能源化工日报 2026-01-09 2026/01/09 原油 能源化工组 【行情资讯】 张正华 橡胶分析师 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn INE 主力原油期货收跌 8.60 元/桶，跌幅 2.02%，报 416.20 元/桶；相关成品油主力期货高硫 燃料油收涨 1.00 元/吨，涨幅 0.04%，报 2458.00 元/吨；低硫燃料油收涨 33.00 元/吨，涨幅 1.14%，报 2929.00 元/吨。 美国 EIA 周度数据出炉，美国原油商业库存去库 3.83 百万桶至 419.06 百万桶，环比去库 0.91%；SPR 补库 0.25 百万桶至 413.46 百万桶，环比补库 0.06%；汽油库存累库 7.70 百万桶 至 242.04 百万桶，环比累库 3.29%；柴油库存累库 5.59 百万桶至 129.27 百万桶，环比累库 4.52%；燃料油库存去库 0.06 百万桶至 22.98 百万桶，环比去库 0.27%；航空煤油库存累库 0.05 百万桶至 44.03 百万桶，环比累库 0.11%。 徐绍祖 聚烯 ...

能源化工日报 2026-01-07 橡胶 | | 原油 | | --- | --- | | | 2026/01/07 原油 | | 能源化工组 | 【行情资讯】 | | | INE 主力原油期货收涨 1.40 元/桶，涨幅 0.33%，报 428.20 元/桶；相关成品油主力期货高硫 | | 张正华 | 燃料油收涨 18.00 元/吨，涨幅 0.73%，报 2479.00 元/吨；低硫燃料油收涨 8.00 元/吨，涨幅 | | 橡胶分析师 | 0.27%，报 2925.00 元/吨。 | | 从业资格号：F270766 | 中国原油周度数据出炉，原油到港库存去库 2.10 百万桶至 205.11 百万桶，环比去库 1.02%； | | 交易咨询号：Z0003000 | 汽油商业库存累库 0.58 百万桶至 89.62 百万桶，环比累库 0.65%；柴油商业库存累库 0.42 百 | |  0755-233753333 | 万桶至 92.56 百万桶，环比累库 0.45%；总成品油商业库存累库 1.00 百万桶至 182.18 百万 | |  zhangzh@wkqh.cn | 桶，环比累库 0.55%。 ...

能源化工日报 2026-01-06 2026/01/06 原油 【行情资讯】 INE 主力原油期货收跌 14.80 元/桶，跌幅 3.39%，报 421.70 元/桶；相关成品油主力期货高硫 燃料油收跌 29.00 元/吨，跌幅 1.18%，报 2427.00 元/吨；低硫燃料油收跌 65.00 元/吨，跌幅 2.20%，报 2891.00 元/吨。 欧洲 ARA 周度数据出炉，汽油库存环比累库 1.38 百万桶至 10.52 百万桶，环比累库 15.07%； 柴油库存环比去库 0.12 百万桶至 14.61 百万桶，环比去库 0.81%；燃料油库存环比累库 0.37 百万桶至 7.06 百万桶，环比累库 5.60%；石脑油环比去库 0.83 百万桶至 4.63 百万桶，环比 去库 15.18%；航空煤油环比去库 0.36 百万桶至 7.82 百万桶，环比去库 4.43%；总体成品油 环比累库 0.44 百万桶至 44.64 百万桶，环比累库 1.00%。 徐绍祖 聚烯烃分析师 【策略观点】 我们认为此次拉美地缘并不对整体油价构成足够利多，但重油估值将明显抬升，因而上调重质 油品估值至多配，预计沥青或燃油裂差 ...

