石油化工行业周报：美国商业原油库存增加，油价延续震荡

Investment Rating - The industry investment rating is "Increase" [5][34]. Core Viewpoints - The international oil price has seen an increase, with Brent crude oil futures settling at approximately $73.87 per barrel, reflecting a weekly increase of about 1.05% [12][16]. - The U.S. commercial crude oil inventory has increased by approximately 2.15 million barrels week-on-week, indicating a growing supply [14][16]. - The North American active rig count remains stable week-on-week but shows a significant year-on-year decline, which may impact oil service companies [17][19]. Summary by Sections Market Performance - The CITIC oil and petrochemical sector rose approximately 3.11% during the week of November 4-8, 2024, while the Shanghai Composite Index increased by about 5.51%, indicating a lag of approximately 2.4 percentage points for the oil and petrochemical sector [9][11]. Core Viewpoints Upstream Sector - Despite a projected growth in U.S. crude oil production over the next two years, international oil prices are expected to remain at relatively high levels, benefiting upstream oil and gas companies [2][16]. Oil Service Sector - The global drilling platform count has increased quarter-on-quarter, which is favorable for the business expansion of oil service companies [17]. Midstream Refining Sector - The Singapore diesel price spread has decreased by approximately $0.5 per barrel, while the gasoline price spread has increased by about $0.6 per barrel, indicating a mixed performance in refining margins [19]. Terminal Polyester Sector - The POY price spread is approximately 1259 RMB/ton, with overall inventory accumulation suggesting a potential for performance recovery in long filament enterprises [23][25]. Investment Recommendations - The report identifies four main investment themes: 1. Focus on major energy state-owned enterprises like China National Petroleum and China National Offshore Oil Corporation, which are pushing for oil and gas reserves and production increases [3][30]. 2. Attention to the oil service sector, with companies like CNOOC Services and Haiyou Engineering expected to benefit from increased global upstream capital expenditure [3][30]. 3. Investment in long filament companies such as Xin Fengming and Tongkun Co., as industry supply-demand dynamics improve [3][30]. 4. Monitoring refining companies like Satellite Chemical and Hengli Petrochemical, which are actively planning new capacities and accelerating new material projects [3][30].