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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 原油 | SC2603 | 438 | 11 | 2.67 | 4.09 | 0.78 | 2.85 | -0.08 | | 液化气 | PG2602 | 4,246 | 24 | 0.57 | 4.73 | -0.53 | 3.35 | -0.83 | | 甲醇 | MA2603 | 2,293 | 39 | 1.73 | 11.77 | -0.71 | 12.04 | -0.43 | | 乙二醇 | EG2602 | 3,717 | 27 ...

| 张银 投资咨询从业资格号：Z0018397 zhangyin023941@gtjas.com | | | --- | --- | | 目录 | | | 1. 市场综述 | 3 | | 2. 市场数据 | 6 | | 2.1 市场概览 | 6 | | 2.2 玉米期权 | 7 | | 2.3 豆粕期权 | 7 | | 2.4 菜粕期权 | 8 | | 2.5 棕榈油期权 | 8 | | 2.6 豆油期权 | 9 | | 2.7 菜籽油期权 | 9 | | 2.8 花生期权 10 | | | 2.9 黄大豆 1 号期权 10 | | | 2.10 黄大豆 2 号期权 11 | | | 2.11 乙二醇期权 11 | | | 2.12 苯乙烯期权 12 | | | 2.13 白糖期权 12 | | | 2.14 棉花期权 13 | | | 2.15 PTA 期权 13 | | | 2.16 PX 期权 14 | | | 2.17 烧碱期权 14 | | | 2.18 橡胶期权 15 | | | 2.19 BR 橡胶期权 15 | | | 2.20 聚乙烯期权 16 | | | 2.21 聚丙烯期权 16 | | ...

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 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 原油 | SC2602 | 432 | -6 | -1.46 | 5.20 | -1.41 | 2.96 | -0.08 | | 液化气 | PG2602 | 4,132 | 40 | 0.98 | 8.66 | 1.37 | 5.94 | -0.32 | | 甲醇 | MA2602 | 2,207 | 21 | 0.96 | 13.53 | 3.48 | 4.46 | -0.95 | | 乙二醇 | EG2602 | 3,649 | -57 ...

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The energy and 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. The report analyzes the underlying market, option factors, and offers option strategy recommendations for each option variety [9]. - The overall strategy is 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 Underlying Futures Market Overview - The report presents the latest prices, price changes, price change rates, trading volumes, volume changes, open interests, and open interest changes of various energy and chemical option underlying futures contracts, including crude oil, liquefied petroleum gas (LPG), methanol, ethylene glycol, etc. For example, the latest price of crude oil (SC2602) is 433, with a decrease of 11 and a decline rate of -2.44% [4]. 3.2 Option Factors - Volume and Open Interest PCR - The report provides the trading volume, volume changes, open interest, open interest changes, trading volume PCR, volume PCR changes, open interest PCR, and open interest PCR changes of various energy and chemical options. The volume PCR and open interest PCR are mainly used to describe the strength of the option underlying market and the turning point of the underlying market respectively [5]. 3.3 Option Factors - Pressure and Support Levels - From the perspective of the strike prices with the largest open interest of call and put options, the report shows the pressure and support levels of various energy and chemical option underlying assets. For example, the pressure level of crude oil is 540 and the support level is 400 [6]. 3.4 Option Factors - Implied Volatility - The report lists the at - the - money implied volatility, weighted implied volatility, weighted implied volatility changes, annual average implied volatility, call implied volatility, put implied volatility, 20 - day historical volatility, and the difference between implied and historical volatility of various energy and chemical options. The weighted implied volatility uses volume - weighted average [7]. 3.5 Option Strategies and Suggestions - **Energy Options (Crude Oil and LPG)**: For crude oil, due to factors such as the delay of data release by the US Energy Department, the interception of Venezuelan VLCCs by the US military, and the decline in exports from Kazakhstan and the Middle East, the market shows a weak trend. Options strategies include constructing short - biased call + put option combination strategies and long collar strategies for spot hedging. For LPG, with limited supply growth and support from chemical demand, the market is also weak. Strategies involve constructing bear put spread strategies and short - biased call + put option combination strategies [8][10]. - **Alcohol Options (Methanol and Ethylene Glycol)**: Methanol has a high inventory expectation, and the market is weak. Strategies include constructing short - biased call + put option combination strategies and long collar strategies. Ethylene glycol has an inventory accumulation expectation, and the market is bearish. Strategies include constructing bear put spread strategies and short - volatility strategies [10][11]. - **Olefin Options (PVC)**: PVC's inventory has decreased, but the market is still under pressure. The strategy mainly focuses on spot long hedging by holding spot long + buying at - the - money put options + selling out - of - the - money call options [11]. - **Rubber Options**: Rubber's inventory is at a medium level, and the production of full - latex is squeezed. The market