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民生证券-石化行业周报:市场担忧OPEC+继续增产,油价收跌-250906
Xin Lang Cai Jing· 2025-09-06 13:16
Group 1 - OPEC+ is considering increasing oil production to regain market share, which raises concerns about oversupply in the oil market [1] - As of September 5, Brent crude oil futures settled at $65.50 per barrel, down 3.85% week-on-week, while WTI futures settled at $61.87 per barrel, down 3.34% week-on-week [2] - U.S. crude oil production decreased to 13.42 million barrels per day, down 20,000 barrels per day week-on-week, and refinery throughput also declined to 16.87 million barrels per day, down 10,000 barrels per day week-on-week [2] Group 2 - U.S. crude oil inventories increased, with strategic reserves at 404.71 million barrels, up 510,000 barrels week-on-week, and commercial inventories at 420.71 million barrels, up 2.42 million barrels week-on-week [3] - The price spread for gasoline narrowed, while the price spread for polyester filament expanded, indicating market dynamics in refining and chemical sectors [3] - Investment recommendations include focusing on stable, high-dividend companies like China National Petroleum and Sinopec, as well as companies with low production costs like CNOOC, and those in the growth phase like New Natural Gas and Man Oil [3]