SINOLINK SECURITIES·2025-12-13 13:07Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Oil prices have weakened this week due to ongoing geopolitical tensions and supply-demand dynamics, with WTI closing at $57.44 and Brent at $62.55, reflecting declines of $2.64 and $2.23 respectively [3][14][16] - The EIA report indicates a decrease in U.S. commercial crude oil inventories by 1.812 million barrels, while gasoline inventories increased by 639.7 thousand barrels [3][14] - The average operating rate of domestic refineries rose by 0.4% to 94.5%, with U.S. oil production reaching a record high of 13.853 million barrels per day [3][14] - The polyester sector is expected to see a decline in weaving operating rates due to some factories planning early holidays, while PTA processing fees remain low at 165.86 yuan/ton [3][14] - Ethylene prices in the domestic market have shown a slight decline, with the average price at 6172 yuan/ton, while propylene prices have increased to 6090 yuan/ton [3][14] Summary by Sections Market Review - The petrochemical sector underperformed against the Shanghai Composite Index, with a decline of 3.52% [9][10] - The oil and gas resource index fell by 1.17%, while the refining and chemical index dropped by 3.70% [9][10] Oil and Gas Sector - Oil prices are under pressure from geopolitical events, including the situation in Venezuela and potential peace talks between Russia and Ukraine [3][14][16] - U.S. oil production is projected to reach record levels, contributing to concerns about oversupply in the market [3][14][16] Refining and Chemical Sector - The average refining margin for major refineries increased to 645.47 yuan/ton, while independent refineries saw margins at 443 yuan/ton [3][13] - The processing fee for PTA remains low, indicating challenges in the polyester sector [3][14] Ethylene and Propylene Market - Ethylene prices have decreased slightly, while propylene prices have shown a modest increase, reflecting mixed market conditions [3][14]