Report Date - The report is dated January 19, 2026 [1] Industry Investment Rating - Not provided Core View - The report focuses on the pig market, waiting for the confirmation of peak - season demand [1] Summary by Relevant Catalog Fundamental Tracking - **Spot Prices**: The Henan spot price is 13,180 yuan/ton with a year - on - year increase of 100 yuan/ton; the Sichuan spot price is 12,800 yuan/ton with a year - on - year decrease of 100 yuan/ton; the Guangdong spot price is 13,060 yuan/ton with no year - on - year change [3] - **Futures Prices**: The price of Live Pig 2603 is 12,010 yuan/ton with a year - on - year increase of 215 yuan/ton; Live Pig 2605 is 12,260 yuan/ton with a year - on - year increase of 90 yuan/ton; Live Pig 2607 is 12,885 yuan/ton with a year - on - year increase of 55 yuan/ton [3] - **Trading Volume and Open Interest**: The trading volume of Live Pig 2603 is 133,132 lots, an increase of 75,178 lots from the previous day, and the open interest is 168,526 lots, an increase of 7,459 lots; for Live Pig 2605, the trading volume is 28,571 lots, an increase of 11,932 lots, and the open interest is 97,515 lots, a decrease of 888 lots; for Live Pig 2607, the trading volume is 6,100 lots, an increase of 2,512 lots, and the open interest is 44,276 lots, an increase of 346 lots [3] - **Price Spreads**: The basis of Live Pig 2603 is 1,170 yuan/ton with a year - on - year decrease of 115 yuan/ton; the basis of Live Pig 2605 is 920 yuan/ton with a year - on - year increase of 10 yuan/ton; the basis of Live Pig 2607 is 295 yuan/ton with a year - on - year increase of 45 yuan/ton. The spread between Live Pig 3 - 5 is - 250 yuan/ton with a year - on - year increase of 125 yuan/ton; the spread between Live Pig 5 - 7 is - 625 yuan/ton with a year - on - year increase of 35 yuan/ton [3] Trend Intensity - The trend intensity is 0, with the range of values being integers in the [-2, 2] interval. The strength levels are classified as weak, moderately weak, neutral, moderately strong, and strong, where -2 represents the most bearish and 2 represents the most bullish [4]

Group 1: Report Industry Investment Rating - The investment rating for the rubber industry is "shockingly weak" [1] Group 2: Core View of the Report - The rubber market shows a shockingly weak trend, with prices and trading volumes generally declining. The tire industry had a restorative growth in production capacity utilization in the first half of January, but there are issues such as flat shipments and rising inventory, especially significant inventory pressure on all - steel tires [1][2][3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Market**: The daily and night - session closing prices of the rubber main contract decreased, with the daily - session closing price dropping from 15,995 yuan/ton to 15,835 yuan/ton, and the night - session closing price dropping from 15,950 yuan/ton to 15,750 yuan/ton. Trading volume decreased by 17,091 hands, and the open interest of the 05 contract decreased by 7,441 hands. The warehouse receipt quantity increased by 2,800 tons, and the net short position of the top 20 members decreased by 1,563 hands [1] - **Spread Data**: The basis of spot - futures main contract increased by 60, and the basis of mixed - futures main contract increased by 90. The monthly spread of RU05 - RU09 remained unchanged [1] - **Spot Market**: The external quotes of various rubber varieties decreased, such as RSS3 dropping from 2,170 dollars/ton to 2,160 dollars/ton. The prices of substitutes like Qilu butadiene styrene and Qilu cis - butadiene also decreased. The prices of imported rubber in the Qingdao market generally declined [1] 2. Industry News - In the first half of January, the tire industry's production capacity utilization rate had a restorative growth. The production capacity utilization rate of Chinese semi - steel tire sample enterprises was 72.53%, a month - on - month increase of 8.75 percentage points and a year - on - year decrease of 5.03 percentage points. The production capacity utilization rate of all - steel tire sample enterprises was 63.02%, a month - on - month increase of 7.52 percentage points and a year - on - year increase of 5.21 percentage points [2][3] - The tire industry's shipments are flat, and inventory is rising. As of January 15, the average inventory turnover days of semi - steel tire sample enterprises was 47.92 days, a month - on - month increase of 0.56 days, and that of all - steel tire sample enterprises was 46.1 days, a month - on - month increase of 1.48 days. All - steel tires are under greater inventory pressure [3]

