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国投期货化工日报-20260209
Guo Tou Qi Huo· 2026-02-09 12:37
Report Industry Investment Ratings - Acrylonitrile: ★★★ (predicted trend of upward movement) [1] - Polypropylene: ★★★ (predicted trend of upward movement) [1] - Plastic: ★★★ (predicted trend of upward movement) [1] - Styrene: ★★★ (predicted trend of upward movement) [1] - PTA: ★★★ (predicted trend of upward movement) [1] - Ethylene Glycol: ★★★ (predicted trend of upward movement) [1] - Short Fiber: ★★★ (predicted trend of upward movement) [1] - Bottle Chip: ★★★ (predicted trend of upward movement) [1] - Methanol: ★★★ (predicted trend of upward movement) [1] - Urea: ★★★ (predicted trend of upward movement) [1] - PVC: ★★★ (predicted trend of upward movement) [1] - Caustic Soda: ★★★ (predicted trend of upward movement) [1] - Soda Ash: ★★★ (predicted trend of upward movement) [1] - Glass: ★★★ (predicted trend of upward movement) [1] Core Viewpoints - The supply - demand patterns of various chemical products are affected by factors such as approaching the Spring Festival, production capacity changes, and downstream demand. Some products face supply - demand imbalances, and the market trends vary, with some showing short - term fluctuations and others having long - term pressure or improvement expectations [2][3][5][6][7][8] Summary by Directory Olefins - Polyolefins - The main contract of acrylonitrile futures declined during the day. Although there is an expected increase in supply, the pre - holiday supply shortage is difficult to reverse. Demand is mainly rational buying. The main contracts of plastic and polypropylene futures also declined, and as the Spring Festival approaches, the demand support for the market weakens [2] Polyester - PX and PTA futures prices fluctuated during the day. PX is recommended for long - position allocation in the first half of the year, but currently, the demand is declining, and there is an expectation of inventory accumulation. PTA load increased slightly, and the processing margin declined. Ethylene glycol inventory increased, but the rate of accumulation slowed down. In the second quarter, there is an expectation of improvement in supply - demand. Short fiber has a good supply - demand pattern but weak downstream orders. Bottle chip processing margin has recovered, but there is long - term capacity pressure [3] Pure Benzene - Styrene - The main contract of pure benzene continued to decline, and the spot market trading slowed down. The supply - demand pattern of pure benzene is expected to improve around the Spring Festival. The main contract of styrene futures declined, and the supply - demand structure will weaken until the Spring Festival, with seasonal inventory accumulation after the festival [5] Coal Chemical Industry - Methanol overseas plant operation rate declined. Coastal demand is weak, and it is difficult to reduce inventory in the short term. Domestic production increased, and the main production areas have smooth inventory clearance. After the Spring Festival, the methanol market may slowly reduce inventory. Urea daily production is high, and the market is supported by agricultural and reserve demand. After the Spring Festival, the demand is expected to increase significantly [6] Chlor - Alkali Industry - PVC fluctuated slightly. The industry will enter the seasonal inventory accumulation stage. The cost support is strengthening, and it is recommended to buy at low prices. Caustic soda is running strongly, but the profit is compressed, and there may be supply reduction due to potential maintenance. It is expected to run around the cost [7] Soda Ash - Glass - Soda ash is running weakly, with increasing inventory and high supply. It is recommended to short on rebounds. Glass futures prices fluctuated upward, with inventory increasing and production capacity compressing. It is recommended to look for low - value buying opportunities [8]
