Group 1: Report Summary - The report is an energy and chemical options strategy morning report, covering energy (crude oil, LPG), polyolefins (PP, PVC, etc.), polyesters (PX, PTA, etc.), alkali chemicals (caustic soda, soda ash), and other energy and chemical products [3]. - The recommended strategy is to construct an option portfolio strategy mainly as a seller, along with spot hedging or covered strategies to enhance returns [3]. Group 2: Underlying Futures Market Overview - Crude oil (SC2511) latest price is 478, down 7, a decline of 1.38%, with a trading volume of 9.61 million lots and an open interest of 3.53 million lots [4]. - LPG (PG2511) latest price is 4,259, down 34, a decline of 0.79%, with a trading volume of 9.06 million lots and an open interest of 8.12 million lots [4]. - Other varieties such as methanol, ethylene glycol, etc., also have corresponding price, trading volume, and open - interest data [4]. Group 3: Option Factors - Volume and Open Interest PCR - For crude oil options, the volume PCR is 0.83, down 0.11, and the open - interest PCR is 0.88, down 0.15 [5]. - For LPG options, the volume PCR is 1.83, up 0.62, and the open - interest PCR is 0.79, down 0.03 [5]. Group 4: Option Factors - Pressure and Support Levels - The pressure level for crude oil is 570 and the support level is 480 [6]. - The pressure level for LPG is 4,500 and the support level is 4,200 [6]. Group 5: Option Factors - Implied Volatility - The at - the - money implied volatility of crude oil options is 30.57%, and the weighted implied volatility is 33.81%, up 0.83 [7]. - The at - the - money implied volatility of LPG options is 17.815%, and the weighted implied volatility is 19.67%, down 0.13 [7]. Group 6: Option Strategies and Recommendations Energy - related Options (Crude Oil) - Fundamental analysis: OPEC plans to discuss early release of 1.6 million barrels per day of production cuts, and Russia has production cut plans from July to December and supports extending the gasoline export ban until November [8]. - Market analysis: Crude oil has shown a bearish market trend since July, with weak fluctuations in September [8]. - Option factor research: Implied volatility fluctuates around the mean, open - interest PCR above 1.00 indicates a sideways market, and the pressure and support levels are 570 and 480 respectively [8]. - Option strategy recommendations: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [8]. Energy - related Options (LPG) - Fundamental analysis: PDH plant maintenance is stable, but profit decline may lead to a decrease in capacity utilization [9][10]. - Market analysis: LPG has shown an oversold rebound market trend with pressure above [10]. - Option factor research: Implied volatility has dropped significantly to around the mean, open - interest PCR around 0.80 indicates a sideways market, and the pressure and support levels are 4,500 and 4,200 respectively [10]. - Option strategy recommendations: Directional strategy: None; Volatility strategy: Construct a neutral - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10]. Alcohol - related Options (Methanol) - Fundamental analysis: Port inventory is at a new high, and enterprise inventory and orders have changed [10]. - Market analysis: Methanol has shown a weak market trend with pressure above [10]. - Option factor research: Implied volatility has dropped and fluctuates below the mean, open - interest PCR around 0.80 indicates a weak sideways market, and the pressure and support levels are 2,400 and 2,250 respectively [10]. - Option strategy recommendations: Directional strategy: Construct a bearish put spread strategy; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot long - hedging strategy: Construct a long collar strategy [10]. Alcohol - related Options (Ethylene Glycol) - Fundamental analysis: Port inventory is expected to fluctuate at a low level in the short term and may enter a stocking cycle later [11]. - Market analysis: Ethylene glycol has shown a weak market trend with pressure above [11]. - Option factor research: Implied volatility fluctuates below the mean, open - interest PCR around 0.60 indicates strong bearish power, and the pressure and support levels are 4,500 and 4,250 respectively [11]. - Option strategy recommendations: Directional strategy: Construct a bearish put spread strategy; Volatility strategy: Construct a short - volatility strategy; Spot long - hedging strategy: Hold spot long + buy put option + sell out - of - the - money call option [11]. Polyolefin - related Options - Fundamental analysis: PE and PP inventory levels have changed, with PP having higher inventory pressure [12]. - Market analysis: Polypropylene has shown a weak market trend with pressure above [12]. - Option factor research: Implied volatility has dropped to below the mean, open - interest PCR around 0.80 indicates a weakening trend, and the pressure and support levels are 7,400 and 6,700 respectively [12]. - Option strategy recommendations: Directional strategy: None; Volatility strategy: None; Spot long - hedging strategy: Hold spot long + buy at - the - money put option + sell out - of - the - money call option [12]. Rubber - related Options - Fundamental analysis: Affected by the rubber tapping season in Southeast Asia and increased overseas supply expectations, the global rubber futures market has continued to decline [13]. - Market analysis: Rubber has shown a weak sideways market trend with support below and pressure above [13]. - Option factor research: Implied volatility has risen sharply and then dropped to around the mean, open - interest PCR below 0.60, and the pressure and support levels are 17,000 and 14,000 respectively [13]. - Option strategy recommendations: Directional