Report Summary 1. Industry Investment Rating - Industrial silicon: Short positions are recommended on price rallies [1] - Polysilicon: Attention should be paid to the impact of news [2] 2. Core Viewpoints - The report provides a comprehensive analysis of the fundamentals of industrial silicon and polysilicon, including price, volume, inventory, and profit. It also reports on relevant macro and industry news and evaluates the trend strength of both products [2][4] 3. Summary by Catalog 3.1 Fundamental Tracking - **Futures Market**: For industrial silicon, the Si2605 closing price was 8,605 yuan/ton, with a volume of 281,253 lots and an open interest of 238,869 lots. For polysilicon, the PS2605 closing price was 50,200 yuan/ton, with a volume of 21,717 lots and an open interest of 46,220 lots [2] - **Basis**: Industrial silicon's spot premium against different benchmarks showed various changes, while polysilicon's spot premium against N - type re - investment was +5150 yuan/ton [2] - **Prices**: The price of Xinjiang 99 - silicon was 8700 yuan/ton, Yunnan Si4210 was 10000 yuan/ton, and polysilicon N - type re - investment material was 54850 yuan/ton [2] - **Profits**: Silicon factory profits in Xinjiang and Yunnan were - 2526.5 yuan/ton and - 5749 yuan/ton respectively. Polysilicon enterprise profit was 10.4 yuan/kg [2] - **Inventory**: Industrial silicon's social inventory was 55.5 million tons, enterprise inventory was 20.8 million tons, and total industry inventory was 76.3 million tons. Polysilicon's factory inventory was 32.1 million tons [2] - **Raw Material Costs**: The prices of silicon ore, washed coal, petroleum coke, electrodes, etc. in different regions were provided, showing little change overall [2] - **Photovoltaic - Related Products**: The prices and profit conditions of silicon wafers, battery cells, components, photovoltaic glass, and EVA in the photovoltaic industry were presented, with some products showing price changes [2] 3.2 Macro and Industry News - On January 14, 2026, South Korea's polysilicon leader OCI Holding announced that its subsidiary OCI ONE's 2.7GW silicon wafer factory in Vietnam had started production. The factory was acquired from Chinese photovoltaic enterprise Boda Xinneng in October 2025, with OCI ONE holding 65% of the shares. Currently, the factory is in the initial stage of capacity ramp - up and has not entered the shipping or delivery stage [2][4] 3.3 Trend Intensity - Industrial silicon trend intensity: - 1, indicating a bearish view; Polysilicon trend intensity: 0, indicating a neutral view [4]

1. Report's Industry Investment Rating - The report gives a rating of "Oscillating and Consolidating" for urea [1] 2. Core Viewpoints of the Report - In the short - term, the sentiment of bulk commodities has weakened, the spot trading of urea has weakened, and the futures price has reached the policy pressure level, so the urea price will experience a short - term correction. However, due to the strong expectation of agricultural demand, the correction range is expected to be limited, and the price will still be strong in the medium - term. The demand - side shows that continuous procurement by reserves and the grassroots has led to a stage improvement in the urea fundamentals. Whether the driving force can continue to rise depends on the continuity of mid - stream restocking. For the 05 contract, the fundamental pressure level is around 1830 yuan/ton, mainly the policy pressure line. Supported by the strong expectation of the agricultural demand peak in 2026, the fundamental support level is expected to be around 1700 - 1720 yuan/ton [3][4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Futures Market - For the urea main contract (05 contract): the closing price decreased from 1801 yuan/ton to 1791 yuan/ton, a decrease of 10; the settlement price decreased from 1805 yuan/ton to 1798 yuan/ton, a decrease of 7; the trading volume increased from 144,515 lots to 156,787 lots, an increase of 12,272; the open interest decreased from 250,303 lots to 242,992 lots, a decrease of 7,311; the number of warehouse receipts remained unchanged at 13,355 tons; the trading volume increased from 521,622 ten - thousand yuan to 563,750 ten - thousand yuan, an increase of 42,128 ten - thousand yuan; the basis in Shandong area increased from - 41 to - 21, an increase of 20; the basis of Fengxi - futures price (with a freight of about 100 yuan/ton) remained unchanged at - 151; the basis of Dongguang - futures price (the cheapest deliverable) remained unchanged at - 51; the spread between UR05 and UR09 decreased from 29 to 28, a decrease of 1 [2] 3.1.2 Spot Market - Urea factory prices: Henan Xinlianxin remained unchanged at 1760 yuan/ton; Yankuang Xinjiang