《能源化工》日报-20251106

Group 1: Report Industry Investment Ratings - No relevant content provided Group 2: Core Views of the Reports Polyolefins - Near - term PP supply increase slows due to more unplanned maintenance, while PE supply is expected to increase as maintenance peaks. Demand is recovering, but there may be pressure later due to supply increase and demand decrease. Consider long - term low - buying opportunities in the 05 contract and anti - arbitrage for the spread [2] Methanol - The market is trading the "weak reality" logic with high port inventory as the core contradiction. The 01 contract's inventory problem cannot be solved, and the weak reality will continue to be traded before gas restrictions in Iran [4] PVC and Caustic Soda - Caustic soda supply is expected to increase in November, with weak demand support, and the price is expected to be weak and stable. PVC supply - demand remains in an oversupply situation, and the price is expected to stay at the bottom and weak [6] Polyester Industry Chain - PX supply is stable, but the November supply - demand is expected to be loose. PTA supply - demand is slightly loose with a small accumulation expectation. Ethylene glycol has a high inventory accumulation expectation in November - December. Short - fiber price will be under pressure. Bottle - chip supply - demand is in a loose pattern [7] Pure Benzene - Styrene - Pure benzene supply is loose, and demand support is limited. Benzene - styrene supply may slightly decrease in November, and the supply - demand is currently loose [8] Group 3: Summaries by Related Catalogs Polyolefins - Prices and Spreads: Futures and spot prices of L and PP showed various changes on November 4 compared to November 3. For example, L2601 closed at 6879, down 0.13% [2] - Inventory: PE enterprise inventory increased by 17.84% to 49.0 (units not specified), and social inventory decreased by 3.30% to 52.7 million tons. PP enterprise inventory increased by 0.81% to 60.0, and trader inventory increased by 3.91% to 22.9 million tons [2] - 开工率: PE device and downstream weighted开工率 decreased, while PP device, powder开工率 and downstream weighted开工率 increased [2] Methanol - Prices and Spreads: On November 4, MA2601 closed at 2115 yuan/ton, down 1.31%. Port prices continued to weaken, but the basis started to strengthen [3] - Inventory: On Wednesday, methanol enterprise inventory increased by 2.75% to 38.641%, port inventory increased by 0.71% to 151.7 million tons, and social inventory increased by 1.11% to 190.4% [3] - 开工率: On Thursday, upstream domestic enterprise开工率 decreased slightly, overseas enterprise开工率 decreased by 3.65%, and some downstream开工率 increased or decreased [4] PVC and Caustic Soda - Prices and Spreads: On November 5, the price of Shandong 32% liquid caustic soda remained unchanged, and the price of East China calcium carbide - based PVC decreased by 0.4% [6] - Supply: In October, the caustic soda industry开工率 and PVC total开工率 increased, and the profit of external - purchased calcium carbide - based PVC increased [6] - Demand: In October, the开工 rates of some caustic soda and PVC downstream industries changed slightly, and PVC pre - sales volume increased by 21.8% [6] - Inventory: In October, the inventory of liquid caustic soda in East China factories and Shandong increased, and PVC social inventory decreased by 1.8% [6] Polyester Industry Chain - Prices and Spreads: On November 5, the prices of some upstream and downstream products in the polyester industry chain changed, such as Brent crude oil (January) decreased by 1.4% to 64.44 dollars/barrel [7] - Inventory: MEG port inventory increased by 7.5% to 56.2 million tons on November 3, and the arrival expectation decreased by 4.5% to 18.9 [7] - 开工率: In the week of October 31, the开工 rates of some products in the polyester industry chain changed, such as Asian PX开工率 decreased by 0.4% to 78.1% [7] Pure Benzene - Styrene - Prices and Spreads: On November 5, the prices of upstream and downstream products of pure benzene and styrene changed, such as Brent crude oil (December) decreased by 1.4% to 63.52 dollars/barrel [8] - Inventory: In the week of November 3, pure benzene inventory in East China ports increased by 42.4% to 12.10 million tons, and styrene inventory decreased by 7.1% to 17.93 million tons [8] - 开工率: In the week of October 30, the开工 rates of some products in the pure benzene - styrene industry chain changed, such as Asian pure benzene开工率 decreased by 0.4% to 78.8% [8]