Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - Driven by the rise in international oil prices, EB2511 fluctuated strongly and closed around 6928. The production and capacity utilization rate of styrene decreased due to the continuous shutdown of an 800,000 - tonne device of Guangdong Petrochemical and the new maintenance of two 1.2 - million - tonne devices of Zhejiang Petrochemical last week. The downstream operating rates fluctuated slightly. Factory and East China port inventories decreased month - on - month, while South China port inventory increased. The non - integrated cost of styrene increased month - on - month due to the rise in pure benzene and ethylene prices. Large domestic devices are taking turns for maintenance, and this maintenance cycle may last for several months. The 800,000 - tonne device of Guangdong Petrochemical will restart this week, and a 620,000 - tonne device of Zhenhai Liande plans to shut down, so production and capacity utilization may rise periodically. The commissioning of new devices is postponed to October, and the supply pressure of styrene in September shows a downward trend. The load of EPS, PS, and ABS devices is expected to be slightly adjusted this week. Inventory has returned to the destocking cycle, but the current inventory pressure is still high. In terms of cost, the global crude oil supply - demand is weak, but the US sanctions on some oil - producing countries may be upgraded, and international oil prices rose significantly yesterday. In the short term, EB2511 is expected to fluctuate with oil prices, and technically, attention should be paid to the support of the lower Bollinger Band around 6845 and the pressure of the 10 - day moving average around 7034 [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures trading volume (active: trading volume) of styrene (EB) was 6928 lots; the closing price of the active contract was 245,568 yuan/ton, with a month - on - month increase of 11,208 yuan/ton. The long positions of the top 20 holders were 411,907 lots, and the net long positions were - 29,310 lots with a month - on - month increase of 135 lots. The short positions of the top 20 holders were 441,217 lots. The total number of warehouse receipts was 905 lots. The closing price of the November contract was 6928 yuan/ton, with a month - on - month increase of 58 yuan/ton. The futures open interest (active: trading volume) was 399,631 lots [2]. 3.2 Spot Market - The spot price of styrene was 7130 yuan/ton, with a month - on - month decrease of 48 yuan/ton. The FOB South Korea intermediate price was 855 US dollars/ton, with a month - on - month decrease of 11 US dollars/ton. CFR China intermediate price was 865 US dollars/ton. The mainstream prices in Northeast, South, North, and East China were 6800 yuan/ton (unchanged), 7075 yuan/ton (unchanged), 6820 yuan/ton (a month - on - month decrease of 30 yuan/ton), and 6870 yuan/ton (a month - on - month decrease of 100 yuan/ton) respectively [2]. 3.3 Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 846 US dollars/ton, the CFR Southeast Asia intermediate price was 841 US dollars/ton, the CIF Northwest Europe intermediate price was 745.5 US dollars/ton (a month - on - month decrease of 3 US dollars/ton), and the FD US Gulf price was 457 US dollars/ton (a month - on - month decrease of 6 US dollars/ton). The FOB price of pure benzene in the US Gulf was 248 US cents/gallon, the CIF price in Taiwan was 722.17 US dollars/ton (unchanged), the FOB price in Rotterdam was 657 US dollars/ton (a month - on - month decrease of 8 US dollars/ton). The market prices of pure benzene in South, East, and North China were 5900 yuan/ton (unchanged), 5840 yuan/ton (unchanged), and 5950 yuan/ton (unchanged) respectively [2]. 3.4 Industry Situation - The overall styrene operating rate was 73.44%, with a month - on - month decrease of 1.54%. The national styrene inventory was 216,283 tons, with a month - on - month decrease of 3994 tons. The total inventory in the East China main port was 186,500 tons, and the trade inventory was 98,500 tons with a month - on - month increase of 20,500 tons [2]. 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 61.74% (a month - on - month increase of 0.72%), 69.8% (a month - on - month decrease of 0.2%), 61.2% (a month - on - month decrease of 0.7%), 34% (unchanged), and 70.43% (a month - on - month increase of 0.86%) respectively [2]. 3.6 Industry News - From September 12th to 18th, the weekly styrene output decreased by 2.03% month - on - month to 346,800 tons, and the weekly capacity utilization rate decreased by 1.54% month - on - month to 73.44%. The consumption of downstream EPS, PS, and ABS increased by 0.14% month - on - month to 278,300 tons. As of September 18th, the styrene factory inventory decreased by 1.81% month - on - month to 216,300 tons; as of September 22nd, the East China port inventory increased by 17.30% month - on - month to 186,500 tons, and the South China port inventory decreased by 37.61% month - on - month to 13,600 tons. As of September 17th, the non - integrated cost of styrene was 7548 yuan/ton, and the non - integrated profit was - 368 yuan/ton [2].