remained unchanged at 1320 yuan/ton; Shandong Ruixing increased from 1715 yuan/ton to 1745 yuan/ton, an increase of 30; Shanxi Fengxi remained unchanged at 1640 yuan/ton; Hebei Dongguang remained unchanged at 1740 yuan/ton; Jiangsu Linggu increased from 1790 yuan/ton to 1800 yuan/ton, an increase of 10. Trader prices: in Shandong area, it increased from 1760 yuan/ton to 1770 yuan/ton, an increase of 10; in Shanxi area, it increased from 1630 yuan/ton to 1640 yuan/ton, an increase of 10. Supply - side indicators: the operating rate increased from 84.72% to 85.19%, an increase of 0.47%; the daily output increased from 199,480 tons to 200,580 tons, an increase of 1,100 [2] 3.2 Industry News - As of January 14, 2026, the total inventory of Chinese urea enterprises was 986,100 tons, a decrease of 36,100 tons from the previous week, a month - on - month decrease of 3.53%. During this period, the domestic urea enterprise inventory decreased slightly. Recently, the urea market has fluctuated narrowly. The downstream compound fertilizer industrial demand has continued to advance, and the local agricultural demand has begun to increase. Some urea enterprises have achieved a balance between production and sales, and some have accelerated their shipment, leading to a decline in inventory. Provinces with decreased enterprise inventory include Anhui, Hebei, Heilongjiang, Hubei, Inner Mongolia, Shandong, Sichuan, and Chongqing. Provinces with increased enterprise inventory include Hainan, Henan, Jiangxi, Liaoning, Qinghai, Shanxi, Shaanxi, Xinjiang, and Yunnan [3] 3.3 Trend Intensity - The trend intensity of urea is 0, indicating a neutral trend [4]

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The report indicates that coke will experience high - level fluctuations due to downstream accident disturbances, while coking coal will remain in a high - level oscillation state [1] 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - **Futures Prices**: For the JM2605 contract of coking coal, the closing price was 1,171 yuan/ton, down 16.5 yuan/ton or 1.4%. For the J2605 contract of coke, the closing price was 1,717 yuan/ton, down 28 yuan/ton or 1.6%. The trading volume of JM2605 was 1,088,719 lots, and the open interest was 497,710 lots, with a decrease of 8,127 lots. The trading volume of J2605 was 25,494 lots, the open interest was 38,727 lots, with an increase of 1,479 lots [1] - **Spot Prices**: Most spot prices of coking coal and coke remained stable, with only a 3 - yuan/ton decrease in the price of Mongolian 5 coking coal in Tangshan. For example, the price of Linfen low - sulfur prime coking coal was 1,620 yuan/ton, unchanged from the previous day [1] - **Basis and Spreads**: The basis of JM2605 in Shanxi increased by 16.5 yuan/ton to 120 yuan/ton, and the basis of J2605 in Shanxi's quasi - first - class coke delivered to the factory increased by 28 yuan/ton to - 185 yuan/ton. The spread between JM2605 and JM2609 decreased by 3.5 yuan/ton to - 82 yuan/ton, and the spread between J2605 and J2609 decreased by 5 yuan/ton to - 79.5 yuan/ton [1] 3.2 Macro and Industry News - **CCI Index**: On January 16, the China Coal Resource Network's CCI metallurgical coal index showed that CCI Shanxi low - sulfur prime coking coal (S0.7) was 1,608 yuan/ton, CCI Shanxi medium - sulfur prime coking coal (S1.3) was 1,260 yuan/ton, and CCI Shanxi high - sulfur prime coking coal (S1.6) was 1,249 yuan/ton, all unchanged [1] - **Imported Australian Coal**: Excessive rainfall in Australia has caused floods, affecting the production of some local coal mines. Two major secondary coking coal mines, Stanmore and Fitzroy, have issued force majeure notices. Coupled with the previous shutdowns of Curragh and Dendrobium mines, the supply of Australian coal has tightened, and coal prices are rising rapidly. The inquiry price of Goonyella has reached FOB231 US dollars, up 10 US dollars from last Friday's transaction, with a short - term upward trend expected [1] 3.3 Trend Intensity - The trend intensity of coke is 0, and the trend intensity of coking coal is also 0 [4]

