大炼化周报：成本走弱但产品价格相对抗跌，炼化价差改善

Investment Rating - The report does not explicitly provide an investment rating for the oil refining industry Core Insights - The refining margin for domestic major refining projects increased to 2406.80 CNY/ton, a week-on-week change of +106.80 CNY/ton (+4.64%), while the international refining margin for major projects was 933.79 CNY/ton, with a week-on-week change of +81.34 CNY/ton (+9.54%) as of November 1, 2024 [1][2] - Brent crude oil's average price for the week was 71.85 USD/barrel, reflecting a week-on-week decrease of -4.07% [1][2] - The report highlights that geopolitical risks have subsided, leading to a rapid decline in international oil prices, although unexpected decreases in U.S. gasoline and crude oil inventories have provided some support [1][6] Summary by Sections Domestic Refining Projects - As of November 1, 2024, the domestic refining margin was 2406.80 CNY/ton, with a week-on-week increase of +106.80 CNY/ton (+4.64%) [2] - The report indicates that the refining margin for domestic projects has shown resilience despite fluctuations in crude oil prices [1][2] International Refining Projects - The international refining margin was reported at 933.79 CNY/ton, with a week-on-week increase of +81.34 CNY/ton (+9.54%) [2] - The report notes that international refining margins have been positively impacted by recent market dynamics [1][2] Oil Prices and Market Dynamics - Brent crude oil prices averaged 71.85 USD/barrel, down -4.07% week-on-week [1][2] - The report discusses the impact of geopolitical events on oil prices, noting a quick decline in prices following the easing of risks related to conflicts in the Middle East [6] Chemical Sector Insights - The chemical sector has experienced price adjustments, with overall margins expanding despite some price declines due to cost pressures [1] - Specific products like polyethylene and polypropylene have shown varied price movements, reflecting market conditions [1]