Oil & Petrochemical Weekly: Rising Geopolitical Risk Premium Underpins Choppy Upside
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Sinolink Securities' oil and petrochemical weekly notes the sector oscillated higher, driven jointly by a rising geopolitical risk premium and increased physical cargo flows. Crude was supported by US-Iran tensions and hurricane-related short-term US output losses, with WTI spot settling at $91.85 and Brent spot at $132.95. US crude inventories fell. In refining, gasoline demand eased while rigid diesel demand provided firm support, and refinery runs fluctuated; domestic major refineries' operating loads declined, with diverging refining margins. Downstream, polyester and olefin chains saw mixed performance as cost support met soft demand expectations: ethylene stayed weak, propylene prices were pushed higher but may retreat, and polyester filament oscillated at high levels. The report sees geopolitics as the core driver: crude should stay firm near term and refined product prices are expected to ease lower from highs, while a de-escalation-driven price reversal is a key risk. No specific stock ratings were given; only related names' market performance was listed.
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