石化行业周报地缘反复原油获得溢价，聚酯链关注节后pxn价差是否走强

Investment Rating - Industry investment rating: Stronger than the market, maintained [1] Core Views - The geopolitical situation between the US and Iran remains uncertain, leading to a premium on crude oil prices. The supply-demand dynamics for PX and PTA are expected to improve marginally this year. The PX (China main port) to naphtha (Japan) price spread has stabilized around $300/ton, with potential for strengthening post-holiday [2] - In the last week before the Spring Festival, the oil and petrochemical index performed moderately, with a decrease of 0.82% compared to the previous week. Among the sub-sectors, engineering services showed the best performance within oil and petrochemicals, with a rise of 1.51% [5][3] - Crude oil prices have increased, with US crude oil and gasoline inventories declining [6][10] - Polyester filament prices have risen, although the inventory days for different varieties of polyester filament in Jiangsu and Zhejiang show mixed trends, with a decrease in weaving machine operating rates [13][17] - In the olefins sector, sample PE spot prices have decreased, and petrochemical inventories of polyolefins have increased [22][25] Summary by Sections Crude Oil - Crude oil prices have risen, with Brent crude futures closing at $69.47/barrel, reflecting a 1.8% increase from February 6 [7] - US crude oil inventories decreased by 19,080 thousand barrels, while gasoline inventories saw a slight increase of 891 thousand barrels [12] Polyester - The prices of polyester filaments have increased, with POY, DTY, and FDY prices reported at 7030, 8150, and 7250 yuan/ton respectively, showing increases of 177, 197, and 197 yuan/ton compared to the previous week [15] - Inventory days for FDY, DTY, and POY are 17.5, 21.0, and 11.5 days respectively, with weaving machine operating rates decreasing by 4.4% and downstream weaving machine rates decreasing by 10.7% [18] Olefins - Sample PE spot prices have decreased to 7110 yuan/ton, a decline of 0.14% from the previous week [25] - Petrochemical inventories of polyolefins have increased by 15,000 tons, totaling 440,000 tons [25]