shows a warming trend. Strategies include constructing neutral - biased call + put option combination strategies [12]. - **Polyester Options (PTA)**: PTA's inventory is decreasing, and the market is short - term strong. Strategies include constructing bull call spread strategies and long - biased call + put option combination strategies [12]. - **Alkali Options (Caustic Soda and Soda Ash)**: Caustic soda's capacity utilization rate has increased, but the market is still weak. Strategies include constructing bear spread strategies and long collar strategies. Soda ash's inventory has decreased, and the market is in a low - level weak shock. Strategies include constructing bear spread strategies and short - volatility combination strategies [13]. - **Urea Options**: Urea's production has decreased, and the market is short - term weak. Strategies include constructing neutral - biased call + put option combination strategies and spot hedging strategies [14].

Report Summary 1. Report Industry Investment Rating No information about the report's industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The energy - chemical sector is mainly divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. For selected varieties in each sector, the report provides option strategies and suggestions based on the analysis of the underlying asset market, option factor research, and option strategy recommendations [10]. - The general strategy is to construct option portfolio strategies mainly based on sellers, as well as spot hedging or covered strategies to enhance returns [4]. 3. Summary According to Relevant Catalogs 3.1 Underlying 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, LPG, methanol, etc. For example, the latest price of crude oil (SC2602) is 427, with a price increase of 3 and a price change percentage of 0.73%, trading volume of 9.47 million lots, volume change of 4.62 million lots, open interest of 3.91 million lots, and open interest change of 0.45 million lots [5]. 3.2 Option Factors - Volume - to - Open - Interest PCR - The report shows the trading volume, volume change, open interest, open interest change, trading volume PCR, volume PCR change, open interest PCR, and open interest PCR change of various option varieties. For instance, the trading volume PCR of crude oil is 0.88, with a change of 0.05, and the open interest PCR is 0.73, with a change of - 0.05 [6]. 3.3 Option Factors - Pressure and Support Levels - It provides 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. For example, the pressure point of crude oil is 540 with an offset of 0, and the support point is 400 with an offset of - 40 [7]. 3.4 Option Factors - Implied Volatility - The report lists 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 volatilities of various option varieties. For example, the at - the - money implied volatility of crude oil is 24.75%, and the weighted implied volatility is 27.19% with a change of 0.34% [8]. 3.5 Option Strategies and Suggestions for Different Varieties 3.5.1 Energy Options: Crude Oil - **Underlying Market Analysis**: The demand of US refineries has stabilized and rebounded. During the recent decline in oil prices, shale oil production has changed little. Refineries have strengthened the diesel output rate due to arbitrage demand, and the overall on - balance - sheet inventory remains healthy. OPEC's short - term supply is flat, Libya's exports have recovered rapidly, CPC Terminal's exports remain weak, and Russia's exports are not hindered. The crude oil market showed a weak trend in December after a rebound in November [9]. - **Option Factor Research**: The implied volatility of crude oil options fluctuates below the average, the option open interest PCR is below 0.70, indicating a weak market, and the pressure point is 540 and the support point is 430 [9]. - **Option Strategy Recommendations**: Construct a bear spread strategy of put options for directional gains; construct a short - biased call + put option combination strategy to obtain option time value and directional gains, and dynamically adjust the positions to keep the delta short; construct a long collar strategy for spot long - hedging [9]. 