1月12日，国内期市能化板块涨跌不一。其中，纯苯期货主力合约开盘报5485.0元/吨，今日盘中高位震 荡运行；截至收盘，纯苯主力最高触及5599.0元，下方探低5463.0元，涨幅达2.14%。 目前来看，纯苯行情呈现震荡上行走势，盘面表现偏强。对于纯苯后市行情将如何运行，相关机构观点 汇总如下： 南华期货（603093）指出，纯苯方面，石油苯、加氢苯产量一增一减总供应变动不下大。需求端下游苯 乙烯，苯酚，苯胺产能利用率均较上期增加，己内酰胺，己二酸产能利用率均较上期下降。开工率变动 最为明显的苯酚主要是因为产能基数调整而非实际产量明显增加，本周期五大下游折纯苯需求小幅增曾 加。库存方面，华东主港的纯苯库存继续累积，往后看明年上半年检修季纯苯的月检修损失相较于前两 年明显咸少，春节后纯苯去库阻力仍较大。外盘方面，本周欧洲纯苯因补库需求价格明显走强，了解情 况来看对亚洲纯苯价格影响有限。短期纯苯过剩格局难改，维持内弱外强。 新湖期货表示，春节以前纯苯弱势难改，一方面下游低开工维持，且备货意愿差，另一方面供应源源不 断，无缩减预期，显性库存已来到近五年最高水平，去化压力较大。产业链其他环节原油和苯乙烯，虽 表现相 ...

Phillips 66 Conference Call Summary Company Overview - **Company**: Phillips 66 (NYSE: PSX) - **Focus**: Downstream operations, including refining, midstream, and petrochemicals - **Positioning**: Positioned to deliver durable cash flow with a rateable dividend, emphasizing a lower volatility business model [4][7] Key Industry Insights - **Refining Dynamics**: - The potential return of Venezuelan crude supply is a significant topic, with Phillips 66 having the capacity to process Venezuelan crudes at its Gulf Coast refineries [8][10] - The company processes approximately 500,000 barrels per day of heavy crudes, including Western Canadian crude [12] - There is a belief that the refining sector will continue to experience tight capacity, with rationalizations expected to persist [17][18] Strategic Initiatives - **Refining Capacity**: - Anticipated net addition of 500,000 barrels per year in refining capacity, but overall capacity is expected to remain tight [18][20] - The company has integrated acquisitions like Wood River and Borger to enhance operational efficiency and market reach [21][22] - **Midcontinent Strategy**: - Phillips 66 views the Midcontinent as a strong competitive position, with linkages to the Gulf Coast enhancing operational flexibility [24][25] - The company is focused on disciplined capital allocation and potential M&A opportunities to strengthen its position in both the Midcontinent and Gulf Coast [26] Financial Performance and Projections - **Cash Flow and Capital Allocation**: - Expected operating cash flow of approximately $8 billion for 2026 and 2027, with a target to reduce debt from $21.8 billion to $17 billion by the end of 2027 [50][51] - The capital budget is projected at a low $2 billion, with a focus on returning value to shareholders through dividends and buybacks [51] - **Chemical Sector**: - The chemical industry is currently facing a downturn, but Phillips 66's joint venture, CP Chem, is performing well and generating cash [46][48] - Long-term fundamentals for the chemical sector remain positive, with continued demand growth expected [49] Operational Efficiency - **Cost Management**: - The company aims to reduce refining costs to $5.50 per barrel, having already achieved a reduction of $1 per barrel [28] - Continuous improvement in operational reliability and efficiency is a key focus, with a mindset shift towards integrated operations [27][43] Market Outlook - **Refining Margins**: - The company is cautiously optimistic about refining margins, expecting higher differentials in the future but acknowledging the challenges posed by lower crude prices [56] Additional Insights - **Asset Dispositions**: - Phillips 66 is actively reviewing its portfolio for non-core assets that can be monetized to free up capital for growth opportunities [55][60] - **Marketing Performance**: - The marketing segment is expected to maintain a consistent run rate, generating approximately $1.8 billion in revenue [62] This summary encapsulates the key points discussed during the Phillips 66 conference call, highlighting the company's strategic focus, market dynamics, and financial outlook.