strategy: None; Volatility strategy: Construct a neutral - biased call + put option combination strategy; Spot hedging strategy: None [13]. Polyester - related Options (PTA) - Fundamental analysis: PTA social inventory has increased slightly, and it is expected to maintain a de - stocking pattern [13]. - Market analysis: PTA has shown a weak bearish market trend with pressure above [13]. - Option factor research: Implied volatility fluctuates at a relatively high level above the mean, open - interest PCR around 0.70 indicates a sideways market, and the pressure and support levels are 5,000 and 4,400 respectively [13]. - Option strategy recommendations: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot hedging strategy: None [13]. Alkali - related Options (Caustic Soda) - Fundamental analysis: Caustic soda plant inventory has increased [14]. - Market analysis: Caustic soda has shown a downward - trending market with pressure above [14]. - Option factor research: Implied volatility fluctuates at a relatively high level, open - interest PCR below 0.90 indicates a weak sideways market, and the pressure and support levels are 3,000 and 2,440 respectively [14]. - Option strategy recommendations: Directional strategy: None; Volatility strategy: None; Spot collar hedging strategy: Hold spot long + buy put option + sell out - of - the - money call option [14]. Alkali - related Options (Soda Ash) - Fundamental analysis: Soda ash plant inventory has decreased, and inventory available days have shortened [14]. - Market analysis: Soda ash has shown a low - level sideways market trend with support below [14]. - Option factor research: Implied volatility fluctuates at a relatively high historical level, open - interest PCR below 0.60 indicates strong bearish pressure, and the pressure and support levels are 1,300 and 1,200 respectively [14]. - Option strategy recommendations: Directional strategy: None; Volatility strategy: Construct a short - volatility combination strategy; Spot long - hedging strategy: Construct a long collar strategy [14]. Urea - related Options - Fundamental analysis: Urea enterprise inventory is at a high level, and domestic demand is weak [15]. - Market analysis: Urea has shown a weak sideways market trend at a low level [15]. - Option factor research: Implied volatility fluctuates slightly around the historical mean, open - interest PCR below 0.60 indicates strong bearish pressure, and the pressure and support levels are 1,800 and 1,620 respectively [15]. - Option strategy recommendations: Directional strategy: None; Volatility strategy: Construct a short - biased call + put option combination strategy; Spot hedging strategy: Hold spot long + buy at - the - money put option + sell out - of - the - money call option [15].

Group 1: Report Overview - The report focuses on energy and chemical options, providing an early - morning strategy report for September 15, 2025 [2] - It covers various sectors including energy, polyolefins, polyesters, alkali chemicals, etc., and offers strategies and suggestions for different option varieties [3] Group 2: Industry Investment Rating - Not provided in the report Group 3: Core View - The energy and chemical sector is segmented into multiple sub - sectors. Each sub - sector's option varieties are analyzed in terms of fundamental information, market trends, option factors, and corresponding strategies are proposed [9] - The overall market trends of different option varieties show characteristics such as being under pressure, fluctuating, and having different levels of strength or weakness [8][10][11] - Strategies mainly include constructing option combination strategies, bear spread strategies, and spot hedging strategies to enhance returns or hedge risks [8][10][11] Group 4: Market Data Summary Futures Market - For different option varieties, the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of their underlying futures contracts are presented [4] Option Factors - **Volume and Open Interest PCR**: The volume and open interest PCR data of different option varieties are analyzed, which can be used to describe the strength of the option underlying market and the turning points of the market [5] - **Pressure and Support Levels**: The pressure and support levels of different option varieties are identified from the perspective of the strike prices with the largest open interests of call and put options [6] - **Implied Volatility**: The implied volatility data of different option varieties are provided, including at - the - money implied volatility, weighted implied volatility, and their changes compared with the annual average [7] Group 5: Strategy and Suggestions for Different Option Varieties Energy - related Options - **Crude Oil**: Based on fundamental data and market trends, it is recommended to construct a short - biased call + put option combination strategy for volatility and a long - collar strategy for spot hedging [8] - **LPG**: Considering the fundamental situation and market trends, a neutral - biased call + put option combination strategy for volatility and a long - collar strategy for spot hedging are suggested [10] Alcohol - related Options - **Methanol**: A bear spread strategy for directional trading and a short - biased call + put option combination strategy for volatility are recommended, along with a long - collar strategy for spot hedging [10] - **Ethylene Glycol**: A bear spread strategy for directional trading, a short - volatility strategy for volatility, and a long - collar strategy for spot hedging are proposed [11] Polyolefin - related Options - **Polypropylene**: A long - collar strategy for spot hedging is recommended [11] Rubber - related Options - **Rubber**: A neutral - biased call + put option combination strategy for volatility is suggested [12] Polyester - related Options - **PTA**: A short - biased call + put option combination strategy for volatility is recommended [13] Alkali - related Options - **Caustic Soda**: A long - collar strategy for spot hedging is recommended [14] - **Soda Ash**: A short - volatility combination strategy for volatility and a long - collar strategy for spot hedging are proposed [14] Urea Options - A short - biased call + put option combination strategy for volatility and a long - collar strategy for spot hedging are recommended [15]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The energy - chemical sector includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, etc. Strategies mainly involve constructing option combination strategies dominated by sellers and spot hedging or covered strategies to enhance returns [3][9] 3. Summary by Related Catalogs 3.1 Futures Market Overview - Various energy - chemical futures showed different price movements, trading volumes, and open interest changes. For example, crude oil (SC2511) was at 483, down 6 (-1.31%), with a trading volume of 2.92 million lots (down 0.40 million lots) and open interest of 2.26 million lots (up 0.09 million lots) [4] 3.2 Option Factors - Volume and Open Interest PCR - Different option varieties had different volume and open interest PCR values and their changes. For instance, the volume PCR of crude oil was 0.85 (up 0.18), and the open interest PCR was 0.85 (up 0.12) [5] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each option variety were analyzed. For example, the pressure level of crude oil was 570 and the support level was 415 [6] 3.4 Option Factors - Implied Volatility - The implied volatility of each option variety was presented, including at - the - money implied volatility, weighted implied volatility, and its changes. For example, the at - the - money implied volatility of crude oil was 29.61%, and the weighted implied volatility was 33.95% (up 2.83%) [7] 3.5 Strategy and Recommendations for Each Option Variety 3.5.1 Energy - related Options: Crude Oil - **Fundamentals**: Geopolitical short - term disturbances, long - term supply - demand negatives, and concerns about employment and the economy. **Market analysis**: A bearish market with pressure. **Option factors**: Implied volatility around the mean, open interest PCR above 0.80, pressure level at 570 and support level at 415. **Strategies**: Construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [8] 3.5.2 Energy - related Options: Liquefied Petroleum Gas (LPG) - **Fundamentals**: Loose supply and low demand. **Market analysis**: A weak market with pressure. **Option factors**: Implied volatility near the mean, open interest PCR around 0.70. **Strategies**: Construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [10] 3.5.3 Alcohol - related Options: Methanol - **Fundamentals**: Increased production and capacity utilization. **Market analysis**: A weak market with pressure. **Option factors**: Implied volatility below the mean, open interest PCR around 0.90. **Strategies**: Construct a bear spread strategy for put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10] 3.5.4 Alcohol - related Options: Ethylene Glycol - **Fundamentals**: Decreased inventory. **Market analysis**: A weak market with pressure. **Option factors**: Implied volatility below the mean, open interest PCR below 0.60. **Strategies**: Construct a short - volatility strategy and a long collar strategy for spot hedging [11] 3.5.5 Polyolefin - related Options: Polypropylene - **Fundamentals**: Increased maintenance losses. **Market analysis**: A weak market with pressure. **Option factors**: Implied volatility below the mean, open interest PCR around 0.60. **Strategies**: A long collar strategy for spot hedging [11] 3.5.6 Rubber - related Options: Rubber - **Fundamentals**: Decreased tire production load. **Market analysis**: A gradually warming - up market with support and pressure. **Option factors**: Implied volatility near the mean, open interest PCR below 0.60. **Strategies**: Construct a neutral - biased call + put option combination strategy [12] 3.5.7 Polyester - related Options: PTA - **Fundamentals**: Stable supply - demand, low inventory and processing fees. **Market analysis**: A weak bearish market with pressure. **Option factors**: Implied volatility above the mean, open interest PCR around 0.70. **Strategies**: Construct a short - biased call + put option combination strategy [12] 3.5.8 Alkali - related Options: Caustic Soda - **Fundamentals**: Changes in production load. **Market analysis**: A market with pressure and downward fluctuations. **Option factors**: High - level implied volatility, open interest PCR around 1.00. **Strategies**: A long collar strategy for spot hedging [13] 3.5.9 Alkali - related Options: Soda Ash - **Fundamentals**: Increased production, weak price due to market supply. **Market analysis**: A low - level weak consolidation market with pressure. **Option factors**: High - level implied volatility, open interest PCR below 0.60. **Strategies**: Construct a short - volatility combination strategy and a long collar strategy for spot hedging [13] 3.5.10 Urea Options - **Fundamentals**: Weak supply - demand, slow new order transactions. **Market analysis**: A low - level weak consolidation market. **Option factors**: Implied volatility around the mean, open interest PCR below 0.60. **Strategies**: Construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [14]

能源化工期权 2025-09-11 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | | 李仁君 | 产业服务 | 从业资格号：F03090207 | 交易咨询号：Z0016947 | 邮箱：lirj@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | -- ...