石油化工行业周报(2026/2/2—2026/2/8):长丝原料成本支撑稳固,节后刚需补库行情可期-20260209
Shenwan Hongyuan Securities· 2026-02-09 11:17
Investment Rating - The report maintains a positive investment outlook for the polyester sector, particularly recommending high-quality companies in the polyester filament and bottle chip segments [6][13]. Core Insights - The report highlights that the cost support for polyester filament remains solid, with expectations for inventory replenishment post-holiday. The operating rate of polyester filament has significantly decreased, laying a foundation for recovery after the Spring Festival [6][7]. - Polyester filament inventory has been consistently declining since the beginning of 2026, with downstream textile raw material inventory also at low levels, indicating a strong demand for replenishment after the holiday [7][11]. - The price spread of polyester filament has improved significantly, with cost support expected to remain strong due to stable raw material prices and proactive supply adjustments [11][13]. Summary by Sections Supply and Demand Dynamics - The operating rate of polyester filament has dropped to 79.65%, down approximately 16 percentage points from previous highs, as companies conduct maintenance ahead of the holiday [6]. - Downstream textile operating rates have fallen to 25.15%, marking a low for the year, which is expected to lead to a rigid demand for inventory replenishment post-holiday [6][7]. Price Trends - As of February 6, 2026, the price spreads for polyester filament POY, FDY, and DTY are 1375, 1575, and 2475 CNY/ton respectively, indicating a recovery in price spreads since late January 2026 [11]. - The PTA price, a key raw material for polyester filament, remains high, with limited downward pressure expected, providing solid support for filament prices throughout the year [11][13]. Company Recommendations - The report recommends focusing on high-quality companies in the polyester filament sector such as Tongkun Co., Ltd. and in the bottle chip sector like Wankai New Materials. It also suggests monitoring leading refining companies such as Hengli Petrochemical and Rongsheng Petrochemical due to expected improvements in cost structures [13][15].
宝丰能源:公司目前拥有四座煤矿,合计年产能910万吨
Mei Ri Jing Ji Xin Wen· 2026-02-05 09:15
每经AI快讯,有投资者在投资者互动平台提问:请问贵公司自己有煤矿吗?由于我国煤炭资源丰富, 比石油炼化在效益上更有优势,那2026年公司能否进一步投资扩大产能? (记者 张明双) 宝丰能源(600989.SH)2月5日在投资者互动平台表示,公司目前拥有四座煤矿,合计年产能910万 吨,其中在产煤矿三座,分别为马莲台煤矿、红四煤矿、四股泉煤矿,合计年产能820万吨,在建丁家 梁煤矿年产能90万吨。2026年公司宁东四期煤制烯烃项目计划投产,投产后公司在烯烃行业的综合竞争 力有望进一步提升。 ...
化工日报-20260204
Guo Tou Qi Huo· 2026-02-04 13:30
| 《八》 国投期货 | | | | 化工日报 | | --- | --- | --- | --- | --- | | | | 操作评级 | | 2026年02月04日 | | 尿素 | なな☆ | 甲醇 | 女女女 | 庞春艳 首席分析师 | | 纯菜 | なな女 | 苯乙烯 | な女女 | F3011557 Z0011355 | | 爱两烯 | ☆☆☆ | 塑料 | ☆☆☆ | | | PVC | ★☆☆ | 烧碱 | ☆☆☆ | 牛卉 高级分析师 | | РХ | 女女女 | PTA | な女女 | F3003295 Z0011425 | | 乙二醇 | ななな | 短纤 | ☆☆☆ | 周小燕 高级分析师 | | 玻璃 | ☆☆☆ | 纯碱 | ☆☆☆ | F03089068 Z0016691 | | 瓶片 | 文文文 丙烯 | | 女女女 | | | | | | | 王雪忆 分析师 | | | | | | F03125010 Z0023574 | | | | | | 010-58747784 | | | | | | gtaxinstitute@essence.com.cn | 【烯烃-聚烯烃】 1 ...
