《能源化工》日报-20260116

Group 1: Report Industry Investment Rating - No information provided in the content Group 2: Report Core Views Polyolefin Industry - Market short - covering sentiment cooled, spot trading worsened. For PE, HD - LLDPE spread narrowed, with increased marginal supply of LLDPE and weakening downstream demand in the off - season. For PP, supply and demand were both weak, with more maintenance, expected destocking in January, and improved balance. Pay attention to the implementation of future maintenance [2]. Methanol Industry - Methanol futures opened lower and then fluctuated narrowly, with light spot trading. Inland prices are expected to fluctuate, while port prices are under pressure due to factors such as low MTO profits and potential device maintenance [5]. Pure Benzene and Styrene Industry - Pure benzene has a weak short - term supply - demand pattern but is supported by the strong performance of downstream styrene. Styrene has short - term supply shortages but may accumulate inventory around the Spring Festival [8]. Natural Rubber Industry - Supply: Domestic production is ending, and raw material prices are rising. Demand: Some semi - steel tire export orders are increasing, and inventory is accumulating. The price is expected to fluctuate in the range of 15,500 - 16,500 [9][10]. Glass and Soda Ash Industry - Soda ash futures are expected to fluctuate weakly in the short term, with high inventory and weak downstream demand. Glass futures are also expected to decline, with weakening supply and demand in the off - season [11]. Urea Industry - Urea supply is high, but short - term regional agricultural demand boosts market confidence. Prices are expected to be strong in the short term, and attention should be paid to downstream agricultural demand and plant restart schedules [12]. PVC and Caustic Soda Industry - Caustic soda prices are expected to be weak, with increased supply and lack of demand improvement. PVC fundamentals are under pressure, with high supply, low demand, and inventory accumulation [13]. LPG Industry - No specific view provided in the content Crude Oil Industry - Oil prices fell on Thursday. Geopolitical risks have eased, and the supply - demand outlook is weak. Attention should be paid to geopolitical conflicts in the Middle East [17]. Polyester Industry Chain - PX is expected to fluctuate at a high level before the Spring Festival and may be tight in the second quarter. PTA and MEG are expected to have weak supply - demand in January and February. Short - fiber and bottle - chip prices are mainly driven by raw materials [19]. Group 3: Summary by Related Catalogs Polyolefin Industry - Price Changes: L2605 and L2609 closed down, PP2605 slightly up, PP2609 down. Some spreads and basis had significant changes [2]. - Inventory and开工率: PE and PP enterprise and social inventories decreased, while PE device and downstream weighted开工率 decreased, and PP device开工率 slightly increased [2]. Methanol Industry - Price Changes: MA2605 and MA2609 closed down, with significant changes in some spreads and basis [5]. - Inventory and开工率: Methanol enterprise inventory increased slightly, while port and social inventories decreased. Upstream and downstream开工率 had different changes [5]. Pure Benzene and Styrene Industry - Price Changes: Many prices such as crude oil, pure benzene, and styrene decreased, with some spreads and basis changing [8]. - 开工率 and Inventory: Some开工率 increased, while some decreased. Pure benzene port inventory reached a record high, and styrene port inventory decreased [8]. Natural Rubber Industry - Price Changes: Spot prices of natural rubber decreased, and some spreads changed significantly [9]. - Production,开工率, and Inventory: Production in some regions changed, tire开工率 increased, and inventory in China continued to accumulate [9]. Glass and Soda Ash Industry - Price Changes: Glass and soda ash prices were mostly stable, with some futures prices down [11]. - Supply, Demand, and Inventory: Soda ash production increased, demand was weak, and inventory was high. Glass supply and demand were weak, and inventory was still relatively high year - on - year [11]. Urea Industry - Price Changes: Futures prices fluctuated down, and spot prices were stable with a slight upward trend [12]. - Supply and Demand: Supply was high, industrial demand was stable, and agricultural demand in some regions increased [12]. - Inventory: Factory and port inventories decreased [12]. PVC and Caustic Soda Industry - Price Changes: Caustic soda and PVC prices decreased slightly, with some spreads and basis changing [13]. - Supply, Demand, and Inventory: Caustic soda supply increased, demand was weak, and inventory increased in some regions. PVC supply was stable, demand was low, and inventory accumulated [13]. LPG Industry - Price Changes: Some futures prices changed slightly, and spot prices were stable [15]. - Inventory and开工率: LPG refinery and port inventories decreased slightly, and some开工率 increased while some decreased [15]. Crude Oil Industry - Price Changes: Brent and WTI prices decreased, while SC increased slightly. Many refined oil product prices decreased [17]. - Spread Changes: Some spreads such as Brent - WTI changed [17]. Polyester Industry Chain - Price Changes: Upstream and downstream product prices in the polyester industry chain mostly decreased, with changes in some spreads and basis [19]. - 开工率 and Inventory: Some开工率 increased slightly while some decreased. MEG port inventory increased, and the arrival forecast decreased [19].