1. Report Industry Investment Rating No relevant content in the provided document. 2. Core Viewpoints of the Report - The report focuses on energy - chemical options, covering various sectors such as energy, polyolefins, polyesters, and alkalis. It analyzes the fundamentals, market trends, and option factors of different underlying assets and provides corresponding option strategies and suggestions [3][9]. - It is recommended to construct option combination strategies mainly based on sellers and spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1 Option - Underlying Futures Market Overview - Multiple energy - chemical option underlying futures are presented, including details like the latest price, price change, change rate, trading volume, volume change, open interest, and open interest change. For example, the latest price of crude oil (SC2510) is 484, with a price drop of 8 and a decline rate of 1.67% [4]. 3.2 Option Factors 3.2.1 Volume - Open Interest PCR - The volume - open interest PCR data of various option varieties are provided, which are used to describe the strength of the option - underlying market and the turning point of the underlying market. For instance, the volume PCR of crude oil is 0.61 with a change of 0.08, and the open interest PCR is 0.77 with a change of 0.06 [5]. 3.2.2 Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure level of crude oil is 600 and the support level is 450 [6]. 3.2.3 Implied Volatility - The implied volatility data of various option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and its change, annual average, call implied volatility, put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 26.005, and the weighted implied volatility is 29.16 with a change of 1.62 [7]. 3.3 Strategy and Suggestions 3.3.1 Energy - Class Options - **Crude Oil**: The fundamentals are healthy with OPEC's supply restraint. The market shows a short - term upward resistance and decline. Option strategies include constructing a neutral call + put option combination strategy and a long collar strategy for spot hedging [8]. - **LPG**: The supply is loose, and the demand is weak. The market is in a weak state. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.3.2 Alcohol - Class Options - **Methanol**: The import volume increases, and the downstream demand is weak. The market is weak. Option strategies include constructing a bear spread strategy of put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The port inventory is decreasing. The market shows a wide - range weak oscillation. Option strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.3.3 Polyolefin - Class Options - **Polypropylene**: The inventory shows a mixed trend. The market is weak. Option strategies include a long collar strategy for spot hedging [11]. 3.3.4 Rubber Options - **Rubber**: The tire production capacity utilization rate shows different trends. The market is short - term weak. Option strategies include constructing a neutral call + put option combination strategy [12]. 3.3.5 Polyester - Class Options - **PTA**: The inventory is decreasing, and the downstream load is rising. The market shows a rebound resistance and decline. Option strategies include constructing a neutral call + put option combination strategy [12]. 3.3.6 Alkali - Class Options - **Caustic Soda**: The production capacity utilization rate decreases in most regions. The market shows an oscillatory trend. Option strategies include a long collar strategy for spot hedging [13]. - **Soda Ash**: The inventory is decreasing. The market shows an oscillatory trend. Option strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [13]. 3.3.7 Urea Options - The port inventory increases, and the enterprise inventory is under pressure. The market shows a low - level oscillation. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [14].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, option strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes analysis of the underlying asset's market, research on option factors, and option strategy suggestions [9]. - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3]. 3. Summary by Related Catalogs 3.1. Overview of Underlying Futures Markets - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical option underlying futures contracts, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. [4] 3.2. Option Factors - Volume and Open Interest PCR - The volume and open interest PCR indicators for different option varieties are provided, which are used to describe the strength of the option underlying asset's market and the turning points of the market [5]. 3.3. Option Factors - Pressure and Support Levels - The pressure and support levels of different option underlying assets are analyzed from the perspective of the strike prices with the maximum open interests of call and put options [6]. 3.4. Option Factors - Implied Volatility - The implied volatility indicators of different option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and their changes, as well as historical volatility and the difference between implied and historical volatility [7]. 3.5. Option Strategies and Suggestions for Different Varieties 3.5.1. Crude Oil Options - **Underlying Asset Market Analysis**: Last week, US crude oil inventories decreased due to increased exports, and gasoline and distillate inventories also declined. The market showed a pattern of short - term rebound受阻 and facing pressure [8]. - **Option Factor Research**: The implied volatility of crude oil options fluctuated around the average level. The open interest PCR was below 0.80, indicating a short - term weak and volatile market. The pressure level was 600 and the support level was 490 [8]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a neutral - biased short call + put option combination strategy. For spot long hedging, construct a long collar strategy [8]. 3.5.2. LPG Options - **Underlying Asset Market Analysis**: Factory inventories showed a slight decrease, and port inventories were at a high level and fluctuating. The market was short - term bearish [10]. - **Option Factor Research**: The implied volatility of LPG options remained at a relatively high historical level. The open interest PCR was below 0.60, indicating strong bearish power. The pressure level was 5400 and the support level was 4200 [10]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a bearish - biased short call + put option combination strategy. For spot long hedging, construct a long collar strategy [10]. 