化工日报-20260203
Guo Tou Qi Huo· 2026-02-03 13:06
Report Investment Ratings | Product | Rating | | --- | --- | | Urea | ★★☆ | | Methanol | ★★★ | | Pure Benzene | ★★★ | | Propylene | ★☆☆ | | Plastic | ★★☆ | | PVC | ★☆☆ | | Caustic Soda | ★★★ | | PX | ★★★ | | PTA | ★★★ | | Ethylene Glycol | ★★★ | | Short Fiber | ☆☆☆ | | Glass | ★★★ | | Soda Ash | ☆☆☆ | | Bottle Chip | ★★★ | | Propylene | ★★★ | [1] Core Views - The olefin - polyolefin market is weak due to factors such as falling oil prices, reduced downstream demand, and supply pressure [2] - The polyester market faces challenges like price drops, inventory accumulation, and weak demand, but there are potential opportunities in the second quarter [3] - The pure benzene - styrene market has a weakening fundamental outlook with cost support weakening and supply increasing [5] - The coal - chemical market has a weak methanol market and a range - bound urea market [6] - The chlor - alkali market shows a PVC with a potentially strong trend and a weak caustic soda market [7] - The soda ash - glass market has a soda ash facing supply - demand surplus and a glass with potential seasonal inventory build - up but low valuation [8] Summary by Directory Olefin - Polyolefin - Propylene futures: Falling oil prices lead to a pessimistic market sentiment, and reduced downstream demand weakens the support for propylene [2] - Plastic and polypropylene futures: There is supply pressure in the polyethylene market, and weak downstream demand and high - price transaction difficulties exist in the polypropylene market [2] Polyester - PX and PTA: Prices fall due to oil prices. There are different outlooks in different periods, with current weak reality and potential opportunities in the second quarter [3] - Ethylene Glycol: Inventory increases, but there is a possibility of supply - demand improvement in the second quarter, while long - term pressure remains [3] - Short Fiber: Good short - term supply - demand pattern but weak downstream orders lead to a price decline following raw materials [3] - Bottle Chip:开工率下降,加工差有所修复,但长期产能压力仍在,短期随原料回落,中期关注库存表现 [3] Pure Benzene - Styrene - Pure Benzene: Spot price in East China rises, and there are expectations of increased utilization of downstream comprehensive production capacity, but the fundamental outlook is weakening [5] - Styrene: Futures price falls due to cost pressure, and the supply - demand fundamentals are weakening [5] Coal - Chemical - Methanol: Futures price drops, with weak coastal demand and difficult port de - stocking, and short - term行情受地缘风险影响较大 [6] - Urea: Spot price is stable with a slight decline, and the market is expected to fluctuate within a range [6] Chlor - Alkali - PVC: Night - session trading shows a strong trend, with cost support and good export demand [7] - Caustic Soda: Weak operation due to weak cost support and high inventory pressure [7] Soda Ash - Glass - Soda Ash: Shows an oscillating trend, with high supply and inventory pressure, and a long - term supply - demand surplus [8] - Glass: Shows a slightly strong oscillating trend, with potential seasonal inventory build - up but low valuation [8]
化工日报-20260128
Guo Tou Qi Huo· 2026-01-28 11:14
Report Industry Investment Ratings - Propylene: No specific rating mentioned but market shows strength [2] - Polyethylene and Polypropylene: No specific rating mentioned, mixed signals in market [2] - PX and PTA: Positive in the first half of the year, but with inventory concerns around the Spring Festival [3] - Ethylene Glycol: Potential for short - term improvement in the second quarter, long - term pressure [3] - Short Fibre: Price follows raw materials, weak downstream demand [3] - Bottle Chip: Consider spread opportunities after the Spring Festival, long - term capacity pressure [3] - Pure Benzene: Short - term uncertainty, potential downward pressure with increased supply [5] - Styrene: Short - term price pressure [5] - Methanol: Short - term bullish, medium - long - term port inventory expected to decline slowly [6] - Urea: Price fluctuates within a range [6] - PVC: Monitor export and cost factors, inventory pressure exists [7] - Caustic Soda: Weak reality, potential for production cut, profit compression [7] - Soda Ash: High - altitude shorting strategy, long - term oversupply pressure [8] - Glass: Seasonal inventory build - up expected, follow macro sentiment [8] Core Viewpoints - The chemical market is influenced by multiple factors including geopolitical situations, cost changes, supply - demand dynamics, and seasonal factors. Different products show different trends and investment opportunities, with some facing short - term uncertainties and others having long - term capacity pressures [2][3][5] Summary by Directory Olefins - Polyolefins - Propylene futures rose, with low enterprise inventory and increased buying due to strong futures and downstream restocking [2] - Polyethylene has supply pressure and decreasing demand, while polypropylene has cost support and reduced inventory pressure but weak new orders [2] Polyester - PX and PTA may be bullish in the first half, but inventory may accumulate around the Spring Festival. Consider positive spreads in the second quarter [3] - Ethylene Glycol may improve in the second quarter but is under long - term pressure [3] - Short Fibre price follows raw materials with weak downstream demand [3] - Bottle Chip may have spread opportunities after the Spring Festival, long - term capacity pressure exists [3] Pure Benzene - Styrene - Pure Benzene price is strong but may face downward pressure with increased supply [5] - Styrene has cost support but short - term price pressure [5] Coal Chemical Industry - Methanol is expected to be bullish in the short term, with medium - long - term port inventory expected to decline [6] - Urea price fluctuates within a range due to demand and supply factors [6] Chlor - Alkali Industry - PVC has inventory pressure, and its price is affected by exports and costs [7] - Caustic Soda has high inventory and profit compression, with potential for production cuts [7] Soda Ash - Glass - Soda Ash has inventory pressure and long - term oversupply, use a high - altitude shorting strategy [8] - Glass may have seasonal inventory build - up and follow macro sentiment [8]
化工日报-20260120
Guo Tou Qi Huo· 2026-01-20 11:34
1. Report Industry Investment Ratings - Urea: ★☆☆ (One star, indicating a bullish/bearish bias, with a driving force for price increase/decrease, but limited operability in the market) [1] - Methanol: ★☆☆ [1] - Styrene: ☆☆☆ (White star, suggesting a relatively balanced short - term trend and poor market operability, with a wait - and - see approach) [1] - Polypropylene: ★☆☆ [1] - Plastic: ★★★ (Three stars, representing a clearer bullish/bearish trend and a relatively appropriate investment opportunity currently) [1] - PVC: ★☆☆ [1] - Caustic Soda: ★☆☆ [1] - PTA: ★☆☆ [1] - Ethylene Glycol: ★☆☆ [1] - Short - fiber: ★☆☆ [1] - Glass: ★☆☆ [1] - Soda Ash: ★☆☆ [1] - Bottle Chips: ★☆☆ [1] - Propylene: ★☆☆ [1] 2. Core Views - The overall chemical futures market is in a complex situation, with different products showing various trends and drivers. Some products are affected by supply - demand fundamentals, while others are influenced by policy, cost, and geopolitical factors. The market is generally in a state of shock, and different products have different investment opportunities and risks [2][3][5] 3. Summary by Relevant Catalogs 3.1 Olefins - Polyolefins - Both olefin and polyolefin futures contracts closed down in intraday trading. The supply of domestic olefins tightened due to individual plant shutdowns, but weak downstream demand restricted the buying pace. For polyethylene, inventory was smoothly reduced, but the overall downstream operating rate declined slightly, and demand support is expected to weaken. For polypropylene, although there is policy support, demand is weak as downstream factories have completed year - end orders, and the future demand has been pre - consumed [2] 3.2 Polyester - PX and PTA prices fluctuated in the morning and rose rapidly in the afternoon, mainly driven by sentiment due to a rumored unplanned maintenance of a PK plant in the second quarter. Before and after the Spring Festival, demand weakens, and there is limited upward driving force. In the second quarter, there are opportunities for PX processing margin to go long on dips and for positive spreads after the spread narrows, subject to downstream demand. For ethylene glycol, domestic new plants are put into production while overseas plants shut down, with expected supply increase at home and decrease abroad. There is a risk of inventory accumulation in the future, but the supply - demand situation may improve