能源化工期权 2025-10-10 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 | | --- | --- | --- | --- | --- | --- | --- | -- ...

能源化工期权 2025-09-30 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 - Not provided in the document 2. Core Viewpoints of the Report - The energy and chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies suggest constructing option portfolios mainly from sellers and using spot hedging or covered strategies to enhance returns [3][9] 3. Summaries by Related Catalogs 3.1 Futures Market Overview - This section presents the latest prices, price changes, trading volumes, and open interest of various energy and chemical futures contracts, including crude oil, LPG, methanol, etc [4] 3.2 Option Factors - Volume and Open Interest PCR - The PCR indicators of volume and open interest for different option varieties are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5] 3.3 Option Factors - 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 [6] 3.4 Option Factors - Implied Volatility - The implied volatility data of different option varieties are presented, including at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility [7] 3.5 Strategy and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: OPEC plans to increase production, and Russia plans to cut production. The market shows a bearish recovery. Option strategies include constructing a short - biased call + put option combination, and a long collar strategy for spot hedging [8] - **LPG**: PDH device maintenance affects supply. The market shows an oversold rebound. Option strategies include constructing a neutral - biased call + put option combination and a long collar strategy for spot hedging [10] 3.5.2 Alcohol - related Options - **Methanol**: Port and enterprise inventories are at high levels. The market is bearish. Option strategies include a bear spread of put options, a short - biased call + put option combination, and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory is expected to increase. The market is bearish. Option strategies include a bear spread of put options, a short - volatility strategy, and a long + put + short call option strategy for spot hedging [11] 3.5.3 Polyolefin - related Options - **Polypropylene**: Inventory pressure varies between PE and PP. The market is bearish. Option strategies include a long + put + short call option strategy for spot hedging [12] 3.5.4 Rubber - related Options - **Rubber**: Affected by the peak rubber - tapping season, the market is bearish. Option strategies include a neutral - biased call + put option combination [13] 3.5.5 Polyester - related Options - **PTA**: Inventory is rising, but downstream demand is high. The market is bearish. Option strategies include a short - biased call + put option combination [13] 3.5.6 Alkali - related Options - **Caustic Soda**: Factory inventory is increasing. The market is bearish. Option strategies include a long collar strategy for spot hedging [14] - **Soda Ash**: Factory inventory is decreasing. The market shows low - level fluctuations. Option strategies include a short - volatility combination and a long collar strategy for spot hedging [14] 3.5.7 Urea - related Options - **Urea**: Enterprise inventory is increasing, and domestic demand is weak. The market is bearish. Option strategies include a short - biased call + put option combination and a long + put + short call option strategy for spot hedging [15] 3.6 Option Charts - Charts for various option varieties, such as crude oil, LPG, methanol, etc., are provided, including price trends, trading volume and open interest, PCR indicators, implied volatility, and historical volatility cones [16][34][53]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The LPG market is expected to remain weak overall. The cheapest delivery location is Shandong, where the supply is abundant due to incoming resources, while the chemical demand is declining [1]. 3) Summary by Relevant Contents - **Price Changes**: - **Daily Changes**: On Thursday, the low - end price in East China was 4387 (+0), in Shandong was 4570 (+20), and in South China was 4600 (+0). The price of ether - post carbon four was 4620 (-10). The lowest delivery location was East China, with a basis of 7 (-55) and a 10 - 11 month spread of 113 (+33). FEI and CP c1 decreased to 550 (-3) and 544 (-3) dollars/ton respectively. The FEI monthly spread remained unchanged at 6 dollars, and the CP monthly spread dropped to -14.5 dollars (-3.5) [1]. - **Weekly Changes**: The PG main contract fluctuated strongly. The cheapest delivery product was Shandong civil gas at 4500. The basis weakened to 51 (-74). The 10 - 11 month spread was 49 (-20), the 11 - 12 month spread was 62 (+3). The number of warehouse receipts was 13002 (-6). The external market price increased. The internal - external price difference decreased slightly: PG - CP to 75 (-3); PG - FEI to 67.6 (-9.3). The FEI - CP was 7.5 (+6.5). The US - Asia arbitrage window closed [1]. - **Market Conditions**: - **Supply and Demand**: Incoming shipments decreased, external sales increased slightly, but demand narrowed, leading to an increase in both port and factory inventories. Chemical demand decreased, with the PDH operating rate at 70.49% (-2.61). The operating rates of alkylation and MTBE both declined [1]. - **Profitability**: The profit of PDH to PP continued to weaken, and the production gross margins of alkylated oil and MTBE were low [1]. - **Shipping and Spreads**: Freight rates continued to rise, with the latest rates from the US Gulf to Japan at 155 (+11) and from the Middle East to the Far East at 82 (+7). The FEI - MOPJ was -41.5 (-6.5), and the naphtha spread strengthened [1].

