2025/06/09 原油早评： 能源化工组 行情方面：截至周五，WTI 主力原油期货收涨 1.52 美元，涨幅 2.40%，报 64.77 美元；布伦特 主力原油期货收涨 1.36 美元，涨幅 2.08%，报 66.65 美元；INE 主力原油期货收涨 2.40 元， 涨幅 0.52%，报 466.1 元。 数据方面：欧洲 ARA 周度数据出炉，汽油库存环比去库 0.51 百万桶至 8.48 百万桶，环比 去库 5.66%；柴油库存环比累库 0.13 百万桶至 14.96 百万桶，环比累库 0.85%；燃料油库 存环比去库 0.47 百万桶至 6.83 百万桶，环比去库 6.44%；石脑油环比累库 0.28 百万桶 至 5.28 百万桶，环比累库 5.58%；航空煤油环比去库 0.05 百万桶至 6.63 百万桶，环比 去库 0.71%；总体成品油环比去库 0.62 百万桶至 42.19 百万桶，环比去库 1.45%。 张正华 高级分析师 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn 能源化工日报 2025-06-09 我们认为当前美 ...

投资咨询业务资格:证监许可【2012】 31号 【 一 国贸 期货 瓶片短纤数据日报 完整性做任何保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目 务状况或需要,投资者需自行判断本报告中的任何意见或建议是否符合其特定状况 责任自负。本报告仅向特定客户推送,未经国贸期货授权许可, 布播的行为均构成对国贸期货的侵权,我司将视情况追究法 险,入市需谨慎。 ITG 国贸期货 世界500强投资企业 国贸期货有限公司 成为一流的衍生品综合服务商 入 用 市 市 W FF 客 服 热线 官 方 网 站 la jat 400-8888-598 www.itf.com.cn | | | | 国贸期货研究院 能源化工研究中心 陈胜 | 技资咨询号 Z0017251 2025/6/6 从业资格号: | | --- | --- | --- | --- | --- | | | | | | F3066728 | | 指标 | 2025/6/4 | 2025/6/5 | 变动值 | | | PTA现货价格 | 4865 | 4845 | (20. 00) | | | | | | | 现货资讯: | | MEG内盘价格 | 4 ...

| | | | | 聚酯数据日 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/6/6 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/6/4 | 2025/6/5 | 变动值 | 行情综述 | | SC | INE原油(元/桶) PTA-SC(元/陣) | 468. 2 1267.5 | 463. 7 1274. 2 | -4. 50 6. 70 | 成交情况: PTA: PTA行情下跌,盘中原油行情偏弱,PTA行情小跌 。PTA去库存利好再度发酵,现货货少推涨现货基差。 | | | PTA/SC(比价) | 1. 3725 | 1. 3781 | 0. 0056 | | | PX | CFR中国PX | 825 | 820 | -5 | | | | PX-石脑油价差 | 263 | 257 | -6 | | | | PTA主力期价(元/吨) | 4670 | 4644 | -26.0 | | | | PTA现货价格 | 48 ...

能源化工日报 2025-06-06 2025/06/06 原油早评： 能源化工组 李 晶 首席分析师 从业资格号：F0283948 交易咨询号：Z0015498 0755-23375131 lijing@wkqh.cn 我们认为当前美伊谈判未见明确结果，且 OPEC 尚未体现出明确的增产数据，叠加页岩油的托 底效应，我们认为即使美伊谈判顺利，考虑当前的风险收益比并不适合追空，短期观望为主。 甲醇 2025/06/06 甲醇早评： 6 月 5 日 09 合约跌 11 元/吨，报 2259 元/吨，现货涨 8 元/吨，基差 +51。供应端随着前期检修装置回归开工开始见底回升，处于同期高位，企业利润高位持续回 落，预计短期供应仍将维持高位。需求端港口 MTO 装置开工回到高位，传统需求本周开工整体 有所回升，需求小幅好转，港口整体累库速度偏慢，价格表现偏强。内地供增需弱，价格走低， 港口与内地价差持续扩大。整体来看，后续国内供应依旧较为充裕且宏观环境偏弱，甲醇或有 进一步回落可能，单边建议关注逢高空配置为主。跨品种方面关注 09 合约 PP-3MA 价差的逢低 做多的机会。 尿素 2025/06/06 尿素早评： ...

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投资咨询业务资格:证监许可【2012】31号 免责声 本报告中的信息均源于公开可获得的资料,国贸期货力求准确可靠,但不对上述信息的准确性及完整性做任何 保证。本报告不构成个人投资建议,也未针对个别投资者特殊的投资目标、财务状况或需要,投资者需 断本报告中的任何意见或建议是否符合其特定状况,据此投资,责任自负。本报告仅向特定客户推 授授权许可,任何引用、转载以及向第三方传播的行为均构成对国贸期货的侵权 责任。期市有风险,入市需谨慎。 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/6/5 | | | | 能源化工研究中心 | 陈胜 | 从业资格号:F3066728 | | | | 指标 | 2025/6/3 | 2025/6/4 | 变动值 | 行情综述 | | | INE原油(元/桶) | 462.5 | 468. 2 | 5. 70 | 成交情况: PTA: PTA行情下跌,盘中原油行情微幅震荡,PTA去库 | | SC | PTA-SC(元 ...

