Oil & Petrochemical Industry Update 20260726

English summary

1. International oil prices continued to rise sharply this week, with Brent briefly returning above $100 during the week; as of the close on 7/24, Brent spot closed at $98.42/barrel, and WTI at $89.31/barrel. 2. The latest operating rate of domestic main refineries was 74.91%, up 6.4 pct from last week, while Shandong independent refineries' operating rate was 48.36%, down 0.16 pct slightly from last week. Domestic refined oil prices rose, with diesel average weekly price at 7,734 yuan/ton, up 526 yuan/ton WoW; gasoline average at 8,918 yuan/ton, up 498 yuan/ton WoW. Currently, it is the peak season for refined oil demand in the Northern Hemisphere, and overseas refining margins have widened. US gasoline spot spread is $50/barrel, diesel $72/barrel; Singapore gasoline spread $25/barrel, diesel $60/barrel. 3. This week, olefin chain product prices were mixed: ethylene average 8,045 yuan/ton, +465 yuan/ton WoW; propylene average 8,433 yuan/ton, -174 yuan/ton WoW; butadiene average 10,550 yuan/ton, +612 yuan/ton WoW; ...