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【图】2025年1-6月江苏省石脑油产量统计分析
Chan Ye Diao Yan Wang· 2025-11-13 05:58
摘要:【图】2025年1-6月江苏省石脑油产量统计分析 2025年6月石脑油产量统计: 石脑油产量:33.7 万吨 同比增长:16.3% 增速较上一年同期变化:低1.6个百分点 据统计,2025年6月江苏省规模以上工业企业石脑油产量与上年同期相比增长了16.3%,达33.7万吨,增 速较上一年同期低1.6个百分点,增速放缓,增速较同期全国高7.4个百分点,约占同期全国规模以上企 业石脑油产量686.6万吨的比重为4.9%。 详见下图: 图1:江苏省石脑油产量分月(当月值)统计图 2025年1-6月石脑油产量统计: 石脑油产量:214.8 万吨 同比增长:26.2% 增速较上一年同期变化:高23.0个百分点 据统计,2025年1-6月,江苏省规模以上工业企业石脑油产量与上年同期相比增长了26.2%,达214.8万 吨,增速较上一年同期高23.0个百分点,继续保持增长,增速较同期全国高25.4个百分点,约占同期全 国规模以上企业石脑油产量3984.7万吨的比重为5.4%。详见下图: 图2:江苏省石脑油产量分月(累计值)统计图 注:主要能源产品产量月度统计范围为规模以上工业法人单位,即年主营业务收入2000万元及以 ...
国泰海通:OPEC停止增产提振原油 行业盈利修复预期增加
Zhi Tong Cai Jing· 2025-11-13 05:52
Group 1: Oil Market Insights - OPEC has decided to halt its production increase plans for Q1 2026, which is interpreted as a neutral to bullish signal for oil prices [1] - OPEC's production increase in December is set at 137,000 barrels per day, but the overall increase since April has not met expectations, with remaining capacity significantly reduced to 3 million barrels per day [1] - The market is expected to remain in a loose supply-demand balance in 2026, with demand growth primarily coming from OECD countries, while non-OPEC+ countries are projected to increase production by 2 million barrels per day in 2025 and 700,000 barrels per day in 2026 [1] Group 2: Investment Recommendations - The company recommends maintaining focus on anti-involution and new materials sectors, with expectations of profit recovery in the petrochemical industry due to stable oil prices and policy catalysts [2] - Specific stock recommendations include leading polyester filament companies such as Xinfengming (603225.SH), Tongkun (601233.SH), and Rongsheng Petrochemical (002493.SZ) [2] - Long-term recommendations include undervalued, high-dividend companies like CNOOC (600938.SH) and PetroChina (601857.SH), as well as companies benefiting from trends in robotics and green plastics, such as Juheshun (605166.SH) and Wankai New Materials (301216.SZ) [2]
中辉能化观点-20251113
Zhong Hui Qi Huo· 2025-11-13 02:30
Report Industry Investment Ratings - Crude oil: Cautiously bearish [2] - LPG: Cautiously bearish [2] - L: Bearish continuation [2] - PP: Bearish continuation [2] - PVC: Bearish continuation [2] - PX: Cautiously bullish [2] - PTA: Cautiously bullish [4] - Ethylene glycol: Cautiously bearish [4] - Methanol: Sideways at the bottom [4] - Urea: Short on rallies [4] - Natural gas: Cautiously bullish [7] - Asphalt: Cautiously bearish [7] - Glass: Bearish continuation [7] - Soda ash: Bearish rebound [7] Core Views - Crude oil: The oversupply in the off - season remains the core driver, and the upside of oil prices is under pressure. OPEC's latest monthly report predicts an oversupply in 2026, and OPEC+ plans to expand production in December and then pause in early next year. With the start of the consumption off - season and OPEC+ still in the expansion cycle, the pressure of oversupply is rising, and oil prices face significant downward pressure [2]. - LPG: Weak oil prices bring negative impacts to the cost side, and the trend of LPG is weak. Although the supply - demand fundamentals have improved, the cost - side pressure restricts its upward movement [2]. - L: The decline in oil prices and the restart of devices may cause the market to continue to bottom. The supply is loose, and the demand for replenishing inventory is insufficient, with weak cost support [2]. - PP: The sharp decline in coking coal and the weak cost side lead to a weak fundamental situation. There is high pressure to destock, and oil prices still face the risk of further decline in the medium term [2]. - PVC: The market follows coking coal to find the bottom. Although the inventory is high, the low - valuation support limits the further decline space. The market maintains a high premium, and industries are advised to hedge at high prices [2]. - PX: The supply - side devices have increased their loads, and the demand has improved recently but is expected to weaken. The PXN and PX - MX spreads are relatively high, and the crude oil supply - demand pattern is loose. It is recommended to be cautious when chasing up [2]. - PTA: The processing fee is generally low, and the planned device maintenance may relieve the supply - side pressure. The terminal demand has slightly improved, but the rebound height may be limited due to the pressure on crude oil [4]. - Ethylene glycol: Domestic device maintenance has increased, and new device production and the resumption of maintenance devices will increase supply pressure. The demand has improved but is expected to weaken, and there is an expectation of inventory accumulation in November. It has low valuation but lacks upward drivers [4]. - Methanol: High inventory suppresses the rebound of prices. The supply - side pressure is still large, and the demand performance is average. The cost - side support is weak and stable, and the overall fundamentals remain weak [4]. - Urea: The supply - side pressure is expected to increase, and the demand has slightly improved. The inventory in factories is accumulating, and under the background of "export quota system" and "ensuring supply and stabilizing prices", the market has a ceiling and a floor. It is necessary to be vigilant against the downward risk [4]. - Natural gas: As the temperature drops, the consumption peak season arrives, and the demand has a warming expectation, making gas prices likely to rise and difficult to fall [7]. - Asphalt: The cost - side oil price has回调ed, and the supply - demand fundamentals are loose. The demand has entered the off - season, and the valuation is high. The price center still has room to move down [7]. - Glass: The fundamentals are weak, and the market continues to look for support downward. The supply is unlikely to decline further, and the demand support is insufficient [7]. - Soda ash: The increase in photovoltaic daily melting volume and device maintenance has led to a short - term rebound. However, in the long - term, the supply will remain loose [7]. Summaries by Related Catalogs Crude Oil - **Market Review**: Overnight international oil prices dropped significantly. WTI rose 1.43%, Brent rose 1.72%, and SC fell 0.17% [9]. - **Basic Logic**: The core driver is the oversupply in the off - season, and the short - term driver is OPEC's prediction of oversupply in 2026. OPEC predicts an increase of 600,000 barrels per day in non - OPEC production in 2026, and the global demand increments in 2025 and 2026 are 1.3 million barrels per day and 1.38 million barrels per day respectively. As of the week ending October 31, US crude oil inventory increased by 5.2 million barrels, gasoline inventory decreased by 4.7 million barrels, distillate inventory decreased by 643,000 barrels, and strategic crude oil reserve increased by 5.924 million barrels per day [10][11]. - **Strategy Recommendation**: In the medium - to - long - term, OPEC+ is expanding production, and oil prices are in a low - price range. Technically, although the short - term trend is strong, the upward pressure is increasing. It is recommended to partially take profits on previous short positions. Pay attention to the range of [460 - 475] for SC [12]. LPG - **Market Review**: On November 12, the PG main contract closed at 4,349 yuan/ton, up 0.39% month - on - month. Spot prices in Shandong, East China, and South China showed different changes [14]. - **Basic Logic**: The trend is tied to the cost - side oil price, which is weak. The supply has decreased slightly, and the demand has shown some resilience. The inventory in ports and factories has declined, and the import profit has increased, with expected higher future imports [15]. - **Strategy Recommendation**: In the medium - to - long - term, the upstream crude oil supply exceeds demand, and the central price is expected to decline. The current ratio of LPG to crude oil is similar to that of the same period last year, with a low basis and high valuation. It is recommended to hold short positions and pay attention to the range of [4300 - 4400] for PG [16]. L - **Market Review**: The L2601 contract closed at 6,788 yuan/ton, up 28 yuan. The basis and other indicators also had corresponding changes [19]. - **Basic Logic**: The sharp decline in oil prices and the restart of devices may cause the market to continue to bottom. The supply is loose, and the demand for replenishing inventory is insufficient. The oil price still has a downward risk in the medium term, with weak cost support [20]. - **Strategy Recommendation**: At the absolute low price, partially reduce short positions. In the medium - to - long - term, wait for rebounds to go short. Pay attention to the range of [6700 - 6850] for L [20]. PP - **Market Review**: The PP2601 contract closed at 6,429 yuan/ton, down 51 yuan. The basis and other indicators changed accordingly [23]. - **Basic Logic**: The sharp decline in coking coal leads to a weak fundamental situation. The inventory in the upper and middle reaches is at a high level, and the demand support is insufficient. OPEC+ is still in the production - increasing cycle, and oil prices face the risk of further decline in the medium term [24]. - **Strategy Recommendation**: At the absolute low price, short - term decline stops, and short positions can be reduced. In the medium - to - long - term, wait for rebounds to go short. Pay attention to the range of [6350 - 6500] for PP [24]. PVC - **Market Review**: The V2601 contract closed at 4,572 yuan/ton, down 42 yuan. The basis and other indicators changed [27]. - **Basic Logic**: The market follows coking coal to find the bottom. The basis is strengthening, and the warehouse receipts are decreasing from a high level. In the short - term, during the macro - policy window period, the market returns to weak fundamentals. Although the inventory is high, the low - valuation support limits the further decline space [28]. - **Strategy Recommendation**: The market maintains a high premium. Industries are advised to hedge at high prices. Be cautious when chasing short due to low - valuation support. Pay attention to the range of [4500 - 4650] for V [28]. PX - **Basic Logic**: The supply - side devices at home and abroad have increased their loads. The PXN and PX - MX spreads are at relatively high levels this year. The demand has improved recently but is expected to weaken. The crude oil supply - demand pattern is loose, and PX follows the cost in the short term [29]. - **Strategy Recommendation**: Be cautious when chasing up on a single - side trade. For arbitrage, pay attention to expanding the downstream processing margin (i.e., go long on PTA and short on PX). Pay attention to the range of [6680 - 6770] for PX [30]. PTA - **Market Review**: The prices of TA contracts and spot prices, as well as basis, spreads, and other indicators, showed corresponding changes [31]. - **Basic Logic**: The processing fee is low, and the planned device maintenance may relieve the supply - side pressure. The terminal demand has slightly improved, but the stability needs to be tracked. There is an expectation of inventory accumulation in November. Although the fundamentals have improved in the short term, the upward space is limited due to the pressure on crude oil [32]. - **Strategy Recommendation**: On a single - side trade, look for opportunities to go long on dips. For arbitrage, pay attention to expanding the TA processing margin (i.e., go long on PTA and short on PX). Pay attention to the range of [4600 - 4670] for TA [33]. Ethylene Glycol - **Market Review**: The prices of EG contracts and spot prices, as well as basis, spreads, and other indicators, changed [34]. - **Basic Logic**: Domestic device maintenance has increased, and new device production and the resumption of maintenance devices will increase supply pressure. The demand has improved but is expected to weaken. There is an expectation of inventory accumulation in November. The valuation is low, but it lacks upward drivers and follows the cost in the short term [35]. - **Strategy Recommendation**: It is in a low - level oscillation. Look for opportunities to go short on rebounds. Pay attention to the range of [3835 - 3900] for EG [36]. Methanol - **Basic Logic**: High inventory suppresses the rebound of prices. The supply - side pressure is still large, and the demand performance is average. The cost - side support is weak and stable, and the overall fundamentals remain weak [39]. - **Strategy Recommendation**: It is in a weak sideways trend. Hold short positions cautiously at low valuations. For arbitrage, pay attention to the MA1 - 3 reverse spread [4]. Urea - **Market Review**: The prices of urea contracts and spot prices, as well as basis, spreads, and other indicators, changed [42]. - **Basic Logic**: The supply - side pressure is expected to increase, and the demand has slightly improved. The inventory in factories is accumulating, and under the background of "export quota system" and "ensuring supply and stabilizing prices", the market has a ceiling and a floor. There are short - term positive factors, but be vigilant against the downward risk [43]. - **Strategy Recommendation**: Although the export boosts market sentiment, the fundamentals remain weak. Be vigilant against the risk of the market falling