3.5.3. Methanol Options - **Underlying Asset Market Analysis**: Methanol production and capacity utilization increased, and the market showed a weak upward trend with pressure [10]. - **Option Factor Research**: The implied volatility of methanol options decreased and fluctuated below the average. The open interest PCR was below 0.80, indicating a weak and volatile market. The pressure level was 2600 and the support level was 2300 [10]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a bearish - biased short call + put option combination strategy. For spot long hedging, construct a long collar strategy [10]. 3.5.4. Ethylene Glycol Options - **Underlying Asset Market Analysis**: Ethylene glycol inventories decreased, and the market showed a weak and wide - range volatile pattern [11]. - **Option Factor Research**: The implied volatility of ethylene glycol options fluctuated around the average level. The open interest PCR was around 0.80, indicating a volatile market. The pressure level was 4450 and the support level was 4400 [11]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a short - volatility strategy. For spot long hedging, construct a long collar strategy [11]. 3.5.5. Polypropylene Options - **Underlying Asset Market Analysis**: Polypropylene inventories decreased, and the market showed a weak upward trend with pressure [12]. - **Option Factor Research**: The implied volatility of polypropylene options fluctuated around the historical average. The open interest PCR decreased to below 0.60, indicating a weak market. The pressure level was 7300 and the support level was 6500 [12]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, there is no suggestion. For spot long hedging, construct a long collar strategy [12]. 3.5.6. Rubber Options - **Underlying Asset Market Analysis**: Rubber imports increased, and the market showed a short - term weak upward trend with pressure [13]. - **Option Factor Research**: The implied volatility of rubber options increased rapidly and then decreased to around the average. The open interest PCR was below 0.60. The pressure level was 16000 and the support level was 14000 [13]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a neutral - biased short call + put option combination strategy. For spot hedging, there is no suggestion [13]. 3.5.7. PTA Options - **Underlying Asset Market Analysis**: PTA inventories decreased, and the market showed a weak and volatile pattern [14]. - **Option Factor Research**: The implied volatility of PTA options fluctuated at a relatively high level. The open interest PCR was below 0.80, indicating a weak market. The pressure level was 5000 and the support level was 4450 [14]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a neutral - biased short call + put option combination strategy. For spot hedging, there is no suggestion [14]. 3.5.8. Caustic Soda Options - **Underlying Asset Market Analysis**: Caustic soda production was high, demand was low, and the price was under pressure. The market showed a short - term upward trend with pressure [15]. - **Option Factor Research**: The implied volatility of caustic soda options was at a high level. The open interest PCR was below 0.60, indicating strong bearish pressure. The pressure level was 3000 and the support level was 2400 [15]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, there is no suggestion. For spot collar hedging, construct a long collar strategy [15]. 3.5.9. Soda Ash Options - **Underlying Asset Market Analysis**: Soda ash inventories were high, production increased, and the market showed a volatile pattern with support [15]. - **Option Factor Research**: The implied volatility of soda ash options increased rapidly and then decreased significantly but was still at a high level. The open interest PCR was below 0.60, indicating strong bearish pressure. The pressure level was 1640 and the support level was 1200 [15]. - **Option Strategy Suggestions**: For directional strategies, there is a suggestion. For volatility strategies, construct a short - volatility combination strategy. For spot long hedging, construct a long collar strategy [15]. 3.5.10. Urea Options - **Underlying Asset Market Analysis**: Urea inventories decreased, and the market showed a low - level volatile pattern [16]. - **Option Factor Research**: The implied volatility of urea options fluctuated slightly around the historical average. The open interest PCR was below 0.60, indicating strong bearish pressure. The pressure level was 1900 and the support level was 1700 [16]. - **Option Strategy Suggestions**: For directional strategies, there is no suggestion. For volatility strategies, construct a bearish - biased short call + put option combination strategy. For spot hedging, construct a long collar strategy [16].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Options strategies are provided for selected varieties in each sector, mainly focusing on constructing option combination strategies dominated by sellers and spot hedging or covered strategies to enhance returns [3][9]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts, including crude oil, liquefied gas, methanol, etc. For example, the latest price of crude oil SC2509 is 533, with a price increase of 9 and a price change rate of 1.66% [4]. 3.2 Option Factors - Volume and Open Interest PCR - The volume and open interest PCR of various energy - chemical options are provided. For example, the open interest PCR of crude oil options is 0.75, indicating a weakening of short - selling power in the near term. Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of various energy - chemical option underlying assets are analyzed from the perspective of the strike prices with the largest open interests of call and put options. For example, the pressure level of crude oil is 640 and the support level is 500 [6]. 3.4 Option Factors - Implied Volatility - The implied volatility data of various energy - chemical options are presented, including at - the - money implied volatility, weighted implied volatility, and its changes, annual average implied volatility, call and put implied volatilities, historical 20 - day volatility, and the difference between implied and historical volatilities. For example, the at - the - money implied volatility of crude oil is 32.62% [7]. 3.5 Option Strategies and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: The fundamental situation shows that the UAE port transfer increase implies Iran's return to global supply, while Russia's shipments are still tight. The short - term market is volatile and bullish. