海通期货能源研发中心分析师杨安表示，近期，金融市场整体运行节奏受投资者情绪波动影响显著，黄 金、白银、铜在快速释放调整需求后价格迎来急速反弹，市场情绪从恐慌状态逐步企稳，多数品种从超 跌区间展开修复，国际原油价格亦同步走出反弹行情。 近期，国际原油价格大幅波动。Wind数据显示，截至北京时间2月4日10:37，布伦特原油期货价格日内 最高涨至68美元/桶上方，而2月3日最低一度触及65.19美元/桶，1月29日盘中最高上涨至70.58美元/桶。 从原油市场来看，杨安表示，地缘因素再度升温，相关动向持续吸引市场关注。此外，原油市场的全球 贸易流向正发生实质性转变。目前看，油价走势仍有明显不确定性。 ...

Core Viewpoint - The styrene market has experienced a significant price surge, with East China spot prices exceeding 8000 yuan per ton, driven by macroeconomic improvements and supply constraints, but the sustainability of this increase is questioned due to weak cost support and rising resistance from downstream sectors [1][2]. Supply Dynamics - The recent price increase in styrene is attributed to a recovery from previous overly pessimistic market sentiments, bolstered by unexpected progress in US-China trade talks and a rebound in international oil prices, leading to a notable increase in buying interest [2]. - Supply remains tight in major production areas such as East China, Shandong, Hebei, and Northeast China, which supports market sentiment and reduces the risk of significant price drops [3]. Cost Support - The price of pure benzene, a key upstream raw material for styrene, has fluctuated between 6000 and 6300 yuan, with a recent increase of nearly 500 yuan following improvements in international conditions [4]. - Despite a recent rebound, the momentum in the pure benzene market is expected to slow, leading to a narrow trading range, which may weaken its impact on downstream products [4]. Downstream Resistance - The surge in styrene prices has created challenges for downstream industries such as EPS, ABS, and PS, which are struggling with squeezed profits and rising costs [5][6]. - Downstream companies are exhibiting reduced willingness to purchase high-priced styrene due to increased financial pressure, despite potential benefits from improved US-China trade relations [5][6].