能源化工期权策略早报-2025-04-03

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoint The report conducts a comprehensive analysis of various energy - chemical options, including fundamental, market, and volatility analyses, and provides corresponding strategy suggestions for each type of option [3]. 3. Summary by Category 3.1 Basic Chemicals Sector - Methanol Option: Port and enterprise inventories are decreasing, and the market is in a state of recovery with upward pressure. It is recommended to construct a neutral combination of call and put options [3]. - Rubber/Synthetic Rubber Option: Tire production rates are declining, and the market shows a weak downward trend. A bear - spread put option strategy is recommended [3]. - Styrene Option: Port and factory inventories are decreasing, and the market is in a weak bearish state. A neutral wide - straddle option selling strategy is recommended [4]. 3.2 Oil and Gas Sector - Crude Oil Option: OPEC + production is increasing, and the market has short - term recovery characteristics. A volatility strategy of selling put and call options is recommended [4]. - LPG Option: Russian exports are decreasing, and domestic inventories are changing. The market shows short - term weakness and recovery. A neutral combination of selling call and put options is recommended [4]. 3.3 Polyester Chemicals Sector - PX/PTA Option: PTA inventory is decreasing, and the market is in a weak bearish and volatile state. A neutral option selling strategy is recommended [5]. - Ethylene Glycol Option: Inventory trends are mixed, and the market is in a short - term weak state. A neutral option selling strategy is recommended [5]. - Short - Fiber Option: Polyester production rates and inventory days are changing, and the market has support and pressure. A neutral option selling strategy is recommended [5]. 3.4 Polyolefin Chemicals Sector - Polypropylene Option: Inventories are decreasing, and the market shows a large - amplitude bearish trend. A bearish combination of selling call and put options is recommended [6]. - Polyethylene Option: Inventories are changing, and the market is in a weak consolidation state. A bearish directional strategy is recommended [6]. - PVC Option: Inventories are decreasing, and the market shows a volatile upward trend. A neutral combination of selling call and put options is recommended [6].