石油化工行业周报：美国商业原油库存去化，油价偏强运行

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Viewpoints - In the context of high international oil prices, the petrochemical sector has four main investment themes: 1) Energy state-owned enterprises are actively promoting oil and gas reserves and production, continuing to deepen refining and chemical transformation, and steadily advancing green and low-carbon transitions. Companies to watch include China Petroleum and China National Offshore Oil Corporation [11][74] 2) Global upstream capital expenditure is increasing, driving the oil service sector's continued improvement. Companies to focus on include China Oilfield Services, CNOOC Engineering, and Zhongman Petroleum [11][74] 3) With the significant slowdown in capacity growth in the filament industry, the supply-demand balance is expected to improve. Companies to consider are Xinfengming and Tongkun [11][74] 4) Refining companies are actively planning new capacities while accelerating the layout of new material projects. Companies to watch include Satellite Chemical, Baofeng Energy, and Hengli Petrochemical [11][74] Market Performance - The CITIC Petrochemical sector rose approximately 2.51% during the week of December 23-27, 2024, outperforming the Shanghai Composite Index, which increased by about 0.95%, by approximately 1.56 percentage points [2][57] - Key stocks that led the gains in the petrochemical sector included Heshun Petroleum, Donghua Energy, China Petroleum, CNOOC Development, and China National Offshore Oil Corporation [2][57] - The weekly performance of private refining companies included Xinfengming (+4.16%), Tongkun (+2.21%), Hengyi Petrochemical (+1.49%), Hengli Petrochemical (+0.59%), and Rongsheng Petrochemical (+0.55%) [2][22] Upstream Sector - International oil prices saw an increase last week, with Brent crude futures settling at approximately $74.17 per barrel, a weekly increase of about 1.69$70.60 per barrel, up about 1.64% [23][24] - According to EIA data, U.S. commercial crude oil inventories decreased by approximately 4.24 million barrels week-on-week as of December 20, while strategic oil reserves increased by about 260,000 barrels [62][63] Oil Service Sector - The number of active drilling rigs in North America remained stable week-on-week but showed a significant year-on-year decline. The global number of drilling platforms increased in the third quarter, benefiting the oil service companies [38][63] Midstream Refining Sector - The Singapore diesel price spread decreased by approximately $0.6 per barrel, while the gasoline price spread increased by about$0.7 per barrel. The price spreads for ethylene and naphtha decreased by approximately $13 per ton and for PX and naphtha by about$17 per ton [40][66] Terminal Polyester Sector - As of December 27, the POY price spread was approximately 1102 RMB/ton, with an increase of about 15 RMB/ton week-on-week. Overall inventory accumulation was observed in the polyester filament sector [44][45] C3 Sector - As of December 27, the market price for acrylic acid in Shandong was approximately 7550 RMB/ton, with a weekly increase of about 2.72%. The price spread between acrylic acid and propane was approximately 3190 RMB/ton, up about 8.21% [72]