Report Summary 1. Report Industry Investment Rating - The trend strength of caustic soda is -1, indicating a relatively bearish view [3]. 2. Core View of the Report - Caustic soda prices have been continuously declining due to cost reduction and the collapse of supply - demand. The near - term pressure persists, and the delivery pressure of the 02 and 03 contracts is still significant. The high - inventory situation makes the price - reduction trend difficult to reverse before the Spring Festival. However, the long - term contracts (04, 05 and subsequent contracts) may face a situation of rising costs and large - scale supply cuts, so short - selling these contracts requires caution [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - The 03 contract futures price is 2006, the cheapest deliverable 32% caustic soda spot price in Shandong is 660, the Shandong spot 32% caustic soda converted to the futures price is 2063, and the basis is 57 [1]. 3.2 Spot News - The purchase price of 32% ion - membrane caustic soda by major alumina manufacturers in Shandong has been reduced by 15 yuan since January 18, with the ex - factory price at 630 yuan/ton [1][2]. 3.3 Market Condition Analysis - **Demand Side**: The oversupply situation in the alumina market has not changed in the short term, and the expectation of production cuts suppresses the stockpiling of caustic soda. Non - aluminum downstream industries face a seasonal decline in rigid demand, and exports are under pressure, so overall demand lacks support [2]. - **Supply Side**: Winter is the off - season for chlor - alkali enterprise maintenance. Manufacturers are unlikely to significantly reduce production until losses reach the cash - flow cost [2].

Report Summary 1. Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints - The short - term supply of LPG is tight, and attention should be paid to the realization of downward drivers. After the rapid increase in the spot price of propylene, the upward driving force has weakened [1]. 3. Summary of Relevant Content by Category 3.1 Fundamental Tracking - **Futures Market**: For LPG (PG), on January 26th, the 2602 contract had a closing price of 4,202 with a daily decline of 2.12% and a night - session closing price of 4,217 with a 0.36% increase; the 2603 contract had a closing price of 4,137 with a 2.27% decline and a night - session closing price of 4,147 with a 0.24% increase; the 2604 contract had a closing price of 4,379 with a 1.55% decline and a night - session closing price of 4,397 with a 0.41% increase. For propylene (PL), the 2602 contract had a closing price of 5,953 with a 1.20% decline and a night - session closing price of 5,981 with a 0.47% increase; the 2603 contract had a closing price of 6,050 with a 1.18% decline and a night - session closing price of 6,084 with a 0.56% increase; the 2604 contract had a closing price of 6,089 with a 1.14% decline and a night - session closing price of 6,124 with a 0.57% increase [1]. - **Spot Market**: For LPG, the prices of Shandong civil, East China civil, South China civil were 4,440, 4,523, 5,035 respectively, with changes of 0, - 20, - 10 compared to the previous day; the prices of East China imported, South China imported were 4,933, 5,110 respectively, with changes of 23, - 25. For propylene, the prices in Shandong and East China were 6,145, 6,325 respectively, with changes of 35, 0 [1]. - **Industrial Chain Start - up Rate**: As of January 16, 2026, the PDH start - up rate was 73.07%, a decrease of 2.54% compared to the previous week; the alkylation start - up rate was 37.07%, unchanged; the MTBE start - up rate was 67.57%, unchanged [1]. - **LPG Shipment Volume**: On January 18, 2026, the global LPG shipment volume from the US was 19.6 tons, an increase of 9.6 tons compared to the previous day; the shipment volume to Asia was 9.2 tons, a decrease of 0.2 tons. The global LPG shipment volume from the Middle East was 7.2 tons, an increase of 0.5 tons; the shipment volume to Asia was 7.2 tons, an increase of 0.7 tons [1]. 3.2 Trend Intensity - The trend intensity of LPG is 0, and the trend intensity of propylene is 0. The range of trend intensity is an integer in the interval [-2, 2], with - 2 indicating the most bearish and 2 indicating the most bullish [5]. 3.3 Market Information - On January 16, 2026, the February CP paper - cargo price of propane was 527 US dollars/ton, a decrease of 3 US dollars/ton compared to the previous trading day; the price of butane was 515 US dollars/ton, unchanged. The March CP paper - cargo price of propane was 509 US dollars/ton, a decrease of 4 US dollars/ton [6]. - There are multiple domestic PDH device maintenance plans. For example, the PDH phase II of Jinneng Technology Co., Ltd. will be under maintenance from January 13, 2026, to early February 2026; the PDH phase II of Wanhua Chemical (Penglai) Co., Ltd. started maintenance on January 14, 2026, with the end time to be determined [7]. - There are also domestic liquefied gas plant device maintenance plans. For example, Rizhao (Zhonghai) will have the whole - plant maintenance starting from January 3, 2025, with the end time to be determined; Shenchi Chemical Co., Ltd. will have the whole - plant maintenance from December 2025 to the end of February 2026 [7].