截至当天收盘，纽约商品交易所11月交货的轻质原油期货价格上涨1.13美元，收于每桶63.41美元，涨幅 为1.81%；11月交货的伦敦布伦特原油期货价格上涨1.06美元，收于每桶67.63美元，涨幅为1.59%。 纽约9月23日电 国际油价23日上涨。 ...

（文章来源：新华社） 人民财讯9月24日电，国际油价23日上涨。截至当天收盘，纽约商品交易所11月交货的轻质原油期货价 格上涨1.13美元，收于每桶63.41美元，涨幅为1.81%；11月交货的伦敦布伦特原油期货价格上涨1.06美 元，收于每桶67.63美元，涨幅为1.59%。 ...

每经AI快讯，9月22日，国际油价窄幅震荡，美油主力合约收跌0.10%，报62.34美元/桶；布伦特原油主 力合约跌0.06%，报66.00美元/桶。 （文章来源：每日经济新闻） ...

版权归原作者所有，向原创致敬 编 辑：梅凯悦 主 编：王 莹 审 核：孙一奇 统 筹：马长庆 监 制：李 伟 虽然美联储降息有助于刺激经济活力和能源消费，不过受地缘政治冲突和美国原油需求疲软的影响，市场 交易情绪仍然偏谨慎， 国际油价周四小幅下跌。截至当天收盘，纽约商品交易所10月交货的轻质原油期货 价格收于每桶63.57美元，跌幅为0.75%；11月交货的伦敦布伦特原油期货价格收于每桶67.44美元，跌幅为 0.75%。 来源：央视财经（ID：cctvyscj） 18日国际油价小幅下跌 ...

Core Viewpoint - International oil prices experienced a slight decline on September 18, with both WTI and Brent crude oil futures dropping by approximately 0.75% [1] Group 1 - As of the close on September 18, the price of light crude oil futures for October delivery on the New York Mercantile Exchange fell by 48 cents, settling at $63.57 per barrel [1] - The price of Brent crude oil futures for November delivery on the London market decreased by 51 cents, closing at $67.44 per barrel [1]

Core Points - Oil prices have decreased significantly on September 16, marking the second price drop in September, with a reduction of over 0.5 yuan per liter [1] - Throughout the year, there have been a total of eight price adjustments, with three increases and five decreases [2] - Despite the fluctuations, the average oil price is still 0.31 yuan cheaper per liter compared to the beginning of the year [3] Price Trends - The next price adjustment is expected on September 23, with indications suggesting further decreases [4] - The international oil price has shown a change rate of -1.23%, translating to a decrease of approximately 55 yuan per ton domestically [5] - For consumers, the expected decrease at gas stations for 92 and 95 octane gasoline is around 0.03 to 0.04 yuan per liter [7] Historical Price Adjustments - In April, there was an increase of 230 yuan per ton, followed by a decrease of 480 yuan within half a month [9] - May saw another significant drop of 230 yuan per ton [10] - June experienced two consecutive increases, totaling 325 yuan, which offset some of the previous decreases [11] - July had a similar pattern with an initial increase of 235 yuan followed by a decrease of 130 yuan [12] - August remained stable until the end of the month when prices dropped by 180 yuan [13] International Market Influences - The international oil market remains volatile, influenced by various factors, including potential tariffs on oil imports from India and speculation regarding the Federal Reserve's interest rate decisions [18][19] - Recent data shows WTI crude oil futures increased by $0.32 to $62.69 per barrel, while Brent crude rose by $0.62 to $66.99 per barrel [16] Regional Price Variations - Gasoline prices vary significantly across regions, with 95 octane gasoline reaching 8.74 yuan per liter in Hainan due to high transportation costs [20] - In contrast, regions with abundant oil resources, such as Shaanxi, have lower prices, with 95 octane gasoline at 7.40 yuan per liter [22] - Diesel prices also show regional disparities, with the lowest price at 6.52 yuan per liter in Heilongjiang, attributed to stable demand during winter [26]