3.5.2 Energy Options: LPG - **Underlying Market Analysis**: The number of LPG warehouse receipts has increased slightly this week. The supply side has seen a slight increase in the arrival volume, and port inventory has accumulated. On the chemical demand side, the start - up rate of PDH has increased this week, but there are rumors of maintenance plans, and the demand is weakening. The LPG market showed a weak and volatile downward trend in December [11]. - **Option Factor Research**: The implied volatility of LPG options fluctuates around the average, the option open interest PCR is below 0.80, indicating a weak market, and the pressure point is 4500 and the support point is 4000 [11]. - **Option Strategy Recommendations**: Construct a bear spread strategy of put options for directional gains; construct a short - biased call + put option combination strategy to obtain option time value and directional gains, and dynamically adjust the positions to keep the delta short; construct a long collar strategy for spot long - hedging [11]. 3.5.3 Alcohol Options: Methanol - **Underlying Market Analysis**: Last week's inventory was 123.44 million tons, a decrease of 11.5 million tons from the previous period. The inventory of production enterprises is 35.28 million tons, a decrease of 0.87 million tons month - on - month, and at a low level year - on - year. The methanol market showed a weak trend with a rebound and then a decline [11]. - **Option Factor Research**: The implied volatility of methanol options fluctuates around the historical average, the option open interest PCR is below 0.60, indicating a weak market, and the pressure point is 2300 and the support point is 2000 [11]. - **Option Strategy Recommendations**: Construct a bear spread strategy of put options for directional gains; construct a short - biased call + put option combination strategy to obtain option time value and keep the delta short; construct a long collar strategy for spot long - hedging [11]. 3.5.4 Other Varieties - Similar analysis and strategy recommendations are provided for other varieties such as ethylene glycol, PVC, rubber, PTA, caustic soda, soda ash, and urea, including underlying market analysis, option factor research, and option strategy suggestions [12][13][14][15].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The trading volume of the commodity options market increased slightly this week, with an average daily trading volume of 8.25 million lots and an average daily open interest of 9.98 million lots, showing a week-on-week change of +3.95% and -11.29% respectively. Attention should be paid to potential market opportunities in actively traded varieties [1][9]. - This week, most commodity options' implied volatility increased on a weekly basis. For varieties with high implied volatility, single - sided risks should be guarded against, and opportunities to short volatility can be considered; for those with low implied volatility, buying options is more cost - effective [2][18]. - Different varieties show different market sentiment in terms of trading volume PCR and open interest PCR, indicating concentrated expectations of either rising or falling [3][19]. Summary by Directory 1. Commodity Options Market Activity - The average daily trading volume of the commodity options market this week was 8.25 million lots, and the average daily open interest was 9.98 million lots, with week - on - week changes of +3.95% and -11.29% respectively [1][9]. - The most actively traded varieties this week included glass (830,000 lots), silver (790,000 lots), and methanol (470,000 lots). The varieties with significant trading volume growth were soybeans No. 2 (+256%), LPG (+191%), and ethylene glycol (+123%); those with significant decline were polysilicon (-72%) and lithium carbonate (-70%) [1][9]. - The varieties with high average daily open interest this week were glass (920,000 lots), soybean meal (850,000 lots), and soda ash (770,000 lots). The varieties with rapid week - on - week growth in open interest were lead (+56%) and p - xylene (+53%) [1][9]. 2. This Week's Commodity Options Main Data Review 2.1. Underlying Price Changes - This week, most underlying futures of commodity options declined. The varieties with high weekly gains were silver (+8.80%), polysilicon (+7.60%), and lithium carbonate (+6.03%); those with high losses were glass (-5.94%), industrial silicon (-5.20%), and LPG (-4.85%) [2][18]. 2.2. Market Volatility - Most commodity options' implied volatility increased this week. 27 varieties' current implied volatility was above the 50th percentile of the past year. The implied volatility of PVC, LPG, and silver increased by 8.46, 6.24, and 4.01 percentage points respectively. Varieties with high implied volatility included silver, PVC, polypropylene, etc.; those with low implied volatility included urea, rapeseed meal, etc. [2][18]. 2.3. Options Market Sentiment - The trading volume PCR of cotton, plastic, LPG, etc. was at a historical high, indicating a short - term concentrated expectation of price decline; the trading volume PCR of aluminum, zinc, gold, etc. was at a one - year low, showing a concentrated expectation of price increase. The open interest PCR of iron ore, soybean meal, etc. was at a historical high, indicating a high - level accumulation of bearish sentiment; the open interest PCR of rapeseed oil, plastic, etc. was at a one - year low, suggesting an accumulation of bullish sentiment [3][19]. 