Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - High-sulfur fuel oil spot window transactions are active with high transaction prices, supporting the rebound of high-sulfur spot premiums. In the short term, attention should be paid to the progress of the Russia-Ukraine negotiations and the return of Russian refineries from seasonal spring maintenance. Russia's high-sulfur exports remain stable for now. Mexico's high-sulfur exports are declining as the secondary production capacity of its refineries improves. The US-Iran negotiations have made no substantial progress, and high-sulfur exports from the Middle East are expected to decline in May. On the demand side, the seasonal power generation demand for high-sulfur fuel oil provides support, with high import demand from Egypt and Saudi Arabia remaining at a high level. - The spot premium of low-sulfur fuel oil is fluctuating, but the supply of low-sulfur fuel oil continues to increase while downstream demand remains weak. The operation of the FCC gasoline unit at Nigeria's Dangote refinery is still unstable, leading to a continuous supply of low-sulfur fuel oil. South Sudan's low-sulfur raw material supply is gradually returning to the level at the beginning of 2024, with 8 shipments of low-sulfur cargoes expected to be loaded in May and June. The first shipment of 600,000 barrels in May is expected to arrive in the Singapore-Malaysia region in late May. Al-Zour's low-sulfur exports have rebounded to the high level during normal refinery operations. In the Chinese market, the production plan for low-sulfur fuel oil in June is expected to increase, with sufficient supply and stable demand in the domestic market. - The trading strategy suggests a wait-and-see approach for unilateral trading, and a long position in the FU9-1 calendar spread when the price is low. There is no option trading recommendation. [3][4] Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategy Comprehensive Analysis - High-sulfur fuel oil: The active spot window transactions and high prices support the rebound of spot premiums. Attention should be paid to the Russia-Ukraine negotiations and Russian refinery maintenance. Mexico's exports are declining, and Middle East exports are expected to fall in May. Seasonal power generation demand provides support. - Low-sulfur fuel oil: The spot premium is fluctuating, supply is increasing, and demand is weak. Nigeria's Dangote refinery has a continuous supply, South Sudan's exports are recovering, Al-Zour's exports are at a high level, and China's production plan for June is expected to increase. [3] Strategy - Unilateral: Wait and see. - Arbitrage: Go long on the FU9-1 calendar spread when the price is low. - Options: No recommendation. [4] Chapter 2: Core Logic Analysis 1. Escalation of the Russia-Ukraine Conflict and the Gradual Return of Russian Refinery Capacity - The conflict has intensified, and the EU is considering new sanctions. Russian refinery capacity is gradually returning after spring maintenance, with an expected increase in oil product exports from the Black Sea port of Tuapse in June. In the first week of June, Russia's high-sulfur exports decreased, and exports to Asia were temporarily halted. [6] 2. Mexico's High-Sulfur Supply Drops to the Level Before the Commissioning of the Olmeca Refinery - The Olmeca refinery's processing volume has stabilized, and its secondary devices are operating smoothly. Other refineries' operating conditions have also changed. In the first week of June, Mexico's high-sulfur exports were around the average level, and total exports in May decreased compared to the previous month and the same period last year. [9] 3. Lack of Substantial Progress in US-Iran Negotiations and Diversion of High-Sulfur Supply in the Middle East Due to Power Generation Demand - The US-Iran negotiations have been ongoing, but there has been no substantial progress. Sanctions on Iran and Russia continue. Saudi Arabia and Iran's summer power generation demand is expected to divert their external supply. In May, high-sulfur exports from the Middle East decreased as expected, and Iran's exports remained at a low level. [12] 4. High-Sulfur Power Generation Demand Enters the Peak Season in the Second and Third Quarters - Egypt's summer power generation demand provides support, with an increase in fuel oil import tenders. South Asia's power generation demand increases in the second quarter. Middle East's high-sulfur power generation demand has increased in advance, with Saudi Arabia increasing imports from Russia. [15] 5. Chinese Refineries' Recent Purchase意愿 May Decline; Feedstock Demand in India and the UAE Increases - Sanctions on Iran and Russia continue, affecting China's fuel oil import costs. China's