最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 702.0 0.0 8.0 58.0 -138.0 25省终端可用天数 18.8 -0.2 -1.1 -2.1 1.2 秦皇岛5000 633.0 0.0 3.0 52.0 -107.0 25省终端供煤 603.5 0.0 -5.0 -36.5 -19.3 广州港5500 765.0 0.0 5.0 35.0 -140.0 北方港库存 2330.0 0.0 -39.0 -382.0 -63.2 鄂尔多斯5500 485.0 -5.0 0.0 60.0 -135.0 北方锚地船舶 70.0 3.0 -9.0 -50.0 2.0 大同5500 550.0 -10.0 -5.0 50.0 -140.0 北方港调入量 156.6 6.9 5.1 -0.6 18.6 榆林6000 622.0 0.0 0.0 60.0 -173.0 北方港吞吐量 153.5 -3.1 14.3 17.3 13.5 榆林6200 650.0 0.0 0.0 60.0 -171.0 CBCFI海运指数 823.3 -13.2 -29.2 82.7 2 ...

Report Summary 1. Report Industry Investment Rating - No content provided regarding the report industry investment rating. 2. Core Viewpoints - This week, the high - sulfur cracking of Singapore 380cst rebounded and then weakened, the near - month spread oscillated, and the EW spread oscillated. The 9 - 10 spread weakened to $3.5/ton, the basis oscillated at a low level (-$4), and the FU01 internal - external spread slightly weakened to -$0.8. The 0.5 cracking of Singapore oscillated and weakened, the 9 - 10 spread weakened to $2.75/ton, and the LU11 internal - external spread oscillated at $9. [4][5] - Singapore's land inventory decreased this week, but it was still not the highest in the same period of history. The floating storage decreased significantly month - on - month, Saudi Arabia's shipments decreased significantly, the arrivals oscillated this week, the shipments from the UAE rebounded month - on - month, and the net exports increased significantly. The land inventory in Fujairah, the Middle East, decreased, the floating storage inventory of high - sulfur and low - sulfur increased significantly, the ARA residue inventory increased, and the US residue inventory decreased, with a large inventory contradiction. [5] - The east - west divergence of high - sulfur continued. In the heavy - oil pattern, the cracking of Singapore 380cst was the weakest, and the premium of heavy - crude oil was the strongest. It is expected to return in both directions later. This week, LU remained weak, the basis of the external MF0.5 weakened again and then oscillated, the LU quota was issued, and the internal - external spread oscillated. [5] - In the short term, pay attention to the opportunity of the high - sulfur 380 EW spread widening. Fundamentally, the expected supply of high - sulfur will increase, and the supply - demand pattern will weaken. [5] 3. Data Summaries Rotterdam Fuel Oil Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | Rotterdam 3.5% HSF O Swap M1 | 390.27 | 385.76 | 383.41 | 386.27 | 386.40 | 0.13 | | Rotterdam 0.5% VLS FO Swap M1 | 452.69 | 446.79 | 445.77 | 447.87 | 452.12 | 4.25 | | Rotterdam HSFO - Brent M1 | - 4.33 | - 4.74 | - 5.18 | - 5.40 | - 6.25 | - 0.85 | | Rotterdam 10ppm Gasoil Swap M1 | 635.32 | 624.64 | 637.68 | 647.20 | 657.30 | 10.10 | | Rotterdam VLSFO - Gasoil M1 | - 182.63 | - 177.85 | - 191.91 | - 199.33 | - 205.18 | - 5.85 | | LGO - Brent M1 | 21.97 | 19.81 | 22.26 | 22.39 | 22.97 | 0.58 | | Rotterdam VLSFO - HSFO M1 | 62.42 | 61.03 | 62.36 | 61.60 | 65.72 | 4.12 | [2] Singapore Fuel