Investment Rating - The industry investment rating is "Strongly Outperforming the Market" and is maintained [1] Core Views - The report highlights that the recent surge in crude oil prices is influenced by US sanctions on Russian oil companies, leading to a significant increase in oil prices this week [2] - OPEC+ is set to increase oil production by 137,000 barrels per day starting in November, which is considered a moderate increase [2] - The petrochemical sector continues to adjust, with ongoing attention to the progress of phasing out outdated facilities and upgrading processes [2] Summary by Sections Oil Market - Crude oil prices have risen, with US crude oil inventories decreasing and gasoline inventories slightly increasing [6][10] - Brent crude futures closed at $66.63 per barrel, reflecting an 8.8% increase from the previous week [7] - The report notes a decrease in US crude oil and petroleum product inventories, with a reduction of 4,172 thousand barrels [13] Polyester - Prices for polyester filament yarn have decreased, while price spreads have increased [14] - The latest data shows that the inventory days for polyester filament yarn in Jiangsu and Zhejiang have decreased, and the operating rate of weaving machines has increased [19] - Current prices for polyester filament yarn POY, DTY, and FDY are 6,430, 7,700, and 6,650 yuan per ton, respectively, with price spreads increasing by 31, 81, and 101 yuan per ton compared to last week [16] Olefins - The report indicates that the prices of sample polyolefins remain stable, while inventories have declined [21] - Current prices for PE and PP are 7,750 and 8,050 yuan per ton, with a slight decrease of 0.43% for PE and no change for PP [24] - The total petrochemical inventory for polyolefins is reported at 720,000 tons, down by 50,000 tons from the previous week [24]
石化行业周报：美对俄油企制裁，原油大涨-20251028
China Post Securities·2025-10-28 05:52