俄罗斯海运量依旧维持低位，保供要求打压煤炭价格

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The energy and chemical industry is expected to continue its range - bound consolidation. The short - term performance of each variety varies, with factors such as supply - demand relationships, cost changes, and geopolitical situations influencing their trends [4]. - For crude oil, short - term drivers are lacking, and the market is expected to remain volatile. The supply pressure in the real - world remains, but OPEC+ is becoming more cautious about increasing production, showing a willingness to support prices. The actual reduction in Russian oil supply in mid - to late November needs attention [9][10]. - For asphalt, the spot price is falling, and the futures price is oscillating. The premium - driving factors are weakening, and there is still significant inventory accumulation pressure [11]. 3. Summary by Related Catalogs 3.1 Market News - US sanctions on Russia's Lukoil have affected its European business, and multiple European countries' winter energy supplies may be at risk. Bulgaria's available gasoline can only last about a month, and its diesel reserves can last over 50 days [10]. - The Trump administration's plan to sell new offshore oil exploration rights on the US West Coast is likely to fail [10]. - Venezuela did not seek military support from Russia despite the tense regional situation [10]. 3.2 Variety Analysis Crude Oil - On November 11, the short - term drivers were lacking, and the market continued to oscillate. The global inventory was rising, showing supply pressure in the real - world. However, the improvement in refined - oil inventory pressure and strong crack spreads provided phased support to the demand side. OPEC+ was cautious about increasing production, and the price was expected to oscillate. The actual reduction in Russian oil supply in mid - to late November needed attention [9][10]. Asphalt - On November 11, the spot price fell, and the futures price oscillated. The OPEC+ group planned to increase production in December, the Israel - Palestine conflict ended, and the situation between the US and Venezuela was under control. The asphalt futures price broke below the important support level of 3200 yuan/ton, which was expected to turn into a resistance level. The asphalt - fuel oil spread oscillated around 400 yuan/ton. The production schedule in November decreased significantly, but the demand entered the off - season. The supply tension was relieved, and the high - premium driving factors were weakening [11]. High - Sulfur Fuel Oil - On November 11, it showed a weak oscillation. The OPEC+ group planned to increase production in December, the Israel - Palestine conflict ended, but the premium on Russian oil still existed. The fuel - oil supply in the Asia - Pacific region in November was expected to decrease due to the decline in Russian exports. The fuel - oil price still needed to pay attention to the development of the Russia - Ukraine conflict. The refinery processing demand was weak, and the fuel - oil demand was still sluggish [11]. Low - Sulfur Fuel Oil - On November 11, it might show a moderately upward oscillation. It followed the crude - oil price and oscillated weakly. The domestic refined - oil supply pressure increased, and the low - sulfur fuel oil was under the trend of increasing supply and decreasing demand. However, its current valuation was low and it would follow the crude - oil price fluctuations [13]. PX - On November 11, the commodity market sentiment cooled down, and it was waiting for contradictions to accumulate under the stalemate in profitability. The financial market risk appetite recovered, but the international oil price lacked further positive support. The PX price followed the cost and adjusted downward. The supply remained at a high level, and the price was expected to remain within a range in the short term. Attention should be paid to whether the gasoline profit changes would drive further trade flows [14]. PTA - On November 11, the supply - demand situation improved month - on - month, and the processing fee was repaired. The upstream cost cooled down, and the PTA price followed the decline. The supply - demand pattern improved slightly due to some device overhauls, and the spot processing fee was repaired month - on - month. However, the profit - repair space was relatively limited without unplanned overhauls [15][16]. Pure Benzene - On November 11, the port resumed inventory accumulation, and it was running weakly. The pure - benzene - to - naphtha spread was below 100, at a low level in recent years. The downstream benzene - ethylene overhauls were numerous in November, and the inventory - accumulation pressure was mainly on the pure - benzene side. The upward driving force was currently insufficient, but the valuation was at a low level [18][19]. Styrene - On November 11, the inventory - filling pressure still existed, and it was oscillating weakly. The driving force for going long was insufficient, but the short - selling space was getting smaller. The benzene - ethylene inventory began to decrease, but the pure - benzene inventory pressure reappeared. The pressure in November was mainly on the cost side of pure benzene [20]. Ethylene Glycol (MEG) - On November 11, the long - shutdown device restarted as scheduled, and the supply pressure