石化行业周报：供给侧预期带动石化走强-20250728

Investment Rating - The industry investment rating is "Strong over the market" and is maintained [1] Core Viewpoints - Continuous attention is required on the progress of eliminating outdated facilities and upgrading in the petrochemical industry [2] - The oil and petrochemical index reported a performance increase of 2.58%, closing at 2331.15 points, while other petrochemical sectors saw a rise of 6.83% [5] - Energy prices are stable with a slight decline, as U.S. crude oil inventories decreased, and refined oil inventories showed mixed results [6][11] - Polyester filament prices have increased, with price differentials also rising, while the inventory days for polyester filament in Jiangsu and Zhejiang have decreased, and the operating rate of weaving machines has declined [14][19] - Sample polyolefin spot prices remained stable, with a decrease in inventory [22][25] Summary by Sections Oil - Energy prices are stable with a slight decline, with Brent crude oil futures and TTF natural gas futures closing at $68.78 per barrel and €32.29 per MWh, down 0.8% and 4.2% respectively [8] - U.S. crude oil and petroleum product inventories (excluding strategic reserves) decreased by 5,153 thousand barrels to 1,250,684 thousand barrels [13] Polyester - The prices of polyester filament have risen, with POY, DTY, and FDY prices at 6,680, 7,930, and 6,930 yuan per ton respectively, with price differentials increasing by 133 yuan per ton [16] - The inventory days for polyester filament in Jiangsu and Zhejiang are 20.3, 38.1, and 15.5 days for FDY, DTY, and POY respectively, with operating rates of 92.1% and 55.6% for polyester filament and downstream weaving machines [21] Olefins - Sample polyolefin spot prices are stable, with PE and PP prices at 7,700 and 8,140 yuan per ton, showing a change of 0% and -0.73% respectively [25] - The petrochemical inventory for polyolefins is 730,000 tons, down by 40,000 tons from the previous week [25]