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [8]. - **Liquefied Gas**: The supply is abundant, and the short - term market is bearish. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol - related Options - **Methanol**: The port and enterprise inventories are decreasing. The market shows a weak upward trend with pressure. Option strategies include constructing a neutral - biased call + put option combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: The polyester load is rising. The market shows a narrow - range volatile and slightly strong trend with pressure. Option strategies include constructing a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: The inventory situation is complex, and the market shows a weak trend with upward pressure. Option strategies include a long collar strategy for spot hedging [11][12]. 3.5.4 Rubber - related Options - **Rubber**: The social inventory is decreasing. The market shows a low - level consolidation trend. Option strategies include constructing a neutral - biased call + put option combination strategy [13]. 3.5.5 Polyester - related Options - **PTA**: The inventory is increasing. The market shows a slight upward trend with pressure. Option strategies include constructing a neutral - biased call + put option combination strategy [14]. 3.5.6 Alkali - related Options - **Caustic Soda**: The inventory is increasing. The market shows a volatile trend with pressure. Option strategies include a long collar strategy for spot hedging [15]. - **Soda Ash**: The inventory is at a high level and increasing. The market shows a significant decline trend with pressure. Option strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [15]. 3.5.7 Other Options - **Urea**: The enterprise inventory is decreasing but the slope is slowing. The market shows a volatile trend under short - selling pressure. Option strategies include constructing a neutral - biased call + put option combination strategy and a long collar strategy for spot hedging [16].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. Each option variety's strategy report includes analysis of the underlying asset's market, research on option factors, and option strategy suggestions [9] 3. Summary of Different Sections 3.1 Market Overview of Underlying Futures - The report presents the latest prices, price changes, trading volumes, and open interest changes of various energy - chemical option underlying futures, such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil (SC2508) is 498, with a price increase of 2 and a rise - fall rate of 0.30%, trading volume of 23.87 million lots, and open interest of 3.01 million lots [4] 3.2 Option Factors 3.2.1 Volume - Open Interest PCR - The volume - open interest PCR of different option varieties is presented. For example, the volume PCR of crude oil options is 0.79, with a change of 0.26, and the open interest PCR is 0.64, with a change of - 0.04. These indicators are used to describe the strength of the option underlying market and the turning points of the market [5] 3.2.2 Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed. For example, the pressure level of crude oil options is 660, and the support level is 450. These levels are determined by the strike prices with the largest open interest of call and put options [6] 3.2.3 Implied Volatility - The implied volatility of different option varieties is provided, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil options is 27.055%, and the weighted implied volatility is 34.13%, with a change of - 2.20% [7] 3.3 Option Strategies and Suggestions for Different Varieties 3.3.1 Energy Options (Crude Oil and LPG) - **Crude Oil**: Fundamentally, U.S. crude oil inventories showed different trends last week. The market was short - term weak last week. Option factors indicated high implied volatility, increasing short - side power, a pressure level of 660, and a support level of 450. Strategies included constructing a neutral call + put option selling combination for volatility strategies and a long collar strategy for spot hedging [8] - **LPG**: In May 2025, China's LPG production decreased. The market was short - term bearish. Option factors showed relatively high implied volatility, increasing short - side power, a pressure level of 5100, and a support level of 4000. Strategies were similar to those of crude oil [10] 3.3.2 Alcohol Options (Methanol and Ethylene Glycol) - **Methanol**: Port and factory inventories changed. The market was short - term bearish. Option factors showed relatively high implied volatility, a market in a volatile state, a pressure level of 2950, and a support level of 2200. Strategies included constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port and downstream factory inventories changed. The market was bearish with pressure above. Option factors showed implied volatility around the historical average, a weak market, a pressure level of 4350, and a support level of 4350. Strategies included constructing a short - volatility strategy and a long collar strategy for spot hedging [11] 3.3.3 Polyolefin Options (Polypropylene, Polyvinyl Chloride, Plastic, and Styrene) - **Polypropylene**: Downstream开工率 decreased, and inventories changed. The market was weak with overhead pressure. Option factors showed implied volatility above the historical average, a weakening market, a pressure level of 7500, and a support level of 6800. Strategies included a long collar strategy for spot hedging [11] - **Polyvinyl Chloride**: The market was short - term bearish. Option factors showed relatively low implied volatility, a pressure level of 7000, and a support level of 4700. Strategies included constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [11] 3.3.4 Rubber Options - The supply of rubber was expected to increase, and the market was bearish with low - level consolidation. Option factors showed implied volatility around the average, a weak market, a pressure level of 21000, and a support level of 13000. Strategies included constructing a neutral call + put option selling combination [12] 3.3.5 Polyester Options (Para - xylene, PTA, Short - fiber, and Bottle - chip) - **PTA**: Social inventory decreased, and the market was volatile. Option factors showed relatively high implied volatility, a relatively strong market, a pressure level of 5800, and a support level of 4500. Strategies included constructing a neutral call + put option selling combination [13] 3.3.6 Alkali Options (Caustic Soda and Soda Ash) - **Caustic Soda**: Capacity utilization changed slightly, and the market was bearish. Option factors showed decreasing implied volatility, a weak