back after rising. Pay attention to the range of [1620 - 1650] for UR [44]. Natural Gas - **Market Review**: On November 12, the NG main contract closed at $4.764 per million British thermal units, up 4.47% month - on - month. Spot prices in different regions also changed [47]. - **Basic Logic**: The decline in global temperature leads to an increase in demand for combustion and heating, and the gas price is likely to rise. The domestic LNG retail profit has increased. The supply - side has some changes, and the demand has shown certain characteristics. The US natural gas inventory has increased [48]. - **Strategy Recommendation**: As the temperature cools down, the demand for combustion and heating increases, and the price is likely to rise. However, due to sufficient supply and recent sharp increases, the upward momentum has weakened, and the upward space is limited. Pay attention to the range of [4.415 - 4.581] for NG [49]. Asphalt - **Market Review**: On November 12, the BU main contract closed at 3,063 yuan/ton, up 0.43% month - on - month. Spot prices in different regions changed [52]. - **Basic Logic**: The trend is mainly tied to the cost - side oil price, which is weak. The cost - side support is decreasing. The supply in November is expected to decline, and the demand has also decreased. The inventory of sample enterprises has decreased [53]. - **Strategy Recommendation**: Hold short positions. [51] Glass - **Basic Logic**: The fundamentals are weak, and the market continues to look for support downward. The supply is unlikely to decline further, and the demand support is insufficient [7]. - **Strategy Recommendation**: In the short - term, there is support from cold repairs. In the medium - to - long - term, the demand from the real - estate sector is weak, and the loose pattern is difficult to change. Go short on rebounds [7]. Soda Ash - **Basic Logic**: The increase in photovoltaic daily melting volume and device maintenance has led to a short - term rebound. However, in the long - term, the supply will remain loose [7]. - **Strategy Recommendation**: The market maintains a premium structure. Industries are advised to sell and hedge at high prices. Technically, it is bullish in the short term, but go short on rebounds in the medium - to - long - term [7].
建信期货MEG日报-20251113
Jian Xin Qi Huo· 2025-11-13 02:29
Report Overview - Report Title: MEG Daily Report - Date: November 13, 2025 - Industry: Energy and Chemicals [1][2] Core View - Due to insufficient bullish support at the fundamental and macro levels of ethylene glycol, market participants are mostly cautious and waiting. It is expected that ethylene glycol may maintain a weak and volatile trend in the short term [7] Section Summaries 1. Market Review and Operation Suggestions - Futures Market: The closing price of EG2601 was 3891 yuan/ton, down 30 yuan; the closing price of EG2605 was 3979 yuan/ton, down 18 yuan. The trading volume of the main ethylene glycol futures contract on the 12th was 192,653 lots, and the open interest was 366,485 lots [7] 2. Industry News - Oil Price: International oil prices rose for the third consecutive day, but the increase was limited due to concerns about oversupply. On November 11th, the settlement price of WTI crude oil futures for December 2025 was $61.04 per barrel, up $0.91 or 1.51%; the settlement price of Brent crude oil futures for January 2026 was $65.16 per barrel, up $1.10 or 1.72% [8] - Ethylene Glycol Market: The spot negotiation price of ethylene glycol in Zhangjiagang this week was 3956 - 3958 yuan/ton, down 23 yuan/ton from the previous working day. The basis of this week's spot, next week's spot, and November's spot were all at a premium of 65 - 67 yuan/ton compared to EG2601 [8] - Polyester Market: The sales of polyester filament were sluggish, the raw material market weakened, the polyester appropriately gave back the price difference, and downstream purchases were few [8] 3. Data Overview - The report presents multiple data charts including PTA - MEG price difference, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory [10][15][16]
建信期货沥青日报-20251113
Jian Xin Qi Huo· 2025-11-13 02:28