1. Report Industry Investment Rating - Not provided in the content 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 is compiled based on underlying market analysis, option factor research, and option strategy suggestions [9] 3. Summary by Related Catalogs 3.1 Futures Market Overview - The report provides the latest prices, price changes, percentage changes, trading volumes, volume changes, open interest, and open interest changes of various energy - chemical option underlying futures contracts, including crude oil, liquefied petroleum gas, methanol, etc [4] 3.2 Option Factors 3.2.1 Volume - to - Open - Interest PCR - The volume - to - open - interest PCR indicators (volume PCR and open interest PCR) of various energy - chemical options are presented, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5] 3.2.2 Pressure and Support Levels - The pressure and support levels of various energy - chemical option underlying contracts are given, which 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 indicators of various energy - chemical options are provided, including at - the - money implied volatility, weighted implied volatility, changes in weighted implied volatility, annual average implied volatility, call implied volatility, put implied volatility, historical 20 - day volatility, and the difference between implied and historical volatility [7] 3.3 Strategies and Suggestions 3.3.1 Energy - Type Options - **Crude Oil**: Fundamentally, OPEC may discuss early release of production cuts, and Russia has production cut plans. The market has been in a weak - to - range - bound state. Option strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [8] - **Liquefied Petroleum Gas**: The PDH device maintenance situation is stable, and the market has shown an oversold - rebound pattern. Strategies involve constructing a neutral - biased call + put option combination strategy and a long collar strategy for spot hedging [10] 3.3.2 Alcohol - Type Options - **Methanol**: Port and enterprise inventories are at certain levels, and the market is weak. Strategies include constructing a bear spread combination strategy for put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: Port inventory is expected to be in a low - level shock and then a build - up cycle. The market is weak. Strategies involve constructing a bear spread combination strategy for put options, a short - volatility strategy, and a long collar strategy for spot hedging [11] 3.3.3 Polyolefin - Type Options - **Polypropylene**: PE and PP inventories have different trends, and the market is weak. Strategies include a long collar strategy for spot hedging [12] 3.3.4 Rubber - Type Options - **Rubber**: Affected by the Southeast Asian rubber - tapping season, the market is in a weak - consolidation state. Strategies include constructing a neutral - biased call + put option combination strategy [13] 3.3.5 Polyester - Type Options - **PTA**: Social inventory has a slight increase, and the market is weak. Strategies include constructing a short - biased call + put option combination strategy [14] 3.3.6 Alkali - Type Options - **Caustic Soda**: Factory inventories are increasing, and the market is in a downward - shock state. Strategies include a long collar strategy for spot hedging [15] - **Soda Ash**: Factory inventories are decreasing, and the market is in a low - level shock state. Strategies include constructing a short - volatility combination strategy and a long collar strategy for spot hedging [15] 3.3.7 Other Options - **Urea**: Enterprise inventory is high, and the market is in a low - level weak state. Strategies include constructing a short - biased call + put option combination strategy and a long collar strategy for spot hedging [16] 3.4 Option Charts - The report provides price charts, volume - and - open - interest charts, volume - to - open - interest PCR charts, implied volatility charts, historical volatility cone charts, and pressure - and - support - level charts for various energy - chemical options such as crude oil, liquefied petroleum gas, methanol, etc [17][36][53]

能源化工期权 2025-09-19 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 - Not provided in the document 2. Core Viewpoints of the Report - The energy and chemical industry includes energy, alcohols, polyolefins, rubber, polyesters, alkalis, and other segments. The report provides option strategies and suggestions for selected varieties in each segment, including fundamental analysis, option factor research, and option strategy recommendations [9]. - It is recommended to construct option portfolio strategies mainly based on sellers, 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, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. [4]. 3.2 Option Factors - Quantity and Position PCR - The quantity and position PCR indicators of various energy and chemical options are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market [5]. 