LPG：民用气继续企稳，盘面支撑走强

Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Report's Core View - The core view is that the civil LPG market continues to stabilize, and the support for the futures market has strengthened. The report presents detailed data on LPG futures prices, trading volumes, open interests, price spreads, and the operating rates of relevant industrial chains [1]. 3. Summary by Related Catalogs Futures Market - Futures Prices and Changes: On May 28, 2025, the closing price of PG2507 was 4,090 with a daily increase of 0.69%, and the night - session closing price was 4,088 with a decrease of 0.05%. The closing price of PG2508 was 4,012 with a daily increase of 0.43%, and the night - session closing price was 4,006 with a decrease of 0.15% [1]. - Trading Volume and Open Interest: The trading volume of PG2507 was 61,502, an increase of 3,242 compared to the previous day, and the open interest was 75,989, a decrease of 2,008. The trading volume of PG2508 was 9,088, an increase of 1,409 compared to the previous day, and the open interest was 32,811, an increase of 724 [1]. - Price Spreads: The spread between Guangzhou domestic gas and the 07 contract was 690, down from 738 the previous day; the spread between Guangzhou imported gas and the 07 contract was 760, down from 838 the previous day [1]. Industrial Chain Data - Operating Rates: The PDH operating rate this week was 61.2%, up from 58.0% last week; the MTBE operating rate was 55.4%, down from 56.1% last week; the alkylation operating rate was 42.2%, up from 41.0% last week [1]. Market Trends - LPG Trend Intensity: The LPG trend intensity is 0, indicating a neutral market trend. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [6]. Market Information - Saudi CP Expectations: On May 26, 2025, the expected price of propane in the June Saudi CP was 593 USD/ton, up 2 USD/ton from the previous trading day; the expected price of butane was 568 USD/ton, down 3 USD/ton. The expected price of propane in the July Saudi CP was 560 USD/ton, up 1 USD/ton from the previous trading day; the expected price of butane was 535 USD/ton, down 4 USD/ton [8]. - Domestic PDH Device Maintenance Plans: Multiple companies' PDH devices are under maintenance, including濮阳市远东科技有限公司, 江苏延长中燃化学有限公司, etc., with some maintenance start - times dating back to 2023 and end - times yet to be determined [7]. - Domestic LPG Refinery Maintenance Plans: Many refineries have maintenance plans, such as 正和石化, 盘锦浩业, etc., with different normal production volumes, loss volumes, start times, and end times [9].