Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Linear futures opened lower and fluctuated, closing higher at the end of the session. PP fluctuated within a range. The spot market had a cautious trading atmosphere, with some factory prices adjusted and low terminal restocking willingness. The supply - side pressure will increase due to the decline in planned maintenance after June and new capacity expansion plans, while demand is pressured by seasonal weakness and tariff transmission. Although the cost side is supported by the US fuel consumption peak season, the rebound space of polyolefins is limited due to existing supply - demand contradictions [6] 3. Summary by Relevant Catalogs 3.1 Market Review and Outlook - Linear futures (L09) closed at 7078 yuan/ton, up 6 yuan/ton (0.08%), with a trading volume of 25 lots and an increase in open interest by 1429 to 545370 lots. PP closed at 6932 yuan/ton, up 6 yuan (0.09%), with open interest decreasing by 1541 to 516,300 lots. The spot market was cautious, with some factory prices adjusted and low terminal restocking enthusiasm. The supply - side pressure will increase after June due to reduced planned maintenance and new capacity expansion, and demand is affected by seasonality and tariffs. The cost side has some support, but the rebound space of polyolefins is limited [5][6] 3.2 Industry News - On June 9, 2025, the inventory level of major producers was 870,000 tons, a 40,000 - ton increase (4.82%) from the previous working day, compared with 855,000 tons in the same period last year. PP market prices were generally stable with minor fluctuations, and PE market prices showed mixed trends in different regions [7] 3.3 Data Overview - The report presents multiple data charts, including L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year increase/decrease rate, with data sources from Wind and Zhuochuang Information [9][14][16]

原油产业期现日报 投资咨询业务资格:证监许可【2011】1292号 2025年6月9日 宙 扬 Z0020680 | 原油价格及价差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品中 | 6月9日 | 6月6日 | 涨跌 | 涨跌幅 | 単位 | | Brent | 66.48 | 66.47 | 0.01 | 0.02% | | | WTI | 64.60 | 64.58 | 0.02 | 0.03% | 美元/桶 | | ਟ | 475.90 | 467.90 | 8.00 | 1.71% | 元/桶 | | Brent M1-M3 | 1.30 | 1.32 | -0.02 | -1.52% | 美元/桶 | | WTI M1-M3 | 1.83 | 1.85 | -0.02 | -1.08% | | | SC MI-M3 | 6.90 | 7.00 | -0.10 | -1.43% | 元/桶 | | Brent-WTI | 1.88 | 1.89 | -0.01 | -0.53% | | | EFS | 1.70 | 1.72 | -0.0 ...

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The energy - chemical sector mainly consists of energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For each sector, options strategies and suggestions are provided for selected varieties. The options strategy report for each option variety is compiled based on the analysis of the underlying asset's market, option factor research, and option strategy suggestions [8]. - The overall strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market Overview - Various energy - chemical option underlying futures contracts have different price movements, trading volumes, and open interest changes. For example, the latest price of crude oil (SC2507) is 476, with a rise of 8 and a rise - fall rate of 1.71%, trading volume of 10.92 million lots (a decrease of 2.58 million lots), and open interest of 2.11 million lots (an increase of 0.04 million lots) [3]. 3.2 Option Factor - PCR - The PCR indicators (both volume and open interest) of different option varieties are used to describe the strength of the option underlying market and the turning point of the underlying market. For example, the open interest PCR of crude oil options is 1.03, with a change of 0.04 [4]. 3.3 Option Factor - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the pressure and support levels of different option underlying assets are determined. For example, the pressure point of crude oil is 570, and the support point is 400 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility of different option varieties shows different characteristics. For example, the at - the - money implied volatility of crude oil is 27.83%, the weighted implied volatility is 31.16% (a decrease of 1.21%), and the historical average is 17.96% [6]. 3.5 Strategy and Suggestions for Different Option Varieties 3.5.1 Energy - related Options - **Crude Oil**: In terms of fundamentals, U.S. and European inventories have changed. The market has shown a pattern of rising and then falling and then rising again. Option strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [7]. - **LPG**: The international LPG market price center has moved down, and the domestic supply and inventory situation has changed. The market has shown a weak and bearish trend. Option strategies include constructing a short - bearish call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9]. 