石油化工行业周报：美联储宣布降息，国际油价回暖

Investment Rating - The report maintains an "Overweight" rating for the oil and petrochemical sector [2][3] Core Views - The international oil price has rebounded, with Brent crude oil futures settling at approximately $74.49 per barrel, reflecting a weekly increase of about 4.02% [12][14] - The report highlights four main investment themes in the petrochemical sector: 1. State-owned energy enterprises are actively promoting oil and gas exploration and production, suggesting a focus on companies like China National Petroleum, China National Offshore Oil, and Sinopec [3][34] 2. Global upstream capital expenditure is increasing, benefiting oil service companies such as CNOOC Services, Offshore Engineering, and China National Petroleum [3][34] 3. The filament industry is experiencing a slowdown in capacity growth, improving supply-demand dynamics, with a focus on companies like Xinfengming and Tongkun [3][34] 4. Refining companies are planning new capacities and accelerating new material projects, recommending attention to Satellite Chemical, Baofeng Energy, Hengli Petrochemical, and Rongsheng Petrochemical [3][34] Summary by Sections 1. Market Review - The CITIC oil and petrochemical sector rose approximately 1.74% during the week of September 18-20, 2024, outperforming the Shanghai Composite Index by about 0.53 percentage points [8][10] 2. Core Views 2.1. Crude Oil & Natural Gas Sector - International oil prices have shown a rebound, with WTI crude oil futures at approximately $71 per barrel, up about 3.4% week-on-week [12][14] - U.S. commercial crude oil inventories decreased by about 1.63 million barrels as of September 13, with strategic reserves increasing by about 660,000 barrels [14][17] 2.2. Oil Service Sector - The number of active drilling rigs in North America decreased by 2 week-on-week, down 42 year-on-year, indicating a decline in drilling activity [18][19] 2.3. Midstream Refining Sector - Domestic refined oil prices slightly declined, with gasoline prices at approximately 7,660 RMB/ton, down about 130 RMB/ton [20][21] - The Singapore diesel price spread decreased by about $0.72/barrel, while gasoline spread increased by about $3.24/barrel [20][21] 2.4. Terminal Polyester Sector - The average price of POY in East China is approximately 7,000 RMB/ton, with a price spread of about 1,409 RMB/ton, down about 108 RMB/ton week-on-week [24][28] 2.5. C3 Sector - The market price of acrylic acid in Shandong is approximately 6,325 RMB/ton, with a price spread against propane of about 1,915 RMB/ton, showing little week-on-week change [30][33] 3. Key Company Announcements - Longbai Group announced the successful bidding for exploration rights for 99.9 million RMB, enhancing its resource reserves [33] 4. Investment Recommendations - The report suggests focusing on state-owned enterprises in oil and gas, oil service companies, filament manufacturers, and refining companies with new capacity plans [3][34]