3. Key Data Overview of Main Varieties This chapter presents key data of main varieties, including trading volume, volatility, and options market sentiment indicators. More detailed data can be found on the Dongzheng Fanwei official website (https://www.finoview.com.cn/) [23]. 3.1. Energy No specific data and analysis content provided other than chart references. 3.2. Chemical Industry - **PTA**: No specific data and analysis content provided other than chart references. - **Caustic Soda**: No specific data and analysis content provided other than chart references. - **Glass**: No specific data and analysis content provided other than chart references. - **Soda Ash**: No specific data and analysis content provided other than chart references. 3.3. Precious Metals No specific data and analysis content provided other than chart references. 3.4. Ferrous Metals - **Iron Ore**: No specific data and analysis content provided other than chart references. - **Silicomanganese**: No specific data and analysis content provided other than chart references. 3.5. Non - ferrous Metals - **Copper**: No specific data and analysis content provided other than chart references. - **Aluminum**: No specific data and analysis content provided other than chart references. 3.6. Agricultural Products - **Soybean Meal**: No specific data and analysis content provided other than chart references. - **Palm Oil**: No specific data and analysis content provided other than chart references. - **Cotton**: No specific data and analysis content provided other than chart references.

Group 1: Report Summary - The report is an Energy Chemical Options Strategy Morning Report dated December 11, 2025, covering various energy chemical options including energy, polyolefins, polyesters, alkali chemicals, and others [2][3] - The recommended strategy is to construct option portfolio strategies mainly as sellers, along with spot hedging or covered call strategies to enhance returns [4] Group 2: Underlying Futures Market Overview - The report provides the latest prices, price changes, trading volumes, and open interest for multiple energy chemical futures contracts such as crude oil, LPG, methanol, etc [5] Group 3: Option Factors - Volume and Open Interest PCR - The volume and open interest PCR data for different option varieties are presented, which are used to describe the strength of the underlying market and potential turning points [6] Group 4: Option Factors - Pressure and Support Levels - The pressure and support levels for each option variety are analyzed based on the strike prices with the maximum open interest of call and put options [7] Group 5: Option Factors - Implied Volatility - The implied volatility data, including at-the-money implied volatility, weighted implied volatility, and historical volatility, are provided for different option varieties [8] Group 6: Strategy and Recommendations Crude Oil Options - Fundamental analysis shows that US crude oil production slightly increased, refinery throughput rose, and global floating storage increased [9] - The market has been weak recently, with implied volatility below the average and the open interest PCR indicating a bearish trend [9] - Recommended strategies include a bearish spread using put options and a short volatility strategy [9] LPG Options - The supply of LPG is under pressure in the medium to long term, while the domestic market is relatively strong in the short term [10][11] - The market is in a sideways trend, with implied volatility around the average and the open interest PCR suggesting a neutral bias [11] - A short neutral volatility strategy and a long collar strategy for spot hedging are recommended [11] Methanol Options - The inventory of methanol has decreased, and the market has been weak [11] - The implied volatility is around the historical average, and the open interest PCR indicates a bearish trend [11] - A bearish spread using put options and a short volatility strategy are suggested [11] Ethylene Glycol Options - The inventory of ethylene glycol has increased, and the demand is limited, leading to a weak market [12] - The implied volatility is above the average and rising, and the open interest PCR shows strong bearish sentiment [12] - A bearish spread using put options and a short volatility strategy are recommended [12] PVC Options - The overall inventory of PVC is in a de-stocking cycle, and the market has been weak [12] - The