3.5.2 Alcohol - related Options - **Methanol**: Port inventory has increased, and the market has shown a weak and bearish rebound trend. Option strategies include constructing a short - neutral call + put option combination strategy for volatility, and a long collar strategy for spot hedging [9]. - **Ethylene Glycol**: The port spot price center has moved down, and inventory has increased. The market has shown a pattern of rising and then falling. Option strategies include constructing a short - volatility strategy for volatility, and a long + put + short - call option strategy for spot hedging [10]. 3.5.3 Polyolefin - related Options - **Polypropylene**: New production capacity has been put into operation, and the market has shown a bearish trend. Option strategies include constructing a bear - spread put option combination strategy for direction, and a long + put + short - call option strategy for spot hedging [10]. 3.5.4 Rubber - related Options - **Natural Rubber**: Inventory in Qingdao has decreased. The market has shown a pattern of falling and then rising and then falling again. Option strategies include constructing a bear - spread put option combination strategy for direction, and a short - bearish call + put option combination strategy for volatility [11]. 3.5.5 Polyester - related Options - **PTA**: The start - up rate and production volume have changed, and inventory has decreased. The market has shown a pattern of rising and then falling. Option strategies include constructing a short - neutral call + put option combination strategy for volatility [12]. 3.5.6 Alkali - related Options - **Caustic Soda**: Supply pressure is high, and the market has shown a bearish trend. Option strategies include constructing a bear - spread put option combination strategy for direction, a short - bearish strangle option combination strategy for volatility, and a long + short - call option strategy for spot covered hedging [13]. - **Soda Ash**: Production and capacity utilization have changed, and inventory has increased slightly. The market has shown a weak and bearish trend. Option strategies include constructing a bear - spread put option combination strategy for direction, a short - bearish call + put option combination strategy for volatility, and a long collar strategy for spot hedging [13]. 3.5.7 Urea Options - Supply pressure is large, and demand may weaken. The market has shown an inverted "V" pattern. Option strategies include constructing a bear - spread put option combination strategy for direction, a short - bearish call + put option combination strategy for volatility, and a long + put + short - call option strategy for spot hedging [14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The current negotiation between the US and Iran shows a sign of easing, which is expected to put pressure on oil prices. However, considering the current risk - return ratio, it is not suitable to short - sell, and short - term observation is recommended [2]. - For methanol, due to sufficient domestic supply and a weak macro - environment, there may be a further decline. It is recommended to consider short - selling on rallies. For cross - variety trading, pay attention to the opportunity of going long on the 09 - contract PP - 3MA spread [4]. - For urea, with high supply and lukewarm demand, there is no obvious price trend. Given the low basis at the same period, it is recommended to wait and see [6]. - For rubber, it is recommended to take a short - long or neutral approach with short - term operations. Also, pay attention to the band - trading opportunity of going long on RU2601 and shorting on RU2509 [13]. - For PVC, in the context of strong supply and weak demand, it is expected to be weakly volatile in the short term, but beware of the rebound if the weak export expectation is not fulfilled [15]. - For polyethylene, the price is expected to remain volatile in June due to reduced new production capacity and inventory reduction [18]. - For polypropylene, the price is expected to be bearish in June due to planned production capacity release and seasonal weakening of demand [19]. - For PX, the de - stocking is expected to slow down in June, and it will re - enter the de - stocking cycle in the third quarter. It is expected to fluctuate at the current valuation level [21]. - For PTA, it will continue to de - stock, and the processing fee is supported. It is expected to fluctuate at the current valuation level [22][23]. - For ethylene glycol, the port inventory de - stocking is expected to slow down. There is a risk of valuation adjustment [24]. 