Oil Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | | --- | --- | --- | --- | --- | --- | | Singapore 380cst M1 | 390.95 | 391.35 | 386.44 | 388.83 | 392.45 | | Singapore 180cst M1 | 403.51 | 403.47 | 401.16 | 402.12 | 401.16 | | Singapore VLSFO M1 | 476.79 | 476.24 | 474.78 | 475.48 | 480.02 | | Singapore Gasoil M1 | 82.76 | 82.50 | 83.18 | 84.72 | 86.11 | | Singapore 380cst - Brent M1 | - 4.09 | - 3.57 | - 4.67 | - 4.63 | - 5.30 | | Singapore VLSFO - Gasoil M1 | - 135.63 | - 134.26 | - 140.75 | - 151.45 | - 157.19 | [2] Singapore Fuel Oil Spot Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FOB 380cst | 387.36 | 387.68 | 383.23 | 386.10 | 388.12 | 2.02 | | FOB VLSFO | 477.51 | 475.97 | 474.41 | 474.94 | 478.38 | 3.44 | | 380 Basis | - 3.40 | - 2.90 | - 3.25 | - 2.65 | - 1.15 | 1.50 | | High - sulfur Internal - External Spread | 2.5 | 0.1 | - 3.3 | - 1.8 | - 3.5 | - 1.7 | | Low - sulfur Internal - External Spread | 8.2 | 8.7 | 8.7 | 8.9 | 6.9 | - 2.0 | [3] Domestic FU Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | FU 01 | 2746 | 2739 | 2713 | 2719 | 2736 | 17 | | FU 05 | 2741 | 2735 | 2713 | 2712 | 2731 | 19 | | FU 09 | 2691 | 2713 | 2686 | 2687 | 2698 | 11 | | FU 01 - 05 | 5 | 4 | 0 | 7 | 5 | - 2 | | FU 05 - 09 | 50 | 22 | 27 | 25 | 33 | 8 | | FU 09 - 01 | - 55 | - 26 | - 27 | - 32 | - 38 | - 6 | [3] Domestic LU Data | Type | 2025/08/15 | 2025/08/18 | 2025/08/19 | 2025/08/20 | 2025/08/21 | Change | | --- | --- | --- | --- | --- | --- | --- | | LU 01 | 3420 | 3426 | 3417 | 3411 | 3443 | 32 | | LU 05 | 3395 | 3391 | 3390 | 3376 | 3413 | 37 | | LU 09 | 3423 | 3477 | 3452 | 3422 | 3456 | 34 | | LU 01 - 05 | 25 | 35 | 27 | 35 | 30 | - 5 | | LU 05 - 09 | - 28 | - 86 | - 62 | - 46 | - 43 | 3 | | LU 09 - 01 | 3 | 51 | 35 | 11 | 13 | 2 | [4]

Report Information - Report Title: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: August 22, 2025 [1] Price and Inventory Data Coal Prices - The latest price of Liulin Main Coking Coal is 1453.00, with no daily change, a weekly increase of 49.00, a monthly increase of 4.00, and an annual decrease of 3.13% [2] - The latest price of Raw Coal Port Delivery Price is 956.00, with a daily increase of 20.00, a weekly decrease of 40.00, a monthly decrease of 40.00, and an annual decrease of 18.98% [2] - The latest price of Shaheyi Meng 5 is 1380.00, with no daily or weekly change, a monthly increase of 160.00, and an annual decrease of 17.86% [2] - The latest price of Anze Main Coking Coal is 1470.00, with no daily or weekly change, a monthly increase of 70.00, and an annual decrease of 13.53% [2] International Coal Prices - The latest price of Peak Downs is 205.00, with a daily decrease of 0.50, a weekly decrease of 2.50, a monthly increase of 18.00, and an annual decrease of 5.50 [2] - The latest price of Goonyella is 208.30, with a daily decrease of 0.50, a weekly decrease of 3.20, a monthly increase of 20.30, and an annual decrease of 2.20 [2] Futures Prices - The latest price of Futures Contract 05 is 1209.50, with a daily increase of 10.50, a weekly decrease of 61.50, a monthly decrease of 32.50, and an annual