3.3 Option Factors - Pressure and Support Levels - The pressure points, support points, and their offsets, as well as the maximum positions of call and put options, are presented for each option variety, which are used to analyze the pressure and support levels of the option underlying [6]. 3.4 Option Factors - Implied Volatility - The implied volatility indicators of various energy and chemical options are provided, including at-the-money implied volatility, weighted implied volatility, and its changes, as well as the difference between implied volatility and historical volatility [7]. 3.5 Strategies and Suggestions 3.5.1 Energy Options - **Crude Oil**: Based on European ARA weekly data, gasoline and diesel inventories increased, while fuel oil and naphtha inventories decreased. The market showed a bearish trend with pressure above. It is recommended to construct a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [8]. - **LPG**: Factory and port inventories increased. The market showed an oversold rebound with pressure above. It is recommended to construct a neutral - biased call + put option combination strategy, and a long collar strategy for spot hedging [10]. 3.5.2 Alcohol Options - **Methanol**: The port inventory remained high, but most of the negative factors were priced in. The market showed a weak trend with pressure above. It is recommended to construct a bearish spread strategy with put options, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: Terminal loads remained flat, and port inventory increased. The market showed a weak bearish trend. It is recommended to construct a bearish spread strategy with put options, a short volatility strategy, and a long collar strategy for spot hedging [11]. 3.5.3 Polyolefin Options - **Polypropylene**: Production enterprise inventory decreased, while trader and port inventories increased. The market showed a weak bearish trend. It is recommended to use a long collar strategy for spot hedging [11]. 3.5.4 Rubber Options - **Natural Rubber**: Social inventory decreased. The market showed a weak consolidation trend. It is recommended to construct a neutral - biased call + put option combination strategy [12]. 3.5.5 Polyester Options - **PTA**: Downstream load increased, and social inventory decreased. The market showed a weak bearish trend. It is recommended to construct a short - biased call + put option combination strategy [13]. 3.5.6 Alkali Options - **Caustic Soda**: Factory inventory decreased. The market showed a downward trend with pressure above. It is recommended to use a long collar strategy for spot hedging [14]. - **Soda Ash**: Factory and delivery warehouse inventories changed, and the market showed a low - level upward trend. It is recommended to construct a short volatility combination strategy and a long collar strategy for spot hedging [14]. 3.5.7 Urea Options - Enterprise inventory increased slightly, and the market showed a weak trend with low - level fluctuations. It is recommended to construct a short - biased call + put option combination strategy and a long collar strategy for spot hedging [15]. 3.6 Option Charts - The report provides price trend charts, trading volume and open interest charts, position - PCR and turnover - PCR charts, implied volatility charts, and historical volatility cone charts for various energy and chemical options, including crude oil, LPG, methanol, etc. [16][37][58]

Group 1: Report Overview - The report is an early morning strategy report on energy and chemical options dated September 8, 2025, covering various types of energy and chemical options including energy, polyolefins, polyesters, alkali chemicals, etc. [2][3] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered strategies to enhance returns [3] Group 2: Underlying Futures Market Overview - The latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of multiple underlying futures contracts such as crude oil, LPG, methanol, etc. are presented [4] Group 3: Option Factors - Volume and Open Interest PCR - The trading volumes, volume changes, open interests, open interest changes, volume PCR, volume PCR changes, open interest PCR, and open interest PCR changes 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 [5] Group 4: Option Factors - Pressure and Support Levels - The at - the - money strike prices, pressure points, pressure point offsets, support points, support point offsets, maximum call option open interests, and maximum put option open interests of different option varieties are given, indicating the pressure and support levels of the option underlying from the perspective of the strike prices with the largest open interests of call and put options [6] Group 5: Option Factors - Implied Volatility - The at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of each option variety are shown. The at - the - money implied