截至当天收盘，纽约商品交易所10月交货的轻质原油期货价格上涨61美分，收于每桶63.30美元，涨幅 为0.97%；11月交货的伦敦布伦特原油期货价格上涨45美分，收于每桶67.44美元，涨幅为0.67%。 国际油价15日微涨。 ...

油价这东西，真是时刻牵动着咱们开车人的心。 这不，9月23号深夜，今年第19次油价调整又要来了。 现在这个调价周期才走了一半不到，看样子是要降价，估摸着每吨能便宜个55块钱。 虽然换算到每升也就那么几分钱，大概是4分到5分的样子，可能加满一箱油也就省下两块钱，但在这个涨多跌少的年头，只要不涨价，对咱们来说就是个好 消息。 回头看看2025年这一路，油价走势可以说挺折腾的。 上半年那12次调整，基本上是涨跌各一半，打了个平手，还有两次是没动静。 具体点说，就是1月和6月往上涨了点，但2月到5月那阵子又给跌回来了。 这么一通操作下来，上半年整体还是降了的。 汽油和柴油每吨分别降了315元和325元，换算成每升，降幅超过了两毛六。 对于每天都要在路上跑的朋友来说，这半年下来，确实能省下几顿饭钱。 可到了下半年，这剧情就有点让人看不懂了。 7月份一上来，油价就来了个"下马威"，汽油和柴油每吨分别猛涨了235元和225元，一下子就把上半年的降幅给吃掉了一大半。 当时大家心里都咯噔一下，感觉好日子到头了。 这次9月23号的调整，现在看着是降价有希望，但变数也不少。 这个降价55元/吨的预期，是根据前几个工作日国际原油均价 ...

好消息来了，油价很可能又要降了。 9月14日传出的最新风声是，下一轮油价调整，也就是9月23日晚上，汽柴油价格预计会迎来下调，幅度大概在每吨55元左右。 虽然这数额听起来不大，但好歹是踩住了50元每吨的下调门槛，让油价下跌的势头得以延续。 回顾一下今年下半年的油价走势，简直就像在坐过山车。 7月份的时候涨跌互现，最后算总账，汽油每吨还涨了105块。 可一进8月，风向立马变了，直接来了一次大降价，汽油每吨实实在在地降了180元，让不少车主长舒一口气。 到了9月份，第一次调价窗口本来看着要涨个40块，结果因为没到50块的"起步价"，最后搁浅了，等于没动。 国际市场现在也是一团乱麻，多空双方正在掰手腕，谁也不服谁。 看空的一方认为，全球经济不景气，原油库存还在增加，国际能源署甚至出来放话说2025年原油可能会供大于求，这消息一出，油价自然就受到了压力。 但看多的一方也不是吃素的。 这么一来二去，下半年整体来看，油价是跌多涨少。 要是把上半年的降幅也算进来，2025年到现在，汽柴油每吨累计已经降了超过400元。 这个数字可能没啥概念，但换算到咱们加油时，就是每升便宜了0.32元以上。 别小看这几毛钱，积少成多，加满一 ...