光大期货：12月9日能源化工日报

Oil Market - Oil prices declined on Monday, with WTI January contract closing down $1.20 at $58.88 per barrel, a drop of 2.00% [2][15] - Brent February contract fell $1.26 to $62.49 per barrel, down 1.98% [2][15] - Iraq has resumed production at Lukoil's West Qurna 2 oil field, which had previously faced a significant drop in output due to a pipeline leak [2][15] - The West Qurna 2 oil field produces approximately 460,000 barrels per day, accounting for about 0.5% of global oil supply and 9% of Iraq's total production [2][15] - China's November crude oil imports reached 50.89 million tons, with a cumulative import of 521.87 million tons from January to November, a year-on-year increase of 3.2% [2][15] Fuel Oil - The main fuel oil contract FU2601 on the Shanghai Futures Exchange rose by 1.91% to 2508 yuan/ton, while low-sulfur fuel oil contract LU2602 increased by 2.18% to 3089 yuan/ton [16] - The Asian low-sulfur fuel oil market is under pressure due to weak downstream demand and increased inflow of arbitrage cargoes [16] - The high-sulfur fuel oil market is also facing challenges from ample arbitrage cargoes and high inventories at Singapore and Fujairah ports [16] Asphalt - The main asphalt contract BU2602 on the Shanghai Futures Exchange increased by 0.34% to 2959 yuan/ton [16] - Winter storage prices for asphalt are expected to drop to near five-year lows, predicted to be between 2800-2900 yuan/ton [16] Rubber - The main rubber contract RU2601 closed unchanged at 15065 yuan/ton, while NR main contract rose by 20 yuan/ton to 12065 yuan/ton [18] - China's imports of natural and synthetic rubber totaled 757.2 million tons from January to November, a year-on-year increase of 16.5% [18] PX, PTA, and MEG - TA601 closed at 4694 yuan/ton, up 0.34%, while EG2601 closed at 3701 yuan/ton, down 0.59% [19] - PX futures closed at 6878 yuan/ton, up 1%, with spot prices at $841/ton [19] - Domestic supply is expected to tighten due to increased maintenance schedules, while demand remains limited [19] Methanol - Methanol prices in Taicang were at 2080 yuan/ton, with CFR China prices ranging from $239 to $243/ton [20] - Domestic supply remains stable, while demand is expected to increase due to the restart of certain production facilities [20] Polyolefins - Mainstream prices for wire drawing in East China are between 6250-6450 yuan/ton, with various production margins reported [21] - Supply is expected to remain high, while demand is showing signs of weakening [21] PVC - PVC market prices in East China have been adjusted downwards, with various grades priced between 4370-4650 yuan/ton [22] - Domestic demand is expected to slow down as construction activity in the real estate sector decreases [22] Urea - Urea prices have started to soften, with mainstream prices in Shandong and Henan dropping to 1690 yuan/ton [23] - Supply trends are showing signs of stabilization, but demand is weakening as downstream resistance increases [23] Soda Ash - Soda ash prices remained stable, with heavy soda prices in Shihezi at 1123 yuan/ton [24] - Supply pressures are expected to increase with new production capacity coming online [24] Glass - Glass prices continue to operate weakly, with the average price at 1100 yuan/ton, down 3 yuan from the previous week [25] - Demand is showing signs of decline, with production rates expected to decrease further [25]