Core Insights - International oil prices experienced a slight increase on the 3rd of the month, indicating a modest upward trend in the market [1] Price Movements - As of the close of trading, the price of light crude oil futures for December delivery on the New York Mercantile Exchange rose by 7 cents, settling at $61.05 per barrel, reflecting an increase of 0.11% [1] - The January delivery price for Brent crude oil futures in London increased by 12 cents, closing at $64.89 per barrel, which corresponds to a rise of 0.19% [1]

Core Insights - Domestic oil prices are expected to rise significantly, with an estimated increase of 165 yuan per ton, translating to nearly 10 yuan more for a full tank of gas [1][3] - The current adjustment cycle has seen a crude oil change rate of 3.45%, indicating a potential increase of 0.15 yuan per liter [3] - International oil prices have fluctuated, with recent increases pushing the price hike by an additional 25 yuan per ton, despite previous declines [3] Price Variations - Regional price differences are notable, with 92 gasoline prices varying from 6.63 yuan per liter in Xinjiang to 7.95 yuan in Hainan [4][5] - The price of 95 gasoline also shows significant regional disparities, with prices ranging from 7.11 yuan in Hebei to 8.45 yuan in Hainan [5] - Diesel prices also vary, with the lowest being 6,550 yuan per ton in Hengyang, highlighting the inconsistency in fuel pricing across different regions [4] Market Dynamics - The fluctuations in international oil prices are attributed to market psychological factors, including the impact of the Federal Reserve's interest rate decisions and OPEC's production increases [3] - Experts predict that global oil prices are likely to maintain a "steady upward trend" until 2026, barring any significant disruptions in global trade [3] - The upcoming price adjustment window on November 10 may lead to further increases if international oil prices do not experience a drastic drop [5]

Core Insights - In October, domestic refining profits in China increased nearly twofold year-on-year, driven by lower international oil prices and reduced raw material costs [1][3] - Despite a decline in refining product prices and revenues, the cost reductions were more significant, leading to improved refining margins [4][5] Group 1: Refining Profitability - Domestic refining profit in October was 248 CNY/ton, an increase of 81 CNY/ton or 48.5% month-on-month, and a rise of 235 CNY/ton or 1.74 times year-on-year [1] - The overall refining profit is expected to continue to see slight month-on-month increases in November due to slower transmission of cost declines [4][5] Group 2: Cost and Revenue Dynamics - The comprehensive refining cost in October was 4925 CNY/ton, down 4.74% month-on-month and 6.18% year-on-year [3] - Average revenue from refining products in October was 5173 CNY/ton, which decreased by 3.07% month-on-month and 1.71% year-on-year [4] - The average price of gasoline fell by 3.94% month-on-month, while diesel prices decreased by 2.67% month-on-month [4] Group 3: Market Outlook - In November, gasoline demand is expected to remain weak due to strong competition from electric vehicles, while diesel demand may hold steady due to construction activities and logistics needs [5] - Overall, refining product revenues are anticipated to decline in November, but the decrease may be less than that of costs, potentially allowing for continued slight increases in refining profits [5]

Core Viewpoint - The potential for U.S. military action against Venezuela has caused fluctuations in international oil prices, with initial spikes followed by corrections after President Trump's denial of such plans [1] Oil Market Impact - Following reports of possible U.S. airstrikes on Venezuela, oil prices surged, but the gains were moderated after Trump's denial, with light crude oil futures for December rising by 0.68% and Brent crude oil futures for December increasing by 0.11% [1] - Despite the initial price increase, the market anticipates that OPEC+ will continue its production increase plan in December, which, combined with insufficient demand growth, is expected to exert downward pressure on oil prices [1] - For the week, the main contract for U.S. oil futures fell by 0.85%, while the main contract for Brent oil futures dropped by 1.32% [1]

Core Insights - International oil prices experienced a slight increase on the 30th of the month, with New York light crude oil futures for December delivery rising by 9 cents to $60.57 per barrel, reflecting a 0.15% increase [1] - London Brent crude oil futures for December delivery also saw an uptick, increasing by 8 cents to $65.00 per barrel, which corresponds to a 0.12% rise [1] Price Movements - New York light crude oil futures: - Price: $60.57 per barrel - Change: +9 cents - Percentage change: +0.15% [1] - London Brent crude oil futures: - Price: $65.00 per barrel - Change: +8 cents - Percentage change: +0.12% [1]