转自：沧州发布 日前，在京津冀三地科技管理部门共同举办的"2025年京津冀创新应用场景共建共享交流对接活动"上发 布共建共享十大示范场景，我市"智慧炼化与安全运营场景""滨海盐碱地沙漠微藻治理场景""先进膜材 料验证应用场景"入选。这些场景各具特色，展现了沧州在工业智能化、生态治理和科技创新领域的领 先实践。 "智慧炼化与安全运营场景"由河北鑫海化工集团有限公司实施。"鑫海化工"投资8500万元，联合百度、 清华大学、北京化工大学等，构建全国首个化工安全大模型。该场景通过智能问答、预测性运维和应急 演练等核心功能，逐步扩展至智能装车、称重无人值守、泄漏智能监测等8个领域，完成3条主产线数字 孪生建模，实现设备预测运维、智能安全装车、称重无人值守等领域融合应用。其中，在炼化生产线 上，形成了自主可控的"智慧炼化大脑"，为石化行业从传统工艺向智能高效转型树立了标杆。 为破解滨海盐碱地土壤盐分高、有机质低、作物出苗率差、生态脆弱等难题，渤海新区黄骅市农业农村 发展局指导河北省现代农业服务有限公司打造"滨海盐碱地沙漠微藻治理场景"，将渤海新区黄骅市旧城 镇1000亩盐碱耕地作为试验示范区，引入前沿生物治理技术。他们从 ...

abc 26 December 2025 Global Research First Read PTA industry self-discipline has improved notably following the industry symposium held in late Oct. Market-wide inventories have been falling, now at a low in nearly three years, due to reduced supply as a result of intense maintenance underway at mainstream producers. Compared to end-Oct, the PTA price rose over Rmb500/t to Rmb5,040/t as of 25 Dec, with a nearly Rmb100/t pickup in gross profit. 2026E earnings set to benefit from improving aromatics fundament ...

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."Everyone likes betting on fast-moving trending stocks, but it isn't easy to determine the right entry point. These stocks often lose momentum when their future growth po ...

Core Insights - Petrobras and Braskem have signed long-term feedstock supply contracts valued at $17.8 billion, marking a significant milestone in the Brazilian petrochemical industry [1][2][18] Group 1: Overview of the Agreements - The agreements consist of two major contracts: one for petrochemical naphtha worth $11.3 billion and another for natural gas liquids (NGLs) worth $5.6 billion, set to commence in January 2026 [3][4] - The naphtha supply deal will provide 4.116 million tons in 2026, increasing to 4.316 million tons by 2030, ensuring a stable supply for Braskem's operations [5][6] Group 2: Strategic Shift and Expansion - Braskem is transitioning from naphtha to more competitive NGLs like ethane, aiming to enhance Brazil's position in global petrochemical production [2][11] - The $5.6 billion contract for ethane, propane, and hydrogen is crucial for expanding Braskem's Duque de Caxias facilities, expected to run for 11 years starting in 2026 [6][7] Group 3: Long-term Supply Commitments - From 2026 to 2028, Petrobras will supply 580,000 tons of ethylene equivalent annually, increasing to 725,000 tons per year starting in 2029, supporting Braskem's expansion plans [10][11] - Additional propylene supply agreements valued at approximately $940 million will further support Braskem's diverse production lines, ensuring access to necessary feedstocks [14][15] Group 4: Strategic Influence and Future Outlook - Petrobras is increasing its influence over Braskem as Novonor plans to divest its stake, indicating a trend of state-controlled entities shaping Brazil's petrochemical sector [12][13] - The collaboration between Petrobras and Braskem is expected to unlock nearly $800 million in investments, driving growth and modernization in the Brazilian petrochemical industry [7][18]

Core Insights - Brazilian petrochemical producer Braskem announced that conglomerate Novonor has agreed to sell its controlling stake in the company to private equity firm IG4 Capital [1] Company Summary - Braskem is a leading player in the petrochemical industry in Brazil [1] - The sale of Novonor's controlling stake indicates a significant shift in ownership and potential strategic direction for Braskem [1] Industry Context - The transaction highlights ongoing consolidation trends within the petrochemical sector, as private equity firms seek to invest in established companies with growth potential [1]

U.S. supermajor ExxonMobil plans to permanently shut down one of two steam crackers at its huge Singaporean refining and petrochemical complex, Reuters reported on Thursday, citing anonymous sources with knowledge of the plans. Exxon owns and operates a 592,000-barrel-per-day (bpd) refinery in Jurong, which is fully integrated with the Singapore Chemical Plant (SCP). The petrochemical complex was first commissioned in 2001 and was further expanded to more than double its capacity in 2013. The chemical pla ...

ExxonMobil is set to discontinue operations at the older of its two steam crackers on Singapore's Jurong Island starting in March, according to a Reuters report on Thursday. This move aligns with a b... ...

Core Insights - ExxonMobil is planning to wind down operations at its older steam cracker located on Singapore's Jurong Island starting in March, reflecting a broader trend in the global petrochemicals sector to reduce capacity due to industry losses [1] Company Summary - The decision to close the steam cracker is part of ExxonMobil's strategy to adapt to changing market conditions and align with the industry's shift towards capacity reduction [1] Industry Summary - The petrochemicals sector is experiencing significant challenges, leading to a trend of capacity reductions as companies face ongoing industry losses [1]