Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For crude oil, on November 2nd, OPEC+ decided to suspend the production increase plan in Q1 2026. Since April 2025, OPEC+ has increased production quotas by over 2.7 million barrels per day. The medium - to long - term supply - demand contradiction remains, with signs of oversupply and weak demand. If geopolitical and trade situations ease and the global economy grows weakly, there may be significant inventory accumulation from late 2025 to early 2026, and Brent crude oil prices are expected to oscillate in the range of $55 - 65 per barrel [3]. - For PX & PTA, domestic PX plants are operating stably, and with the restart of several overseas plants, the overall PX operation rate has increased. The demand side of PTA has shown good performance due to new capacity release. In a tight - balance situation, PX prices fluctuate with crude oil prices, and PXN is supported. Recently, many PTA plants have been shut down for maintenance. There are rumors of coordinated production cuts by PTA manufacturers, but before the implementation of substantial policies, there is an expectation of slight inventory accumulation with increased supply and weak demand before the end of the year. PTA processing margins are running at a low level and are expected to follow the cost side in the short term [3]. - For MEG, the load of ethylene glycol has changed little this week. The continuous contraction of coal - based ethylene glycol profits may suppress the pace of capacity release. There is still a large amount of capacity to be put into production. With limited downstream demand growth, the short - term supply - demand pressure is high, and there is a strong expectation of inventory accumulation. Port inventories have reached a new high this year, and there is an expectation of inventory accumulation by the end of the year. Ethylene glycol is expected to maintain a low - level oscillation pattern in the short term [4]. - For BZ & EB, the future supply of pure benzene is expected to remain high, and the overall downstream demand is currently decreasing marginally, remaining weak in the short term. The inventory in East China ports has started to accumulate, and the accumulation pattern is expected to continue. The processing profit of petroleum benzene has been in a low range. For styrene, short - term maintenance continues, but port arrivals are still normal. The operation rates of downstream 3S are hovering at a low level, and the inventory pressure of three major hard - plastic products is still high. The future supply - demand pattern of styrene is expected to show a rhythm of "phased improvement followed by renewed loosening." The high - inventory problem is difficult to solve in the short term, and the weak pattern may continue, with prices still in the bottom - seeking stage [4]. Summary by Related Catalogs Crude Oil - OPEC+ decided to suspend the production increase plan in Q1 2026. Since April 2025, production quotas have increased by over 2.7 million barrels per day. Medium - to long - term supply - demand contradictions remain, and prices are expected to oscillate in the $55 - 65 per barrel range [3]. PX&PTA - This week, domestic PX plants are operating stably. Overseas restarts have increased the overall operation rate. Domestic PX operation rate is high, with a domestic weekly average capacity utilization of 89.03% (+1.10% week - on - week) and an Asian weekly average of 78.9% (+5.16% week - on - week). PX - naphtha spread has reached around $250 per ton. PX prices follow crude oil prices, and PXN is supported [3][7]. - This week, the PTA spot price is 4,527 yuan/ton (+7 yuan/ton week - on - week), the weekly average capacity utilization is 77.9% (+1.52% week - on - week), and the in - plant inventory days are 4.09 days (+0.06 days week - on - week). Many plants have maintenance plans in November. After the commissioning of the 3 million - ton Dushan Energy Phase 4 plant at the end of October, there will be no new capacity in 2026. PTA processing margins are at a historical low of 140 yuan/ton (+3 yuan/ton week - on - week), and downstream demand is significantly lower than expected [3][13]. MEG - This week, the market price of ethylene glycol is 4,005 yuan/ton (- 146 yuan/ton week - on - week). The total domestic capacity utilization is 65.88% (+0.04% week - on - week), with coal - based capacity utilization at 69.29% (- 4.19% week - on - week). The profit of coal - based ethylene glycol is - 794 yuan/ton (- 197 yuan/ton week - on - week), and the profit of naphtha - based integrated production is - 135 dollars/ton (- 18 dollars/ton week - on - week). Port inventories have reached 56.4 tons (+6.5 tons week - on - week), and the supply - demand pattern shows continuous inventory accumulation [17]. BZ&EB - This week, the pure benzene operation rate is 75.14% (+1.04% week - on - week), and the styrene operation rate is 66.94% (+0.22% week - on - week). BZN has further weakened to around $75 per ton. The downstream PS operation rate is 53.5% (+1.5%), EPS operation rate is 53.9% (- 8.3%), and ABS operation rate is 71.6% (- 0.5%). The pure benzene port inventory is 12.1 tons (+3.6 tons week - on - week), and future inventory accumulation is expected. Styrene port and in - plant inventories have slightly declined after reaching the peak, and terminal demand has not shown obvious improvement [30]. Polyester Industry - This week, the average weekly capacity utilization of the domestic polyester industry is 87.38% (+0.27 week - on - week), and the comprehensive operation rate of chemical fiber weaving in the Jiangsu and Zhejiang regions is 69.45% (+0.45% week - on - week). The average terminal weaving order days are 16.10 days (- 1.76 days week - on - week). In November, the market is at the end of the traditional peak production season, and order volume has slightly declined, but there is still some support from orders for autumn - winter fabrics and next - year's spring - like fabrics. Orders are mainly for domestic restocking, and the delivery rhythm is normal, but foreign orders are still weak [23].