high-sulfur fuel oil imports in April remained stable. India's feedstock demand rebounded in May, and the UAE's Ruwais refinery has recent feedstock demand. [18] 6. High-Sulfur Marine Fuel Demand Remains Stable, with Marginal Increases from the Steady Growth in the Number of Ships with Desulfurization Towers - The number of ships with desulfurization towers is growing steadily. Singapore's high-sulfur marine fuel sales in April increased compared to the previous month and the same period last year, and the market share of high-sulfur fuel oil in the UAE's Fujairah port also increased. [21] 7. Low-Sulfur Fuel Oil: Sudan's Port Exports are Disturbed by Air Strikes, but South Sudan's Export Tenders Continue - South Sudan's external raw material supply is gradually recovering. After the port was attacked, exports were temporarily suspended and then resumed. There have been multiple export tenders in May and June, with shipments expected to arrive in the Singapore-Malaysia region in May and June. [24] 8. Low-Sulfur Fuel Oil: Exports from the Middle East's Al-Zour Refinery Remain at a High Level, and Supply to the Pan-Singapore Region Increases Month-on-Month - The Al-Zour refinery has issued new tenders for low-sulfur fuel oil sales. Exports have remained at a high level since March, and exports to the Pan-Singapore region have continued to recover. Attention should be paid to the return of South Sudan's low-sulfur heavy crude oil supply. [27] 9. Low-Sulfur Fuel Oil: Nigeria's Near-Term Low-Sulfur Supply is Abundant, All Directed to Singapore - The FCC gasoline unit at the Dangote refinery is still unstable, resulting in a continuous supply of low-sulfur fuel oil. The refinery has issued multiple tenders for low-sulfur fuel oil sales. The Harcourt refinery is undergoing maintenance, and the Warri refinery has no crude oil quota. In May, Nigeria's low-sulfur exports were all directed to Singapore, and exports in the first week of June were at a high level. [28] 10. Low-Sulfur Fuel Oil: Demand Lacks Specific Drivers, Marine Fuel Demand is Stable, and Power Generation Economics are Inferior to Natural Gas - Singapore's low-sulfur marine fuel sales in April were stable, with a marginal decline in market share. Fujairah's low-sulfur marine fuel sales in March increased. In Italy, the share of MGO in marine fuel has increased under the influence of ECA. [33] 11. Low-Sulfur Fuel Oil in the Chinese Market: China's Bonded Low-Sulfur Production Remains Stable at Around 1 Million Tons - China has issued a second batch of low-sulfur fuel oil export quotas, which are currently abundant. In April, domestic refineries' bonded low-sulfur marine fuel production increased. The production plan for May is expected to decline slightly compared to April. [36] Chapter 3: Weekly Data Tracking Fuel Oil Spot - Includes price trends of Brent crude oil, high-sulfur fuel oil, and low-sulfur fuel oil, as well as price spreads between different fuel oils and Brent crude oil. [39][40][41] High-Sulfur Fuel Oil Interregional and Intertemporal Spreads - Includes ARA Brent Crack spreads, Singapore high-sulfur M1-M2 spreads, and HSFO380 spot premiums. [46][47][51] Low-Sulfur Fuel Oil Interregional and Intervarietal Spreads - Includes spreads between different low-sulfur fuel oils and GO, as well as Singapore low-sulfur M1-M2 spreads and spot premiums. [52][53][56] Natural Gas-Fuel Oil Price Ratio - Compares the equal-heat-value prices of different fuels, including Singapore 380, Singapore 180, Singapore 0.5%, JKM, GO10ppm ARA, and TTF. [59][60] Interregional Freight Reference - Shows freight rates for different routes, such as Russia to Singapore, Rotterdam to Singapore, and Indonesia to Japan. [61][62] Singapore Bunkering Spreads - Explains the definitions of MOPS, Ex-wharf, and Delivered prices and shows the spreads between them for high-sulfur and low-sulfur fuel oils. [63][64][65] Inventory Structure - Provides inventory data for Singapore, ARA, Fujairah, the US, and Japan, including weekly, monthly, and yearly changes. [66] Northwest European Inventory Structure - Includes inventory data for ARA gasoline, diesel, and refined oil products. [69][70] US Gulf Inventory Structure - Includes inventory data for US gasoline, diesel, Cushing crude oil, and commercial crude oil. [71][72] Terminal Sales Structure - In April, Singapore's marine fuel sales decreased compared to the previous month but increased compared to the same period last year. High-sulfur marine fuel sales increased, while low-sulfur marine fuel sales decreased slightly. [74]

