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LPG:受供应过剩预期拖累,夜盘油价下行,丙烯:供需偏紧,现货成交走高
Guo Tai Jun An Qi Huo·2025-09-12 01:46

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - LPG prices dropped in night trading due to expectations of oversupply, while propylene supply and demand were tight, leading to higher spot transactions [1][2] Group 3: Summary by Related Catalogs 1. LPG and Propylene Fundamental Data - Futures Prices: PG2510 closed at 4,470 with a daily increase of 0.18% and 4,446 at night with a -0.54% decrease; PG2511 closed at 4,424 daily (+0.23%) and 4,405 at night (-0.43%); PL2601 closed at 6,409 daily (+0.02%) and 6,392 at night (-0.27%); PL2602 closed at 6,442 daily (-0.17%) and 6,425 at night (-0.26%) [2] - Position and Trading Volume: PG2510 trading volume was 58,811, down 33,266 from the previous day, and the position was 67,360, down 1,755; PG2511 trading volume was 23,568, down 9,364, and the position was 48,770, up 3,459; PL2601 trading volume was 3,245, up 444, and the position was 10,779, up 450; PL2602 trading volume was 53, up 35, and the position was 886, down 1 [2] - Price Spreads: The spread between Guangzhou domestic gas and PG10 contract was 30 (previous day: 38); between Guangzhou imported gas and PG10 contract was 60 (previous day: 88); between Shandong propylene and PL01 contract was 291 (previous day: 267); between East China propylene and PL01 contract was 191 (previous day: 192); between South China propylene and PL01 contract was 66 (previous day: 67) [2] - Important Industrial Chain Data: PDH operating rate was 70.5% (previous week: 73.1%); MTBE operating rate was 61.7% (previous week: 62.2%); alkylation operating rate was 45.7% (previous week: 46.8%) [2] 2. Trend Intensity - LPG trend intensity was 0; propylene trend intensity was 0, with the range of [-2, 2] and classifications of weak, slightly weak, neutral, slightly strong, and strong [-2 being the most bearish and 2 being the most bullish] [6] 3. Market News - On September 11, 2025, the October CP paper cargo for propane was $549/ton, down $1/ton from the previous trading day; butane was $524/ton, up $1/ton. The November CP paper cargo for propane was $559/ton, unchanged from the previous day [7] - There were domestic PDH device maintenance plans (from Longzhong Information on September 4) and domestic liquefied gas plant device maintenance plans (from Longzhong Information on September 11), listing multiple companies' maintenance time, capacity, etc. [7][8][9]