宏观日报：关注能源上游价格波动-20251125

Report Summary Core View The report focuses on the price fluctuations in the upstream energy sector and provides an overview of the mid - level events and the industry situation. It analyzes the price and production changes in different industries from upstream to downstream, reflecting the current market trends [1]. Industry Overview Upstream - Energy: International oil prices are oscillating downward. On November 24, the spot price of WTI crude oil was $58.1 per barrel, down 3.38%, and the spot price of Brent crude oil was $61.9 per barrel, down 3.80%. The price of liquefied natural gas was 4,122 yuan/ton, down 1.90%, and the coal price was 830 yuan/ton, down 0.48% [1][34]. - Non - ferrous Metals: The nickel price has declined. On November 24, the spot price of nickel was 118,250 yuan/ton, up 0.74%, while the prices of other non - ferrous metals such as copper, zinc, and aluminum also showed different degrees of change [1][34]. - Agriculture: The palm oil price has slightly declined. On November 24, the spot price of palm oil was 8,562 yuan/ton, down 1.68% [1][34]. - Chemicals: The urea price has slightly increased. On November 24, the spot price of urea was 1,657.5 yuan/ton, up 1.69% [1][34]. Mid - stream - Chemicals: The PX operating rate has increased, the PTA operating rate has decreased, the polyester operating rate is neutral, and the urea operating rate has increased [1]. - Infrastructure: The asphalt operating rate has decreased [1]. Downstream - Real Estate: The sales of commercial housing in second - and third - tier cities have seasonally declined [2]. - Services: The number of domestic flights has slightly decreased [2]. Mid - level Events Production Industry On November 24, the National Development and Reform Commission announced that starting at 24:00, domestic gasoline and diesel prices would be reduced by 70 yuan/ton and 65 yuan/ton respectively. After conversion to liter prices, 92 - octane gasoline was reduced by 0.05 yuan, and both 95 - octane gasoline and 0 - diesel were reduced by 0.06 yuan, reducing the fuel costs of private cars and logistics enterprises [1]. Service Industry On November 24, the People's Bank of China announced that it would conduct 1 trillion yuan of medium - term lending facility (MLF) operations on the 25th, with a term of 1 year. Given that 900 billion yuan of MLF was due in November, the net MLF investment scale for the month would reach 100 billion yuan, marking the ninth consecutive month of increased MLF roll - overs [1].