苯乙烯：跟随原油，短期偏空

Report Summary 1) Report Industry Investment Rating - The investment rating for the styrene industry is short - term bearish, with a trend strength of -2, indicating the most bearish view [1]. 2) Core View of the Report - Styrene is following the decline of crude oil due to the continued release of macro - risks. The negative feedback in the styrene market has just begun, and attention should be paid to the opportunity of compressing profits in the far - month contracts. The weak reality of pure benzene remains unresolved, with short - term downward drivers [1][2][3]. 3) Summary by Relevant Catalogs Fundamental Tracking - Styrene futures prices (EB2505, EB2506, EB2507) and spot prices all declined. The basis, spreads between different contracts, trading volume, and open interest also showed decreases. The number of styrene warehouse receipts decreased significantly from 2363 to 0 [1]. Spot News - Macro - risks are continuing to be released, and styrene is following the decline of crude oil [2]. Pure Benzene Situation - The weak situation of pure benzene persists, with short - term downward drivers. Overseas, although the blending of oil has restarted, the overall valuation has been re - structured due to the rapid decline in oil prices, and the pressure on absolute price decline in the overseas market has not been fully released. Domestically, downstream demand is lackluster. Different downstream products of pure benzene have different performances, with some showing better开工 and profit recently [3]. Styrene Situation - The negative feedback in the styrene market has just started. EPS has begun to reduce production and prices to relieve inventory pressure. PS and ABS factories are expected to reduce production after the poor home appliance demand affects actual orders. Although there is an expectation of significant inventory reduction in April, downstream raw material inventories are already sufficient, and there is a possibility that styrene will follow the decline of pure benzene. Attention should be paid to the opportunity of compressing profits in the far - month contracts [3].