50 15 40 10 30 20 5 10 0 0 -5 -10 -20 -10 -30 -15 myps 20506 7075/06 3DSFOR 202505 205505 - M1-M6 - 41-M2 - MI-M6 M1-M9 M1-M2 - - M1-M3 - - M1-M9 M1-M3 321裂解价差(美元/桶) 532裂解价差 (美元/桶) 70.00 70.00 60.00 60.00 50.00 50.00 40.00 40.00 30.00 30.00 20.00 20.00 10.00 10.00 000 0.00 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月 - 2021 - -2022 -- 2023 -- 2024 -- 2024 -- 2024 -- 2024 -- 2024 -- 2024 -- 2024 -- 2024 -- 2024 -- 2024 -- 2024 -- 2024 -- 2024 -- 2024 -- 2024 -- 2024 -- 20224 ...

能源化工期权 2025-06-05 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 | 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 数据来源：WIND、五矿期货期权服务部 能源化工期权研究 表2：期权因子—量仓PCR | 期权品种 | 成交量 | 量变化 | 持仓量 | 仓变化 | 成交量 | 量PCR | 持仓量 | 仓PCR | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | P ...

期现货方面：昨日EG主力合约收盘价4292元/吨（较前一交易日变动-14元/吨，幅度-0.33%），EG华东市场现货价 4415元/吨（较前一交易日变动-63元/吨，幅度-1.41%），EG华东现货基差（基于2509合约）128元/吨（环比-19元/ 吨）。 化工日报 | 2025-06-05 聚酯减产下市场情绪偏弱 核心观点 市场分析 风险 原油价格波动，煤价大幅波动，宏观政策超预期 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 生产利润方面：乙烯制EG生产利润为-29美元/吨（环比-4美元/吨），煤制合成气制EG生产利润为149元/吨（环比-10 元/吨）。 库存方面：根据 CCF 每周一发布的数据，MEG 华东主港库存为62.1万吨（环比-6.6万吨）；根据隆众每周四发布 的数据， MEG 华东主港库存为57.7万吨（环比-3.5万吨）。上周主港实际到货总数6.2万吨，到港量偏少，港口去 库幅度明显；本周华东主港计划到港总数10.8万吨，中性偏低。 整体基本面供需逻辑：供应端，卫星、恒力等几套大装置检修时间较长，6月国内供应端恢复幅度有限，仓单固化 下流通性收紧；需求端，聚酯减 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The ethylene glycol market is expected to maintain a slow downward trend in the short - term due to factors such as polyester production cuts and weakening downstream demand [2] 3. Summary by Related Catalogs 3.1 Upstream Cost - As of June 4, 2025, the spot price of naphtha CFR Japan was $562.63 per ton, up 0.18% from the previous value; the price index of ethylene in Northeast Asia was $781 per ton, unchanged from the previous value; the ex - factory average price of ethylene oxide in East China was 6,300 yuan per ton, unchanged; the spot price of methanol was 2,272.5 yuan per ton, unchanged; the pit - mouth price of lignite in Inner Mongolia was 290 yuan per ton, unchanged [1] 3.2 Futures and Spot Prices - As of June 4, 2025, the DCE main EG contract closing price was 4,292 yuan per ton, down 0.33% from the previous value; the settlement price was 4,288 yuan per ton, down 0.92%; the DCE near - month EG contract closing price was 4,288 yuan per ton, down 2.32%; the settlement price was 4,288 yuan per ton, down 2.48%; the market intermediate price of ethylene glycol in East China was 4,480 yuan per ton, unchanged; the CCFEI price index of domestic ethylene glycol was 4,425 yuan per ton, down 0.56% [1] - The near - far month price difference was 0 yuan per ton, a decrease of 69 yuan per ton from the previous value; the basis was 133 yuan per ton, a decrease of 11 yuan per ton from the previous value [1] 3.3 Operating Conditions - As of June 4, 2025, the comprehensive operating rate of ethylene glycol was 50.18%, down 0.75 percentage points from the previous value; the operating rate of petroleum - based ethylene glycol was 51.78%, unchanged; the operating rate of coal - based ethylene glycol was 47.86%, down 1.83 percentage points [1] - The load rate of the PTA industrial chain's polyester factory was 89.63%, down 0.08 percentage points; the load rate of Jiangsu and Zhejiang looms was 69.80%, unchanged [1] 3.4 Cash Flow Situation - As of June 4, 2025, the after - tax gross profit of MTO to MEG was - 1,540.34 yuan per ton, a decrease of 129.39 yuan per ton from the previous value; the after - tax gross profit of the coal - based synthesis gas method was 680.97 yuan per ton, a decrease of 53.10 yuan per ton from the previous value [1] 3.5 Polyester Prices - As of June 4, 2025, the CCFEI price index of polyester DTY was 8,925 yuan per ton, unchanged; the price index of polyester POY was 7,250 yuan per ton, unchanged; the price index of polyester staple fiber was 6,515 yuan per ton, up 0.15%; the price index of bottle - grade chips was 5,920 yuan per ton, down 0.67% [1] 3.6 Equipment Information - A 904,000 - ton/year ethylene glycol plant in East China has completed maintenance and resumed normal operation; another 400,000 - ton/year plant is expected to shut down for maintenance in the near future [2] 3.7 Market Trends and Strategies - On June 4, the ethylene glycol market was weak in the morning, with the basis showing a weak trend. The afternoon session saw a small rebound, and the market sentiment was slightly warmer [2] - The downstream polyester market has seen production cuts, with the sales of polyester filaments, staple fibers, and chips decreasing by 36.03%, 59.67%, and 49.29% respectively. The market is expected to remain weak in the short - term [2]