原油成品油早报 研究中心能化团队 2025/11/27 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 2月差 | T | RT（EFS | OB | T | HO | | | | | | | nt | | | | | | | | | 2025/11/20 | 59.00 | 63.38 | 64.67 | - | 0.58 | -4.38 | 0.23 | 191.84 | 17.19 | 253.33 | 43.02 | | 2025/11/21 | 58.06 | 62.56 | 64.39 | -0.20 | 0.62 | -4.50 | 0.25 | 188.34 | 16.54 | 245.64 | 40.61 | | 2025/11/24 ...

能源化工 纯苯&苯乙烯日报 通惠期货•研发产品系列 2025 年 11 月 25 日 星期二 供需弱化与成本变量共振，芳烃震荡运行 一、 日度市场总结 通惠期货研发部 （1）基本面 价格：11 月 24 日苯乙烯主力合约收跌 1.09%，报 6436 元/吨，基 差 64（+11 元/吨）；纯苯主力合约收跌 1.33%，报 5435 元/吨。 成本：11 月 24 日布油主力收盘 58.1 美元/桶（-0.9 美元/桶）， WTI 原油主力合约收盘 61.9 美元/桶（-0.9 美元/桶），华东纯苯现货报 价 5320 元/吨（-40 元/吨）。 苯乙烯港口库存 14.8 万吨（-2.7 万吨），环比去库 15.2%，苯乙烯 延续去库但仍高于往年。纯苯港口库存 14.7 万吨（+3.4 万吨），环比累 库 30.1%。 供应：苯乙烯开工率及供应环比小幅波动。目前，苯乙烯周产量 34.3 万吨（-0.1 万吨），工厂产能利用率 69.0%（-0.3%）。 需求：下游 3S 开工率整体需求回暖，EPS 产能利用率 56.3% （+4.6%），ABS 产能利用率 72.4%（+0.6%），PS 产能利用率 55.9 ...

对二甲苯：短期不追高 PTA：单边震荡市，不追高 MEG：供需格局改善，空单减持 贺晓勤 投资咨询从业资格号：Z0017709 hexiaoqin@gtht.com | 所 | PX PTA MEG 基本面数据 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 期货 | PX 主力 | PTA 主力 | MEG 主力 | PF 主力 | SC 主力 | | | 昨日收盘价 | 6772 | 4680 | 3884 | 6242 | 447.9 | | | 涨跌 | 22 | 14 | 76 | 80 | 0.5 | | | 涨跌幅 | 0.33% | 0.30% | 2.00% | 1.30% | 0.11% | | | 月差 | PX1-5 | PTA1-5 | MEG1-5 | PF12-1 | SC11-12 | | | 昨日收盘价 | -18 | -44 | -78 | -68 | -1.9 | | | 前日收盘价 | -20 | -44 | -93 | -50 | 2.8 | | | 涨跌 | 2 | 0 | 15 | -18 | ...

摘要：【图】2025年1-8月山西省石脑油产量统计分析 2025年1-8月石脑油产量分析： 图表：山西省石脑油产量分月（累计值）统计 2025年8月石脑油产量分析： 单独看2025年8月份，山西省规模以上工业企业石脑油产量达到了2.1万吨，与2024年同期的数据相比， 8月份的产量增长了21.2%，增速较2024年同期高4.4个百分点，继续保持增长，增速较同期全国高23.4 个百分点，约占同期全国规模以上企业石脑油产量661.5万吨的比重为0.3%。 图表：山西省石脑油产量分月（当月值）统计 据国家统计局数据，在2025年的前8个月，山西省规模以上工业企业石脑油产量累计达到了13.6万吨， 与2024年同期的数据相比，增长了17.7%，增速较2024年同期高20.0个百分点，增速较同期全国高18.2 个百分点，约占同期全国规模以上企业石脑油产量5283.7万吨的比重为0.3%。 注：主要能源产品产量月度统计范围为规模以上工业法人单位，即年主营业务收入2000万元及以上的工 业企业。 产业调研网为您提供更多 石油化工行业最新动态 石油市场现状及前景分析 化工市场调研与发展前景 日化发展现状及前景预测润滑油市场调 ...

合成橡胶产业日报 2025-11-24 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) | 10395 | 10 主力合约持仓量:合成橡胶(日,元/吨) | 70323 | 2076 | | | 合成橡胶1-2价差(日,元/吨) | 20 | -10 仓单数量:丁二烯橡胶:仓库:总计(日,吨) | 2960 | -20 | | 现货市场 | 主流价:顺丁橡胶(BR9000,齐鲁石化):山 东(日,元/吨) | 10450 | -150 主流价:顺丁橡胶(BR9000,大庆石化):山 | 10450 | -100 | | | 主流价:顺丁橡胶(BR9000,大庆石化):上 | 10450 | 东(日,元/吨) -150 主流价:顺丁橡胶(BR9000,茂名石化):广 | 10650 | -100 | | | 海(日,元/吨) 基差:合成橡胶(日,元/吨) | 105 | 东(日,元/吨) -10 | | | | | 布伦特原油(日,美元/桶) 东 ...