能源化工日报 2026-01-05 2026/01/05 原油 【行情资讯】 截至节假日最后交易日，INE 主力原油期货收跌 6.40 元/桶，跌幅 1.46%，报 432.20 元/桶； 相关成品油主力期货高硫燃料油收跌 37.00 元/吨，跌幅 1.49%，报 2447.00 元/吨；低硫燃料 油收跌 65.00 元/吨，跌幅 2.17%，报 2935.00 元/吨。 欧洲 ARA 周度数据出炉，汽油库存环比累库 1.38 百万桶至 10.52 百万桶，环比累库 15.07%； 柴油库存环比去库 0.12 百万桶至 14.61 百万桶，环比去库 0.81%；燃料油库存环比累库 0.37 百万桶至 7.06 百万桶，环比累库 5.60%；石脑油环比去库 0.83 百万桶至 4.63 百万桶，环比 去库 15.18%；航空煤油环比去库 0.36 百万桶至 7.82 百万桶，环比去库 4.43%；总体成品油 环比累库 0.44 百万桶至 44.64 百万桶，环比累库 1.00%。 徐绍祖 聚烯烃分析师 从业资格号：F03115061 交易咨询号：Z0022675 18665881888 xushaozu@wkq ...

能源化工日报 2025-12-30 2025/12/30 原油 能源化工组 【行情资讯】 张正华 橡胶研究员 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn INE 主力原油期货收跌 8.60 元/桶，跌幅 1.94%，报 434.80 元/桶；相关成品油主力期货高硫 燃料油收跌 44.00 元/吨，跌幅 1.76%，报 2459.00 元/吨；低硫燃料油收跌 49.00 元/吨，跌幅 1.62%，报 2974.00 元/吨。 欧洲 ARA 周度数据出炉，汽油库存环比累库 0.94 百万桶至 10.16 百万桶，环比累库 10.14%； 柴油库存环比去库 0.27 百万桶至 14.70 百万桶，环比去库 1.79%；燃料油库存环比累库 0.01 百万桶至 7.21 百万桶，环比累库 0.18%；石脑油环比去库 0.05 百万桶至 4.98 百万桶，环比 去库 1.07%；航空煤油环比累库 0.05 百万桶至 8.84 百万桶，环比累库 0.54%；总体成品油环 比累库 0.67 百万桶至 45.89 百万桶，环比累库 1.49%。 刘洁文 ...

能源化工日报 2025-12-29 原油 2025/12/29 原油 【行情资讯】 能源化工组 张正华 橡胶研究员 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn INE 主力原油期货收跌 1.20 元/桶，跌幅 0.27%，报 441.80 元/桶；相关成品油主力期货高硫 燃料油收涨 18.00 元/吨，涨幅 0.73%，报 2491.00 元/吨；低硫燃料油收涨 5.00 元/吨，涨幅 0.17%，报 3017.00 元/吨。 新加坡 ESG 油品周度数据出炉，汽油库存累库 0.06 百万桶至 15.06 百万桶，环比累库 0.43%； 柴油库存累库 0.07 百万桶至 8.43 百万桶，环比累库 0.85%；燃料油库存去库 1.40 百万桶至 24.66 百万桶，环比去库 5.39%；总成品油去库 1.27 百万桶至 48.15 百万桶，环比去库 2.57%。 【策略观点】 我们认为尽管地缘溢价已经全部消散，OPEC 虽做增产但量级极低，与此同时我们观测到 OPEC 供给仍未放量，因而油价短期仍然不宜过于看空。基于此我们维持对油价低 ...

