LPG：短期偏弱震荡

1. Report Industry Investment Rating - The report does not provide an industry investment rating [1] 2. Core View of the Report - LPG is expected to experience short - term weak and volatile trends [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Data: PG2508 had a yesterday's closing price of 4,053 with a - 0.61% daily increase, and a night - session closing price of 4,065 with a 0.30% increase; PG2509 had a yesterday's closing price of 3,990 with a 0.13% daily increase and a night - session closing price of 4,026 with a 0.90% increase. PG2508's yesterday's trading volume was 58,667 (an increase of 14,309 from the previous day), and its position was 27,381 (a decrease of 7,956 from the previous day); PG2509's yesterday's trading volume was 50,765 (an increase of 20,777 from the previous day), and its position was 70,020 (an increase of 11,434 from the previous day) [3] - Spread Data: The spread between Guangzhou domestic gas and the 08 contract was 477 yesterday (452 the day before), and the spread between Guangzhou imported gas and the 08 contract was 527 yesterday (502 the day before) [3] - Industrial Chain Price Data: This week, the PDH operating rate was 71.8% (60.9% last week), the MTBE operating rate was 67.6% (66.9% last week), and the alkylation operating rate was 45.9% (43.8% last week) [3] 3.2 Trend Intensity - The LPG trend intensity is 0, with the range of trend intensity being integers in the [-2, 2] interval, where - 2 means the most bearish and 2 means the most bullish [8] 3.3 Market Information - Saudi CP Expectations: On July 17, 2025, the expected price of propane in the August Saudi CP was 546 US dollars/ton, a decrease of 3 US dollars/ton from the previous trading day; the expected price of butane was 516 US dollars/ton, a decrease of 3 US dollars/ton from the previous trading day. For the September Saudi CP, the expected price of propane was 546 US dollars/ton, a decrease of 2 US dollars/ton from the previous trading day; the expected price of butane was 516 US dollars/ton, a decrease of 2 US dollars/ton from the previous trading day [10] - Domestic PDH Device Maintenance Plans: Multiple companies such as Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd. have PDH device maintenance plans, with some start times and end times being undetermined [9] - Domestic Liquefied Gas Factory Device Maintenance Plans: Many domestic refineries in Shandong, Northeast, North China, East China, South China, and the West have maintenance plans, including full - plant overhauls and partial device overhauls, with different normal production volumes, loss volumes, start times, end times, and overhaul durations [11]