油品期权早报-20260312

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - For both liquefied petroleum gas (LPG) and crude oil options, due to significant geopolitical risks, strategies mainly based on sellers (such as single - selling and double - selling) are not recommended. No directional strategies are provided. [8][20] 3. Summary by Relevant Catalogs 3.1 Liquefied Petroleum Gas (LPG) Options - Futures Market Data: The pg2604 contract closed at 5447 yuan yesterday, down 63 yuan or 1.14% from the previous day. The trading volume was 152,015 lots, a decrease of 103,152 lots from the previous day, and the open interest was 53,968 lots, a decrease of 6060 lots from the previous day. [7] - Option Factor - Volume and Position PCR: The trading volume of PG (LPG call options) was 34,843, with a change of 1726; the open interest was 16,911, with a change of 989. The trading volume of PG (LPG put options) was 13,479, with a change of - 8260; the open interest was 19,574, with a change of 1030. The trading volume PCR was 0.39, with a change of - 0.27; the open interest PCR was 1.16, with a change of - 0.01. [5] - Option Factor - Pressure and Support: The pressure level of PG options is 5900, and the support level is 4500. The weighted implied volatility rate is 64%, with a change of - 2.53%, and the annual average implied volatility rate is 53.61%. [6][7] - Option Strategy Suggestion: No directional strategies; due to large geopolitical risks, strategies mainly based on sellers are not recommended. [8] 3.2 Crude Oil Options - Futures Market Data: The sc2604 contract closed at 662 yuan yesterday, down 70.4 yuan or 9.61% from the previous day. The trading volume was 159,647 lots, unchanged from the previous day, and the open interest was 34,615 lots, an increase of 3193 lots from the previous day. [19] - Option Factor - Volume and Position PCR: The trading volume of SC (crude oil call options) was 339,150, with a change of - 43,390; the open interest was 86,654, with a change of 13,446. The trading volume of SC (crude oil put options) was 284,846, with a change of - 78,752; the open interest was 118,312, with a change of - 480. The trading volume PCR was 0.84, with a change of - 0.11; the open interest PCR was 1.37, with a change of - 0.26. [17] - Option Factor - Pressure and Support: The pressure level of SC options is 980, and the support level is 500. The weighted implied volatility rate is 170.12%, with a change of - 11.38%, and the annual average implied volatility rate is 40.74%, and HISV20 is 90.03%. [18][19] - Option Strategy Suggestion: No directional strategies; due to large geopolitical risks, strategies mainly based on sellers are not recommended. [20]