3. Summary by Related Catalogs Crude Oil - **Market Quotes**: As of Friday, WTI's main crude oil futures rose $1.52, or 2.40%, to $64.77; Brent's main crude oil futures rose $1.36, or 2.08%, to $66.65; INE's main crude oil futures rose 2.40 yuan, or 0.52%, to 466.1 yuan [1]. - **Data**: European ARA weekly data shows that gasoline inventory decreased by 0.51 million barrels to 8.48 million barrels, a 5.66% decrease; diesel inventory increased by 0.13 million barrels to 14.96 million barrels, a 0.85% increase; fuel oil inventory decreased by 0.47 million barrels to 6.83 million barrels, a 6.44% decrease; naphtha inventory increased by 0.28 million barrels to 5.28 million barrels, a 5.58% increase; aviation kerosene inventory decreased by 0.05 million barrels to 6.63 million barrels, a 0.71% decrease; the total refined oil inventory decreased by 0.62 million barrels to 42.19 million barrels, a 1.45% decrease [1]. Methanol - **Market Quotes**: On June 6, the 09 - contract rose 5 yuan/ton to 2264 yuan/ton, and the spot price rose 5 yuan/ton, with a basis of + 48 [4]. - **Supply - Demand Situation**: Supply has bottomed out and is at a high level in the same period, with corporate profits falling. Demand has slightly improved, but the overall supply is still abundant, and there may be a further decline [4]. Urea - **Market Quotes**: On June 6, the 09 - contract fell 2 yuan/ton to 1720 yuan/ton, and the spot price fell 10 yuan/ton, with a basis of + 100 [6]. - **Supply - Demand Situation**: Supply remains high, while demand from compound fertilizer enterprises has decreased, leading to inventory accumulation and price decline [6]. Rubber - **Market Quotes**: NR and RU are in a volatile consolidation [11]. - **Supply - Demand Situation**: Bulls expect production cuts due to weather and policies in Southeast Asia, while bears believe in weak demand and potential over - supply [12]. - **Operation Suggestion**: Short - long or neutral approach with short - term operations, and pay attention to the band - trading opportunity of going long on RU2601 and shorting on RU2509 [13]. PVC - **Market Quotes**: The PVC09 contract rose 43 yuan to 4790 yuan, the Changzhou SG - 5 spot price was 4700 (+ 20) yuan/ton, the basis was - 90 (- 23) yuan/ton, and the 9 - 1 spread was - 75 (- 8) yuan/ton [15]. - **Supply - Demand Situation**: Cost is stable, production is expected to increase, while downstream demand is weak, and exports are expected to decline. It is expected to be weakly volatile in the short term [15]. Polyethylene - **Market Quotes**: The futures price rose, the main - contract closed at 7066 yuan/ton, up 32 yuan/ton, and the spot price was 7135 yuan/ton, up 10 yuan/ton, with a basis of 69 yuan/ton, weakening by 22 yuan/ton [18]. - **Supply - Demand Situation**: New production capacity in June is small, and inventory is being reduced. However, it is the seasonal off - season, and demand is weak. The price is expected to remain volatile [18]. Polypropylene - **Market Quotes**: The futures price rose, the main - contract closed at 6925 yuan/ton, up 14 yuan/ton, and the spot price was 7120 yuan/ton, unchanged. The basis was 195 yuan/ton, weakening by 14 yuan/ton [19]. - **Supply - Demand Situation**: There is a planned production capacity release in June, and demand is expected to weaken seasonally. The price is expected to be bearish [19]. PX - **Market Quotes**: The PX09 contract rose 16 yuan to 6556 yuan, the PX CFR fell 2 dollars to 818 dollars, and the basis was 218 yuan (- 34), with a 9 - 1 spread of 180 yuan (- 2) [21]. - **Supply - Demand Situation**: The maintenance season is ending, de - stocking is expected to slow down in June, and it will re - enter the de - stocking cycle in the third quarter. It is expected to fluctuate at the current valuation level [21]. PTA - **Market Quotes**: The PTA09 contract rose 8 yuan to 4652 yuan, the East China spot price rose 50 yuan/ton to 4895 yuan, the basis was 225 yuan (+ 9), and the 9 - 1 spread was 136 yuan (- 2) [22]. - **Supply - Demand Situation**: It is still in the maintenance season, demand is stable, and it will continue to de - stock. The processing fee is supported, and it is expected to fluctuate at the current valuation level [22][23]. Ethylene Glycol - **Market Quotes**: The EG09 contract fell 22 yuan to 4261 yuan, the East China spot price fell 17 yuan to 4408 yuan, the basis was 123 (- 7), and the 9 - 1 spread was 21 yuan (- 10) [24]. - **Supply - Demand Situation**: It is in the de - stocking stage, but the de - stocking is expected to slow down. There is a risk of valuation adjustment [24].