Group 1: Report Overview - Report Name: Asphalt Daily Report [1] - Date: November 13, 2025 [2] Group 2: Industry Investment Rating - Not provided in the report Group 3: Core Viewpoints - The spot market sentiment of asphalt remains cautious due to weak rigid demand The market is expected to fluctuate in the short term as oil prices lack support and asphalt's supply - demand is weak, and the basis has narrowed after the recent decline [6][7] Group 4: Market Analysis 1. Market Review and Operational Suggestions - Futures Market: BU2601 opened at 3055 yuan/ton, closed at 3063 yuan/ton, with a high of 3076 yuan/ton, a low of 3047 yuan/ton, a rise of 0.86%, and a trading volume of 18.37 million lots BU2512 opened at 3069 yuan/ton, closed at 3063 yuan/ton, with a high of 3081 yuan/ton, a low of 3050 yuan/ton, a rise of 0.86%, and a trading volume of 0.86 million lots [6] - Spot Market: Prices in Northeast, North China, South China, and Sichuan - Chongqing regions declined, while prices in Shandong rebounded slightly, and other regions remained stable The overall rigid demand for asphalt is weak, and the market sentiment is cautious [6] - Supply: Some refineries have production changes, and the asphalt plant operating rate is expected to rise slightly [7] - Demand: Demand shows regional differentiation Northeast and Northwest regions have reached the annual low in rigid demand, North China and Shandong maintain stable demand, and South China's demand is expected to be stable [7] 2. Industry News - Shandong Market: The mainstream transaction price of 70A grade asphalt is 2980 - 3620 yuan/ton, up 15 yuan/ton from the previous day The rebound of international oil prices and asphalt futures boosts the market, and the price increase may release downstream demand [8] - South China Market: The mainstream transaction price of 70A grade asphalt is 3150 - 3320 yuan/ton, down 25 yuan/ton from the previous day The new contract price of PetroChina's asphalt is undetermined, and the market is cautious The price decline is due to the reduction of contract quotes from Jingbo Hainan's warehouse [8] 3. Data Overview - Data includes South China asphalt spot price, Shandong asphalt basis, asphalt daily operating rate, Shandong asphalt comprehensive profit, asphalt cracking, asphalt social inventory, asphalt manufacturer inventory, and asphalt warehouse receipts, with data sources from Wind and the research and development department of CCB Futures [11][13][15]
建信期货PTA日报-20251113
Jian Xin Qi Huo· 2025-11-13 02:24
Report Overview - Report Title: PTA Daily Report - Date: November 13, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures 1. Investment Rating - No investment rating provided in the report. 2. Core View - Crude oil's premium is gradually receding due to the easing of the European geopolitical situation. Despite the boost from the Middle East issue, it's difficult for oil prices to rise, providing limited cost support for PTA. PTA prices are expected to fluctuate weakly [6]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - On the 12th, the closing price of PTA's main futures contract TA2601 was 4,670 yuan/ton, down 8 yuan/ton (-0.17%), with a settlement price of 4,670 yuan/ton and a daily reduction of 18,488 lots. The closing price of TA2605 was 4,732 yuan/ton, down 2 yuan/ton, with a trading volume of 60,961 lots, an increase of 6,401 lots [6]. 3.2 Industry News - Investors are evaluating the impact of US sanctions on a European country. The US government shutdown is expected to end soon, and international oil prices have risen for three consecutive days. However, concerns about oversupply have limited the increase. On November 11th, the settlement price of WTI crude oil futures for December 2025 was $61.04 per barrel, up $0.91 (1.51%); the settlement price of Brent crude oil futures for January 2026 was $65.16 per barrel, up $1.10 (1.72%). - The price of PX in the Chinese market was estimated at $825 - 827 per ton, up $5 per ton; the price in the South Korean market was estimated at $805 - 807 per ton, up $5 per ton. The oil market at the cost - end continued to rise. Domestic PX and PTA plants were operating stably, and trading was cautious during the annual contract negotiation period. The closing price of PTA's main futures contract TA2601 was 4,670 yuan/ton, down 8 yuan/ton (-0.17%), with a settlement price of 4,670 yuan/ton and a daily reduction of 18,488 lots [7]. 3.3 Data Overview - The report presents multiple charts including international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA prices, price spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and inventory [11][13][17]. All data sources are Wind and Jianxin Futures Research and Development Department.
