能源化工期权策略早报-20250428

Group 1: Report Overview - Report Title: Energy Chemical Options Daily Report 2025 - 04 - 28 [2] - Author: Lu Pinxian [3] - Main Content: Analysis of various energy chemical options including fundamental, market, and volatility analysis, and provides strategy recommendations [3] Group 2: Industry Classification and Options - Energy chemical options are mainly divided into 5 categories: basic chemicals, energy, polyester chemicals, polyolefin chemicals, and other chemicals [3] - Specific options include methanol, rubber, synthetic rubber, styrene, crude oil, liquefied gas, etc. [3] Group 3: Basic Chemicals Sector Methanol Options - Fundamental: Last week, port inventory was 46.32 tons, down 12.24 tons; enterprise inventory was 30.98 tons, down 0.26 tons; enterprise orders to be delivered were 30.27 tons, up 2.83 tons [3] - Market: After falling from the March high, it continued to weaken, accelerated decline in April and then rebounded, and has been consolidating in a wide - range rectangular interval in the past two weeks [3] - Volatility: Implied volatility remained above the historical average [3] - Strategy: Construct a bullish + bearish option bearish combination strategy [3] Rubber and Synthetic Rubber Options - Fundamental: The mainstream price of high - cis butadiene rubber in Shandong decreased by 50 yuan/ton to 11,700 yuan/ton, etc. [3] - Market: Rubber showed a weak consolidation trend under the bearish pressure line [3] - Volatility: Implied volatility was at a relatively high historical level [3] - Strategy: Construct a bearish short - volatility strategy [3] Styrene Options - Fundamental: Both factory and port inventories decreased, but the decline weakened, and it may turn to inventory accumulation next week [4] - Market: After falling from the late - February high, it continued to weaken, accelerated decline in early April and then rebounded, showing a large - fluctuation weak market [4] - Volatility: Implied volatility continued to fluctuate at a relatively high historical level [4] - Strategy: Construct a short - volatility option combination strategy [4] Group 4: Oil and Gas Sector Crude Oil Options - Fundamental: OPEC plans to increase oil production in May; US supply declined [4] - Market: It rebounded in March, rose and then fell in April, and showed a large - fluctuation market under the bearish pressure line this week [4] - Volatility: Implied volatility remained at a relatively high level [4] - Strategy: Construct a short - volatility strategy: sell put + sell call option combination [4] Liquefied Gas Options - Fundamental: Port inventory rebounded; PDH capacity utilization decreased, etc. [4] - Market: It rebounded from March to April, then fell and rebounded weakly [4] - Volatility: Implied volatility remained above the historical average [4] - Strategy: Construct a short - bearish call + put option combination strategy [4] Group 5: Polyester Chemicals Sector PX and PTA Options - Fundamental: PTA load was 78.9%, up 3.5%; multiple devices had maintenance plans [5] - Market: After the previous bearish release, it rebounded last week, showing a mild bullish trend under the bearish pressure line [5] - Volatility: Implied volatility remained at a relatively high level [5] - Strategy: Construct a short - volatility strategy [5] Ethylene Glycol Options - Fundamental: Last week, EG load was 68.5%, up 2.3%; different production methods had different load changes [5] - Market: It showed a large - fluctuation weak bearish market under pressure [5] - Volatility: Implied volatility rapidly rose to a relatively high historical level [5] - Strategy: Construct a short - volatility strategy [5] Short - Fiber Options - Fundamental: Port inventory was 77.5 tons, up 0.4 tons; downstream factory inventory days increased [5] - Market: It declined continuously since late February, accelerated decline in April and then rebounded, showing an oversold rebound market under pressure [5] - Volatility: Implied volatility remained at a relatively high average level [5] - Strategy: Construct a short - volatility sell call + put option combination strategy [5] Group 6: Polyolefin Chemicals Sector Polypropylene Options - Fundamental: PP production enterprise inventory decreased by 2.37% this week; trade and port inventories had different changes [6] - Market: It showed a large - fluctuation weak market under pressure [6] - Volatility: Implied volatility fluctuated at a relatively high historical level [6] - Strategy: Construct a short - bearish call + put option combination strategy [6] Polyethylene Options - Fundamental: PE production enterprise inventory increased by 5.86%; trade inventory decreased [6] - Market: It declined continuously since March, fell sharply in April and then consolidated weakly [6] - Volatility: Implied volatility rapidly rose to a relatively high level [6] - Strategy: Construct a bearish directional strategy [6] PVC Options - Fundamental: Last week, factory inventory increased by 0.9 tons; social inventory decreased by 3.7 tons [6] - Market: It consolidated weakly in a wide range for more than a month and then turned weak [6] - Volatility: Implied volatility remained at a relatively low level [6] - Strategy: Construct a bearish directional strategy [6] Group 7: Data Summary - Option underlying market data includes closing price, change, trading volume, and open interest for each option [8] - Option volume, open interest, and amount data are provided for each option [9] - Option volume - PCR, open interest - PCR, and amount - PCR data are presented for each option [10] - The maximum open interest strike price, pressure point, and support point are given for each option [11] - Implied volatility data such as implied volatility rate, change, and average are provided for each option [13]