大炼化周报：节前备货需求偏弱，炼化产品价格有所下跌-20250602

Investment Rating - The industry investment rating is "Neutral" as the industry index is expected to be in line with the benchmark [134]. Core Viewpoints - The report indicates that the demand for inventory before the holiday is weak, leading to a decline in refining product prices [1]. - The Brent crude oil average price for the week ending May 30, 2025, was $64.47 per barrel, reflecting a decrease of 1.07% [1][2]. - Domestic refining project price differentials have increased, with a domestic key refining project price differential of 2492.60 CNY/ton, up by 2.04% week-on-week [1][2]. Summary by Sections Refining Sector - OPEC+ is discussing an increase in production for July, which is pressuring prices, while geopolitical tensions continue to create volatility in oil prices [1]. - As of May 30, 2025, Brent and WTI crude oil prices were $63.90 and $60.79 per barrel, respectively, showing a decline from the previous week [1][14]. - Domestic refined oil prices have slightly increased, while overseas refined oil prices have generally declined [1]. Chemical Sector - The chemical sector is experiencing weak cost support and supply-demand dynamics, leading to price declines across various products [1]. - Polyethylene and polypropylene prices have shown a downward trend, with average prices for LDPE, LLDPE, and HDPE at 9057.14, 7032.14, and 8014.29 CNY/ton, respectively [1][53]. - The market for EVA remains weak, with prices decreasing to an average of 11500.00 CNY/ton [1][65]. Polyester Sector - The PX price has slightly increased due to a rise in PTA demand, with the current PX CFR China main port average price at 6026.19 CNY/ton [1][86]. - MEG prices have decreased slightly, with the current average price at 4512.86 CNY/ton [1][89]. - The average price for PTA is currently 4909.29 CNY/ton, with an industry average profit margin of -132.88 CNY/ton [1][91]. Major Refining Companies - The stock performance of six major refining companies as of May 30, 2025, shows mixed results, with Rongsheng Petrochemical up by 0.11% and Dongfang Shenghong down by 4.82% over the past week [1][121]. - Over the past month, Rongsheng Petrochemical has increased by 5.98%, while Dongfang Shenghong has decreased by 2.75% [1][121].