能源化工期权策略早报-20250424

1. Report Information - Report Title: Energy and Chemical Options Daily Report 2025 - 04 - 24 [1] - Analyst: Lu Pinxian [2] 2. Core Viewpoint - The report analyzes the fundamentals, market trends, and volatility of various energy and chemical options, and provides corresponding option trading strategies and suggestions [2] 3. Industry Classification and Option Analysis 3.1 Basic Chemicals Sector - Methanol Options: Port inventory increased, enterprise inventory decreased, and orders to be shipped increased. The market showed a weak trend under short - selling pressure. Implied volatility was above the historical average. A bearish option combination strategy was recommended [2] - Rubber/Synthetic Rubber Options: The all - steel tire and semi - steel tire operating rates changed, port inventory decreased slightly, and social inventory increased slightly. The market showed a weak consolidation trend. Implied volatility was at a relatively high historical level. A bearish volatility - shorting strategy was recommended [2] - Styrene Options: Factory and port inventories decreased, but the de - stocking intensity weakened. The market showed a large - range volatile trend with pressure above. Implied volatility remained at a relatively high historical level. A volatility - shorting option combination strategy was recommended [3] 3.2 Oil and Gas Sector - Crude Oil Options: OPEC planned to increase production, and US supply decreased. The market showed a large - range volatile trend under short - selling pressure. Implied volatility remained at a relatively high level. A volatility - shorting strategy (selling put and call options) was recommended [3] - Liquefied Gas Options: Storage capacity utilization rates at ports, refineries, and gas stations were at low levels. The market showed a short - term weak rebound trend with pressure above. Implied volatility remained above the historical average. A bearish call + put option combination strategy was recommended [3] 3.3 Polyester Chemicals Sector - PX/PTA Options: PTA social inventory continued to decline. The market showed a bearish downward trend with pressure above, followed by a rebound and low - level wide - range oscillation. Implied volatility rose rapidly to a relatively high level. A volatility - shorting strategy was recommended [4] - Ethylene Glycol Options: Port inventory was expected to increase in the short term. The market showed a short - term weak bearish large - range oscillation trend with pressure above. Implied volatility rose rapidly to a relatively high historical level. A volatility - shorting strategy was recommended [4] - Short - Fiber Options: Polyester load increased, and short - fiber load remained flat. The market showed a bearish downward trend with pressure above and low - level consolidation. Implied volatility remained at a relatively high average level. A volatility - shorting call + put option combination strategy was recommended [4] 3.4 Polyolefin Chemicals Sector - Polypropylene Options: PP production enterprise, trader, and port inventories decreased. The market showed a weak large - range oscillation trend with pressure above. Implied volatility was at a relatively high historical level. A bearish call + put option combination strategy was recommended [5] - Polyethylene Options: PE production enterprise and trader inventories increased. The market showed a weak consolidation trend with pressure above. Implied volatility rose rapidly to a relatively high level. A bearish directional strategy was recommended [5] - PVC Options: Factory and social inventories decreased, and the overall inventory decreased. The market showed an oscillating rebound trend with pressure above. Implied volatility remained at a relatively low level. A bearish directional strategy was recommended [5] 4. Option Data Summary 4.1 Option Underlying Market Data - It includes information such as closing prices, price changes, trading volumes, and open interest for various option underlying assets [7] 4.2 Option Volume, Open Interest, and Amount Data - It shows data on trading volume, open interest, and trading amount for different options, as well as their changes [8] 4.3 Option Volume, Open Interest, and Amount PCR Data - It presents the put - call ratio (PCR) data for option trading volume, open interest, and trading amount, along with their changes [9] 4.4 Option Maximum Open Interest at Strike Prices - It provides information on the strike prices with the maximum open interest for call and put options, as well as pressure and support levels for each underlying asset [10] 4.5 Option Implied Volatility Data - It shows implied volatility data for different options, including changes, annual averages, call and put implied volatilities, historical volatility, and volatility differences [12]