market, a pressure level of 2400, and a support level of 2200. Strategies included constructing a bear - spread strategy for directional trading, a short - strangle strategy for volatility trading, and a long collar strategy for spot hedging [14] - **Soda Ash**: The market was bearish with low - level consolidation and then rebounded. Option factors showed increasing implied volatility, a weak and volatile market, a pressure level of 1300, and a support level of 1160. Strategies included constructing a bear - spread strategy for directional trading, a short - neutral call + put option selling combination for volatility trading, and a long collar strategy for spot hedging [14] 3.3.7 Urea Options - The domestic urea market had inventory changes, and the market was bearish after a rebound. Option factors showed implied volatility fluctuating below the historical average, a weak market, a pressure level of 1900, and a support level of 1700. Strategies included constructing a neutral call + put option selling combination and a long collar strategy for spot hedging [15]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The energy - chemical options market involves various sectors such as energy, polyolefins, polyesters, and alkali chemicals. Strategies mainly focus on constructing option combination strategies with sellers as the main body, as well as spot hedging or covered strategies to enhance returns [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, trading volumes, and open interest of various energy - chemical option underlying futures contracts, including crude oil, LPG, methanol, etc. For example, the latest price of crude oil (SC2508) is 499, with a decrease of 3 (-0.66%), trading volume of 21.07 million lots (a decrease of 7.30 million lots), and open interest of 3.19 million lots (a decrease of 0.35 million lots) [4]. 3.2 Option Factors - Quantity and Open Interest PCR - It shows the trading volume, volume changes, open interest, open interest changes, volume PCR, and open interest PCR of different option varieties. For instance, the volume PCR of crude oil options is 0.54 (a change of 0.04), and the open interest PCR is 0.68 (a change of -0.05) [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and the maximum open interest of call and put options for each option variety are provided. For example, the pressure point of crude oil is 660, and the support point is 450 [6]. 3.4 Option Factors - Implied Volatility - The report lists the at - the - money implied volatility, weighted implied volatility, and its changes, annual average, call and put implied volatility, historical volatility, and the difference between implied and historical volatility of each option variety. For example, the at - the - money implied volatility of crude oil is 29.42%, and the weighted implied volatility is 36.33% (-0.74%) [7]. 3.5 Strategy and Recommendations for Different Option Varieties 3.5.1 Energy - related Options - **Crude Oil**: Fundamentally, US crude oil inventories showed different trends last week. The market was short - term weak. Option factors indicated high implied volatility, increasing short - selling power, and a pressure point of 660 and a support point of 450. Strategies include constructing a short - neutral call + put option combination strategy for volatility and a long collar strategy for spot hedging [8]. - **LPG**: In May 2025, China's LPG production decreased. The market was short - term bearish. Option factors showed relatively high implied volatility, increasing short - selling power, and a pressure point of 5100 and a support point of 4000. Similar strategies to crude oil were recommended [10]. 3.5.2 Alcohol - related Options - **Methanol**: Port and factory inventories had different changes. The market was short - term bearish. Option factors showed relatively high implied volatility, a fluctuating market, and a pressure point of 2950 and a support point of 2200. Strategies included a short - neutral option combination strategy and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: Port and downstream factory inventories had certain changes. The market was bearish with upper pressure. Option factors showed high implied volatility, a weak market, and a pressure point and support point of 4350. Strategies included a short - volatility strategy and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin - related Options - **Polypropylene**: The downstream operating rate decreased, and inventory had changes. The market was weak with upper pressure. Option factors showed relatively high implied volatility, a weakening market, and a pressure point of 7500 and a support point of 6800. Strategies included a long collar strategy for spot hedging [11]. 3.5.4 Rubber - related Options - **Rubber**: Short - term supply was expected to increase, and the market was bearish. Option factors showed average - level implied volatility, a weak market, and a pressure point of 21000 and a support point of 13000. Strategies included a short - neutral option combination strategy [12]. 3.5.5 Polyester - related Options - **PTA**: Social inventory decreased, and the market was expected to enter a destocking phase. The market fluctuated sharply. Option factors showed high implied volatility, a relatively strong market, and a pressure point of 5800 and a support point of 4500. Strategies included a short - neutral option combination strategy [13]. 3.5.6 Alkali - related Options - **Caustic Soda**: The production capacity utilization rate changed slightly, and the market was bearish. Option factors showed decreasing implied volatility, a weak market, and a pressure point of 2400 and a support point of 2200. Strategies included a bear - spread strategy for direction and a short - wide - straddle strategy for volatility, as well as a covered call strategy for spot hedging [14]. - **Soda Ash**: The market was weak, and inventory increased slightly. The market was bearish and then rebounded. Option factors showed increasing implied volatility, a weak and fluctuating market, and a pressure point of 1240 and a support point of 1140. Strategies included a bear - spread strategy for direction, a short - bearish option combination strategy for volatility, and a long collar strategy for spot hedging [14]. 3.5.7 Urea Options - Urea port inventory increased, and the market was bearish. Option factors showed fluctuating implied volatility, a weak market, and a pressure point of 1900 and a support point of 1700. Strategies included a short - neutral option combination strategy and a long collar strategy for spot hedging [15].