volatility is the arithmetic average of call and put at - the - money implied volatilities, and the weighted implied volatility uses volume - weighted average [7] Group 6: Strategy and Recommendations for Different Option Types Energy - related Options Crude Oil - Fundamental factors include short - term geopolitical disturbances, long - term supply - demand negatives, and concerns about employment deterioration and economic pressure after the non - farm payroll data. The market sentiment is bearish. The price has been weak and range - bound since July, with short - term weakness in August and continued weakness in September [8] - Option factors show that the implied volatility fluctuates around the average, the open interest PCR is below 0.80 indicating a weak and volatile market, and the pressure level is 600 and the support level is 450 [8] - Strategies include constructing a short - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - hedging strategy [8] LPG - The domestic supply is loose, the demand is low, and the market is weak. The price has been falling and is currently in a weak state [10] - The implied volatility has dropped significantly to around the average, the open interest PCR is around 0.60 indicating strong bearish power, and the pressure level is 5400 and the support level is 4200 [10] - Strategies are similar to crude oil, including a short - biased call + put option combination strategy and a long collar strategy [10] Alcohol - related Options Methanol - The weekly domestic methanol production has increased, and the price has shown a weak trend with some rebounds recently [10] - The implied volatility has decreased and fluctuates below the average, the open interest PCR is below 0.80 indicating a weak and volatile market, and the pressure level is 2600 and the support level is 2250 [10] - Strategies include a bearish spread combination strategy for the directional strategy, a short - biased call + put option combination strategy for the volatility strategy, and a long collar strategy for the spot long - hedging strategy [10] Ethylene Glycol - The inventory at the main port in East China has decreased to a new low in 2025. The price has shown a weak trend [11] - The implied volatility fluctuates below the average, the open interest PCR is below 0.60 indicating strong bearish power, and the pressure level is 4600 and the support level is 4400 [11] - Strategies include a short - volatility strategy for the volatility strategy and a long collar strategy for the spot long - hedging strategy [11] Polyolefin - related Options Polypropylene - The domestic polypropylene maintenance loss has increased. The price has been weak since July [11] - The implied volatility has decreased to below the average, the open interest PCR is around 0.60 indicating a weak market, and the pressure level is 7300 and the support level is 6900 [11] - Strategies include a long collar strategy for the spot long - hedging strategy [11] Rubber - related Options Rubber - The operating loads of all - steel and semi - steel tires have decreased. The price has shown a warming - up trend recently [12] - The implied volatility has dropped to around the average after a sharp rise, the open interest PCR is below 0.60, and the pressure level is 18000 and the support level is 15750 [12] - Strategies include a short - neutral call + put option combination strategy for the volatility strategy [12] Polyester - related Options PTA - The开工 rates of polyester products have changed slightly, and the supply - demand relationship has little change. The price of PTA has been weak [12] - The implied volatility fluctuates at a relatively high level above the average, the open interest PCR is around 0.60 indicating a volatile market, and the pressure level is 5000 and the support level is 4500 [12] - Strategies include a short - biased call + put option combination strategy for the volatility strategy [12] Alkali - related Options Caustic Soda - The caustic soda market was strong in August, but the price has been weak recently [13] - The implied volatility is at a relatively high level, the open interest PCR is below 0.80 indicating a volatile market, and the pressure level is 2800 and the support level is 2400 [13] - Strategies include a long collar strategy for the spot long - hedging strategy [13] Soda Ash - The supply of soda ash has increased, and the price has been in a low - level volatile state [13] - The implied volatility is at a relatively high historical level, the open interest PCR is below 0.60 indicating strong bearish pressure, and the pressure level is 1640 and the support level is 1160 [13] - Strategies include a short - volatility combination strategy for the volatility strategy and a long collar strategy for the spot long - hedging strategy [13] Other Options Urea - The supply - demand difference has decreased, and the price has been in a weak and