Regulators do not like water. Try this process of elimination. Back the adjustment out all of the way while cylinder is on. Then turn the cylinder wheel off and watch the high side gauge pointer. The gauge that is directly across from the regulator inlet.
If it does not move, there is no leak between the regulator and the cylinder nor in the high side of the regulator. Next, turn cylinder wheel back on and adjust regulator 20 or so PSIG with the shut offs past regulator turned off. Shut down cylinder again and watch high side gauge pointer. Again, if it does not drop, your leak is somewhere downstream from the shut offs.
Get rid of the plastic clamps. Please report back with your findings.
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