in the second quarter. Short - fiber is mainly driven by cost, and attention should be paid to downstream stocking rhythm around the Spring Festival. Bottle chips' processing margin has recovered, but long - term capacity pressure remains [3] 3.3 Pure Benzene - Styrene - The pure benzene futures market adjusted in shock, while the spot price continued to rise. Supply decreased due to refinery production cuts and reduced imports, and demand increased, leading to significant inventory reduction at East China ports. The short - term market is expected to be strong in shock. The styrene futures market consolidated in intraday trading. The current supply - demand balance is tight, with limited port arrivals and expected further inventory reduction. Domestic producers' sales are good, and exports provide some support [5] 3.4 Coal Chemical Industry - The methanol market continued to decline. Import arrivals decreased significantly, but demand decreased due to plant shutdowns and reduced loads, and the inventory reduction speed is expected to slow down. Although there is support from the expected significant reduction in imports in the first quarter, the short - term market is expected to be in a stalemate. Urea prices are weakly stable. Daily production has recovered, downstream demand has increased, and production enterprises are reducing inventory. In the short term, the market may decline slightly, but in the long term, it is likely to fluctuate strongly within a range [6] 3.5 Chlor - alkali Industry - PVC showed an intraday shock trend. The cost pressure of ethylene - based PVC decreased, while that of calcium carbide - based PVC increased. The operating rate of some enterprises decreased, and the export volume was affected by price changes. It is expected that the price center will rise, and the strategy is to go long on dips. Caustic soda continued to be weak, with high inventory pressure. Although the price of liquid chlorine is strong and the integrated profit is acceptable, the industry is generally in a loss, and the future production reduction needs to be continuously monitored [7] 3.6 Soda Ash - Glass - Soda ash is operating weakly. Although the weekly inventory has decreased slightly, the overall pressure is still large. Supply pressure is high in the long term, and downstream procurement sentiment is poor. The strategy is to go short on rebounds and wait and see when the price drops near the cost. Glass futures prices have declined. Affected by weather and approaching the holiday, inventory may accumulate. The industry is losing money, but there is a rumor of new production line ignition, and supply may increase slightly. In the long term, the industry needs to reduce capacity. When the futures price drops to around 1000 yuan, there may be a long - buying opportunity [8]
化工日报-20260119
Guo Tou Qi Huo· 2026-01-19 12:06
Report Industry Investment Ratings - Urea: Not specified - Methanol: Not specified - Styrene: Not specified - Propylene: Not specified - Plastic: ☆☆☆ (Indicating short - term multi/empty trend in a relatively balanced state, poor operability on the current disk, mainly for observation) [1] - PVC: Not specified - Caustic Soda: ★☆☆ (Indicating a bearish bias, with a downward - driving trend but poor operability on the disk) [1] - PX: Not specified - PTA: Not specified - Ethylene Glycol: Not specified - Short - fiber: ☆☆☆ (Indicating short - term multi/empty trend in a relatively balanced state, poor operability on the current disk, mainly for observation) [1] - Glass: Not specified - Soda Ash: ★☆☆ (Indicating a bearish bias, with a downward - driving trend but poor operability on the disk) [1] - Bottle Chip: Not specified Core Viewpoints - The overall chemical market shows complex trends, with different products facing various supply - demand situations and price trends. Some products face supply shortages, while others are affected by cost, demand, and policy factors [2][3][5] - There are risks such as demand shrinkage due to downstream profit pressure and supply - demand imbalance in the market, and at the same time, there are also potential investment opportunities in some products [2][5] Summary by Directory Olefins - Polyolefins - Propylene futures declined, with tight supply in the short term and limited support from the demand side due to high raw material costs. There is a risk of