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core View of the Report - LLDPE futures prices are in a downward trend, with the L2605 contract closing at 6695, down 1.33%. Spot trading has weakened, but the spot remains relatively firm. The upstream inventory transfer is smooth, and the short - term liquidity of the spot has tightened. The profit of downstream products has been compressed, and they are resistant to high prices. The external market quotation has risen, and the long - term import profit has opened [1]. - The price of crude oil at the raw material end has strengthened, the geopolitical risk in the Middle East has not been released, the ethylene monomer link has weakened, and the profit of the PE ethylene and ethane process has been repaired. The PE market has rebounded, but the downstream has not chased up to replenish goods. The upstream inventory has decreased slightly, and the basis is weak. In the medium term, attention should be paid to the supply - demand pressure brought by high production capacity and weakening demand [2]. 3) Summary by Relevant Catalogs [Fundamental Tracking] - **Futures Data**: The L2605 contract closed at 6695, down 1.33%, with a trading volume of 658,757 and an open - interest change of 3,981. The 05 - contract basis was - 95 (compared with - 135 the previous day), and the 05 - 09 contract spread was - 28 (compared with - 29 the previous day) [1]. - **Spot Prices**: In the north, it was 6,600 yuan/ton (down from 6,650 yuan/ton the previous day); in the east, it was 6,720 yuan/ton (down from 6,800 yuan/ton the previous day); in the south, it was 6,800 yuan/ton (down from 6,850 yuan/ton the previous day) [1]. [Spot News] - The futures have continued to pull back. The upstream has pre - sold at low prices, and the middle and downstream have covered short positions recently. The inventory transfer is smooth, and the pressure is not high. The short - term liquidity of the spot has tightened, and the production of standard products has remained at a low level. The PE spot is still relatively firm, but the trading volume has decreased significantly after the market pull - back, and the strengthening of the basis is not as strong as before. The profit of downstream products has been compressed, and they are resistant to high prices. The external market quotation has risen, the long - term import profit has opened, and the import volume has increased. The downstream factories are mostly cautious and wait - and - see. Geopolitical intensification may support the strength of the US dollar market [1]. [Market Condition Analysis] - The price of crude oil at the raw material end has strengthened, the geopolitical risk in the Middle East has not been released, the ethylene monomer link has weakened, and the profit of the PE ethylene and ethane process has been repaired. The PE market has rebounded, but the trading volume is concentrated in the middle - stream, and the downstream has not chased up to replenish goods. The demand for agricultural films in the near - end downstream has weakened, and the rigid demand for the packaging film industry has been maintained. After the recent decline, the willingness of the middle and downstream to hold goods has weakened. The upstream has sold at discounted prices at the end of the year, the factory inventory has decreased slightly, and the basis is weak. In terms of supply, Guangxi Petrochemical has gradually started production, the maintenance plan in January has decreased compared with the previous month, and some FD has switched back to standard products. In the medium term, attention should be paid to the supply - demand pressure brought by high production capacity and weakening demand [2]. [Trend Intensity] - The LLDPE trend intensity is - 1 [3]

