - term pressure [1] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - Futures Data: For PG2506, the yesterday's closing price was 4,274 with a daily increase of 0.12%, and the night - session closing price was 4,264 with a decrease of 0.23%. The yesterday's trading volume was 75,858, a decrease of 3,582 from the previous day, and the yesterday's open interest was 50,644, a decrease of 5,757 from the previous day. For PG2507, the yesterday's closing price was 4,193 with a daily increase of 0.29%, and the night - session closing price was 4,206 with an increase of 0.31%. The yesterday's trading volume was 35,048, an increase of 2,749 from the previous day, and the yesterday's open interest was 52,584, a decrease of 2,970 from the previous day [1] - Spread Data: The spread between Guangzhou domestic gas and the 06 contract was 676 yesterday, compared with 681 the day before. The spread between Guangzhou imported gas and the 06 contract was 746 yesterday, compared with 751 the day before [1] - Industrial Chain Price Data: This week, the PDH operating rate was 58.0%, down from 59.6% last week; the MTBE operating rate was 56.1%, down from 61.4% last week; the alkylation operating rate was 39.9%, down from 42.2% last week [1] 2. Trend Intensity - The LPG trend intensity is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [7] 3. Market Information - Saudi CP Expectations: On May 15, 2025, the expected price of propane in the June Saudi CP was 583 US dollars/ton, remaining stable from the previous trading day; the expected price of butane was 563 US dollars/ton, also remaining stable. The expected price of propane in the July Saudi CP was 559 US dollars/ton, a decrease of 1 US dollar/ton from the previous trading day; the expected price of butane was 539 US dollars/ton, a decrease of 1 US dollar/ton from the previous trading day [9] - Domestic PDH Device Maintenance Plans: Multiple companies' PDH devices are under maintenance or have planned maintenance, such as Puyang Far East Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc., with different start - times and end - times (some are still undetermined) [8] - Domestic Refinery Maintenance Plans: Many refineries have maintenance plans, including Zhenghua Petrochemical, Panjin Haoye, etc., with various normal production volumes, loss volumes, start - times, and end - times [10]