implied volatility has decreased to below the average, and the open interest PCR indicates a continuous decline [12] - A bearish spread using put options and a long collar strategy for spot hedging are recommended [12] Rubber Options - The production capacity utilization rate of rubber tire enterprises has increased, and the market has been in a weak consolidation [13] - The implied volatility is approaching the average, and the open interest PCR indicates a weak market [13] - A short neutral volatility strategy is recommended [13] PTA Options - The inventory of PTA is expected to accumulate, and the market has been in a sideways trend [13] - The implied volatility is below the average, and the open interest PCR suggests a sideways market [13] - A short neutral volatility strategy is recommended [13] Caustic Soda Options - The production capacity utilization rate of caustic soda enterprises has increased, and the market has been weak [14] - The implied volatility is at a relatively high level, and the open interest PCR indicates a bearish trend [14] - A bearish spread using put options and a long collar strategy for spot hedging are recommended [14] Soda Ash Options - The production and inventory of soda ash are at relatively high levels, and the market has been in a low-level sideways trend [14] - The implied volatility is at a relatively high historical level, and the open interest PCR indicates a bearish market [14] - A bearish spread using put options, a short volatility strategy, and a long collar strategy for spot hedging are recommended [14] Urea Options - The supply pressure of urea has been relieved recently, and the market has been in a short-term weak trend [15] - The implied volatility is below the historical average, and the open interest PCR indicates strong bearish pressure [15] - A short neutral volatility strategy and a long collar strategy for spot hedging are recommended [15] Group 7: Option Charts - The report includes price charts, trading volume and open interest charts, open interest PCR charts, implied volatility charts, and historical volatility cone charts for various option varieties [16][34][52]

Group 1: Report Overview - The report is an energy and chemical options strategy morning report, covering energy (crude oil, LPG), polyolefins (PP, PVC, plastic, styrene), polyesters (PX, PTA, short - fiber, bottle - chip), alkali chemicals (caustic soda, soda ash), and other energy - chemical products like rubber [2][3] - The recommended strategy is to construct an option portfolio strategy mainly based on sellers and 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 various underlying futures contracts are presented. For example, the latest price of crude oil SC2601 is 450, with a price change of - 3 and a change rate of - 0.75% [4] Group 3: Option Factor - Volume and Open Interest PCR - The volume PCR and open interest PCR of different option varieties are provided, along with their changes. For instance, the volume PCR of crude oil is 0.47 with a change of - 0.09, and the open interest PCR is 0.69 with a change of - 0.05 [5] Group 4: Option Factor - Pressure and Support Levels - The pressure points, support points, and their offsets, as well as the maximum open interests of call and put options, are given for each option variety. For example, the pressure point of crude oil is 540 and the support point is 430 [6] Group 5: Option Factor - Implied Volatility - The implied volatility data of different option varieties are presented, including at - the - money implied volatility, weighted implied volatility and its change, annual average implied volatility, call and put implied volatility, historical volatility, and the difference between implied and historical volatility. For example, the at - the - money implied volatility of crude oil is 26.915, and the weighted implied volatility is 29.07 with a change of 1.12 [7] Group 6: Strategy and Recommendations for Different Option Varieties Energy - related Options (Crude Oil) - Fundamental analysis: US refinery demand has stabilized and recovered. Shale oil production has slightly declined. OPEC's short - term supply is flat, and Russian exports are not blocked. Kuwait's refinery has resumed earlier than expected, weakening the support for low - sulfur fuel oil [8] - Market analysis: Crude oil prices showed a short - term weak and volatile trend in August, continued to be weak and bearish in September before gradually rebounding, fell sharply in October before rebounding, and showed a complex trend of shock, rebound, and then sharp decline in November [8] - Option factor research: The implied volatility of crude oil options fluctuates above the average level. The