Report Industry Investment Rating - No information provided Core View of the Report - The report maintains a judgment of range - bound movement for stock index futures [1] Summary by Relevant Catalogs 1. Stock Index Futures Data Tracking - **Closing Prices and Fluctuations**: On January 16, the closing prices of the four major stock index futures' current - month contracts showed mixed trends. IF fell 0.17%, IH fell 0.64%, IC rose 0.48%, and IM rose 0.31%. The closing price of CSI 300 was 4731.9, down 0.41%; the closing price of SSE 50 was 3079.8, down 0.83%; the closing price of CSI 500 was 8232.7, up 0.11%; the closing price of CSI 1000 was 8232.7, down 0.10% [1] - **Transaction Volume and Open Interest**: On the trading day, the total trading volume of stock index futures rebounded, indicating an increase in investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 8710 lots, IH increased by 6213 lots, IC decreased by 7691 lots, and IM decreased by 5426 lots. In terms of open interest, the total open interest of IF decreased by 11232 lots, IH increased by 60 lots, IC decreased by 12031 lots, and IM decreased by 16189 lots [1][2] - **Basis**: The basis of different contracts of various stock index futures varied. For example, the basis of IF2601 was 5.13, and that of IF2602 was - 6.07 [1] - **Positions of the Top 20 Members**: The changes in the long and short positions of the top 20 members of different contracts of various stock index futures were different. For example, for IF2601, the long positions decreased by 14893, and the short positions decreased by 12296 [5] 2. Trend Strength - The trend strength of IF and IH is 1, and the trend strength of IC and IM is 1. The trend strength ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6] 3. Important Drivers - **Policy - related**: The CSRC held the 2026 system work conference, emphasizing stability, starting the in - depth reform of the ChiNext, promoting the implementation of the STAR Market reform, and promoting the optimization plan for qualified overseas investors. The CSRC also solicited public opinions on the "Derivatives Transaction Supervision and Management Measures (Trial)". The State Council held an executive meeting to discuss consumption promotion, debt settlement, and other matters [7][8] - **Market Performance**: A - shares opened higher and closed lower, with the Shanghai Composite Index barely holding the 4100 - point mark. The Hong Kong Hang Seng Index and related sub - indices also showed certain fluctuations. The power grid equipment, power, and chip sectors were strong, while the AI application theme was weak [7]

1. Report's Investment Rating for the Industry - Not provided in the report 2. Core Viewpoints of the Report - The short - term trend of crude oil is weak, and investors should beware of the recurrence of geopolitical risks [1] - The trend strength of crude oil is - 1, indicating a relatively weak outlook [11] 3. Summary by Relevant Catalogs International Crude Oil - NYMEX WTI futures 02 contract rose $0.25 per barrel, a month - on - month increase of + 0.42%, at $59.44 per barrel; ICE Brent futures 03 contract rose $0.37 per barrel, a month - on - month increase of + 0.58%, at $64.13 per barrel; SC2603 crude oil futures closed up $6.50, a gain of 1.48%, at 446.0 yuan per barrel [1] Mexican Gulf Crude Oil Arbitrage - The import arbitrage windows for various crude oil varieties such as Arab Extra Light, Arab Light, etc. are closed due to factors like sufficient domestic supply, weak demand, and high freight costs [2] Atlantic Crude Oil Arbitrage - The cross - Atlantic arbitrage space for Forties is limited, while Saudi's Arab Extra Light and Algeria's Saharan Blend have arbitrage opportunities in the US East [5] Northwest European Crude Oil Arbitrage - The inflow of US light crude oil is economical, and the demand for US shale oil is strong. The arbitrage windows of some crude oil varieties are open, while the demand for high - sulfur crude oil is weak [6] Mediterranean Crude Oil Arbitrage - Crude oil varieties such as Saharan Blend, Azeri Light, etc. have no competitiveness in the Mediterranean market, with closed arbitrage windows due to supply surplus and high freight costs [7] Asian Crude Oil Arbitrage - Most Middle Eastern, African, and North American crude oil varieties face challenges in the Asian market, with closed arbitrage windows. However, Ecuador's Napo has an open arbitrage window [8] Key Market News - European eight - nation joint statement: Trump's threat to impose tariffs may damage trans - Atlantic relations [10] - US Treasury Secretary: Trump is committed to ensuring the independence of the Federal Reserve and has four good candidates [10] - US Treasury Secretary: Greenland is crucial for US national security [10] - German military personnel secretly left Greenland, and Berlin has not provided an explanation [10] - French President Macron may request the EU to activate anti - coercion tools in response to US tariff threats [10]