decrease of 7.88% [2] - The latest price of Futures Contract 09 is 1044.50, with a daily increase of 11.50, a weekly decrease of 31.50, a monthly decrease of 121.50, and an annual decrease of 21.41% [2] - The latest price of Futures Contract 01 is 1164.00, with a daily decrease of 0.50, a weekly decrease of 59.50, a monthly decrease of 57.00, and an annual decrease of 12.28% [2] Inventory Data - The total coking coal inventory is 3473.61, with a weekly increase of 50.04, a monthly decrease of 43.06, and an annual decrease of 2.68% [2] - The coal mine inventory is 275.64, with a weekly increase of 17.97, a monthly decrease of 2.80, and an annual decrease of 14.55% [2] - The port inventory is 255.49, with a weekly decrease of 21.85, a monthly decrease of 66.01, and an annual decrease of 25.59% [2] - The steel mill coking coal inventory is 805.80, with a weekly decrease of 2.86, a monthly increase of 14.70, and an annual increase of 14.08% [2] - The coking plant coking coal inventory is 976.88, with a weekly decrease of 11.04, a monthly increase of 47.77, and an annual increase of 20.44% [2] Capacity Utilization and Other Data - The coking capacity utilization rate is 74.42, with a weekly increase of 0.08, a monthly increase of 0.97, and an annual increase of 3.16% [2] - The coking coke inventory is 86.17, with no weekly change, a monthly decrease of 0.80, and an annual decrease of 0.75% [2] - The 5 - 9 spread is 165.00, with a daily decrease of 1.00, a weekly decrease of 30.00, a monthly increase of 89.00, and an annual decrease of 11.31% [2] - The 9 - 1 spread is -119.50, with a daily increase of 12.00, a weekly increase of 28.00, a monthly decrease of 64.50, and an annual decrease of 60.75% [2] - The 1 - 5 spread is -45.50, with a daily decrease of 11.00, a weekly increase of 2.00, a monthly decrease of 24.50, and an annual decrease of 4.25% [2] - The 05 basis is 43.03, with a daily decrease of 10.50, a weekly increase of 61.50, a monthly increase of 216.41, and an annual decrease of 242.48 [2] - The 09 basis is 208.03, with a daily decrease of 11.50, a weekly increase of 31.50, a monthly increase of 305.41, and an annual decrease of 0.23 [2] - The 01 basis is 88.53, with a daily increase of 0.50, a weekly increase of 59.50, a monthly increase of 240.91, and an annual decrease of 0.67 [2] Historical Price Charts - The report also includes historical price charts of various coking coals from 2021 to 2025, such as Liulin Main Coking Coal, Mongolian Coal Warehouse Receipt, Mongolian Port Raw Coal Delivery Price, etc [3][4][5][6]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the content. 2. Core Viewpoints No core viewpoints are presented in the given content. 