液化石油气月报：中美关税大幅下调，整体供需格局仍偏宽松

研究院能源组研究员潘翔0755-82767160panxiang@htfc.com从业资格号：F3023104投资咨询号：Z0013188康远宁0755-23991175kangyuanning@htfc.com从业资格号：F3049404投资咨询号：Z0015842投资咨询业务资格：证监许可【2011】1289号 目录核心观点............................................................................................................................................................................................1原油：欧佩克增产节奏延续，油市短期多空因素交织.................................................................................................................3中美关税大幅下调，美国LPG出口维持高位...............................................................................................................................4供需格局宽松，国内市场弱势运行.................................................................................................................................................7图表图1:全球原油卫星库存丨单位：百万桶......................................................................................................................................3图2:国际原油基准价格丨单位：美元/桶.....................................................................................................................................3图3:WTI原油月差丨单位：美元/桶..............................................................................................................................................4图4:BRENT原油月差丨单位：美元/桶..........................................................................................................................................4图5:原油与美股走势丨单位：美元/桶.........................................................................................................................................4图6:原油与美元指数走势丨单位：美元/桶.................................................................................................................................4图7:中东LPG发货量丨单位：千吨/月........................................................................................................................................5图8:伊朗LPG发货量丨单位：千吨/月........................................................................................................................................5图9:美国LPG发货量丨单位：千吨/月........................................................................................................................................5图10:美国丙烷&丙烯库存丨单位：千桶......................................................................................................................................5图11:CP丙烷掉期首行价格丨单位：美元/吨..............................................................................................................................6图12:FEI丙烷掉期首行价格丨单位：美元/吨.............................................................................................................................6图13:沙特丙烷官价丨单位：美元/吨...........................................................................................................................................6图14:沙特丁烷官价丨单位：美元/吨...........................................................................................................................................6图15:LPG运费：美湾-远东丨单位：美元/吨..............................................................................................................................6图16:LPG运费：阿拉伯湾-远东丨单位：美元/吨......................................................................................................................6图17:LPG华东码头库存丨单位：万吨.........................................................................................................................................7图18:LPG华南码头库存丨单位：万吨.........................................................................................................................................7图19:国内PDH装置利润丨单位：元/吨......................................................................................................................................8图20:国内PDH装置开工率丨单位：%..........................................................................................................................................8图21:国内MTBE装置开工率丨单位：%........................................................................................................................................8图22:国内烷基化装置开工率丨单位：无....................................................................................................................................8图23:华南LPG现货价格丨单位：元/吨......................................................................................................................................8图24:华东LPG现货价格丨单位：元/吨......................................................................................................................................8图25:DCEPG主力合约价格丨单位：元/吨.................................................................................................................................9图26:LPG基差丨单位：元/吨........................................................................................................................................................9 请仔细阅读本报告最后一页的免责声明2/10 请仔细阅读本报告最后一页的免责声明3/10原油：欧佩克增产节奏延续，油市短期多空因素交织随着新一轮会议结束，石油输出国组织（欧佩克）5月31日发表声明，8个欧佩克和非欧佩克产油国决定7月起日均增产41.1万桶。这将延续6、7月份的增产节奏，反映联盟从过去限产保价到现在加速释放剩