石油沥青日报:市场弱势尚未逆转,反弹动力不足-20251113
Hua Tai Qi Huo· 2025-11-13 02:16
石油沥青日报 | 2025-11-13 市场弱势尚未逆转,反弹动力不足 市场分析 1、11月12日沥青期货下午盘收盘行情:主力BU2601合约下午收盘价3063元/吨,较昨日结算价上涨0.86%;持仓 198272手,环比增加4444手,成交183695手,环比下降68513手。 2、卓创资讯重交沥青现货结算价:东北,3156—3700元/吨;山东,2980—3620元/吨;华南,3150—3320元/吨; 华东,3300—3400元/吨。 原油价格反弹遇阻,沥青市场上涨动力仍有限。现货方面,昨日华北、华东、华南以及川渝地区沥青现货价格出 现下跌,其余地区相对稳定。沥青基本面依然表现疲软,具备配额的炼厂还有利润空间,近期华北低价远期资源 集中释放,而终端需求整体欠佳,市场实际交投氛围一般,多数区域观望情绪浓厚,抄底意愿不足。整体来看, 沥青市场弱势尚未逆转,建议保持谨慎。 策略 单边:中性,短期观望为主 跨期:无 跨品种:无 期现:无 期权:无 风险 原油价格大幅波动、宏观风险、海外原料供应风险、沥青终端需求变动、装置开工负荷变动等 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 | ...
我省举办央地石化产业链供应链对接活动
Liao Ning Ri Bao· 2025-11-13 02:09
11月12日,辽宁省央地石化产业链供应链对接活动在锦州召开。活动由省工业和信息化厅、省国资 委、中国石油东北化工销售公司、中国石油锦州石化公司联合主办。石油化工企业、石化产业链支持服 务企业、我省相关行业协会代表共聚一堂,共商发展。 石化产业是我省传统优势产业。通过"减油增化、减油增特"及数字化、智能化、绿色化转型,我省 推动"大盘绿色石化集群"成为全国唯一石化主题国家先进制造业集群。当前全省精细化工占比近50%, 部分产品打破国外垄断,已形成完整产业链和"龙头引领、配套完备、协同高效"的产业生态。 活动期间,我省央地合作项目保障平台正式推出,辽宁省石化产业平台做推介,部分参会企业进行 合作签约。 为推进全省精细化工产业集群强链延链,近年来,我省始终以"政府所能"匹配"企业所需",同时加 强与央企围绕拉长产业链条深化合作,帮助辽宁传统产业升级和战新产业培育壮大,推动东北化工产业 链"链长"企业与上下游企业协同发展。 相关央企代表表示,愿以此次活动为契机,进一步深耕辽宁市场,持续优化产业布局,加大研发投 入,提升服务质量,以更高站位、更大格局、更宽视野助力辽宁全面振兴、共担维护国家战略安全的重 大使命。 ...