was gradually realized. The polyester - chain commodity sentiment cooled down, and the ethylene - glycol price adjusted downward. The supply pressure increased as the long - shutdown device restarted, and the inventory - accumulation pattern continued. The price was expected to remain in a low - level range in the short term [21][22]. Short - Fiber - On November 11, the market was characterized by buying on dips and avoiding buying on rallies, and attention should be paid to the off - season to peak - season transition. The polyester upstream price adjusted downward, and the short - fiber price followed the cost and decreased slightly. The market was in the off - season to peak - season transition period, and the downstream demand was expected to weaken. The short - fiber price was expected to move within a range [24][25]. Polyester Bottle Chip - On November 11, the market performance was dull, and it was passively following the cost. The upstream polyester raw material price adjusted downward, and the polyester bottle - chip price decreased slightly. The short - term supply - demand contradiction was not prominent, and it followed the upstream price fluctuations. The processing fee was expected to be adjusted within a range [26]. Methanol - On November 11, the high - inventory reality suppressed the price, and overseas disturbances were not significant. The methanol price was oscillating and consolidating. The high inventory in coastal areas and sufficient imports suppressed the market, and the actual trading atmosphere was weak. The inland methanol also faced high - inventory pressure and relied on downstream olefin procurement and traders' willingness to hold goods [28]. Urea - On November 11, the export information boosted the spot market, but downstream transactions became cautious, and the futures price was expected to oscillate in the short term. The fourth - batch export quota information significantly boosted the spot market, but the high - inventory pressure still existed, and the short - term fundamentals were difficult to support high prices [28]. LLDPE - On November 11, the maintenance support was still limited, and it was oscillating weakly. The oil price was oscillating, and the supply - side support was limited. With the end of the peak season, the upstream and mid - stream still had the intention to reduce inventory at high prices, which would suppress the price increase. The short - term futures price was expected to remain weak before the significant increase in maintenance [29]. PP - On November 11, the downstream transactions increased, but the maintenance support was limited, and it was oscillating downward. The futures price was oscillating downward. The downstream transactions increased as the price decreased. The supply - side support was limited, and the inventory was at a high level in the same period in the past five years. The price was expected to remain weak in the short term [30]. PL - On November 11, the inventory needed time to be digested, and it was oscillating weakly. The Saudi Aramco's November CP prices for propane and butane decreased. The downstream restocking enthusiasm weakened, and the enterprise inventory was slightly high. The PL price was expected to remain weak in the short term [31]. PVC - On November 11, the weak reality suppressed the price, and it was oscillating weakly. The macro - level disturbances in November subsided, and the PVC fundamentals were under pressure. The production was expected to increase, the downstream demand was seasonally weakening, the export orders were weakening, and the cost was expected to remain stable [33]. Caustic Soda - On November 11, it was in a low - valuation and weak - expectation state and was oscillating. The macro - level disturbances in November subsided, and the caustic - soda supply - demand expectation was poor. Attention should be paid to whether the low - profit situation would drive upstream production cuts. The cost might increase due to the possible decline in liquid - chlorine price, and the futures price was expected to oscillate widely [34]. 3.3 Variety Data Monitoring 3.3.1 Energy Chemical Daily Indicator Monitoring - Inter - period Spread: The inter - period spreads of various varieties such as Brent, Dubai, PX, PTA, etc., showed different changes, including increases and decreases [36]. - Basis and Warehouse Receipts: The basis and warehouse - receipt data of varieties like asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc., were presented, with corresponding changes in the basis and specific warehouse - receipt quantities [37]. - Inter - variety Spread: The inter - variety spreads between different varieties such as PP - 3MA, TA - EG, etc., also showed different changes [39]. 3.3.2 Chemical Basis and Spread Monitoring - For each variety, detailed basis and spread data were provided, but specific content was not elaborated in the text, only the variety names were mentioned [40][52][64]. 3.4 Commodity Index - On November 11, the comprehensive index, characteristic index, and sector index of the CITIC Futures Commodity Index showed different degrees of decline. The energy index also showed a decline on that day, with a decline of 0.56%, a decline of 0.99% in the past five days, an increase of 2.04% in the past month, and a decline of 5.98% since the beginning of the year [280][281].