demand shrinkage [2] - Plastic and polypropylene futures were volatile. For polyethylene, inventory was smoothly reduced, but demand support is expected to weaken. For polypropylene, although there is policy support, demand has been pre - consumed, and the upward - driving force for supply - demand fundamentals is insufficient [2] Pure Benzene - Styrene - Pure benzene prices rose due to port de - stocking and refinery production cuts. The short - term market is expected to be volatile and strong [3] - Styrene futures rose. The market is in a tight - balance state, with expected port de - stocking, low enterprise inventory, and export support [3] Polyester - PX and PTA prices are expected to decline due to weak cost support and inventory accumulation. There may be investment opportunities in the second quarter, but it depends on downstream demand [5] - Ethylene glycol is affected by new domestic production and overseas shutdowns. There may be short - term improvement in the second quarter, but it is under long - term pressure [5] - Short - fiber enterprises have high loads and low inventory, but downstream orders are weak. The absolute price fluctuates with raw materials [5] - Bottle chip production has decreased, and the processing margin has improved, but there is still long - term capacity pressure [5] Coal Chemical Industry - Methanol prices continued to decline. Although there is port de - stocking, demand has decreased, and the market is expected to be volatile and stalemate. There is support from reduced imports in the first quarter [6] - Urea production has increased, and downstream demand has also risen. The short - term market may decline slightly, but it is likely to be strong within a range as agricultural demand starts [6] Chlor - alkali - PVC prices weakened. Production capacity utilization has declined, and cost has increased. It is expected to reduce production capacity this year, and the price center may rise [7] - Caustic soda is in a weak state, with high inventory pressure. The industry is generally in a loss, and the profit of chlor - alkali integration is expected to be compressed [7] Soda Ash - Glass - Soda ash prices fluctuated widely. Inventory pressure is still high, supply pressure is large, and downstream demand is weak. A high - short strategy is recommended [8] - Glass prices declined due to ignition plans. The industry is de - stocking, but there may be an increase in supply. The order situation is poor, and there may be seasonal inventory accumulation [8]
国投期货化工日报-20260116
Guo Tou Qi Huo· 2026-01-16 13:08
Report Industry Investment Ratings - Propylene: ★★★ (indicating a more distinct upward trend with relatively appropriate investment opportunities currently) [1] - Polypropylene: ★★★ [1] - Plastic: ★★★ [1] - Pure Benzene: ★★★ [1] - Styrene: ★★★ [1] - PTA: ★★★ [1] - Ethylene Glycol: ★★★ [1] - Short Fiber: ★★★ [1] - Bottle Chip: ★★★ [1] - Methanol: ★★★ [1] - Urea: ★★★ [1] - PVC: ★★★ [1] - Caustic Soda: ★★★ [1] - Soda Ash: ★☆☆ (indicating a bullish/bearish bias with a driving force for price increase/decrease, but poor operability on the market) [1] - Glass: ★★★ [1] Core Viewpoints - The chemical market shows a mixed trend with different products having their own supply - demand and price characteristics. Some products are affected by supply shortages, while others are influenced by demand changes, geopolitical factors, and production schedules [2][3][5]. Summaries by Relevant Catalogs Olefins - Polyolefins - Propylene futures fluctuated within the day. Supply was tight, inventory was controllable, and some offers continued to rise. Downstream factories followed well, driving up the trading center [2]. - Plastic and polypropylene futures also fluctuated. For polyethylene, pre - sales during the Spring Festival continued, the overall transaction center of spot goods moved up, and production confidence was enhanced. For polypropylene, although the futures maintained a high level, the market was cautious due to concerns about demand [2]. Pure Benzene - Styrene - Pure benzene futures fluctuated, and spot prices in East China continued to decline slightly. Supply was abundant, and the port was accumulating inventory. In the short - term, it would fluctuate due to geopolitical risks, and in the long - term, de - stocking was difficult [3]. - Styrene futures had a narrow - range