Xinda Securities·2026-03-08 07:34Investment Rating - The report does not explicitly provide an investment rating for the oil refining industry Core Insights - Oil prices have significantly increased, with Brent and WTI crude oil prices reaching 92.69 and 90.90 USD/barrel respectively, marking increases of 20.21 and 23.88 USD/barrel compared to the previous week [13] - The domestic and international refined product prices have risen sharply, with domestic diesel, gasoline, and aviation kerosene averaging 6845.71, 8169.71, and 5446.45 CNY/ton respectively, reflecting increases of 618.14, 470.14, and 467.93 CNY/ton [13] - The geopolitical tensions in the Middle East, particularly concerning Iran, have heightened supply concerns, contributing to the upward pressure on oil prices [13] Summary by Sections Refining Sector - The price difference for key domestic refining projects is 2424.28 CNY/ton, a slight decrease of 0.36% week-on-week, while the international price difference is 1777.73 CNY/ton, an increase of 56.99% [2][3] - The average Brent crude oil price for the week ending March 6, 2026, was 82.02 USD/barrel, up 14.98% from the previous week [2][3] - The refining sector is experiencing increased prices for refined products due to rising crude oil prices and geopolitical tensions [13] Chemical Sector - The chemical products have seen a general price increase, with aromatics prices rising more than olefins [2] - Polyethylene prices have increased significantly, with LDPE, LLDPE, and HDPE averaging 9966.67, 7101.14, and 7600.00 CNY/ton respectively [50] - EVA prices are also on the rise, supported by supply constraints, with an average price of 10428.57 CNY/ton [50] Polyester & Nylon Sector - The polyester sector is experiencing strong support from rising costs, with PX, PTA, and MEG prices all increasing significantly [2] - The overall supply of polyester filament has increased due to the restart of previously shut down facilities, but downstream orders remain cautious due to high raw material costs [2] Stock Performance of Major Refining Companies - As of March 6, 2026, the stock performance of six major private refining companies showed varied results, with Hengli Petrochemical and Oriental Energy experiencing declines of 1.32% and 0.39% respectively, while Hengyi Petrochemical saw an increase of 3.52% [2]