《能源化工》日报-20260327

1. Report Industry Investment Ratings - No information about industry investment ratings is provided in the reports. 2. Core Views of the Reports Pure Benzene - Styrene - Pure benzene supply is expected to decline due to reduced refinery loads and planned maintenance, while downstream product prices are rising, leading to improved supply - demand expectations. It may follow oil price fluctuations, and the strategy is to wait and see and shrink the EB05 - BZ05 spread on rallies [1]. - Styrene supply is stable with some装置restarts and maintenance. Demand is weak in procurement but the supply - demand situation remains tight. It also follows oil price fluctuations, and the strategy is the same as that for pure benzene [1]. LPG - No overall view is provided, but price, inventory, and开工率 data are presented, showing changes in various aspects such as prices, inventory levels, and开工率 of LPG - related products [2]. Natural Rubber - Supply is tight in Southeast Asia, and domestic new rubber supply is limited in the short term. Demand from tire enterprises is stable. The price is expected to fluctuate widely, and attention should be paid to the development of the US - Iran conflict [3]. Crude Oil - The current conflict has lasted for more than four weeks, and the focus is on the control of the Strait of Hormuz and energy supply chain security. Oil prices are expected to maintain wide - range fluctuations, with the main factors being geopolitical support and policy suppression. Short - term focus is on the actual resumption of navigation in the Strait of Hormuz and the progress of negotiations [4]. Glass and Soda Ash - Soda ash has a pattern of strong supply and weak demand. Short - term price is supported by plant maintenance, but supply will increase next week, and it is expected to be weak and volatile. Attention should be paid to the support at around 1150 for SA605, and 5 - 9 reverse arbitrage can be considered [5]. - Glass has weak market trading. Supply is slightly reduced, and demand is weak. Inventory reduction is weakening. Attention should be paid to the support at around 1030 for FG605, and short - selling can be tried lightly if demand or inventory reduction does not improve [5]. Methanol - Methanol futures are rising, and the basis is strengthening. Supply is increasing domestically but imports are expected to decrease. Demand is improving. However, risks of sharp fluctuations and price corrections due to geopolitical easing should be noted [9]. Polyester Industry Chain - PX supply is expected to decline, but downstream polyester has cost - transmission problems, and short - term PX follows oil price fluctuations. PTA has limited self - driving force and follows cost - end fluctuations [10]. - Ethylene glycol has strong cost support, and supply is decreasing. Port inventory is expected to decline, and the price may continue to rise, but there is a risk of a pull - back [10]. - Short - fiber has weak self - driving force and follows raw material fluctuations. Attention should be paid to the resumption of navigation in the Strait of Hormuz and downstream cost transmission [10]. Polyolefins - The polyolefin market is trading based on the logic of "strong cost, reduced supply". The 05 - contract inventory is expected to be low, driving up prices. However, demand is limited, and long positions can be reduced on rallies [11]. PVC and Caustic Soda - Caustic soda futures fluctuate greatly, and the spot price is stable. Supply is increasing slightly, and inventory is accumulating. The overall supply - demand pattern is weak, and attention should be paid to the impact of the Middle East situation [8]. - PVC futures are weakly volatile, and the spot price is falling. The supply - demand fundamentals are weak, but it may be pushed up passively by the overall environment, and attention should be paid to the impact of regional trends [8]. Urea - Urea futures open low and close high, and the spot market is weak. Supply is slightly reduced, and inventory is relatively low, providing some support. However, the supply is still abundant, and demand is weak. It is expected to fluctuate and consolidate in the short term, and attention should be paid to the 1830 - 1900 range [7]. 