行业研究——周报：大炼化周报：成本端改善，化工品价差有所回暖

Investment Rating - The report does not explicitly provide an investment rating for the oil refining industry. Core Insights - The report highlights a slight improvement in the price spread of chemical products, indicating a potential recovery in margins for the refining sector. The domestic price spread for key refining projects is reported at 2288.99 CNY/ton, with a minor decrease of 1.48 CNY/ton (-0.06%) week-on-week, while the international price spread increased by 48.89 CNY/ton (+5.38%) [1][2] - Brent crude oil's average price for the week ending November 15, 2024, was 71.89 USD/barrel, reflecting a decrease of 4.18% [1][2] Summary by Sections Refining Sector - The report notes that the impact of hurricanes on crude oil supply has weakened, and the potential increase in U.S. oil production following the election of Donald Trump has contributed to a decline in international oil prices. The Brent and WTI average prices were reported at 71.89 USD (-3.13) and 68.06 USD (-3.49) per barrel, respectively [1][9] - The domestic and international refined oil price spreads have shown some improvement, with domestic diesel, gasoline, and aviation fuel prices reported at 7219.00 CNY (+32.43), 7891.00 CNY (-13.14), and 6510.00 CNY (+10.71) per ton, respectively [10] Chemical Sector - The report indicates a mixed trend in chemical product prices, with polyethylene prices slightly increasing due to maintenance-related supply constraints, while polypropylene prices remained stable. The price spread for EVA has improved, and the price of pure benzene has stabilized [1] - The polyester sector is experiencing a downward price trend, with upstream PX supply remaining ample and downstream PTA demand showing limited changes. The report notes a slight decline in MEG and PTA prices [1] Price Spread Analysis - The domestic key refining project price spread has decreased by 1.28% since January 2020, while the international price spread has increased by 1.81% over the same period [2] - The report provides a detailed comparison of price spreads for domestic and international refining projects, emphasizing the fluctuations in crude oil prices and their impact on refining margins [2][19]