20240624-甬兴证券-石油化工行业周报_美国商业原油库存下滑_油价维持上行_12页_1mb

报告摘要

The CSI Petroleum and Petrochemical Index increased by 0.51%, outperforming the Shanghai Composite Index's decline of 1.14% relative to its level by approximately 1.6 percentage points.
Sub-sectors showed mixed performance, with oilfield services, oil products sales, and engineering services experiencing declines.
Key performers included ST New潮 (+14.49%), Yueyang Xingchang (+1.35%), and CNPC (+4.2%), while losers included Daosen Shares (-6.12%) and Huohua Technology (-5.69%).
Among privatized large refineries, Xin Fengming (+36.2%) saw the highest gains, while companies like Holly Chemical (-178%) experienced significant losses.

Upstream: Oil prices rose moderately, with Brent and WTI crude prices increasing 3.2% and 2.9% respectively. US inventory drawdown and EIA forecasts support higher prices, favoring upstream油气 companies despite sustained US production growth.
Oilfield Services: US rig count decreased, but OPEC's increased drilling activity supports Asian opportunities for service providers.
Midstream: Singapore refining spreads narrowed, indicating potential for margin recovery among refining firms.
Downstream: Polyester inventories rose, but POY spreads widened, suggesting cost advantages for textile companies.

Prioritize Chinese petroleum and chemical majors for oil recovery.
Target oil service firms with Middle East expansion potential.
Consider long filament companies due to industry capacity reductions benefiting margins.
Focus on refining and materials firms aligning with new projects.