Investment Rating - The report rates the oil processing industry as "Positive" [1] Core Views - Oil prices have shown a fluctuating upward trend, with Brent and WTI prices reaching $66.47 and $64.58 per barrel respectively as of June 6, 2025, influenced by supply pressures and geopolitical factors [7][25] - The report highlights a significant increase in U.S. crude oil processing volume, which reached 16.99 million barrels per day, up by 670,000 barrels per day from the previous week [60] - The report notes a decrease in the number of active drilling rigs in the U.S., with a total of 442 rigs, down by 19 from the previous week [49] Summary by Sections Oil Price Review - Brent crude futures settled at $66.47 per barrel, up by $3.69 (5.88%) from the previous week, while WTI crude futures rose to $64.58 per barrel, an increase of $3.79 (6.23%) [25] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms decreased to 380, down by 6 from the previous week, while floating drilling platforms totaled 137, down by 1 [31] U.S. Crude Oil Supply - U.S. crude oil production was reported at 13.408 million barrels per day, an increase of 0.07 million barrels per day from the previous week [49] U.S. Crude Oil Demand - U.S. refinery crude oil processing volume increased to 16.998 million barrels per day, with a refinery utilization rate of 93.40%, up by 3.2 percentage points from the previous week [60] U.S. Crude Oil Inventory - Total U.S. crude oil inventory stood at 838 million barrels, a decrease of 3.795 million barrels (-0.45%) from the previous week [69] U.S. Product Oil Inventory - U.S. gasoline inventory increased by 5.219 million barrels (2.34%), while diesel and jet fuel inventories also saw increases of 423,000 barrels (4.09%) and 93,800 barrels (2.20%) respectively [60] Related Stocks - Key stocks in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [1]

Investment Rating - The industry investment rating is "Cautious" as the industry index is expected to underperform the benchmark [119] Core Viewpoints - The report indicates that oil prices have a weak guiding effect on refining products, leading to a decline in product price spreads [1] - Domestic key refining project price spread is 2495.45 CNY/ton, with a week-on-week increase of 10.43 CNY/ton (+0.42%), while the foreign key refining project price spread is 1048.26 CNY/ton, with a week-on-week decrease of 32.68 CNY/ton (-3.02%) [2][1] - Brent crude oil average price for the week ending June 6, 2025, is 65.17 USD/barrel, with a week-on-week increase of 1.09% [2][1] Refining Sector Summary - Despite a temporary boost in market risk appetite due to the suspension of Trump tariffs, OPEC+ plans to increase production in July, putting downward pressure on international oil prices [1] - Brent and WTI crude oil prices as of June 6, 2025, are 66.47 USD/barrel and 64.58 USD/barrel, respectively, reflecting increases of 2.57 USD/barrel and 3.79 USD/barrel compared to May 30, 2025 [1] - Domestic refined oil prices have slightly increased, while overseas refined oil prices have also seen some upward movement [1] Chemical Sector Summary - The report notes that the recent fluctuations in oil prices have had a weak guiding effect on chemical product prices, primarily due to weak supply and demand dynamics [1] - Polyethylene and polypropylene prices have shown fluctuations, with price spreads declining [1] - The report highlights that the price of EVA has decreased, with transactions primarily focused on essential spot purchases [1] Polyester Sector Summary - Polyester raw material prices have slightly decreased, with improvements in the profitability of filament products [1] - PX prices have seen a slight decline due to increased production from previously reduced capacity and adequate raw material inventory at downstream factories [1] - The report indicates that the average price of PTA is 4857.14 CNY/ton, with an average net profit of -151.35 CNY/ton [84][1] Performance of Major Refining Companies - As of June 6, 2025, the stock price changes for six major private refining companies are as follows: Rongsheng Petrochemical (-0.23%), Hengli Petrochemical (-1.12%), Dongfang Shenghong (-1.06%), Hengyi Petrochemical (-0.16%), Tongkun Co. (+0.28%), and Xin Fengming (+1.10%) [1][106] - Over the past month, stock price changes include: Rongsheng Petrochemical (+3.95%), Hengli Petrochemical (-2.03%), Dongfang Shenghong (-4.55%), Hengyi Petrochemical (-0.49%), Tongkun Co. (-0.18%), and Xin Fengming (+2.04%) [1][106]