stagnant state [14] - The implied volatility fluctuates around the historical average, the open interest PCR is below 0.60 indicating strong bearish pressure, and the pressure level is 1900 and the support level is 1700 [14] - Strategies include a short - biased call + put option combination strategy for the volatility strategy and a long collar strategy for the spot long - hedging strategy [14] Group 7: Option Charts - There are various charts for different option varieties such as crude oil, LPG, methanol, etc., including price trend charts, trading volume and open interest charts, open interest PCR and turnover PCR charts, implied volatility charts, historical volatility cone charts, and option pressure and support level charts [15][34][55]

Group 1: Market Overview - The domestic LPG market price rose on August 29, 2025, with the average price at 4,499 yuan/ton, up 2 yuan/ton or 0.04% from the previous workday [3]. - The closing price of the futures main contract rose 29 yuan/ton to 4,421 yuan/ton, a 0.66% increase [3]. - The open interest of the futures main contract decreased by 1,084 to 152,019, a 0.71% decline [3]. Group 2: International Market - The previous workday's CP equivalent RMB price was about 3,696.628 yuan/ton for propane and 3,483.361 yuan/ton for butane [3]. - On September 1, the international crude oil price rose, boosting the buying interest in the LPG US dollar market. The paper - cargo price and the spot price increased slightly [3]. - Currently, although there are many sellers in the international market and sufficient supply, there is a general expectation of price increases, and the buying demand is stable, supporting the price increase [3]. - A Chinese importer issued a tender for purchasing spot LPG in October for the South China region. At present, the propane cost is low, PDH plant profits are acceptable, and Chinese buying is relatively strong [3]. Group 3: Regional Markets East China - The previous workday's average price of civil LPG in East China rose 5 yuan/ton to 4,620 yuan/ton, a 0.11% increase [3]. - The East China civil LPG market was generally stable, with insufficient news guidance. Downstream procurement was based on rigid demand, and refineries were cautious in price adjustment [3]. - The imported LPG in Shandong showed a strong trend, driving up the price in northern Jiangsu. However, due to limited resources at northern Jiangsu terminals, the price fluctuations of other terminals were limited, and the overall imported LPG in East China was stable [3]. South China - The previous workday's average price of civil LPG in South China remained stable at 4,620 yuan/ton [3]. - The main refineries in South China made up for price drops, but the decline was limited due to low supply. Except for the stable price in the Chaoshan area, prices in other areas declined [3]. - The downstream inquiry intention increased, and there was less willingness for further deep price drops. Some terminals in Zhuhai started to sell low - proportion gas due to propane shortage, which affected the surrounding prices [3]. - The industrial LPG in South China maintained stable sales, with production and sales basically balanced [3]. Shandong - The previous workday's average price of civil LPG in Shandong remained stable at 4,540 yuan/ton [3]. - The average price of ether - after C4 rose 10 yuan/ton to 4,662 yuan/ton, a 0.21% increase [3]. - Driven by the sharp rise in propane prices, the civil LPG in Shandong ended a 9 - day stable period and rose, mainly led by price increases in the Dongying area. Downstream buying was active, and the overall trading atmosphere was good [3]. Group 4: Price Spreads - Various inter - month spreads such as PG2510 - PG2511, PG2510 - PG2512, etc., showed different degrees of decline [3]. - Cross - variety spreads like PG - 7.33*SC, PG - PP also changed, with PG - 7.33*SC down 23.66 yuan/ton or 2.69%, and PG - PP down 48.36 yuan/ton or 26.48% [3]. Group 5: Production Costs and Profits - The production costs of PDH - made propylene and PDH - made PP decreased by 15 yuan/ton and 52.50 yuan/ton respectively, with a decline rate of 0.69% for PDH - made PP [3]. - The production profits of PDH - made propylene and PDH - made PP increased by 52 yuan/ton and 9.16 yuan/ton respectively, with a 1.64% increase for PDH - made PP [3]. - The profit of MTBE isomerization etherification decreased by 17.52 yuan/ton or 3.41% [3]. Group 6: Other Indicators - The freight rates for different routes remained mostly stable, with only the freight in the South China (Guangzhou) area down 2 yuan/ton or 1.01% [3]. - The US dollar index decreased by 0.17 to 97.68, a 0.17% decline. The exchange rate of the US dollar against the Chinese yuan and the Japanese yen changed slightly [3]. - SHIBOR overnight decreased by 0.001 to 1.3140, a 0.08% decline, and SHIBOR 7 - day decreased by 0.007 to 1.4310, a 0.49% decline [3].