3. Summary by Relevant Catalogs Futures Contracts - BU主力合约价格从7月23日的3594降至8月21日的3465，日度变化为11，周度变化为 -38 [4] - BU06价格从3391变为3342，日度变化27，周度变化4 [4] - BU09价格从3594变为3496，日度变化3，周度变化 -38 [4] - BU12价格从3460变为3373，日度变化19，周度变化 -33 [4] - BU03价格从3406变为3340，日度变化20，周度变化0 [4] Trading Volume and Open Interest - 成交量从7月23日的300486变为8月21日的194917，日度变化 -27620，周度变化18196 [4] - 持仓量从459411变为424013，日度变化 -5954，周度变化 -20467 [4] - 合计从42950变为30940，日度变化 -200，周度变化 -1100 [4] Market Prices - 山东市场价从3845变为3510，日度变化 -20，周度变化 -130 [4] - 华东市场价从3780变为3720，日度变化0，周度变化 -10 [4] - 华南市场价从3590变为3490，日度变化 -20，周度变化 -40 [4] - 华北市场价从3730变为3660，日度变化 -10，周度变化 -30 [4] - 东北市场价维持3880，日度和周度变化均为0 [4] Spot Prices - 京博 (海韵) 价格维持3670，日度和周度变化均为0 [4] - 露海(鑫渤海) 价格从3730变为3660，日度变化 -10，周度变化 -30 [4] Basis and Calendar Spreads - 山东 - 华东价差从 -90变为 -210，日度变化 -20，周度变化 -120 [4] - 山东 - 东北价差从 -85变为 -370，日度变化 -20，周度变化 -130 [4] - 华东 - 华南价差从190变为230，日度变化20，周度变化30 [4] - 山东基差从251变为45，日度变化 -31，周度变化 -92 [4] - 华东基差从186变为256，日度变化 -11，周度变化28 [4] - 华南基差从 -4变为25，日度变化 -31，周度变化 -2 [4] - 03 - 06月差从15变为 -2，日度变化 -7，周度变化 -4 [4] - 06 - 09月差从 -203变为 -154，日度变化24，周度变化42 [4] - 09 - 12月差从134变为123，日度变化 -16，周度变化 -5 [4] - 12 - 03月差从54变为33，日度变化 -1，周度变化 -33 [4] - 连一 - 连二月差从36变为42，日度变化 -8，周度变化11 [4] Crack Spreads and Profits - 沥青Brent裂差从30变为74（部分数据缺失） [4] - 沥青马瑞利润从 -42变为 -1（部分数据缺失） [4] - 普通炼厂综合利润从447变为496（部分数据缺失） [4] - 马瑞型炼厂综合利润从724变为762（部分数据缺失） [4] - 进口利润(韩国 - 华东) 从 -52变为 -131，日度变化0，周度变化 -5 [4] - 进口利润（新加坡 - 华南）从 -962变为 -1058，日度变化 -18，周度变化 -31 [4] Related Prices - Brent原油价格从68.6变为66.8，日度变化1.1，周度变化0.0 [4] - 汽油山东市场价从7799变为7655，日度变化7，周度变化 -77 [4] - 柴油山东市场价从6562变为6516，日度变化12，周度变化 -46 [4] - 渣油山东市场价维持3660，日度变化0，周度变化30 [4]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - No explicit core view presented in the provided text. 3. Summary by Related Catalogs Spot Market - **Australian Iron Ore**: Newman powder price is 766, up 2 from the previous day and down 1 for the week; PB powder is 769, up 2 and down 2; Macfarlane powder is 755, unchanged for the day and down 7 for the week; Jinbuba powder is 743, up 2 and unchanged for the week; mainstream mixed powder is 705, up 5 for both the day and the week; super special powder is 652, up 4 and 7; Carajás powder is 880, up 2 and 2 [1]. - **Brazilian Iron Ore**: Brazilian blend is 812, up 6 and 5; Brazilian coarse IOC6 is 777, up 7 and 14; Brazilian coarse SSFG is 782, up 7 and 14 [1]. - **Other Regions**: Ukrainian concentrate powder is 877, up 4 and unchanged for the week; 61% Indian powder is 732, up 2 and unchanged for the week; Karara concentrate powder is 877, up 4 and unchanged for the week; Roy Hill powder is 739, up 2 and down 2; KUMBA powder is 828, up 2 and down 3; 57% Indian powder is 597, up 4 and 7; Atlas powder is 700, up 5 and 5 [1]. - **Domestic Ore**: Tangshan iron concentrate powder is 977, unchanged for both the day and the week [1]. Futures Market - **DCE Contracts**: i2601 is 772.5, up 3.5 from the previous day and down 2.5 for the week; i2605 is 748.0, up 1.0 and down 5.0; i2509 is 791.0, up 5.0 and unchanged for the week [1]. - **SGX Contracts**: FE01 is 100.17, down 0.32 and 2.51; FE05 is 97.90, down 0.16 and 2.50; FE09 is 100.75, down 0.30 and 2.76 [1]. Premium and Spread - **Premium**: PB block/block ore premium and U - ball/pellet premium data are presented with historical trends from 2021 - 2025 [1]. - **Spread**: The monthly spreads of different contracts are provided, such as i2601 has a monthly spread of 18.5, up 41.0 from the previous day and down 1.3 for the week [1].

