Investment Rating - The industry investment rating is "Maintain Buy" [21] Core Viewpoints - The report identifies four main investment themes in the petrochemical sector amid high international oil prices: 1) State-owned energy enterprises are actively promoting oil and gas exploration and production, suggesting a focus on companies like China Petroleum and China National Offshore Oil Corporation. 2) Global upstream capital expenditure is increasing, benefiting the oil service sector, with recommendations to pay attention to companies like China Oilfield Services and CNOOC Engineering. 3) The filament industry is experiencing a slowdown in capacity growth, which may improve supply-demand dynamics, with a focus on companies like Xinfengming and Tongkun. 4) Refining companies are actively planning new capacities and accelerating new material project layouts, recommending attention to companies like Satellite Chemical and Hengli Petrochemical [2][45]. Summary by Sections 1. Market Performance - The petrochemical sector saw a decline of approximately 0.67% during the week of December 9-13, 2024, while the Shanghai Composite Index fell by about 0.36%, indicating a lag of 0.31 percentage points for the petrochemical sector compared to the index [43][65]. 2. Oil & Gas Sector - International oil prices increased, with Brent crude futures settling at approximately $74.49 per barrel, reflecting a weekly increase of about 4.74%. WTI crude futures settled at approximately $71.29 per barrel, with a weekly increase of about 6.09% [68]. 3. Oil Service Sector - The number of active drilling rigs in North America remained stable week-on-week but decreased by 34 rigs year-on-year. Global drilling platform activity has increased, benefiting oil service companies [32]. 4. Midstream Refining Sector - Domestic refined oil prices saw a slight increase, with Shandong gasoline (92) priced at approximately 7801 CNY/ton, up about 243 CNY/ton week-on-week. The diesel price (0) was approximately 6873 CNY/ton, up about 12 CNY/ton [37]. 5. Terminal Polyester Sector - As of December 8, the POY price spread was approximately 1006 CNY/ton, with inventory days for FDY/DTY/POY in Jiangsu and Zhejiang showing a decrease of approximately -1.2/-1.4/-2.3 days, indicating overall inventory reduction [9][44]. 6. C3 Sector - The acrylic acid market price in Shandong was approximately 6800 CNY/ton, with a weekly increase of about 4.21%. The price spread between acrylic acid and propane was approximately 2398 CNY/ton, with a weekly increase of about 11.63% [17].
石油化工行业周报：美国商业原油库存回落，油价偏强震荡
Yong Xing Zheng Quan·2024-12-20 08:19