Xinda Securities·2026-03-29 09:03Investment Rating - The report does not explicitly state an investment rating for the oil refining industry Core Insights - The demand side is showing signs of weakness, leading to a narrowing of profits in the polyester filament sector [2] - Domestic key refining project price difference as of March 27, 2026, is 2953.73 CNY/ton, with a week-on-week increase of 167.01 CNY/ton (+5.99%) [3] - International Brent crude oil average price for the week is 103.87 USD/barrel, with a week-on-week change of -0.70% [3] Summary by Sections Refining Sector - The geopolitical situation in the Middle East has fluctuated, impacting oil prices; Brent and WTI prices as of March 27, 2026, are 112.57 USD/barrel and 99.64 USD/barrel, respectively [14] - Domestic refined oil prices have increased, with diesel, gasoline, and aviation kerosene averaging 8658.57 CNY/ton, 10253.43 CNY/ton, and 7200.52 CNY/ton, respectively [14] - The price difference between domestic refined oil and crude oil has expanded, with diesel at 3424.50 CNY/ton, gasoline at 5019.35 CNY/ton, and aviation kerosene at 1966.45 CNY/ton [14] Chemical Sector - Prices of chemical products have generally risen, with expectations of reduced production from refineries [2] - Polyethylene prices have increased, with LDPE, LLDPE, and HDPE averaging 11650.00 CNY/ton, 9005.86 CNY/ton, and 7600.00 CNY/ton, respectively [52] - EVA prices have risen to 12285.71 CNY/ton, with a significant price difference of 7051.64 CNY/ton compared to crude oil [52] - Benzene prices have slightly increased, with an average of 8457.14 CNY/ton and a price difference of 3223.07 CNY/ton [52] - Styrene prices have significantly increased due to production cut expectations, averaging 10542.86 CNY/ton with a price difference of 5308.78 CNY/ton [52]