原油成品油早报 研究中心能化团队 2025/11/24 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | nt | 2月差 | T | RT（EFS | OB | T | HO | | | 2025/11/17 | 59.91 | 64.20 | 65.00 | - | 0.44 | -4.29 | 0.12 | 199.01 | 19.38 | 254.70 | 42.77 | | 2025/11/18 | 60.74 | 64.89 | 65.20 | -0.74 | 0.46 | -4.15 | 0.15 | 199.93 | 19.08 | 270.11 | 48.56 | | 2025/11/19 | 59.44 | 63.51 | 64.66 | ...

氯碱产业链、LPG 与橡胶——无化不谈 20251121 摘要 PVC 新增产能显著，但房地产需求疲软和出口不确定性导致基本面偏弱。 截至 10 月中旬，外购电石的 PVC 利润进一步亏损，10 月上旬山东外购 电石的 PVC 利润跌至负 300 元以下，并进一步扩大至负 350~-400 元 区间。 短期内，PVC 开工率预计维持高位，但印度反倾销政策是出口核心变量。 印度前期集中补库，10 月份新增订单趋于一般且采购意愿下降，预计四 季度出口量将较三季度小幅回落。11 月 12 日印度宣布撤销包括 PVC 在 内的 14 类化工品 BS 认证要求，这一变化将减少 BS 认证对出口造成的 波动。 PVC 库存水平明显高于往年同期，截至 11 月中旬最新库存为 50.59 万 吨，同比增加约 25%。高库存主要由于新增产能投放、检修减少及需求 不足所致。在没有大规模减产或显著改善出口之前，库存去化难度仍然 较大。 烧碱方面，2025 年计划投产新产能，供应端压力依然较大。自 11 月以 来烧碱价格持续小幅回落至 2,450 元左右，ECU 利润回落至 200~300 元区间，好于 8~9 月份水平，使得烧碱开 ...

2020-2025年1-9月中国石脑油产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：中国石化（600028）,荣盛石化（002493）,东华能源（002221）,中泰化学（002092）,泰达股 份（000652）,华锦股份（000059）,阳煤化工（600691）,宇新股份（002986）,北部湾港（000582）,沈 阳化工（000698） 相关报告：智研咨询发布的《2026-2032年中国石脑油行业市场供需态势及未来趋势研判报告》 根据国家统计局数据显示：2025年9月中国石脑油产量为667万吨，同比下降0.4%；2025年1-9月中国石 脑油累计产量为5951.8万吨，累计下降0.6%。 ...