能源化工日报 2025-12-25 原油 2025/12/25 原油 能源化工组 INE 主力原油期货收涨 3.00 元/桶，涨幅 0.68%，报 444.70 元/桶；相关成品油主力期货高硫 燃料油收跌 2.00 元/吨，跌幅 0.08%，报 2480.00 元/吨；低硫燃料油收涨 14.00 元/吨，涨幅 0.47%，报 3014.00 元/吨。 富查伊拉港口油品周度数据出炉，汽油库存去库 0.70 百万桶至 6.27 百万桶，环比去库 10.08%； 柴油库存去库 0.38 百万桶至 2.29 百万桶，环比去库 14.25%；燃料油库存去库 1.02 百万桶至 10.38 百万桶，环比去库 8.95%；总成品油去库 2.10 百万桶至 18.94 百万桶，环比去库 10.00%。 【策略观点】 我们认为尽管地缘溢价已经全部消散，OPEC 虽做增产但量级极低，与此同时我们观测到 OPEC 供给仍未放量，因而油价短期仍然不宜过于看空。基于此我们维持对油价低多高抛的区间策略， 但当前油价仍需测试 OPEC 的出口挺价意愿，建议短期观望为主，等待油价下跌时 OPEC 出口下 滑做出验证。 甲醇 2025/12/ ...

新浪合作大平台期货开户 安全快捷有保障 责任编辑：张俊 SF065 责任编辑：张俊 SF065 圣诞节前夕，数万人在洛杉矶Amapola市场排队购买新鲜玉米面团（masa），尽管价格上涨，仍凸显出 强劲的季节性需求和文化传统食品的韧性。 圣诞节前夕，数万人在洛杉矶Amapola市场排队购买新鲜玉米面团（masa），尽管价格上涨，仍凸显出 强劲的季节性需求和文化传统食品的韧性。 新浪合作大平台期货开户 安全快捷有保障 ...

能源化工日报 2025-12-24 能源化工组 【行情资讯】 张正华 橡胶研究员 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn INE 主力原油期货收涨 8.30 元/桶，涨幅 1.92%，报 440.90 元/桶；相关成品油主力期货高硫 燃料油收涨 52.00 元/吨，涨幅 2.14%，报 2483.00 元/吨；低硫燃料油收涨 42.00 元/吨，涨幅 1.42%，报 2999.00 元/吨。 中国原油周度数据出炉，原油到港库存累库 0.29 百万桶至 206.16 百万桶，环比累库 0.14%； 汽油商业库存累库 0.74 百万桶至 90.43 百万桶，环比累库 0.82%；柴油商业库存去库 0.04 百 万桶至 92.41 百万桶，环比去库 0.04%；总成品油商业库存累库 0.70 百万桶至 182.84 百万 桶，环比累库 0.39%。 【策略观点】 刘洁文 甲醇、尿素研究员 从业资格号：F03097315 交易咨询号：Z0020397 0755-23375134 liujw@wkqh.cn 我们认为尽管地缘溢价已经全部消散 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has disappeared and OPEC's production increase is minimal with supply not yet surging, it's not advisable to be overly bearish on oil prices in the short - term. A range strategy of buying low and selling high is maintained, but it's recommended to wait and see for now, waiting for a decline in OPEC exports to confirm the price trend [3]. - For methanol, after the bullish factors are realized, the market enters a short - term consolidation. Import arrivals will remain high, and port olefin plants have maintenance plans. The overall supply is high, and the fundamentals are under pressure. It's expected to trade in a low - level range, and a wait - and - see approach is recommended for single - sided trading [6]. - For urea, the market is oscillating higher. Demand has improved in the short - term due to reserve needs and higher compound fertilizer production. Supply is expected to decline seasonally. With export policy and cost support, it's expected to build a bottom in a range. Buying on dips is recommended [10]. - For natural rubber, a neutral approach is taken, suggesting short - term trading and holding a hedging position of buying RU2601 and selling RU2609 [15]. - For PVC, the fundamentals are poor with strong supply and weak demand in the domestic market. Although there is a short - term emotional rebound, a strategy of shorting on rallies is recommended in the medium - term [17]. - For pure benzene and styrene, it's advisable to go long on non - integrated styrene profits before the first quarter of next year, as styrene non - integrated profits are relatively low and there is room for upward valuation repair [20]. - For polyethylene, the long - term contradiction has shifted from cost - driven decline to production mismatch. It's recommended to short the LL1 - 5 spread on rallies [23]. - For polypropylene, in the context of weak supply and demand with high inventory pressure, the market may be supported when the oversupply situation in the cost side changes in the first quarter of next year [25]. - For PX, it's expected to see a slight inventory build - up in December. With a neutral valuation, opportunities for going long on dips can be considered [28]. - For PTA, the supply is expected to increase after January, and the processing fee is under pressure. With limited upside for the processing fee, opportunities for going long on expected trading