光大期货：2月27日能源化工日报

Oil Market - On Thursday, WTI April contract closed down by $0.21 at $65.21 per barrel, a decrease of 0.32% [2] - Brent April contract closed down by $0.1 at $70.75 per barrel, a decrease of 0.14% [2] - The main contract SC2604 closed at 489.8 yuan per barrel, an increase of 3.6 yuan, or 0.74% [2] - Iran rejected transferring its enriched uranium abroad during indirect talks with the US in Geneva, insisting on its right to peaceful nuclear technology and demanding the lifting of US sanctions [2] - The US-Iran negotiations are seen as progressing positively, with further technical discussions planned for next week [2] - The cost of chartering supertankers from the Middle East to China has surpassed $200,000 per day for the first time since 2020 due to increased threats from the US against Iran [2] - The market remains volatile, primarily influenced by the US-Iran situation, with differing views on the potential for conflict [2] Fuel Oil Market - The main contract FU2605 closed down by 0.34% at 2943 yuan per ton, while low-sulfur fuel oil contract LU2605 fell by 1.18% to 3436 yuan per ton [18] - Singapore's onshore fuel oil inventory increased by 113,000 barrels (0.5%) to 22.632 million barrels, while Fujairah's inventory decreased by 52,200 barrels (6.22%) [18] - Low-sulfur fuel oil supply has marginally improved, with Nigeria's low-sulfur shipments expected to be around 180,000 tons, a decrease of 200,000 tons month-on-month [18] - High-sulfur shipments from the Middle East are projected at 3 million tons, down 1.13 million tons month-on-month [18] Asphalt Market - The main contract BU2604 closed down by 0.5% at 3358 yuan per ton, with northern supply remaining low and southern refineries operating intermittently [19] - Domestic asphalt shipments from 54 companies totaled 20.9 million tons, a decrease of 18.7% week-on-week [19] - The capacity utilization rate for modified asphalt companies was 2%, down 4.4% month-on-month but up 1.5% year-on-year [19] Rubber Market - The main contract RU2605 closed down by 115 yuan per ton at 17125 yuan per ton, while NR and BR contracts also saw declines [20] - Vietnam's natural rubber exports in January reached 62,000 tons, a 5% increase year-on-year, but exports to China fell by 42% [20] - The operating rate for all-steel tires in Shandong increased by 18.78 percentage points week-on-week but decreased by 36.25 percentage points year-on-year [20] PX, PTA, and MEG Market - TA605 closed at 5260 yuan per ton, down 0.98%, while EG2605 closed at 3700 yuan per ton, down 1.25% [21] - PX futures closed at 7382 yuan per ton, down 0.67%, with spot prices at $931 per ton [21] - The overall operating rate for ethylene glycol in mainland China was 79.02%, with expectations for improved demand post-Lantern Festival [21] Methanol Market - The spot price in Taicang was 2197 yuan per ton, with CFR China prices ranging from $267 to $271 per ton [23] - Supply is expected to decline due to gas restrictions in Iran, while demand is anticipated to recover post-holiday [23] Polyolefins Market - Mainstream prices for wire drawing in East China ranged from 6600 to 6700 yuan per ton, with various production margins reported [24] - Demand recovery is slow post-holiday, with market activity expected to remain low [24] PVC Market - Prices in East China remained stable, with slight increases in South China [25] - Supply is expected to increase slightly post-holiday, but demand is limited due to pre-holiday sales [25] Urea Market - Urea prices in Shandong and Henan remained stable at 1860 yuan per ton and 1830 yuan per ton, respectively [26] - Supply levels are high, with daily production at 21.80 million tons, while demand is supported by agricultural needs [26] Soda Ash Market - The soda ash market remained stable, with prices at 1151 yuan per ton [27] - Supply levels have slightly increased, but demand has not shown significant improvement [27] Glass Market - The domestic float glass market price averaged 1134 yuan per ton, with a slight increase [28] - Supply levels are stable, but demand recovery is slow, with significant inventory accumulation [28]