Core Viewpoint - International oil prices experienced a slight increase on October 30, with both WTI and Brent crude oil futures rising marginally [1] Group 1: Price Movements - As of the market close, the price of light crude oil futures for December delivery on the New York Mercantile Exchange rose by 9 cents, settling at $60.57 per barrel, reflecting a 0.15% increase [1] - The December delivery price of Brent crude oil futures increased by 8 cents, closing at $65.00 per barrel, which corresponds to a 0.12% rise [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - EB2512 fluctuated weakly, closing at 6,421 yuan/ton. The production and capacity utilization rate of styrene decreased month - on - month due to the impact of plant shutdowns. The downstream EPS and UPR operating rates increased slightly, while the operating rates of PS, ABS, and styrene - butadiene rubber decreased to varying degrees. The visible inventory decreased slowly at a high level. The non - integrated cost decreased slightly due to weak raw material prices, and the profit recovery was not significant. The market expects a slight increase in OPEC+ production in December, and combined with weak crude oil demand, international oil prices have been under pressure recently. In the short term, EB2512 is expected to weaken with oil prices, and attention should be paid to the support of the lower Bollinger Band around 6,264 [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active styrene futures contract was 6,421 yuan/ton, a decrease of 92. The trading volume was 11,843 lots, and the open interest was 430,156 lots, an increase of 17,279. The net long position of the top 20 holders was 2,497 lots. The closing price of the January contract was 6,470 yuan/ton, a decrease of 91. The spot price of styrene was 6,752 yuan/ton, an increase of 9,346. The FOB South Korea intermediate price was 801.5 US dollars/ton, a decrease of 9, and the CFR China intermediate price was 811.5 US dollars/ton, a decrease of 50 [2] 3.2 Spot Market - The mainstream prices of styrene in the Northeast, South China, North China, and East China regions were 6,225 yuan/ton (change not provided), 6,580 yuan/ton (an increase of 15), 6,360 yuan/ton (unchanged), and 6,460 yuan/ton (an increase of 5) respectively [2] 3.3 Upstream Situation - The intermediate prices of ethylene CFR Northeast Asia, CFR Southeast Asia, CIF Northwest Europe, and FD US Gulf were 766 US dollars/ton (unchanged), 756 US dollars/ton (a decrease of 15), 692.5 US dollars/ton (an increase of 0.5), and 457 US dollars/ton (a decrease of 6) respectively. The spot prices of pure benzene in the US Gulf (FOB), Taiwan (CIF), Rotterdam (FOB), and the market prices in the South China, East China, and North China markets were 243 US cents/gallon (a decrease of 1), 679.1 US dollars/ton (unchanged), 680 US dollars/ton (a decrease of 1), 5,450 yuan/ton (unchanged), 5,405 yuan/ton (a decrease of 30), and 5,130 yuan/ton (a decrease of 40) respectively [2] 3.4 Industry Situation - The total styrene operating rate was 69.25%, a decrease of 2.63%. The national inventory was 2,847 tons, the total inventory in the East China main port was 19.3 tons, a decrease of 0.95, and the trade inventory in the East China main port was 12.1 tons, a decrease of 0.15 [2] 3.5 Downstream Situation - The operating rates of EPS, ABS, PS, UPR, and styrene - butadiene rubber were 61.98% (a decrease of 0.55), 72.8% (a decrease of 0.3), 53.8% (unchanged), 34% (unchanged), and 70.57% (an increase of 0.29) respectively [2] 3.6 Industry News - From October 24th to 30th, the total output of Chinese styrene plants was 323,400 tons, a decrease of 1.1% from the previous period, and the plant capacity utilization rate was 66.72%, a decrease of 2.53% month - on - month. From October 17th to 23rd, the consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 272,000 tons, a decrease of 0.44% from the previous week. As of October 23rd, the inventory of Chinese styrene plants was 196,300 tons, an increase of 1.47% from the previous week. As of October 27th, the inventory of styrene in Jiangsu ports was 193,000 tons, a decrease of 4.69% from the previous week, and the inventory in South China ports was 31,000 tons, a decrease of 6.06% from the previous week. As of October 22nd, the non - integrated cost of styrene was 6,990.04 yuan/ton, and the non - integrated profit was - 480 yuan/ton [2]

Core Viewpoint - International oil prices increased on the 29th, with both WTI and Brent crude experiencing gains in their futures contracts [1] Price Movements - As of the close on the 29th, the price of light crude oil for December delivery on the New York Mercantile Exchange rose by 33 cents, settling at $60.48 per barrel, reflecting an increase of 0.55% [1] - The December delivery price of Brent crude oil increased by 52 cents, closing at $64.92 per barrel, which corresponds to a rise of 0.81% [1]

Core Viewpoint - International oil prices increased on October 29, with both WTI and Brent crude experiencing gains [1] Group 1: Price Movements - As of the close on October 29, the price of light crude oil for December delivery on the New York Mercantile Exchange rose by $0.33, settling at $60.48 per barrel, representing a 0.55% increase [1] - The price of Brent crude oil for December delivery increased by $0.52, closing at $64.92 per barrel, which is a 0.81% rise [1]

Core Viewpoint - International oil prices experienced a slight decline on the 27th, with both WTI and Brent crude oil futures prices dropping marginally [1] Price Movements - As of the close on the 27th, the price of light crude oil futures for December delivery on the New York Mercantile Exchange fell by 19 cents, settling at $61.31 per barrel, representing a decrease of 0.31% [1] - The December delivery price of Brent crude oil futures decreased by 32 cents, closing at $65.62 per barrel, which corresponds to a decline of 0.49% [1]