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. For each sector, some varieties are selected to provide option strategies and suggestions. Each option variety's strategy report includes an analysis of the underlying asset's market, option factor research, and option strategy recommendations [9] 3. Summary According to Related Catalogs 3.1 Futures Market Overview - The report presents the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of various energy - chemical option underlying futures contracts such as crude oil, liquefied petroleum gas (LPG), methanol, etc. For example, the latest price of crude oil SC2510 is 489, with a price increase of 5 and a price increase percentage of 1.10% [4] 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume PCR and open interest PCR of different option varieties are provided, which are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of crude oil is 0.75 with a change of - 0.01, and the open interest PCR is 0.66 with a change of 0.02 [5] 3.2.2 Pressure and Support Levels - The pressure points, pressure point offsets, support points, support point offsets, maximum call option open interests, and maximum put option open interests of various option varieties are given. For example, the pressure point of crude oil is 600 and the support point is 415 [6] 3.2.3 Implied Volatility - The report shows the at - the - money implied volatility, weighted implied volatility, weighted implied volatility change, annual average implied volatility, call option implied volatility, put option implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of different option varieties. For example, the at - the - money implied volatility of crude oil is 24.095, and the weighted implied volatility is 26.73 with a change of 1.15 [7] 3.3 Option Strategies and Suggestions 3.3.1 Energy - Class Options - **Crude Oil**: The fundamental situation of crude oil is healthy with OPEC showing a restraint attitude to support prices. The market has been fluctuating, with short - term weakness. Option strategies include constructing a neutral call + put option combination for volatility strategy and a long collar strategy for spot hedging [8] - **LPG**: The domestic supply of LPG is loose, and the demand is low. The market has been in a weak state. Option strategies involve constructing a short - biased call + put option combination for volatility strategy and a long collar strategy for spot hedging [10] 3.3.2 Alcohol - Class Options - **Methanol**: The import volume of methanol has increased, and the downstream demand is weak. The market has been in a downward trend. Option strategies include a bear spread strategy for directional trading, a short - biased call + put option combination for volatility strategy, and a long collar strategy for spot hedging [10] - **Ethylene Glycol**: The port inventory of ethylene glycol is decreasing. The market has been in a wide - range weak fluctuation. Option strategies include a short - volatility strategy for volatility trading and a long collar strategy for spot hedging [11] 3.3.3 Polyolefin - Class Options - **Polypropylene**: The inventory of polypropylene has decreased. The market has been in a weak state. Option strategies include a long collar strategy for spot hedging [11] 3.3.4 Rubber - Class Options - **Rubber**: The capacity utilization rate of rubber tire enterprises has changed. The market has been in a short - term weak state. Option strategies include constructing a neutral call + put option combination for volatility strategy [12] 3.3.5 Polyester - Class Options - **PTA**: The social inventory of PTA has decreased, and the downstream load has increased. The market has been in a weak rebound state. Option strategies include constructing a neutral call + put option combination for volatility strategy [12] 3.3.6 Alkali - Class Options - **Caustic Soda**: The average capacity utilization rate of caustic soda enterprises has decreased. The market has been in a fluctuating state. Option strategies include a long collar strategy for spot hedging [13] - **Soda Ash**: The inventory of soda ash has decreased. The market has been in a fluctuating state with support at the bottom. Option strategies include a short - volatility combination strategy for volatility trading and a long collar strategy for spot hedging [13] 3.3.7 Other Options - **Urea**: The port inventory of urea has increased, and the enterprise inventory is under pressure. The market has been in a low - level fluctuation state. Option strategies include constructing a short - biased call + put option combination for volatility strategy and a long collar strategy for spot hedging [14]