Investment Rating - The report does not explicitly provide an investment rating for the rubber oil industry. Core Insights - The demand side remains stable, with rubber oil shipments maintaining essential needs. The rising trend in international oil prices provides support on the cost side [6][12]. - Domestic rubber oil inventory stands at 53,700 tons, indicating a slight decrease due to stable production and incentives for large orders [11][37]. - The overall market for rubber oil is characterized by stable production and a steady demand, with a production capacity utilization rate of 52% [22][26]. Summary by Sections 1. Rubber Oil Product Fluctuation Analysis - The average price for N4006 is 7,363 RMB/ton, N4010 is 7,671 RMB/ton, A0709 is 6,141 RMB/ton (down 0.98%), and A1004 is 6,049 RMB/ton (down 0.99%) [17][19]. - The overall price fluctuation for rubber oil products ranges from -0.99% to 0.00% [19]. 2. Rubber Oil Market Weekly Overview - The domestic rubber oil market shows minor adjustments, with stable prices for N4006 and N4010, while A0709 and A1004 experienced slight declines [24][25]. - The market is influenced by stable production from refineries and a cautious purchasing atmosphere from downstream buyers [25]. 3. Rubber Oil Supply and Demand Situation - The weekly production of rubber oil is reported at 27,000 tons, with stable market supply [28]. - The production and sales ratio for rubber oil is 108%, reflecting a 7% increase from the previous week, driven by large orders stimulating market demand [34]. 4. Rubber Oil Inventory Situation - The rubber oil inventory decreased slightly to 53,700 tons due to reduced supply and incentives for large orders [11][37]. 5. Downstream Situation - The capacity utilization rate for semi-steel tire manufacturers is 64.05%, down 8.46 percentage points week-on-week, indicating a slowdown in production [44]. - The SBS production increased by 6.86% to 21,800 tons, with a capacity utilization rate of 60.64% [47]. 6. Rubber Oil Related Products - International oil prices have shown an upward trend, with WTI at $62.85 per barrel and Brent at $64.86 per barrel, reflecting a 3.13% and 1.11% increase respectively [52]. 7. Trend Forecast - Supply is expected to remain stable, with refineries maintaining production levels, while demand is anticipated to continue at a steady pace [53][54].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The supply and demand in the base oil industry remain stable, with slight adjustments in tail oil prices. The demand is generally moderate, and imported base oils are stabilizing. Rising crude oil prices are stimulating downstream purchases [7][11][65] - The theoretical profit for hydrogenated base oil this week is 356 CNY/ton, a decrease of 10.55% compared to the previous week [13][19] - The production capacity utilization rate for domestic II-type paraffinic base oil is currently at 50% [22][24] Summary by Sections 1. Industry Chain Product Fluctuation Analysis - The price fluctuations of lubricating oil base oil products show a range of -1.6% to 0.3% this week, with waste mineral oil and base oil 150N experiencing declines of -1.6% and -0.3% respectively [16] - The theoretical profit for hydrogenated base oil has decreased by 10.55% week-on-week [19] 2. Base Oil Market Weekly Overview - The international base oil market shows mixed price trends, with some categories experiencing price increases while others remain stable or decline [25][26] - The domestic market for 150N base oil is reported at 7712 CNY/ton, a decrease of 0.48% [35] 3. Base Oil Cost and Profit Changes - The production cost for hydrogenated base oil is 7356 CNY/ton, with a slight increase of 0.09% week-on-week. The profit margin has decreased significantly [35] 4. Base Oil Supply and Demand Situation - The domestic II-type paraffinic base oil production has increased by 4% due to the resumption of operations at high-bridge petrochemical [40] - The inventory level for II-type paraffinic base oil remains low at approximately 35,000 tons, indicating a balanced supply-demand situation [54] 5. Base Oil and Downstream Inventory Situation - The average inventory ratio for lubricating oil production enterprises is 25%, indicating a slight decrease from the previous week [58] 6. Related Products - The international crude oil prices have shown an upward trend, with WTI at 62.85 USD/barrel and Brent at 64.86 USD/barrel, reflecting geopolitical tensions and seasonal demand [61] 7. Trend Forecast - The market sentiment survey indicates that 25% of participants expect prices to rise, 65% expect stability, and 10% expect a decline in the coming week [66]

摘要：【图】2025年1-3月陕西省石油沥青产量数据分析 2025年3月石油沥青产量分析： 单独看2025年3月份，陕西省规模以上工业企业石油沥青产量达到了1.2万吨，与2024年同期的数据相 比，3月份的产量下降了1.7%，增速较2024年同期高22.8个百分点，增速较同期全国低9.4个百分点，约 占同期全国规模以上企业石油沥青产量305.6万吨的比重为0.4%。 图表：陕西省石油沥青产量分月（当月值）统计 2025年1-3月石油沥青产量分析： 据国家统计局数据，在2025年的前3个月，陕西省规模以上工业企业石油沥青产量累计达到了3.9万吨， 与2024年同期的数据相比，下降了9.9%，增速较2024年同期低6.2个百分点，增速较同期全国低12.6个 百分点，约占同期全国规模以上企业石油沥青产量825.4万吨的比重为0.5%。 图表：陕西省石油沥青产量分月（累计值）统计 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2000万元及以上的工 业企业。 产业调研网为您提供更多 石油化工行业最新动态 石油发展现状及前景预测 化工市场调研及发展趋势 日化行业监测及发展趋势 润滑油未来发展趋 ...