3. Summaries by Relevant Catalogs Pure Benzene - Styrene - Upstream Prices and Spreads: Brent and WTI crude oil prices decreased on March 26 compared to March 25, while CFR Japan naphtha and CFR China pure benzene prices increased. The spreads between pure benzene and naphtha, and toluene and naphtha decreased [1]. - Styrene - Related Prices and Spreads: Styrene spot and futures prices decreased slightly, and the EB - BZ spread decreased [1]. - Downstream Cash Flows: Cash flows of some downstream products such as phenol and caprolactam improved, while those of aniline decreased [1]. - Inventory: Pure benzene inventory in Jiangsu ports decreased, while styrene inventory increased [1]. - 开工率: The开工率 of some pure benzene and styrene - related industries changed slightly, with some increasing and some decreasing [1]. LPG - Prices and Spreads: LPG futures prices showed different trends, with some increasing and some decreasing. The spreads between different contracts decreased. Spot prices and basis also changed [2]. - 外盘Prices: FEI and CP contracts' prices increased [2]. - Inventory: LPG refinery storage ratio, port inventory, and port storage ratio all increased [2]. - 开工率: The开工率 of upstream refineries decreased, while the开工 rate of downstream PDH increased [2]. Natural Rubber - Spot Prices and Basis: Some spot prices such as Yunnan state - owned whole - latex and Thai standard mixed rubber changed slightly, and the basis also changed [3]. - 月间Spreads: The 9 - 1 spread decreased, while the 1 - 5 spread increased [3]. - Fundamentals: Production in some countries and regions changed, and the开工 rate of tire enterprises was stable. Import and export volumes of rubber and related products changed [3]. Crude Oil - Prices and Spreads: Brent, WTI, and SC crude oil prices changed, and the spreads between different contracts and different types of crude oil also changed [4]. - Refined Oil Prices and Spreads: NYM RBOB, NYM ULSD, and ICE Gasoil prices increased, and the spreads between different contracts also changed [4]. - Refined Oil Crack Spreads: Crack spreads of various refined oils such as US gasoline, European gasoline, and Singapore gasoline changed [4]. Glass and Soda Ash - Glass - Related Prices and Spreads: Glass spot prices were stable, and futures prices decreased. The basis increased [5]. - Soda Ash - Related Prices and Spreads: Soda ash spot prices were stable, and futures prices decreased. The basis increased [5]. - Supply: Soda ash production capacity utilization and weekly output decreased, and the daily melting volume of float glass and photovoltaic glass also decreased [5]. - Inventory: Glass factory inventory decreased slightly, and soda ash factory inventory decreased slightly [5]. - Real Estate Data: New construction area decreased, construction area increased, completion area increased, and sales area increased [5]. Methanol - Futures Prices and Spreads: Methanol futures prices increased, and the spreads between different contracts changed [7][9]. - Upstream Raw Materials: Some upstream raw material prices such as anthracite and动力煤changed slightly [7]. - Spot Market Prices: Methanol spot prices in different regions changed slightly [7]. - 跨区Spreads and Basis:跨区spreads and basis changed [7]. - 下游Products: Prices of some downstream products such as melamine increased [7]. - Supply - Demand Overview: Domestic urea daily production decreased, and the开工率 of urea production enterprises decreased [7]. Polyester Industry Chain - Upstream Prices: Brent and WTI crude oil prices increased, and CFR Japan naphtha and CFR China MX prices increased [10]. - 下游Polyester Product Prices and Cash Flows: Prices of some polyester products such as POY, FDY, and DTY changed, and cash flows also changed [10]. - PX - Related Prices and Spreads: PX prices and spreads changed [10]. - PTA - Related Prices and Spreads: PTA prices and spreads changed, and the开工 rate decreased [10]. - MEG - Related Prices and Spreads: MEG prices and spreads changed, and the开工 rate decreased [10]. - 开工率:开工 rates of various industries in the polyester industry chain such as polyester comprehensive开工率and straight - spun filament开工率changed [10]. Polyolefins - Futures Prices and Spreads: L and PP futures prices increased, and the spreads between different contracts changed [11]. - Spot Prices and Basis: Spot prices of LLDPE and PP increased slightly, and the basis changed [11]. - Non - Standard Prices: Non - standard prices of PE and PP changed slightly [11]. - 开工率: PE and PP装置开工 rates decreased, and downstream加权开工 rates increased [11]. - Inventory: PE and PP enterprise and social inventories changed [11]. PVC and Caustic Soda - PVC and Caustic Soda Spot & Futures: PVC and caustic soda spot and futures prices changed [8]. - Caustic Soda Overseas Quotes & Export Profits: Overseas quotes and export profits of caustic soda increased [8]. - PVC Overseas Quotes & Export Profits: Overseas quotes and export profits of PVC increased [8]. - Supply: Chlor - Alkali开工率& Industry Profits: The开工 rate of the caustic soda industry and PVC decreased, and profits changed [8]. - Demand: Caustic Soda下游开工率: The开工 rate of some downstream industries of caustic soda such as alumina and viscose staple fiber decreased slightly [8]. - Demand: PVC下游制品开工率: The开工 rate of some downstream products of PVC such as pipes and profiles increased [8]. - Chlor - Alkali Inventory:社库&厂库: Caustic soda and PVC inventories decreased slightly [8].