行业研究——周报：大炼化周报：炼化产品价格涨幅不及成本，价差整体走弱

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry, but it provides detailed insights into price differentials and market conditions that could influence investment decisions. Core Insights - The price differential for domestic key refining projects as of November 22 is 2224.82 CNY/ton, with a week-on-week change of -62.39 CNY/ton (-2.73%). For international key refining projects, the price differential is 885.67 CNY/ton, with a week-on-week change of -68.71 CNY/ton (-7.20%) [5][6]. - Brent crude oil's average price for the week is 73.63 USD/barrel, reflecting a week-on-week increase of 2.42% [5]. - The report highlights that the international oil price is supported by supply and geopolitical risks, with Brent and WTI prices showing slight increases [9]. Summary by Sections Refining Sector - The report notes that the refining sector is experiencing a weakening price differential due to rising costs not being matched by product price increases. The average price for refined products in the domestic market shows fluctuations, with diesel, gasoline, and aviation fuel prices at 7187.00 CNY/ton, 7908.00 CNY/ton, and 6485.00 CNY/ton respectively [10]. - The report indicates that the chemical sector is seeing mixed price movements, with some products experiencing price increases while others see limited growth, leading to a narrowing of price differentials [9]. Market Trends - The report discusses the impact of external factors such as U.S. fuel oil inventory reductions and geopolitical tensions affecting oil supply, which contribute to the overall market dynamics [9][10]. - It also mentions that the polyester sector is facing weak demand, with price adjustments reflecting the current market conditions [9]. Price Comparisons - The report provides a comparative analysis of domestic and international refining project price differentials, indicating a trend of decreasing differentials over the past months [6][7]. - It highlights the price trends for refined products in various international markets, including Southeast Asia, North America, and Europe, showing variations in pricing and differentials against crude oil [19][20].