港股科网股开盘走低
第一财经· 2025-11-13 01:36
Core Viewpoint - The article discusses the recent performance of the Hong Kong stock market, highlighting the fluctuations in various sectors and specific stocks, particularly in the technology and healthcare industries. Group 1: Market Performance - The Hang Seng Index is currently at 26,779.48, down by 143.25 points or 0.53% [1] - The Hang Seng Technology Index (HSTECH) is at 5,885.22, decreasing by 48.77 points or 0.82% [1] - The Hang Seng BioTech Index (HSBIO) shows a positive trend, up by 163.85 points or 1.04% to 15,911.62 [1] - The Hang Seng China Enterprises Index (HSCEI) is at 9,491.64, down by 47.35 points or 0.50% [1] - The Hang Seng Composite Index (HSCI) is at 4,110.97, decreasing by 17.37 points or 0.42% [1] Group 2: Sector Performance - The pharmaceutical and biotechnology, gold and jewelry, liquor, and retail sectors are leading in gains [2] - Conversely, the media, oil and petrochemicals, semiconductor, and real estate sectors are experiencing declines [2] Group 3: Individual Stock Movements - Technology stocks opened lower, with Tencent Music down over 6%, JD.com and Kuaishou down over 2%, and Alibaba and Tencent Holdings down over 1% [3] - Specific stock performances include Tencent Music at 79.55, down 6.02%, JD.com at 121.50, down 2.57%, and Kuaishou at 68.25, down 2.08% [4] - Alibaba is at 153.90, down 1.85%, and Tencent Holdings at 649.50, down 1.14% [5] - Notable declines include China Resources Mixc Lifestyle down nearly 8% due to a proposed placement of 49.5 million shares, and Superstar Legend down over 13% for a discounted share placement [5]
燃料油早报-20251113
Yong An Qi Huo· 2025-11-13 01:05
Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - This week, the high - sulfur cracking in Singapore fluctuated, the monthly spread strengthened slightly, the basis weakened, the HSFO cracking in Europe declined, and the EW strengthened this week. The 0.5% cracking in Singapore rebounded, the monthly spread fluctuated, and the basis oscillated at a low level. In terms of inventory, Singapore's residual oil decreased slightly, ARA's residual oil increased, Fujairah's residual oil increased, and EIA's residual oil inventory remained flat. The price difference between high - and low - sulfur in the external market rebounded. Singapore's high - sulfur was supported by EW and refinery purchases, but the spot basis weakened rapidly. It is expected to be in a volatile pattern in the short term, and the short - term downward space for low - sulfur is limited [3][4] 3. Summary by Relevant Catalogs Rotterdam Fuel Oil Data (Swap M1) - From November 6th to 12th, the price of 3.5% HSF decreased by 16.44, the price of 0.5% VLS decreased by 17.53, the HSFO - Brent M1 decreased by 0.18, the 10ppm Gasoil decreased by 3.88, the VLSFO - Gasoil decreased by 21.41, the LGO - Brent M1 remained unchanged, and the VLSFO - HSFO decreased by 1.09 [1] Singapore Fuel Oil Data (Swap M1) - From November 6th to 12th, the price of 380cst increased by 3.78, the price of 180cst increased by 5.56, the price of VLSFO increased by 3.60, the price of Gasoil increased by 2.64, the 380cst - Brent M1 decreased by 0.58, and the VLSFO - Gasoil decreased by 15.93 [1] Singapore Fuel Oil Spot Data - From November 6th to 12th, the FOB price of 380cst increased by 2.48, the FOB price of VLSFO increased by 2.73, the 380 basis decreased by 0.01, the high - sulfur internal - external price difference increased by 1.4, and the low - sulfur internal - external price difference decreased by 4.2 [2] Domestic FU Data - From November 6th to 12th, the price of FU 01 increased by 22, the price of FU 05 increased by 18, the price of FU 09 increased by 12, the FU 01 - 05 increased by 4, the FU 05 - 09 increased by 6, and the FU 09 - 01 decreased by 10 [2] Domestic LU Data - From November 6th to 12th, the price of LU 01 increased by 49, the price of LU 05 increased by 42, the price of LU 09 increased by 40, the LU 01 - 05 increased by 7, the LU 05 - 09 increased by 2, and the LU 09 - 01 decreased by 9 [3]