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 ...

聚烯烃日报 | 2025-06-05 供需双弱，成本端支持 市场分析 价格与基差方面，L主力合约收盘价为7049元/吨（+86），PP主力合约收盘价为6948元/吨（+64），LL华北现货为7070 元/吨（+20），LL华东现货为7100元/吨（+0），PP华东现货为7080元/吨（+0），LL华北基差为21元/吨（-66），LL 华东基差为51元/吨（-86）， PP华东基差为132元/吨（-64）。 上游供应方面，PE开工率为76.8%（-1.2%），PP开工率为75.4%（-1.4%）。 生产利润方面，PE油制生产利润为254.0元/吨（-143.7），PP油制生产利润为-6.0元/吨（-143.7），PDH制PP生产利 润为-203.0元/吨（+198.7）。 进出口方面，LL进口利润为-378.2元/吨（-14.3），PP进口利润为-528.2元/吨（+5.4），PP出口利润为17.6美元/吨（-0.7）。 下游需求方面，PE下游农膜开工率为13.0%（-1.1%），PE下游包装膜开工率为48.6%（-0.6%），PP下游塑编开工率 为45.2%（-0.5%），PP下游BOPP膜开工率为59.8% ...

行业 聚烯烃日报 日期 2025 年 6 月 5 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-86630631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：彭浩 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Report Core Views Crude Oil - International oil prices rose, mainly driven by macro and supply - side factors boosting market risk appetite. In the short - term, the upward trend of the market is due to supply expectation adjustments and macro - geopolitical impacts on market sentiment. In the long - term, the balance sheet may continue to loosen. It is recommended to wait for short - selling opportunities on rallies. The expected price ranges are [59, 69] for WTI, [61, 71] for Brent, and [440, 500] for SC. Options can consider buying straddle structures [2]. Methanol - The methanol market is facing significant inventory accumulation pressure. The 09 contract is mainly priced based on the oversupply situation in the inland area. The market will continue to force production cuts. The price will continue to decline in an oscillatory manner, with short - term resistance around 2270 and a medium - term target of 2050 - 2100 [5]. Styrene - Although OPEC+ has a strong production increase expectation, geopolitical risks and seasonal factors support oil prices in the short - term. The supply of pure benzene is expected to be high in June, and the cost support for styrene is weak. With the improvement of styrene industry profits, supply is expected to increase while demand is weak, so styrene prices are under pressure. It is advisable to take a short - selling approach [9]. Polyolefins - In the plastics market, the supply of PE may see inventory reduction in early June due to increased maintenance and less imports, while the supply pressure of PP will increase as maintenance ends. The demand lacks sustainability. It is recommended to short - sell PP on rallies and consider expanding the LP spread [13]. Caustic Soda and PVC - For caustic soda, the supply - side contradiction is limited in June, and some enterprises want to support prices. The demand from the alumina industry provides strong support for the spot price. It is advisable to consider expanding the spread between the near - month and 09 contracts. For PVC, the long - term supply - demand contradiction is prominent, and the short - term supply pressure will increase. It is recommended to short - sell PVC on rallies, with an expected price range of 4500 - 5000 [38]. Urea - The core contradiction of urea lies in the continuous impact of high supply and weak demand. The