Group 1: Report Overview - The report is an early morning strategy report on energy and chemical options dated June 6, 2025 [1] - It covers various energy and chemical option categories including energy, polyolefins, polyesters, alkali chemicals, etc [2] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest changes of multiple energy and chemical futures contracts such as crude oil, LPG, methanol, etc [3] Group 3: Option Factor - Volume and Open Interest PCR - The report presents the volume and open interest PCR data of different energy and chemical options, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [4] Group 4: Option Factor - Pressure and Support Levels - The pressure and support levels of various energy and chemical options are analyzed from the perspective of the strike prices with the largest open interest of call and put options [5] Group 5: Option Factor - Implied Volatility - The report shows the implied volatility data of different energy and chemical options, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [6] Group 6: Strategy and Recommendations Energy - related Options Crude Oil - Fundamental: Crude oil prices soared due to geopolitical concerns and OPEC +'s lower - than - expected production increase. WTI and Brent crude futures prices rose [7] - Market analysis: Since May, crude oil prices have shown a large - amplitude oscillating pattern with short - term fluctuations [7] - Option factor research: Implied volatility has risen to a relatively high historical level, and the open interest PCR indicates that short - selling pressure has been gradually released [7] - Strategy: Construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [7] LPG - Fundamental: Factory inventory has slightly increased, and port inventory has decreased but remains at a high level [9] - Market analysis: Since April, LPG prices have shown a weak and bearish market trend [9] - Option factor research: Implied volatility fluctuates around the historical average, and the open interest PCR indicates a weak market [9] - Strategy: Construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [9] Alcohol - related Options Methanol - Fundamental: Port and enterprise inventories have increased, and order backlogs have decreased [9] - Market analysis: Since January, methanol prices have shown a weak downward trend with a recent rebound [9] - Option factor research: Implied volatility fluctuates around the historical average, and the open interest PCR indicates strong short - selling pressure [9] - Strategy: Construct a neutral short call + put option combination strategy and a long collar strategy for spot hedging [9] Ethylene Glycol - Fundamental: Port inventory has decreased, and downstream factory inventory days have declined [10] - Market analysis: Since May, ethylene glycol prices have shown a pattern of rising first and then falling [10] - Option factor research: Implied volatility has risen to a relatively high historical level, and the open interest PCR indicates a strong oscillating trend [10] - Strategy: Construct a short - volatility strategy and a long collar strategy for spot hedging [10] Polyolefin - related Options Polypropylene - Fundamental: PP downstream operating rates have decreased, and inventories at different levels have changed [10] - Market analysis: Since May, polypropylene prices have shown a bearish trend [10] - Option factor research: Implied volatility fluctuates above the historical average, and the open interest PCR has decreased [10] - Strategy: Construct a bearish spread strategy with put options and a long collar strategy for spot hedging [10] Rubber - related Options Rubber - Fundamental: The domestic main rubber - producing areas have entered the full - scale tapping period, and the import pressure in June is expected to be limited [11] - Market analysis: Rubber prices have shown a pattern of low - level rebound after a decline [11] - Option factor research: Implied volatility fluctuates around the average, and the open interest PCR indicates a weak market [11] - Strategy: Construct a bearish spread strategy with put options and a short - biased call + put option combination strategy [11] Polyester - related Options PTA - Fundamental: PTA and polyester loads have decreased, and some devices have undergone maintenance or restarted [11] - Market analysis: Since April, PTA prices have shown a pattern of rising and then oscillating at a high level [11] - Option factor research: Implied volatility has decreased after rising but remains at a relatively high level, and the open interest PCR indicates a strong market [11] - Strategy: Construct a neutral short call + put option combination strategy [11] Alkali - related Options Caustic Soda - Fundamental: New caustic soda production devices are expected to be put into operation, and the medium - term supply - demand outlook is weak [12] - Market analysis: Caustic soda prices have shown a bearish trend after a rebound [12] - Option factor research: Implied volatility has decreased to a level below the average, and the open interest PCR indicates a weak market [12] - Strategy: Construct a bearish spread strategy with put options, a short - biased wide - straddle option combination strategy, and a covered spot hedging strategy [12] Soda Ash - Fundamental: Soda ash production and inventory have changed, with inventory showing a slight decline [12] - Market analysis: Soda ash prices have shown a continuous weak bearish trend [12] - Option factor research: Implied volatility has risen to a relatively high level recently but remains below the historical average, and the open interest PCR indicates a weak oscillating market [12] - Strategy: Construct a bearish spread strategy with put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [12] Urea Options - Fundamental: Domestic urea enterprise and port inventories have increased [13] - Market analysis: Since May, urea prices have shown a pattern of rising, then oscillating, and finally falling [13] - Option factor research: Implied volatility has decreased after rising and fluctuates below the historical average, and the open interest PCR indicates certain support at the lower level [13] - Strategy: Construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [13] Group 7: Charts - The report includes price charts, volume and open interest charts, open interest PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts of various energy and chemical options such as crude oil, LPG, methanol, etc [15][33][55]