open interest PCR is below 0.80, indicating a weak market. The pressure point is 540 and the support point is 430 [8] - Strategy recommendations: Directional strategy - construct a bear spread portfolio of put options; Volatility strategy - construct a short - biased call + put option combination strategy; Spot long - hedging strategy - construct a long collar strategy [8] Energy - related Options (LPG) - Fundamental analysis: US propane inventory is starting to decline but remains at a high level. Crude oil prices are affected by supply surplus and geopolitical issues [10] - Market analysis: LPG prices showed a trend of rising and then falling in September, rebounding in October, and continued to rise in November, showing a pattern of rebound and consolidation after an oversold situation [10] - Option factor research: The implied volatility of LPG options has dropped significantly to near the lower - than - average level. The open interest PCR is around 0.80, indicating a weak market. The pressure point is 4500 and the support point is 4150 [10] - Strategy recommendations: Directional strategy - none; Volatility strategy - construct a long - biased call + put option combination strategy; Spot long - hedging strategy - construct a long collar strategy [10] Alcohol - related Options (Methanol) - Fundamental analysis: Port inventory has decreased, and enterprise inventory is at a relatively low level compared to the same period last year [10] - Market analysis: Methanol prices have been weak since August, showed a rebound after a low - level consolidation in September, and continued to be weak in October and November [10] - Option factor research: The implied volatility of methanol options fluctuates around the historical average level. The open interest PCR is below 0.60, indicating a weak and volatile market. The pressure point is 2300 and the support point is 2000 [10] - Strategy recommendations: Directional strategy - construct a bear spread portfolio of put options; Volatility strategy - construct a short - biased call + put option combination strategy; Spot long - hedging strategy - construct a long collar strategy [10] Other Options (Ethylene Glycol, Polypropylene, Rubber, PTA, Caustic Soda, Soda Ash, Urea) - Similar analysis frameworks are used for these options, including fundamental analysis, market trend analysis, option factor research, and corresponding strategy recommendations [11][12][13][14] Group 7: Charts - There are various charts for different option varieties, such as price trend charts, volume and open interest charts, open interest - PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support point charts [15][16][17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the past week, trading volume and volatility of commodity options decreased, but implied volatility increased for some varieties in the non - ferrous metals, precious metals, and agricultural product sectors. A sector - rotation strategy of selling options may yield considerable potential returns [4]. - The trading volume of methanol, peanut, and corn options increased. In an uptrend, there is still room for the skew to rise. Spread strategies or collar strategies can be used to earn returns from both directional movements and skew arbitrage [4]. - New energy sectors may be affected by energy - storage - related policies. Buying long - dated options for hedging can be considered [4]. - The price of rebar has reached a resistance level. Buying long - dated put options for risk avoidance can be attempted [4]. 3. Summary by Related Catalogs 3.1 Market Overview - Overall market: The trading volume of the entire commodity options market decreased by 0.96%, while the open interest increased by 0.04%. Among different sectors, the trading volume of agricultural products decreased by 0.35%, energy and chemicals by 0.44%, black metals by 1.5%, precious metals by 2.16%, and non - ferrous metals and new energy by 1.32%. The open interest of agricultural products, energy and chemicals, black metals, and non - ferrous metals and new energy increased, while that of precious metals decreased by 0.41% [5]. 3.2 Market Data 3.2.1 Market Overview - A table presents the implied volatility, 60 - day percentile, skew, and 60 - day percentile of various commodity options, including corn, soybean meal, and others [14]. 3.2.2 - 3.2.59 Option Data for Specific Commodities - Data for each commodity option, such as corn, soybean meal, and others, including the closing price, trading volume, open interest, volume PCR, open interest PCR, implied volatility, historical volatility (HV - 10 and HV - 20), and skew of the main and secondary contracts, are provided [15 - 75].