supply is abundant, and the demand is in the off - season. After the Dragon Boat Festival, if agricultural fertilizer procurement fails to start effectively and the export volume is low, the price may decline [41]. Polyester Industry Chain - PX: Supply is increasing, and demand may weaken. It is expected to oscillate in the range of 6500 - 6900, and consider reverse spreads for PX9 - 1 and narrowing the PX - SC spread. - PTA: Supply - demand is marginally weakening, but short - term support is strong. It is expected to oscillate in the range of 4600 - 4900, and consider reverse spreads for TA9 - 1. - MEG: The supply - demand structure in June is good, with inventory reduction expectations. Consider buying EG09 around 4200 and positive spreads for EG9 - 1. - Short - fiber: The driving force is weaker than the raw material end. The strategy is similar to PTA for single - side trading, and expand the processing fee at a low level. - Bottle - chip: The supply - demand is expected to improve in June, and consider expanding the processing fee at the lower end of the 350 - 600 yuan/ton range [44]. 3. Summary by Relevant Catalogs Crude Oil - **Prices and Spreads**: On June 4, Brent rose 1.00 to 65.63, WTI fell 0.18 to 63.23. Some spreads such as Brent M1 - M3 decreased significantly [2]. - **Supply Factors**: Canadian wildfires led to a supply interruption of about 350,000 barrels per day of heavy oil production [2]. Methanol - **Prices and Spreads**: MA2509 rose 17 to 2225. The MA2505 - 2509 spread decreased by 61 to 6 [5]. - **Inventory and开工率**: Methanol enterprise inventory increased by 5.64%, and port inventory increased. The upstream domestic enterprise开工率 decreased significantly [5]. Styrene - **Prices and Spreads**: The styrene East - China spot price fell 330 to 7430. The EB07 - EB08 spread decreased by 24 to 78 [9]. - **Supply and Demand**: The supply of pure benzene is expected to be high in June, and styrene supply may increase while demand is weak [9]. Polyolefins - **Prices and Spreads**: L2505 - 2509 increased by 4 to - 28, and PP2505 - 2509 increased by 19 to - 39 [13]. - **Inventory and开工率**: PE and PP enterprise inventories decreased, and the开工 rates of some devices changed [13]. Caustic Soda and PVC - **Prices and Spreads**: For caustic soda, FOB East - China port price rose to 410. For PVC, V2505 fell 58 to 4905 [33][34]. - **Supply and Demand**: Caustic soda has many maintenance plans in June, and PVC supply is expected to increase in the short - term [38]. Urea - **Prices and Spreads**: The 09 contract fell 12 to 1761. The 05 contract - 09 contract spread increased by 13 to - 43 [40]. - **Supply and Demand**: Daily production reached 207,000 tons, and enterprise inventory increased by 6.9%. Demand is in the off - season [41]. Polyester Industry Chain - **Prices and Spreads**: PX prices fell, and the PX - crude oil spread decreased by 31 to 366. PTA prices decreased, and the PTA spot processing fee increased by 66 to 444 [44]. - **开工率**: The开工 rates of some devices in the polyester industry chain changed, such as a 2.6% increase in the Asian PX开工率 [44].

Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - For crude oil, considering the unclear results of the US - Iran negotiations, the lack of clear OPEC production - increase data, and the shale - oil bottom - support effect, it's not advisable to chase short positions even if the negotiations are successful. Short - term observation is recommended [1]. - For methanol, with weakening inland prices, stable coal, and the return of previously shut - down plants, supply pressure is high. Although downstream profits are improving, the overall supply - demand pattern is weak, and short - selling on rallies is recommended. For cross - variety trading, consider going long on the 09 - contract PP - 3MA spread on dips [3]. - For urea, with high supply and lukewarm demand, there's no clear price trend. It's recommended to observe the market due to the low basis [5]. - For rubber, the market is weak. A neutral approach with short - term trading is advised, and pay attention to the band - trading opportunity of going long on RU2601 and short on RU2509 [8][9]. - For PVC, although inventory is declining rapidly, the supply - strong and demand - weak situation is expected to continue, leading to a weak - oscillation trend. However, beware of rebounds if the weak export expectation doesn't materialize [10]. - For polyethylene, the price may oscillate. The supply side may face pressure from new capacity in Q2, and the demand side is entering a seasonal off - peak [13][14]. - For polypropylene, it's expected to be bearish in June. The supply side has planned capacity releases, and the demand side is in a seasonal off - peak [15]. - For PX, the de - stocking may slow down in June, but it will re - enter the de - stocking cycle in Q3. It's expected to oscillate at the current valuation level [17]. - For PTA, it will continue to de - stock, and the processing fee is supported. The absolute price is expected to oscillate at the current valuation [18][19]. - For ethylene glycol, the industry is in the de - stocking phase, but there's a risk of valuation correction as the supply - side maintenance season ends [20]. Summaries by Industry Crude Oil - **Price**: WTI rose $0.30 (0.48%) to $63.34; Brent rose $0.49 (0.75%) to $65.61; INE rose 18.40 yuan (4.14%) to 462.5 yuan [1]. - **Inventory**: At the Fujairah port, gasoline, diesel, fuel oil, and total refined oil inventories decreased by 4.69%, 36.81%, 18.14%, and 14.88% respectively [1]. Methanol - **Price**: On June 3, the 09 - contract rose 17 yuan/ton to 2225 yuan/ton, and the spot price rose 28 yuan/ton with a basis of +50 [3]. - **Supply - demand**: Domestic supply will increase, and imports in June will rise significantly. The port MTO plant restarted, while traditional demand weakened [3]. Urea - **Price**: On June 3, the 09 - contract fell 12 yuan/ton to 1761 yuan/ton, and the spot price was flat with a basis of +79 [5]. - **Supply - demand**: Domestic production reached a record high, and short - term supply will remain high. Compound fertilizer production is ending, and agricultural demand will increase. Exports may improve slightly [5]. Rubber - **Price**: NR and RU continued to decline [7]. - **Supply - demand**: Bulls believe factors in Southeast Asia may lead to production cuts, while bears think macro expectations are poor, demand is flat, and new supply may increase [8]. - **Operation**: A neutral approach with short - term trading is recommended, and pay attention to the band - trading opportunity of going long on RU2601 and short on RU2509 [9]. PVC - **Price**: The PVC09 contract fell 19 yuan to 4745 yuan, and the spot price was 4670 yuan/ton with a basis of - 75 [10]. - **Supply - demand**: The overall start - up rate increased, while downstream demand decreased. Inventories decreased, but the supply - strong and demand - weak situation persists [10]. Polyethylene - **Price**: Futures prices rose, and the spot price was unchanged. The basis weakened by 3 yuan/ton [12][13][14]. - **Supply - demand**: The supply side may face pressure from new capacity in Q2, and the demand side is in a seasonal off - peak [14]. Polypropylene - **Price**: Futures prices rose, and the spot price was unchanged. The basis weakened by 9 yuan/ton [15]. - **Supply - demand**: There are planned capacity releases in June, and the demand side is in a seasonal off - peak [15]. PX - **Price**: The PX09 contract fell 94 yuan to 6524 yuan, and the CFR price fell 18 dollars to 824 dollars [17]. - **Supply - demand**: The maintenance season is ending. De - stocking may slow down in June but will resume in Q3 due to new PTA plant startups [17]. PTA - **Price**: The PTA09 contract fell 72 yuan to 4628 yuan, and the spot price fell 30 yuan/ton [18]. - **Supply - demand**: The supply side is in the maintenance season, and the demand side has low inventory and is expected to continue de - stocking [18]. Ethylene Glycol - **Price**: The EG09 contract fell 43 yuan to 4306 yuan, and the spot price fell 16 yuan [20]. - **Supply - demand**: The industry is in the de - stocking phase, but there's a risk of valuation correction as the supply - side maintenance season ends [20].

能源化工期权 2025-06-03 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 | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 原油 | SC2507 | 448 | -1 ...