能源化工期权策略早报-20250430

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoint The report conducts a comprehensive analysis of various energy and chemical options, including fundamental aspects, market trends, volatility analysis, and provides corresponding option trading strategies and suggestions for different types of energy and chemical options [3]. 3. Summary by Category 3.1 Energy and Chemical Option Classification - Energy and chemical options are mainly divided into five categories: basic chemicals (methanol, rubber, synthetic rubber, styrene options), energy (crude oil, liquefied gas options), polyester chemicals (paraxylene, PTA, ethylene glycol, short - fiber options), polyolefin chemicals (polypropylene, PVC, polyethylene options), and other chemicals (caustic soda, soda ash, urea options) [3]. 3.2 Basic Chemicals Sector - Methanol Options: Last week, port inventory decreased to 46.32 tons, and enterprise inventory was 30.98 tons. The market has been in a wide - range rectangular consolidation. Implied volatility is above the historical average. A bullish + bearish option bearish portfolio strategy is recommended, such as S_MA2506P2275, S_MA2506P2300, S_MA2506C2350, S_MA2506C2375 [3]. - Rubber/Synthetic Rubber Options: The market price of high - cis butadiene rubber in various regions has decreased. The market shows a weak consolidation pattern under bearish pressure. Implied volatility is at a relatively high historical level. A bearish volatility - selling strategy is recommended, such as S_RU2509P14250, S_RU2509P14500, S_RU2509C15250, S_RU2509C15500 [3]. - Styrene Options: Both factory and port inventories have decreased, but the rate of decline has weakened. The market has been volatile after a decline. Implied volatility remains at a relatively high historical level. A volatility - selling option portfolio strategy is recommended, such as S_EB2506P6900, S_EB2506P7000, S_EB2506C7200, S_EB2506C7300 [4]. 3.3 Oil and Gas Sector - Crude Oil Options: OPEC plans to increase production, and US supply has declined. The market has shown large fluctuations under bearish pressure. Implied volatility remains at a relatively high level. A bear put spread strategy is recommended, such as B_SC2506P485 and S_SC2506P465 [4]. - Liquefied Gas Options: Port inventory has rebounded, and the production capacity utilization rate of related industries has changed. The market has shown a short - term weak rebound. Implied volatility is above the historical average. A bearish call + put option selling strategy is recommended, such as S_PG2506P4350, S_PG2506P4300, S_PG2506C4450, S_PG2506C4500 [4]. 3.4 Polyester Chemicals Sector - PX/PTA Options: PTA load is 78.9%, and multiple devices are in maintenance. The market has shown a mild bullish trend. Implied volatility is at a relatively high level. A volatility - selling strategy is recommended, such as S_TA2506P4450 and S_TA2506C4600 [5]. - Ethylene Glycol Options: Last week, the EG load was 68.5%. The market has shown large fluctuations under bearish pressure. Implied volatility has rapidly risen to a relatively high historical level. A volatility - selling strategy is recommended, such as S_EG2506P4100 and S_EG2506C4250 [5]. - Short - Fiber Options: Port inventory has increased, and downstream factory inventory days have risen. The market has shown a rebound after a decline. Implied volatility remains at a relatively high average level. A volatility - selling call + put option selling strategy is recommended, such as S_PF2506P6000, S_PF2506P6100, S_PF2506C6400, S_PF2506C6500 [5]. 3.5 Polyolefin Chemicals Sector - Polypropylene Options: PP production enterprise inventory has decreased this week, and the market has shown a wide - range volatile pattern under pressure. Implied volatility is at a relatively high historical level. A bearish call + put option selling strategy is recommended, such as S_PP2506P7100, S_PP2506P7000, S_PP2506C7200, S_PP2506C7300 [6]. - Polyethylene Options: PE production enterprise inventory has increased, and the market has shown a weak consolidation pattern under pressure. Implied volatility has rapidly risen to a relatively high level. A bearish directional strategy is recommended, such as B_L2506P7200 and S_L2506C7300 [6]. - PVC Options: Factory and social inventories have changed, and the market has shown a volatile rebound pattern under pressure. Implied volatility remains at a relatively low level. A bearish directional strategy is recommended, such as B_V2506P4900, B_V2506P4950, S_V2506C5000, S_V2506C5100 [6]. 3.6 Data Summary - Option Underlying Market Data: Provides closing prices, price changes, trading volumes, and open interest for various option underlying assets [8]. - Option Volume, Open Interest, and Turnover Data: Includes volume, volume changes, open interest, open interest changes, turnover, and turnover changes for different options [9]. - Option Volume, Open Interest, and Turnover PCR Data: Presents PCR values and their changes for volume, open interest, and turnover of different options [10]. - Option Maximum Open Interest at Strike Prices: Lists the maximum open interest at call and put strike prices, as well as pressure and support levels for different options [11]. - Option Implied Volatility Data: Provides implied volatility, implied volatility changes, annual averages, call and put implied volatilities, and volatility differences for different options [13].