大炼化周报：价格表现强于成本端，聚烯烃价差明显改善

Investment Rating - The industry investment rating is "Positive" based on the performance of the refining sector and the improvement in price spreads for polyolefins [98]. Core Insights - The report highlights that domestic and international refining project price spreads have improved, with domestic spreads at 2475.37 CNY/ton, up 0.59% week-on-week, and international spreads at 1068.01 CNY/ton, up 0.54% week-on-week [2][6]. - Brent crude oil prices averaged 70.72 USD/barrel, reflecting a decrease of 4.27% [2][13]. - The refining sector is facing downward pressure on oil prices due to increased supply expectations and geopolitical tensions, impacting overall energy demand [13]. - The chemical sector shows mixed performance, with olefin prices remaining strong and spreads widening, while other products like EVA and pure benzene are experiencing price declines [40][46]. - The polyester sector is seeing a decline in prices but an improvement in spreads, with PX prices down to 6097.48 CNY/ton [54][61]. Summary by Sections Refining Sector - Iraq has resumed oil exports from the Kurdistan region, and OPEC+ plans to increase production starting in April, contributing to downward pressure on oil prices [13]. - Domestic gasoline and diesel prices have strengthened due to lower costs, while international refined product price spreads have weakened [13]. Chemical Sector - Olefin prices are showing strength, with significant improvements in price spreads for polyethylene products [40]. - EVA prices have slightly decreased, leading to wider spreads, while pure benzene prices have dropped due to returning refining capacities [40][46]. - The acrylonitrile market is oversupplied, resulting in significant price drops [46]. Polyester Sector - The cost side is weakening, leading to overall price declines in the polyester chain, but spreads are improving [61]. - The demand for polyester filament yarn is increasing, with prices slightly declining but profitability improving for POY and DTY products [61][75]. Stock Performance of Major Refining Companies - The report tracks the stock performance of six major refining companies, noting varied performance over the past week and month, with notable increases for companies like Oriental Rainbow [82][83].