Group 1: Industry Overview - The petroleum and chemical indices mostly rose last week, with the chemical raw materials index down by 0.98%, the chemical machinery index up by 0.83%, the chemical pharmaceuticals index up by 2.47%, and the pesticide and fertilizer index up by 0.71% [1] - In the petroleum sector, the petroleum processing index rose by 0.81%, the petroleum extraction index rose by 1.41%, while the petroleum trade index fell by 7.98% [1] - International crude oil prices experienced narrow fluctuations, with WTI settling at $60.79 per barrel, down 1.20% from May 23, and Brent settling at $63.90 per barrel, down 1.36% [1] Group 2: Market Performance - The top five performing listed chemical companies in the Shanghai and Shenzhen markets last week were Lianhua Technology up by 38.97%, Baismei up by 25.00%, Suqian Liansheng up by 16.80%, Qingdao Jinwang up by 18.23%, and Honghe Technology up by 17.09% [2] - The bottom five performing listed chemical companies were Guangju Energy down by 15.95%, Tianan New Materials down by 14.66%, Hongbaoli down by 13.10%, Annada down by 12.38%, and Heimao Co. down by 12.14% [2] Group 3: Product Price Changes - The top five rising petrochemical products included hydrochloric acid up by 35.42%, liquid chlorine up by 21.85%, glyphosate up by 6.15%, dichloromethane up by 4.36%, and paraquat up by 4.35% [1] - The top five declining petrochemical products included acrylic acid down by 9.74%, butadiene down by 9.60%, natural rubber down by 6.55%, styrene-butadiene rubber down by 6.13%, and aniline down by 5.95% [1]

以油箱容量50升的普通私家车计算，此次调价后，理论上，车主们空油箱加满92号汽油将多花2.5元。 | 品名规格 | 品质比率 | | 最高批发价 | 最高零 | | --- | --- | --- | --- | --- | | | | 送货 | 不送货 | 吨价 | | 89号汽油(VIB) | 100 | 8365 | 8305 | 8665 | | 92号汽油(VIB) | 106 | 8867 | 8803 | 9185 | | 95号汽油(VIB) | 112 | 9369 | 9302 | 9705 | | 0号柴油(VI) | 100 | 7365 | 7305 | 7665 | | -10号柴油(VI) | 106 | 7807 | 7743 | 8125 | | 5号柴油(VI) | 98 | 7218 | 7159 | 7512 | | 11 = = = SE = 163 - 16 1 = = = = = = = = = ( = ( ) = ( | | 4 | was works & fam & L. I.A. I Any L | | 极目新闻记者 袁超一 6月3日，湖北省发改委发布公告， ...

2025年3月石油沥青产量分析： 摘要：【图】2025年1-3月辽宁省石油沥青产量统计分析 2025年1-3月石油沥青产量分析： 据国家统计局数据，在2025年的前3个月，辽宁省规模以上工业企业石油沥青产量累计达到了70.3万 吨，与2024年同期的数据相比，增长了1.2%，增速较2024年同期高8.8个百分点，增速较同期全国低1.5 个百分点，约占同期全国规模以上企业石油沥青产量825.4万吨的比重为8.5%。 图表：辽宁省石油沥青产量分月（累计值）统计 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2000万元及以上的工 业企业。 产业调研网为您提供更多 石油化工行业最新动态 石油行业监测及发展趋势 化工未来发展趋势预测 日化现状及发展前景 润滑油发展前景趋势分析 汽油的现状和发展趋势 柴油行业现状与发展趋势 橡胶市场现状及前景分析 塑料市场调研与发展前景 化妆品发展现状及前景预测清洁护肤市场调研及发展趋势 单独看2025年3月份，辽宁省规模以上工业企业石油沥青产量达到了27.0万吨，与2024年同期的数据相 比，3月份的产量增长了12.0%，增速较2024年同期高12.2个百分 ...

s 加賀期货 沥青早报 研究中心能化团队 2025/6/3 | | 指标 | 4/30 | 5/23 | 5/28 | 5/29 | 5/30 | 日度变化 | 間度変化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | BU主力合约 | 3408 | 3516 | 3481 | 3514 | 3457 | -57 | -59 | | | BU06 | 3408 | 3532 | 3489 | 3507 | 3452 | -રેર | -80 | | | BU09 | 3351 | 3466 | 3443 | 3483 | 3414 | -୧୨ | -52 | | | BU12 | 3215 | 3286 | 3266 | 3308 | 3237 | -71 | -49 | | STET | BU03 | 3246 | 3241 | 3227 | 3266 | 3201 | -65 | -40 | | | 成交量 | 280344 | 281684 | 407985 | 510411 | 579926 | ୧૭૨ 1 ર | 29824 ...