Group 1: Report Information - Report Title: Yong'an Synthetic Rubber Morning Report [2] - Research Team: Energy and Chemicals Team of the Research Center - Report Date: August 22, 2025 [3] Group 2: BR Main Contract Data - Closing Price: On August 21, it was 11,775, with a daily change of 60 and a weekly change of 130 [4] - Open Interest: On August 21, it was 38,436, with a daily change of 2,745 and a weekly change of 14,763 [4] - Trading Volume: On August 21, it was 106,881, with a daily change of -62,183 and a weekly change of 38,728 [4] - Warehouse Receipt Quantity: On August 21, it was 12,190, with no daily change and a weekly change of 1,720 [4] - Virtual-to-Physical Ratio: On August 21, it was 15.77, with a weekly change of 4 [4] Group 3: BR Basis and Spread Data - Butadiene Styrene Basis: On August 21, it was 510, with a daily change of 90 and a weekly change of -80 [4] - 8 - 9 Month Spread: On August 21, it was 70, with a daily change of 150 and a weekly change of -185 [4] - 9 - 10 Month Spread: On August 21, it was -20, with a daily change of -10 and a weekly change of -20 [4] Group 4: BR Price Data - Shandong Market Price: On August 21, it was 11,750, with a daily change of 150 and a weekly change of 50 [4] - Chuanhua Market Price: On August 21, it was 11,700, with a daily change of 200 and a weekly change of 50 [4] - Qilu Factory Price: On August 21, it was 11,900, with no daily change and a weekly change of 100 [4] - CFR Northeast Asia: On August 21, it was 1,450, with no daily change and no weekly change [4] - CFR Southeast Asia: On August 21, it was 1,725, with no daily change and a weekly change of -10 [4] Group 5: BR Processing and Import - Export Data - Spot Processing Profit: On August 21, it was -64, with a daily change of 12 [4] - Futures Processing Profit: On August 21, it was -39, with a daily change of -78 and a weekly change of 105 [4] - Import Profit: On August 21, it was -85,257, with a daily change of 142 and a weekly change of -733 [4] - Export Profit: On August 21, it was -469, with a daily change of -130 and a weekly change of -46 [4] Group 6: BD Price Data - Shandong Market Price: On August 21, it was 9,425, with a daily change of 135 and a weekly change of 25 [4] - Jiangsu Market Price: On August 21, it was 9,350, with a daily change of 100 and a weekly change of 50 [4] - Yangzi Factory Price: On August 21, it was 9,400, with no daily change and no weekly change [4] - CFR China: On August 21, it was 1,080, with no daily change and a weekly change of 10 [4] Group 7: BD Processing and Import - Export Data - Carbon Four Extraction Profit: The data on August 21 was N/A [4] - Butene Oxidative Dehydrogenation Profit: On August 21, it was 256, with a daily change of 100 and a weekly change of 50 [4] - Import Profit: On August 21, it was 442, with a daily change of [missing value] and a weekly change of -29 [4] - Export Profit: On August 21, it was 1,037, with a daily change of -15 and a weekly change of 26 [4] Group 8: Downstream Product Profit Data - Butadiene - Styrene Production Profit: On August 21, it was 938, with no daily change and a weekly change of 100 [4] - ABS Production Profit: The data on August 21 was N/A [4] - SBS Production Profit (791 - H): On August 21, it was 1,145, with no daily change and no weekly change [4] Group 9: Inter - Variety Spread Data - RU - BR: On August 21, it was -22,716, with a daily change of -2,700 and a weekly change of -14,678 [4] - NR - BR: On August 21, it was -25,836, with a daily change of -2,670 and a weekly change of -14,653 [4] - Thai Mixed - Butadiene: On August 21, it was 2,870, with a daily change of -60 and a weekly change of 150 [4] - 3L - Butadiene - Styrene: On August 21, it was 2,600, with a daily change of -100 and a weekly change of 150 [4] Group 10: Intra - Variety Spread Data - Butadiene Standard - Non - Standard Price Difference: On August 21, it was 150, with no daily change and a weekly change of -50 [4] - Butadiene - Styrene 1502 - 1712: On August 21, it was 1,000, with a daily change of 50 and no weekly change [4]

