芳烃日报：淡季存需求压制-20260108

Report Industry Investment Rating No information provided 2. Core Viewpoints - The pure benzene market shows a state of strong supply and weak demand, with significant upward pressure and should be treated weakly [3] - The styrene market is in the off - season demand in the first quarter. Although it may be boosted by the short - term rebound sentiment of commodities, the demand pressure is still obvious, and the industry should appropriately participate in hedging [4] 3. Summary by Relevant Catalogs Fundamental Analysis - As of December 29, the commercial inventory of pure benzene in Jiangsu ports was 300,000 tons, a month - on - month increase of 9.89% and a year - on - year increase of 56.09%. From December 22 - 28, the estimated arrival was about 39,500 tons and the提货 was about 12,500 tons. During the period, the inventory in 3 warehouses increased and 4 remained stable [1] - As of January 5, 2026, the total inventory of styrene in Jiangsu ports was 132,300 tons, a decrease of 4.68% from the previous period. The commercial inventory was 77,300 tons, a decrease of 7.20% from the previous period. According to past industry rules, there is a high possibility of seasonal inventory accumulation from January to March [1] Macroeconomic Analysis - Trump and his advisors are planning a large - scale plan to dominate the Venezuelan oil industry in the coming years, aiming to push the oil price down to $50 per barrel [2] - On January 8, 2026, the People's Bank of China will conduct a 1.1 trillion - yuan outright reverse repurchase operation with a term of 3 months [2] Futures and Spot Market Analysis - Pure benzene fluctuated slightly during the day, with significant upward pressure and a state of strong supply and weak demand [3] - Styrene fluctuated slightly, and attention should be paid to the pressure near the 40 - day moving average on the weekly line. Affected by the short - term rebound sentiment of commodities, it may be boosted to some extent, but the demand pressure is still obvious [3][4]