| | 俄罗斯发运 | 中东发运 | 美国发运 | 东北亚-中国 | 中东-中国 | 俄罗斯-中国 | 南亚-中国 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年8月 | 1160.92 | 4547.91 | 565.14 | 142.26 | 550.48 | 305.58 | 243.23 | | 2025年9月 | 983.93 | 4243.27 | 553.88 | 166.4 | 348.72 | 64.1 | 159.4 | | 2025年10月 | 779.16 | 4277.18 | 309.74 | 112.84 | 493.49 | 114.68 | 132.65 | | 1-10月累计值 | 10667.78 | 43582.88 | 4782.21 | 1328.15 | 4509.83 | 1287.76 | 1577.23 | | 1-10月累计同比 | -25.00% | -5.05% | -33.00% | -7.00% | 17.93% | -37.53% | 283.08% | | | | | | ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The pure benzene market continues to be weak. Recently, the arrival rhythm of imports has been relatively dense, and port inventories have significantly increased, putting pressure on the spot market. The spot discount has widened, and the basis has further weakened, indicating a shift in market sentiment from stable to weak. Although low gasoline inventories provide some support for Asian aromatics, the overall external processing margin is weakening, and its support for the domestic market is limited. Overseas arbitrage spreads have been repaired, which may attract some South Korean supplies to flow outward, alleviating China's subsequent import pressure to some extent, but this effect is more medium - term. Domestically, supply is moderately increasing, while downstream demand is insufficient. The profitability of major benzene - consuming products like caprolactam and phenol - acetone is severely compressed, and their operating rates are mostly weak or only at a rigid level, unable to effectively consume pure benzene. In general, pure benzene is still in a weak - equilibrium state dominated by inventory in the short term, with the supply - demand mismatch intensifying spot pressure and prices showing weak fluctuations. Future focus should be on changes in import rhythm and signs of increased operating rates due to active resumption of downstream plants or improved profitability [2]. - Styrene shows more resilience than pure benzene, presenting a structural divergence. Although the price difference between the futures and spot markets has adjusted, the inventory in East China continues to decline, reflecting the combined effect of tight supply and improved short - term exports. Currently, styrene's operating rate is relatively low, and plant maintenance effectively restricts supply, keeping inventory in a downward trend. The market is also concerned about the resumption of plant operations at the end of the month. Once the resumptions are concentrated, the tight supply pattern may be alleviated, and the inventory trend may reverse, which requires continuous monitoring [3]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Fundamental Information - **Price**: On November 20, the main styrene futures contract closed up 0.55% at 6,595 yuan/ton, with a basis of 20 (+19 yuan/ton); the main pure benzene futures contract closed up 1.14% at 5,595 yuan/ton. The spot price of East China pure benzene was 5,420 yuan/ton (+25 yuan/ton), Brent crude oil closed at $59.4/barrel (-$1.3/barrel), and WTI crude oil closed at $63.5/barrel (-$1.4/barrel) [2]. - **Inventory**: Styrene port inventory was 14.8 tons (-2.7 tons), a 15.2% month - on - month decline, continuing the destocking trend but still higher than in previous years. Pure benzene port inventory was 14.7 tons (+3.4 tons), a 30.1% month - on - month increase [2]. - **Supply**: Styrene's operating rate and supply fluctuated slightly month - on - month. Currently, the weekly styrene output is 34.3 tons (-0.1 tons), and the plant capacity utilization rate is 69.0% (-0.3%) [2]. - **Demand**: The overall demand of downstream 3S products has recovered. The capacity utilization rate of EPS is 56.3% (+4.6%), ABS is 72.4% (+0.6%), and PS is 55.9% (+0.5%) [2]. 3.2 Industry Chain Data Monitoring 3.2.1 Styrene and Pure Benzene Prices | Product | 2025/11/19 | 2025/11/20 | Change Rate | | --- | --- | --- | --- | | Styrene (Futures Main Contract) | 6,559.0 yuan/ton | 6,595.0 yuan/ton | 0.55% | | Styrene (Spot) | 6,594.0 yuan/ton | 6,620.0 yuan/ton | 0.39% | | Styrene Basis | 1.0 yuan/ton | 20.0 yuan/ton | 190000% | | Pure Benzene (Futures Main Contract) | 5,533.0 yuan/ton | 5,596.0 yuan/ton | 1.14% | | Pure Benzene (East China) | 5,390.0 yuan/ton | 5,455.0 yuan/ton | 1.21% | | Pure Benzene (South Korea FOB) | $664.0/ton | $664.0/ton | 0.00% | | Pure Benzene (US FOB) | $829.9/ton | $829.9/ton | 0.00% | | Pure Benzene (China CFR) | $677.2/ton | $677.2/ton | 0.00% | | Pure Benzene Domestic - CFR Price Difference | -408.0 yuan/ton | -345.7 yuan/ton | 15.28% | | Pure Benzene East China - Shandong Price Difference | -160.0 yuan/ton | -45.0 yuan/ton | 71.88% | | Brent Crude Oil | $60.7/barrel | $59.4/barrel | -2.14% | | WTI Crude Oil | $64.9/barrel | $63.5/barrel | -2.13% | | Naphtha | 7,106.5 yuan/ton | 7,106.5 yuan/ton | 0.00% | [5] 3.2.2 Styrene and Pure Benzene Production and Inventory | Product | 2025/11/14 | 2025/11/21 | Change Rate | | --- | --- | --- | --- | | Styrene Production (China) | 34.4 tons | 34.3 tons | -0.43% | | Pure Benzene Production (China) | 45.4 tons | 44.7 tons | -1.67% | | Styrene Port Inventory (Jiangsu) | 17.5 tons | 14.8 tons | -15.16% | | Styrene Factory Inventory (Domestic) | 18.9 tons | 18.8 tons | -0.70% | | Pure Benzene Port Inventory (National) | 11.3 tons | 14.7 tons | 30.09% | [6] 3.2.3 Operating Rate | Product | 2025/11/14 Capacity Utilization | 2025/11/21 Capacity Utilization | Change | | --- | --- | --- | --- | | Styrene (Pure Benzene Downstream) | 69.3% | 69.0% | -0.30% | | Caprolactam (Pure Benzene Downstream) | 86.0% | 88.2% | 2.18% | | Phenol (Pure Benzene Downstream) | 67.3% | 78.7% | 11.46% | | Aniline (Pure Benzene Downstream) | 80.2% | 75.7% | -4.49% | | EPS (Styrene Downstream) | 51.6% | 56.3% | 4.64% | | ABS (Styrene Downstream) | 71.8% | 72.4% | 0.60% | | PS (Styrene Downstream) | 55.4% | 55.9% | 0.50% | [7] 3.3 Industry News - The EU imposed sanctions on several Russian individuals. - The number of non - farm payrolls in the US increased by 119,000 in September, higher than market expectations. - Iran's foreign minister announced the official termination of the Cairo Agreement signed with the International Atomic Energy Agency. - The US Department of Energy announced a restructuring, prioritizing oil and nuclear energy resources and replacing the previous department dedicated to renewable energy and energy efficiency [8]. 3.4 Industry Chain Data Charts The report provides multiple data charts, including those on pure benzene prices, styrene prices, styrene - pure benzene price differences, styrene and pure benzene import - domestic cost differences, styrene port and factory inventories, pure benzene port inventory, ABS inventory, and the weekly capacity utilization rates of caprolactam, phenol, and aniline. The data sources are iFinD and Steel Union Data [13][18][22][28][29].