can be watched [30]. - For ethylene glycol, although the domestic supply situation has improved slightly due to unexpected maintenance, the overall load is still high, and the port inventory build - up cycle will continue. There is a risk of a rebound due to potential further increases in maintenance [32]. Summaries by Related Catalogs Crude Oil - **Market Information**: INE's main crude oil futures rose 5.10 yuan/barrel, or 1.20%, to 429.40 yuan/barrel. High - sulfur fuel oil futures rose 48.00 yuan/ton, or 2.01%, to 2439.00 yuan/ton, and low - sulfur fuel oil futures rose 46.00 yuan/ton, or 1.59%, to 2931.00 yuan/ton. US EIA weekly data showed that commercial crude oil inventories decreased by 1.27 million barrels to 424.42 million barrels, while SPR increased by 0.25 million barrels to 412.17 million barrels. Gasoline, diesel, fuel oil, and aviation kerosene inventories all increased [2]. - **Strategy Viewpoint**: Maintain a range strategy of buying low and selling high, but wait and see for now [3]. Methanol - **Market Information**: Regional spot prices in Jiangsu changed by 10 yuan/ton, in Lunan by 5 yuan/ton, in Henan by - 5 yuan/ton, in Hebei by 0 yuan/ton, and in Inner Mongolia by - 17.5 yuan/ton. The main futures contract changed by 18 yuan/ton to 2174 yuan/ton, and MTO profit was - 198 yuan [5]. - **Strategy Viewpoint**: After the bullish factors are realized, the market enters short - term consolidation. The port inventory is decreasing, but future pressure remains. The supply is high, and the fundamentals are under pressure. A wait - and - see approach is recommended for single - sided trading [6]. Urea - **Market Information**: Regional spot prices in Shandong changed by - 10 yuan/ton, in Henan by 0 yuan/ton, in Hebei by 0 yuan/ton, in Hubei by 0 yuan/ton, in Jiangsu by 0 yuan/ton, in Shanxi by 20 yuan/ton, and in the Northeast by 0 yuan/ton. The overall basis was - 38 yuan/ton. The main futures contract changed by 62 yuan/ton to 1708 yuan/ton [8]. - **Strategy Viewpoint**: The market is oscillating higher. Demand has improved in the short - term, and supply is expected to decline seasonally. With export policy and cost support, it's expected to build a bottom in a range. Buying on dips is recommended [10]. Rubber - **Market Information**: Rubber prices were oscillating. Exchange RU inventory warrants were low, and the buying demand for winter storage was a bullish factor. As of December 18, 2025, the operating rate of all - steel tires in Shandong tire enterprises was 64.66%, up 1.08 percentage points from last week and 2.56 percentage points from the same period last year. The operating rate of semi - steel tires in domestic tire enterprises was 72.76%, down 0.24 percentage points from last week and 5.93 percentage points from the same period last year. The total social inventory of natural rubber in China was 115.2 million tons as of December 14, 2025, up 2.9 million tons, or 2.6% [12][14]. - **Strategy Viewpoint**: A neutral approach is taken, suggesting short - term trading and holding a hedging position of buying RU2601 and selling RU2609 [15]. PVC - **Market Information**: The PVC05 contract rose 28 yuan to 4708 yuan. The spot price of Changzhou SG - 5 was 4430 (+30) yuan/ton, and the basis was - 278 yuan/ton. The 5 - 9 spread was - 130 (- 3) yuan/ton. The overall PVC operating rate was 79.4%, down 0.5%. Factory inventory was 34.4 million tons (+1.8), and social inventory was 105.9 million tons (unchanged) [15]. - **Strategy Viewpoint**: The fundamentals are poor with strong supply and weak demand in the domestic market. Although there is a short - term emotional rebound, a strategy of shorting on rallies