Crude oil related information:
Crude oil and related inventory: on December 3, 2021, the commercial inventory of crude oil in the United States was 432.9 million barrels, with a weekly decrease of 200000 barrels; Gasoline inventory was 219.3 million barrels, an increase of 3.9 million barrels per week; The distillate oil inventory was 126.6 million barrels, an increase of 2.7 million barrels per week; Propane inventory was 7327.2 million barrels, an increase of 612000 barrels per week. U.S. crude oil production and number of drilling rigs: on December 3, 2021, U.S. crude oil production was 11.7 million barrels / day, an increase of 100000 barrels / day per week and 600000 barrels / day over a year ago. On December 3, the number of drilling rigs in the United States was 569, the weekly number remained unchanged, and the annual number increased by 246; The number of drilling rigs in Canada is 180, the weekly number is increased by 9, and the annual number is increased by 78. Among them, there are 467 oil production rigs in the United States, the weekly number remains unchanged, and the annual number increases by 221. Price change:
Among the 188 chemical products we monitored, maleic anhydride (up 30.6%), ammonium nitrate International (up 17.8%) and monoammonium phosphate International (up 10.0%) were the top three products with price increases this week; trichloroethylene (down 40.4%), polyvinyl alcohol (down 23.1%) and raw rubber (down 20.6%).
On a monthly basis, the top three products with price increases were Iminodiacetonitrile (Idan) (up 36.2%), liquid chlorine (up 29.1%) and urea International (up 27.9%); the top three with price decreases were trichloroethylene (down 63.2%), formic acid (down 48.4%) and tetrachloroethylene (down 41.2%). Price difference changes:
The top three products with price difference increase this week are coal head ethylene glycol (up 419.1%), oil head ethylene glycol (up 229.9%) and PTA (up 207.7%); the top three with price difference decrease are butadiene (down 212.7%), styrene (down 84.2%) and polyvinyl alcohol (down 38.4%).
Monthly, the top three products with price difference increase were R134a price difference (up 480.5%), urea fixed bed price difference (up 244.4%) and coal head ethylene glycol price difference (up 216.8%); the top three with price difference increase were styrene (down 5658.6%), butadiene price difference (down 130.0%) and calcium carbide PVC price difference (down 66.0%).
Investment proposal and investment object
The central economic work conference this week made it clear that the new renewable energy and raw material energy consumption will not be included in the total energy consumption control, and create conditions to realize the transformation from “double control” of energy consumption to “double control” of total carbon emission and intensity as soon as possible. From the perspective of time axis, the change from raw material consumption to product energy consumption + carbon emission assessment is accelerating. We believe that light hydrocarbon chemical enterprises have great value under the carbon neutralization scenario due to their olefins with the lowest energy consumption and hydrogen with the lowest emission. It is recommended to pay attention to Wanhua Chemical Group Co.Ltd(600309) (600309, buy), satellite Chemistry (002648, buy), Oriental Energy Co.Ltd(002221) (002221, not rated) Jinneng Science&Technology Co.Ltd(603113) (603113, buy), etc. In addition, the meeting also mentioned “accelerating the construction of waste recycling system”, and it is suggested to pay attention to the EPC service provider Beijing Sanlian Hope Shin-Gosentechnical Service Co.Ltd(300384) (300384, buy) with leading recycled polyester and recycled nylon technology.
Risk statement
Oil price fluctuation risk; The change of epidemic situation is less than the expected risk.