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - The overall strategy maintains the logic of shorting on rallies. This is because the overall situation in September is loose, the subsequent drivers continue to be weak; currently, the October contract is at a discount of about 450 points to the spot, and there is still expected to be room for decline; the valuation of the far - month contracts is unclear, more affected by drivers, and due to low positions, they are greatly affected by macro and capital behaviors [2][16] 3. Summary by Relevant Content 3.1 EC Futures Contract Price and Month - spread - **Contract Prices**: On August 21, 2025, the closing prices of EC2508, EC2510, EC2512, EC2602, EC2604, and EC2606 were 2123.0, 1355.0, 1775.9, 1532.0, 1314.3, and 1480.0 respectively, with changes of - 0.20%, - 1.12%, 0.05%, - 0.22%, - 0.67%, and - 0.82% [2][16] - **Month - spreads**: The month - spreads of EC2508 - 2510, EC2510 - 2512, and EC2512 - 2602 on the previous day were 768.0, - 420.9, and 243.9 respectively, with daily changes of 11.0, - 16.2, and 4.3 [2][16] 3.2 Shipping Indexes - **SCF (European Line)**: On August 18, 2025, the value was 2180.17, a decrease of 2.47% from the previous period [2][16] - **CCFI**: On August 15, 2025, it was 1790.47 points, a decrease of 0.48% from the previous period [2][16] - **NCFI**: On August 15, 2025, it was 1188.69 points, a decrease of 5.49% from the previous period [2][16] 3.3 Weekly Booking Situation - **Week 34 - 35**: Currently, downstream is booking week 34 - 35 (end of August) positions. The final average price of week 34 was 2850 US dollars (2000 points). The current average quote of week 35 is 2625 US dollars (1840 points), with PA Alliance at 2500 US dollars, MSK at 2300 US dollars, and OA Alliance at 2700 - 2800 US dollars. Fundamentally, MSK is better, OA is average, and PA is worse [2][16] - **Week 35 - 36**: Currently, downstream is booking week 35 - 36 (end of August to early September) positions. The average price of week 35 is 2575 US dollars (1770 points), and that of week 36 is 2400 US dollars (1630 points) [3][17] 3.4 Shipping Capacity - The weekly average shipping capacities in August, September (tentatively), and October 2025 are 328,000, 312,000, and 315,000 TEU respectively. After planning all TBN sailings to be cancelled, they are 328,000, 297,000, and 283,000 TEU [2][16]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoint There is no explicit core viewpoint presented in the given report. The report mainly provides a series of data on asphalt, including futures prices, trading volumes, positions, spot prices, and various spreads and profit margins. 3. Summary by Relevant Catalogs Futures Market - **Contract Prices**: The BU main contract price decreased from 3609 on 7/22 to 3454 on 8/20, a weekly change of -52. Other contracts like BU06, BU09, BU12, and BU03 also showed different degrees of decline [20]. - **Trading Volume and Position**: The trading volume increased by 53,888 week - on - week to 222,537 on 8/20, and the position decreased by 16,607 to 429,967 [20]. Spot Market - **Market Prices**: The Shandong market price dropped from 3845 on 7/22 to 3530 on 8/20, a weekly decline of -120. The East China market price decreased by -10, the South China market price by -20, and the Northeast market price by -20 [20]. - **Price Spreads**: The Shandong - East China spread widened to -190 on 8/20 from -80 on 8/12, a change of -110. The Shandong - Northeast spread widened to -350 from -250, a change of -100 [20]. Basis and Monthly Spreads - **Basis**: The Shandong basis decreased from 236 on 7/22 to 76 on 8/20, a weekly change of -68. The East China basis increased by 42, and the South China basis increased by 32 [20]. - **Monthly Spreads**: The 06 - 09 spread changed from -224 on 7/22 to -178 on 8/20, a change of 21. The 09 - 12 spread increased by 6 [20]. Spreads and Profits - **Spreads**: The asphalt Brent spread was -6 on 7/22 and 71 on 8/20, with a weekly change of -5. - **Profits**: The asphalt MRE profit increased by 38 week - on - week to -4 on 8/20. The ordinary refinery comprehensive profit decreased by 37, and the MRE - type refinery comprehensive profit decreased by 23 [20]. Related Prices - **Crude Oil and Other Products**: The Brent crude oil price decreased by 0.8 on 8/20 compared to 8/19, with a weekly change of 0.2. The Shandong gasoline market price decreased by 90 week - on - week to 7648 on 8/20 [20].