is recommended in the medium - term [17]. Pure Benzene and Styrene - **Market Information**: The spot price of East China pure benzene was 5290 yuan/ton, up 5 yuan/ton. The closing price of the active pure benzene contract was 5381 yuan/ton, up 5 yuan/ton. The spot price of styrene was 6500 yuan/ton, down 50 yuan/ton. The closing price of the active styrene contract was 6385 yuan/ton, down 19 yuan/ton. The upstream operating rate was 68.11%, down 0.74%. The inventory in Jiangsu ports decreased by 1.21 million tons to 13.47 million tons [19]. - **Strategy Viewpoint**: Go long on non - integrated styrene profits before the first quarter of next year, as styrene non - integrated profits are relatively low and there is room for upward valuation repair [20]. Polyolefins Polyethylene - **Market Information**: The closing price of the main polyethylene contract was 6476 yuan/ton, down 3 yuan/ton. The spot price was 6510 yuan/ton, down 45 yuan/ton. The upstream operating rate was 81.58%, down 0.92%. The production enterprise inventory was 48.78 million tons, up 1.72 million tons, and the trader inventory was 3.56 million tons, down 0.20 million tons [22]. - **Strategy Viewpoint**: The long - term contradiction has shifted from cost - driven decline to production mismatch. Short the LL1 - 5 spread on rallies [23]. Polypropylene - **Market Information**: The closing price of the main polypropylene contract was 6279 yuan/ton, up 25 yuan/ton. The spot price was 6275 yuan/ton, unchanged. The upstream operating rate was 77.74%, down 1.66%. The production enterprise inventory was 53.78 million tons, up 0.07 million tons, the trader inventory was 19.83 million tons, down 0.9 million tons, and the port inventory was 6.75 million tons, down 0.07 million tons [24]. - **Strategy Viewpoint**: In the context of weak supply and demand with high inventory pressure, the market may be supported when the oversupply situation in the cost side changes in the first quarter of next year [25]. Polyester PX - **Market Information**: The PX03 contract rose 90 yuan to 6862 yuan. The PX CFR price rose 6 dollars to 840 dollars. The Chinese PX load was 88.1%, down 0.1%, and the Asian load was 79.3%, up 0.7%. The PTA load was 73.2%, down 0.5%. In early December, South Korea's PX exports to China were 13.9 million tons, down 0.5 million tons year - on - year. The inventory at the end of October was 407.4 million tons, up 4.8 million tons month - on - month [27]. - **Strategy Viewpoint**: It's expected to see a slight inventory build - up in December. With a neutral valuation, opportunities for going long on dips can be considered [28]. PTA - **Market Information**: The PTA05 contract rose 64 yuan to 4748 yuan. The East China spot price rose 45 yuan to 4650 yuan. The PTA load was 73.2%, down 0.5%. The social inventory (excluding credit warrants) was 215 million tons as of December 12, down 1.9 million tons [29]. - **Strategy Viewpoint**: The supply is expected to increase after January, and the processing fee is under pressure. With limited upside for the processing fee, opportunities for going long on expected trading can be watched [30]. Ethylene Glycol - **Market Information**: The EG05 contract rose 9 yuan to 3767 yuan. The East China spot price was unchanged at 3667 yuan. The ethylene glycol load was 72%, up 2%. The port inventory was 84.4 million tons, up 2.5 million tons [31]. - **Strategy Viewpoint**: Although the domestic supply situation has improved slightly due to unexpected maintenance, the overall load is still high, and the port inventory build - up cycle will continue. There is a risk of a rebound due to potential further increases in maintenance [32].