光大期货：1月22日能源化工日报

Oil Market - Oil prices saw a slight increase, with WTI closing at $60.62 per barrel, up by $0.26 (0.43%) and Brent at $65.24, up by $0.32 (0.49%) [2][17] - Kazakhstan's oil production was halted due to power distribution issues, potentially affecting output for another 7 to 10 days [2][17] - API reported a rise in US crude oil inventories by 3 million barrels, with gasoline stocks increasing by 6.2 million barrels [2][17] Fuel Oil - The main fuel oil contract FU2603 rose by 0.79% to 2542 yuan/ton, while low-sulfur fuel oil LU2603 increased by 0.39% to 3090 yuan/ton [3][18] - Singapore is expected to receive 2.9 to 3 million tons of low-sulfur fuel oil in January, indicating a robust supply [3][18] Asphalt - The main asphalt contract BU2602 increased by 0.45% to 3157 yuan/ton, with social inventory rising to 24.29% [5][18] - The market is currently balancing weak demand with strong cost expectations, influenced by geopolitical tensions [5][18] Rubber - The main rubber contract RU2605 rose by 125 yuan/ton to 15745 yuan/ton, with increased purchasing from tire manufacturers [6][19] PX, PTA, and MEG - TA605 closed at 5154 yuan/ton, up by 0.19%, while PX futures fell by 0.36% to 7206 yuan/ton [7][20] - The supply of PX is tightening due to maintenance, providing some support for prices [7][20] Methanol - Methanol prices in Taicang were at 2215 yuan/ton, with CFR China prices ranging from $260 to $264 [8][21] - Domestic supply remains stable, but demand is under pressure due to reduced operating rates in MTO facilities [8][21][22] Polyolefins - Polypropylene prices are under pressure with production margins negative for several production methods [9][23] - Demand is expected to recover slightly in early January but may decline as the Chinese New Year approaches [9][23] PVC - PVC prices showed mixed trends, with the market facing high supply and slowing domestic demand [10][24] - The overall market sentiment is bearish, with expectations of price stabilization at lower levels [10][24] Urea - Urea futures rose by 0.62% to 1779 yuan/ton, with stable prices in the spot market [11][25] - Supply is expected to increase seasonally, but demand remains weak and fragmented [11][25] Soda Ash - Soda ash futures fell by 1.61% to 1163 yuan/ton, with stable prices in the spot market [12][26] - Supply is increasing while demand is weakening, leading to further market pressure [12][26] Glass - Glass futures continued to decline, closing at 1039 yuan/ton, with spot prices also weakening [13][27] - Supply remains stable, but demand may decrease as manufacturers prepare for the holiday season [13][27]