《能源化工》日报-20250828

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views Chlor - Alkali Industry - The caustic soda spot is expected to continue rising steadily, but the futures may face short - term resistance. PVC has large supply - demand pressure, and short - selling opportunities at high prices can be considered [2]. Polyester Industry Chain - PX is expected to have short - term low - buying opportunities, and the PX - SC spread can be expanded. PTA should be observed in the short term, with low - buying opportunities and TA1 - 5 reverse spreads. Ethylene glycol is expected to fluctuate strongly in the short term. Short - fiber and bottle - chip strategies are similar to PTA [6]. Pure Benzene - Styrene Industry - Pure benzene trends are expected to be weakly volatile, and BZ2603 should follow oil prices and styrene fluctuations. Styrene has a weak short - term drive, and EB10 can be short - sold on rebounds [11]. Urea Industry - The urea market is weakly volatile, with high supply and weak demand. The fundamentals are difficult to reverse [14][15]. Methanol Industry - The methanol market has significant port inventory accumulation, weak basis, and the demand is affected by the off - season. Attention should be paid to the inventory inflection point [18]. Polyolefin Industry - The overall supply pressure of polyolefins is not large before mid - September, and the LP01 spread can be held [44]. Crude Oil Industry - The short - term oil price rebounds, but the geopolitical risks and tariff uncertainties remain. It is recommended to wait and see in the short term [46]. 3. Summaries by Related Catalogs Chlor - Alkali Industry - Prices: Shandong 32% liquid caustic soda increased by 1.2%, while the price of East China calcium - carbide - based PVC decreased by 1.1%. Some futures prices and spreads also changed [2]. - Supply: The caustic soda and PVC industry operating rates decreased, and the profit of external calcium - carbide - based PVC decreased by 8.0% [2]. - Demand: The operating rates of some downstream industries of caustic soda and PVC increased slightly, but the PVC pre - sales volume decreased by 8.4% [2]. - Inventory: The liquid caustic soda and PVC upstream factory inventories decreased, while the PVC total social inventory increased by 3.1% [2]. Polyester Industry Chain - Prices: The prices of some upstream and downstream products of the polyester industry chain changed, such as the price of Brent crude oil increasing by 1.2% [6]. - Inventory: The MEG port inventory decreased by 8.6% [6]. - Operating Rates: The operating rates of some industries in the polyester industry chain changed, such as the Asian PX operating rate increasing by 2.2% [6]. Pure Benzene - Styrene Industry - Prices: The prices of upstream and downstream products of pure benzene and styrene changed, such as the CFR China pure benzene price decreasing by 0.9% [11]. - Inventory: The pure benzene inventory in Jiangsu ports decreased by 4.2%, while the styrene inventory increased by 10.8% [11]. - Operating Rates: The operating rates of some industries in the pure benzene - styrene industry chain changed, such as the domestic hydrogenated benzene operating rate decreasing by 8.0% [11]. Urea Industry - Prices: The urea futures prices and spreads changed, and the spot prices in different regions remained stable [14]. - Supply: The domestic urea daily output decreased by 0.81%, and the factory inventory increased by 6.05% [14]. - Demand: The demand is affected by the agricultural season and industrial factors, and the compound fertilizer inventory is high [14]. Methanol Industry - Prices: The methanol futures and spot prices decreased, and the inventory increased significantly [16][17]. - Operating Rates: The upstream and downstream operating rates of methanol changed slightly [18]. Polyolefin Industry - Prices: The futures and spot prices of polyolefins decreased, and the spreads between some contracts changed [44]. - Inventory: The PE and PP enterprise inventories decreased, and the PE social inventory increased slightly [44]. - Operating Rates: The PE and PP operating rates changed, and the downstream weighted operating rates increased slightly [44]. Crude Oil Industry - Prices: The prices of Brent, WTI, and SC crude oil changed, and the spreads between some contracts also changed [46]. - Inventory: The EIA US crude oil and refined product inventories decreased [46]. - Operating Rates: The US refinery operating rate decreased to 94.6% [50].