consolidation. The supply - demand was in a tight balance, the port inventory was decreasing, the export market was good, and the downstream was bullish [3]. Polyester - As oil prices fell, the cost support for PX and PTA weakened. In the short - term, the upward drive for PX was weak, but the medium - term outlook was positive. PTA's main driver was from raw materials, and the processing margin would moderately recover [5]. - For ethylene glycol, new domestic plants were put into operation, while overseas plants stopped production. The industry was mixed. In the short - term, falling oil prices were a major negative, but in the second quarter, there were expectations of improvement [5]. - Short - fiber enterprises had low inventory, but downstream orders were weak. Demand would continue to decline, and the price would fluctuate with raw materials [5]. - Bottle - chip production decreased, downstream demand was for rigid needs, and the processing margin recovered, but long - term capacity pressure remained [5]. Coal Chemical Industry - Due to the cooling of the geopolitical situation in Iran, the methanol market declined. Overseas plant operation rates were low, and the port was de - stocking. However, with demand weakening, the de - stocking speed was expected to slow down, and the market was in a multi - empty game [6]. - Urea futures declined slightly, while spot prices were stable with a slight increase. With the approaching of spring demand and positive macro factors, the market was expected to be strong [6]. Chlor - Alkali Industry - PVC weakened within the day. Although production increased slightly and exports of some enterprises increased, downstream demand was weak, and inventory increased. In 2026, it was expected to reduce capacity, and the futures price center would rise [7]. - Caustic soda was in a weak position, and the industry was accumulating inventory. Although the profit of integrated enterprises was okay, the industry was generally in a loss, and it was necessary to track whether there would be production cuts [7]. Soda Ash - Glass - Soda ash fluctuated within the day. Production continued to rise, supply pressure was high, downstream procurement was weak, and the industry was accumulating inventory. It was recommended to short on rebounds [8]. - Glass was strong within the day and continued to de - stock. However, production lines were in a loss, capacity was compressed, and demand was insufficient. It might accumulate inventory seasonally, but in the long - term, supply reduction would relieve pressure, and it was recommended to buy on dips [8].
石化行业周报:PX利润维持强势,关注春节前补库逻辑-20260116
China Post Securities· 2026-01-16 05:37
Investment Rating - Industry investment rating: Stronger than the market, maintained [1] Core Views - Focus on the polyester restocking logic and the marginal improvement expectations for PX and PTA supply and demand this year. The price spread between PX (China main port) and naphtha (Japan) has recovered to $345.92 per ton. Attention is drawn to the restocking logic before the Spring Festival [2] - The oil and petrochemical index performed poorly this week, rising by 0.29% compared to last week. Among the sub-indices, engineering services performed best within the oil and petrochemical sector, with a rise of 7.21% [5] - Crude oil prices increased; US crude oil inventories rose while gasoline inventories fell [6][10] Summary by Sections Crude Oil - Crude oil prices increased, with Brent crude futures closing at $63.45 per barrel, up 2.3% from last week [7] - US crude oil inventories increased by 8,106 thousand barrels, while gasoline inventories decreased by 235 thousand barrels [13] Polyester - The price of polyester filament remained stable, but the price spread decreased. The latest prices for polyester filament POY, DTY, and FDY are 6,550, 7,750, and 6,800 yuan per ton, respectively, with price spreads decreasing by 91 yuan per ton [16] - The inventory days for polyester filament in Jiangsu and Zhejiang increased, with FDY, DTY, and POY inventory days at 19.5, 24.6, and 11.7 days, respectively. The operating rate for polyester filament and downstream weaving machines decreased by 2.8% [20] Olefins - Sample PE spot prices increased to 6,900 yuan per ton, up 0.73% from last week. The petrochemical inventory of polyolefins decreased by 60,000 tons, totaling 570,000 tons [27]