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - This week, oil prices fluctuated. The inflection point of the fundamentals has emerged, and the market is concerned about the cease - fire negotiation of the Russia - Ukraine conflict and the US tariff measures on India. After the "Trump - Putin meeting", the risk rating of the sanctions policy has decreased. The short - term crude oil absolute price is expected to remain volatile, and the crude oil is expected to weaken in the second half of the year under the pattern of supply - demand surplus [5]. Group 3: Summary of Each Section 1. Oil Price Data - From August 14 to August 20, 2025, WTI crude oil price changed by $0.36, BRENT by $1.05, DUBAI by $0.48. Other related oil products also had corresponding price changes, such as NYMEX RB changing by $3.93, OMAN by $1.88 [3]. 2. Daily News - Driven by Asian demand, US crude oil exports are expected to rebound from the summer slump, with exports in August and September expected to exceed 4 million barrels per day [3]. - Russia expects India to continue buying Russian oil despite US tariff threats. As of mid - 2025, India imported about 1.7 million barrels of oil per day from Russia, accounting for nearly 37% of its overseas purchases [4]. 3. Regional Fundamentals - EIA report shows that in the week ending August 15, US crude oil exports increased by 795,000 barrels per day to 4.372 million barrels per day, domestic crude oil production increased by 55,000 barrels to 13.382 million barrels per day, and commercial crude oil inventories (excluding strategic reserves) decreased by 6.014 million barrels to 421 million barrels, a decrease of 1.41% [4]. - From August 8 - 14, the operating rate of major refineries and Shandong local refineries in China increased slightly. Refinery output of gasoline and diesel increased, and inventories decreased. The comprehensive profit of major refineries declined, while that of local refineries increased [5]. 4. Weekly Views - This week, oil prices fluctuated. The short - term crude oil absolute price is expected to remain volatile, and the crude oil is expected to weaken in the second half of the year under the pattern of supply - demand surplus. Attention should be paid to Russian crude oil supply and whether India resumes purchasing Russian oil in the spot market next week [5].

Group 1: Report Overview - The report is a morning report on glass and soda ash by the Energy and Chemicals Team of the Research Center, dated August 21, 2025 [2] Group 2: Glass Market Price Changes - From August 13 to August 20, 2025, the price of 5mm large - plate glass in different regions showed various changes. For example, the price of 5mm large - plate glass from Shahe Anquan increased from 1160.0 to 1164.0, while that from Shahe Great Wall decreased from 1147.0 to 1130.0 [2] - Among the futures contracts, FG09 decreased from 1061.0 to 997.0, and FG01 decreased from 1214.0 to 1162.0 [2] Basis and Spread - The FG 9 - 1 spread changed from - 153.0 to - 165.0, and the 09 Hebei basis changed from 82.0 to - 32.0 [2] Profitability - The North China coal - fired profit decreased from 237.0 to 228.5, and the 09FG盘面 natural gas profit decreased from - 312.2 to - 362.1 [2] Production and Sales - The production - sales ratio in Shahe was 85, in Hubei was 121, in East China was 92, and in South China was 96 [2] Group 3: Soda Ash Market Price Changes - From August 13 to August 20, 2025, the price of heavy soda ash in different regions also had different trends. For example, the price of Shahe heavy soda ash decreased from 1260.0 to 1210.0, while the price of South China heavy soda ash remained at 1450.0 [2] - Among the futures contracts, SA05 decreased from 1437.0 to 1364.0, SA01 decreased from 1383.0 to 1309.0, and SA09 decreased from 1276.0 to 1209.0 [2] Basis and Spread - The SA09 Shahe basis changed from - 16.0 to 1.0, and the SA month - difference 09 - 01 changed from - 107.0 to - 100.0 [2] Profitability - The North China ammonia - soda profit decreased from - 119.7 to - 166.7, and the North China combined - soda profit decreased from - 171.3 to - 167.9 [2] Spot Market - The spot price of heavy soda ash at the Hebei delivery warehouse was around 1180, and the price delivered to Shahe was around 1210 [2]