Crude oil related information:
Crude oil and related inventory: on April 22, 2022, the commercial inventory of crude oil in the United States was 414.4 million barrels, an increase of 700000 barrels per week; Gasoline inventory was 230.8 million barrels, a decrease of 1.6 million barrels per week; Distillate oil inventory was 107.3 million barrels, with a weekly decrease of 1.4 million barrels; Propane inventory was 3918.5 million barrels, an increase of 2196000 barrels per week. U.S. crude oil production and number of drilling rigs: on April 22, 2022, the U.S. crude oil production was 11.9 million barrels / day, the weekly number remained unchanged, an increase of 1 million barrels / day compared with a year ago. On April 29, the number of drilling rigs in the United States was 698, with an increase of 3 in the week and 258 in the year; The number of drilling rigs in Canada is 95, with a weekly decrease of 6 and an annual increase of 44. Among them, there are 552 oil production rigs in the United States, with an increase of 3 in the week and 210 in the year.
Price change:
Among the 188 chemical products we monitored, the top three products with price increases this week were potassium chloride International (up 8.9%), glufosinate (up 8.6%) and vitamin B2 (up 7.6%); The top three declines were tetrachloroethylene (down 31.0%), trichloroethylene (down 23.6%) and liquid chlorine (down 21.5%).
Monthly, the top three products with price increases were diammonium phosphate International (up 45.9%), formic acid (up 35.2%) and potassium chloride International (up 32.3%); The top three declines were tetrachloroethylene (down 39.5%), trichloroethylene (down 33.1%) and acetic acid (down 25.9%).
Price difference change:
The top three products with price difference increase this week are butyl acrylate price difference (up 1087.6%), R134a price difference (up 172.6%) and DMAC price difference (up 109.2%); The top three declines were polyvinyl alcohol (down 98.0%), styrene (down 65.3%) and aniline (down 37.6%).
Monthly, the top three products with price difference increase were PTA (up 1918500%), oil head propylene (up 1294.9%) and butyl acrylate (up 310.8%); The top three declines were polyvinyl alcohol (down 8048.6%), styrene (down 419.7%) and R410A (down 100.0%)
Investment proposal and investment object
We believe that the sharp rise in international oil prices this year is mainly due to market concerns about the interruption of Russian crude oil supply and the lack of OPEC + production potential. In the long run, the contraction of capital expenditure of oil and gas companies in the past few years will lead to tight crude oil supply and support the high oil price for a long time. CNOOC (600938, buy) recently returned to a is the most pure upstream oil and gas target. The company’s performance is highly related to the oil price, directly benefits from the high oil price, has the advantage of barrel oil cost, and the output and reserves continue to grow. We think it is worthy of attention.
The conflict between Russia and Ukraine continues and inflation rises. It is suggested to pay attention to the agrochemical sector. From the current boom β Look, the trend of chemical fertilizer is upward due to the tight balance between supply and demand and the support of energy, resources and other attributes. It is recommended to choose the target with supporting resources and raw materials. Behind the high shortage of chemical fertilizer is the inflation of the global fossil energy system. It is recommended to pay attention to Sichuan Meifeng Chemical Industry Co.Ltd(000731) ( Sichuan Meifeng Chemical Industry Co.Ltd(000731) , not rated), Yunnan Yuntianhua Co.Ltd(600096) ( Yunnan Yuntianhua Co.Ltd(600096) , overweight), Kunming Chuan Jin Nuo Chemical Co.Ltd(300505) ( Kunming Chuan Jin Nuo Chemical Co.Ltd(300505) , not rated), Qingdao East Steel Tower Stock Co.Ltd(002545) ( Qingdao East Steel Tower Stock Co.Ltd(002545) , not rated), Qinghai Salt Lake Industry Co.Ltd(000792) ( Qinghai Salt Lake Industry Co.Ltd(000792) , not rated), etc. The pesticide sector suggests paying attention to the globally competitive pesticide enterprises Shandong Weifang Rainbow Chemical Co.Ltd(301035) ( Shandong Weifang Rainbow Chemical Co.Ltd(301035) , buy), and Hailir Pesticides And Chemicals Group Co.Ltd(603639) ( Hailir Pesticides And Chemicals Group Co.Ltd(603639) , buy), Dalian Bio-Chem Company Limited(603360) ( Dalian Bio-Chem Company Limited(603360) , not rated), Nantong Jiangshan Agrochemical & Chemicals Co.Ltd(600389) ( Nantong Jiangshan Agrochemical & Chemicals Co.Ltd(600389) , not rated), etc.
Risk tips
The oil price has fallen sharply, the progress of the company’s new oil and gas projects is less than expected, the company’s annual output is less than expected, the uncertainty of the company’s net income from changes in fair value, the impact of exchange rate fluctuations, geopolitics, repeated epidemics, etc.
