行业研究——周报：大炼化周报：原油价格走强，炼化产品成本压力抬升

Investment Rating - The report does not explicitly provide an investment rating for the oil refining industry Core Insights - The report highlights the recent fluctuations in crude oil prices, with Brent crude averaging $75.03 per barrel as of November 8, 2024, reflecting a week-on-week increase of 4.17% [1][2] - Domestic and international refining project price differentials have shown a decline, with domestic key refining project price differential at 2292.22 CNY/ton, down 94.75 CNY/ton (-3.97%) week-on-week, and international key refining project price differential at 910.32 CNY/ton, down 48.81 CNY/ton (-5.09%) [1][2] Summary by Sections Refining Sector - The international oil price experienced a rise due to geopolitical tensions and OPEC+ production adjustments, but saw a decline later in the week following the U.S. presidential election and an increase in U.S. crude oil inventories [1][4] - Domestic refined oil prices have generally increased, with diesel, gasoline, and aviation kerosene averaging 7186.57 CNY/ton (+57.29), 7904.14 CNY/ton (-7.43), and 6499.29 CNY/ton (+62.14) respectively as of November 8, 2024 [4] Chemical Sector - Chemical product prices remained stable, with slight decreases in price differentials due to crude oil price fluctuations. Polyethylene and polypropylene prices were stable, but price differentials decreased due to rising crude oil prices [1][4] - The market for pure benzene remains weak, with high inventory levels in East China contributing to downward pressure on prices and price differentials [1][4] Polyester Sector - The cost situation in the polyester sector improved slightly, but demand remains weak, leading to only minor price increases for some products. The supply of PX remains relatively sufficient despite slight production declines [1][4] Major Refining Companies - The stock price performance of six major private refining companies varied, with notable increases for Hengli Petrochemical (+11.28%) and Rongsheng Petrochemical (+4.83%) over the past week [1][4]