Report Industry Investment Rating - Not provided Core Viewpoints - For both PG (liquefied gas) and SC (crude oil) options, it is recommended to construct a bull spread combination strategy of call options for directional trading to obtain directional returns, and not to adopt seller - based strategies due to high geopolitical risks [7][19] Summary by Directory 1. PG (Liquefied Gas) Options Market Data - The closing price of the pg2604 contract was 5766 yuan, down 61 yuan or 1.04% from the previous day. The trading volume was 83457 lots, a decrease of 24222 lots from the previous day, and the open interest was 30002 lots, a decrease of 7696 lots from the previous day [3][6] Option Factors - Volume and Open Interest PCR - The trading volume of PG (liquefied gas call options) was 2366, a decrease of 57815, and the open interest was 3862, an increase of 714. The trading volume PCR was 0.72, with a change of 0.18, and the open - interest PCR was 0.86, with a change of 0.03 [4] Option Factors - Pressure and Support - For the pg2605 contract, the pressure level was 6700, the support level was 5300, the weighted implied volatility was 52.17%, a decrease of 10.04%, the annual average implied volatility was 26.75%, and HISV20 was 52.82% [5] Market Interpretation and Strategy Suggestions - The implied volatility of PG (liquefied gas options) fluctuated above the mean of 0.2675. The open - interest PCR of PG options was 0.8563, at the 79.18% level in the past year. Directional strategy: construct a bull spread combination strategy of call options; Volatility strategy: not recommended to use seller - based strategies [6][7] 2. SC (Crude Oil) Options Market Data - The closing price of the sc2605 contract was 735.4 yuan, down 9.1 yuan or 1.22% from the previous day. The trading volume was 153715 lots, a decrease of 18776 lots from the previous day, and the open interest was 56313 lots, a decrease of 274 lots from the previous day [15][18] Option Factors - Volume and Open Interest PCR - The trading volume of SC (crude oil call options) was 135582, a decrease of 19672, and the open interest was 50102, an increase of 2638. The trading volume PCR was 0.8, with a change of - 0.06, and the open - interest PCR was 1.43, with a change of 0.02 [16] Option Factors - Pressure and Support - For the sc2605 contract, the pressure level was 940, the support level was 500, the weighted implied volatility was 96.65%, a decrease of 6.26%, the annual average implied volatility was 42.52%, and HISV20 was 82.00% [17] Market Interpretation and Strategy Suggestions - The implied volatility of SC (crude oil options) fluctuated above the mean of 0.4252. The open - interest PCR of SC options was 1.4282, at the 93.88% level in the past year. Directional strategy: construct a bull spread combination strategy of call options; Volatility strategy: not recommended to use seller - based strategies [18][19]
油品期权早报-20260319
Wu Kuang Qi Huo·2026-03-19 05:22