Group 1: Report Summary - The report is an energy and chemical options strategy morning report dated November 27, 2025, covering various energy and chemical options including energy, polyolefins, polyesters, alkali chemicals, etc [2][3] - The overall 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 report provides the latest prices, price changes, price change percentages, trading volumes, volume changes, open interests, and open interest changes of multiple underlying futures contracts such as crude oil, liquefied gas, methanol, etc [4] Group 3: Option Factor - Volume and Open Interest PCR - It presents the volume and open interest PCR data of different option varieties, which are used to describe the strength of the underlying option market and the turning point of the underlying market respectively [5] Group 4: Option Factor - Pressure and Support Levels - The pressure and support levels of each option variety are analyzed from the perspective of the strike prices with the largest open interest of call and put options [6] Group 5: Option Factor - Implied Volatility - The report shows the implied volatility data of various options, including at - the - money implied volatility, weighted implied volatility, and its changes, etc [7] Group 6: Strategy and Recommendations for Each Option Variety Crude Oil - Fundamental analysis: US refinery demand has stabilized and rebounded, shale oil production has little fluctuation, OPEC short - term supply is flat, and there are short - term export fluctuations in Libya [8] - Market analysis: The price showed a complex trend of rising and falling in different months [8] - Option factor research: Implied volatility is above the average, open interest PCR is below 0.8, pressure level is 540, and support level is 430 [8] - Strategy: Construct bear spread portfolio for directional strategy, sell call + put options for volatility strategy, and use long collar strategy for spot hedging [8] Liquefied Gas - Fundamental analysis: US propane inventory is high, and crude oil price is affected by supply and geopolitical issues [10] - Market analysis: The price has shown a trend of decline and rebound with pressure [10] - Option factor research: Implied volatility has dropped significantly, open interest PCR is around 0.8, pressure level is 4500, and support level is 4000 [10] - Strategy: Use a neutral call + put option selling strategy for volatility, and long collar strategy for spot hedging [10] Methanol - Fundamental analysis: Port and enterprise inventories are decreasing [10] - Market analysis: The price has been in a weak trend [10] - Option factor research: Implied volatility is around the historical average, open interest PCR is below 0.6, pressure level is 2300, and support level is 2000 [10] - Strategy: Construct bear spread portfolio for directional strategy, sell call + put options for volatility strategy, and use long collar strategy for spot hedging [10] Ethylene Glycol - Fundamental analysis: Port inventory is expected to increase at a slower pace, and the supply - demand balance is expected to improve [11] - Market analysis: The price has been in a weak trend [11] - Option factor research: Implied volatility is below the average, open interest PCR is below 0.7, pressure level is 4500, and support level is 3800 [11] - Strategy: Construct bear spread portfolio for directional strategy, sell options for volatility strategy, and use long + put + short call strategy for spot hedging [11] Polypropylene - Fundamental analysis: Polyolefin inventory pressure is large [11] - Market analysis: The price has been in a weak trend [11] - Option factor research: Implied volatility has dropped to around the average, open interest PCR is around 0.7, pressure level is 7000, and support level is 6300 [11] - Strategy: Construct bear spread portfolio for directional strategy, and use long + put + short call strategy for spot hedging [11] Rubber - Fundamental analysis: Tire factory operating rates are decreasing, and inventory is changing from explicit to implicit [12] - Market analysis: The price has been in a weak consolidation trend [12] - Option factor research: Implied volatility has decreased to below the average, open interest PCR is below 0.6, pressure level is 16000, and support level is 15000 [12] - Strategy: Use a bearish call + put option selling strategy for volatility [12] PTA - Fundamental analysis: PTA inventory has increased slightly, and it is expected to enter a de - stocking phase [12] - Market analysis: The price has shown a trend of rebound with pressure [12] - Option factor research: Implied volatility is above the average, open interest PCR is around 0.7, pressure level is 4700, and support level is 4300 [12] - Strategy: Use a neutral call + put option selling strategy for volatility [12] Caustic Soda - Fundamental analysis: The average utilization rate of caustic soda production capacity has increased [13] - Market analysis: The price has been in a weak bearish trend [13] - Option factor research: Implied volatility is at a relatively high level, open interest PCR is below 0.6, pressure level is 3000, and support level is 2200 [13] - Strategy: Construct bear spread portfolio for directional strategy, and use long collar strategy for spot hedging [13] Soda Ash - Fundamental analysis: Soda ash factory inventory has decreased [13] - Market analysis: The price has been in a low - level weak consolidation trend [13] - Option factor research: Implied volatility is at a relatively high historical level, open interest PCR is below 0.6, pressure level is 1860, and support level is 1100 [13] - Strategy: Construct bear spread portfolio for directional strategy, sell options for volatility strategy, and use long collar strategy for spot hedging [13] Urea - Fundamental analysis: Enterprise inventory has decreased, and port inventory is expected to increase [14] - Market analysis: The price has shown a trend of low - level consolidation and rebound [14] - Option factor research: Implied volatility is around the historical average, open interest PCR is below 0.6, pressure level is 1800, and support level is 1600 [14] - Strategy: Use a neutral call + put option selling strategy for volatility, and use long + put + short call strategy for spot hedging [14] Group 7: Charts for Each Option Variety - Each option variety has corresponding price charts, volume and open interest charts, open interest PCR charts, implied volatility charts, historical volatility cone charts, and pressure and support level charts [16][37][57]