WTI原油期货日内涨近1%。据英国金融时报，以色列可能最早周五袭击伊朗核设施，军事打击可能比 一些人预期的更早。 ...

Report Industry Investment Rating - No relevant content provided Core View of the Report - The mismatch between supply and demand growth restricts the polypropylene market. With capacity expansion and weak consumption recovery, polypropylene prices are in a downward trend. The cost - end crude oil also faces supply - and - demand pressures, and its price is expected to fluctuate at a low level, providing limited cost support for polypropylene. The polypropylene futures main contract shows a bearish pattern, but the short - term downward space is limited, and it may show a low - level consolidation pattern. There is potential for a low - level rebound during the consumption season, but the seasonal features will be weakened by negative factors [1][12] Summary by Directory 1. Supply Pressure under Capacity Expansion Background - From January to April 2025, the cumulative maintenance loss of propylene in China was 2.318 million tons, a year - on - year increase of 5.15%. However, due to the continuous release of new production capacity, China's polypropylene output from January to April reached 12.611 million tons, a year - on - year increase of 12.7%. The total supply growth rate from January to April was 10.8%. Although the increase in maintenance losses and exports has alleviated domestic supply pressure to some extent, the supply pressure cannot be effectively relieved in the continuous capacity expansion cycle [1] - As of now, 1.95 million tons of new polypropylene plants have been put into production in 2025, and there are still multiple plants planned to be put into production in the middle of the year. The supply pressure in the second half of the year will continue, but the arrival of the consumption peak season may offset some of the supply - side pressure. Delays in plant commissioning due to poor profitability may also reduce the pressure [3] 2. Consumption Recovery below Expectations - After the Spring Festival this year, the downstream start - up of polypropylene recovered quickly but lacked stamina. In April, the traditional peak season, consumption recovery was significantly below expectations. Domestic demand was weak, and external demand was under pressure due to trade disputes. The operating rates of major downstream sectors declined, and the overall showed a high - level decline. In May, it was in the transition to the seasonal off - season, and the downstream start - up was expected to further decline. Although the Sino - US trade negotiation alleviated market concerns to some extent, the demand side still had many uncertainties, and the growth momentum of the terminal consumer market was insufficient [7] 3. Oil Price Decline Pressuring the Cost End - Since the beginning of this year, the crude oil price has dropped from about $82 in mid - January to a low of $58. The main reasons include intensified international trade rectification, accelerated production increase by OPEC +, and easing of the Russia - Ukraine situation. The decline in the cost end is an important factor leading to the drop in polypropylene prices. Although there are expectations of some improvement in oil prices in the later stage, such as the upcoming US summer demand peak and the easing of trade disputes, the overall low - level operation logic of oil prices is difficult to reverse [10]

油价在震荡中小幅下跌，因更广泛的金融市场疲软，对伊朗的制裁是放松还是收紧的不确定性挥之不 去。 在其他地方，康菲石油公司（ConocoPhillips）首席执行官Ryan Lance表示，他认为美国页岩油产量尚未 达到峰值。他补充道，价格持续在50美元左右将导致缓慢下降，但在60美元左右产量将趋于平稳。交易 员一直在关注油价下跌对美国供应影响的迹象。 价格 纽约7月交割的WTI下跌0.2%，收于62.03美元。六月期货周二到期。 布伦特原油下跌0.2%，收于每桶65.38美元。（小晨编译） 自上周以来，油价一直在波动，关于伊朗-美国谈判命运的头条新闻喜忧参半，这可能为更多桶原油重 返预计今年晚些时候供应过剩的市场铺平道路。美国总统唐纳德·特朗普正在撤回结束乌克兰和俄罗斯 战争的努力，这增加了全球的不确定性。 BOK Financial Securities交易高级副总裁Dennis Kissler表示："目前，在了解欧佩克、伊朗和俄罗斯的传 奇故事如何发展之前，这只是一条通往原油'无处可去'的道路。" 在中美贸易战缓和后，原油在4月份下跌19%后，本月出现反弹。最近几周几种精炼燃料相对于原油的 溢价飙升，这可 ...

4月30日24时，国内成品油零售价格调整迎来今年第二次搁浅。在未来半个月时间内(4月30日24时至5月 19日24时)，居民驾车出行燃油成本及物流运输燃油成本将保持不变。 据国家发展改革委消息，自2025年4月17日国内成品油价格调整以来，国际市场油价波动运行，按现行 国内成品油价格机制测算，4月30日的前10个工作日平均价格与4月17日前10个工作日平均价格相比，调 价金额每吨不足50元。根据《石油价格管理办法》第七条规定，本次汽、柴油价格不作调整，未调金额 纳入下次调价时累加或冲抵。 隆众资讯成品油分析师刘炳娟认为，从成本端来看，本周期内国际原油价格持续下跌，整体拉低成品油 成本；从供需面来看，主营炼厂检修较多，独立炼厂负荷亦低位运行，国内整体供应低位，但原油下跌 利空市场心态，中下游入市积极性较低，观望氛围浓厚，车船成交亦较为保守，对汽油柴油价格形成拖 累，但汽油价格受到"五一"节前备货支撑跌幅小于柴油。 金联创成品油分析师马建彩指出，后市来看，国际市场消息面缺少有力支撑，原油价格反弹乏力，消息 面对国内市场影响受限。节后市场来看，汽油需求支撑减弱，且调价方向存不确定性，业内对后市看空 心态升温，汽油价 ...

Group 1 - The international crude oil market has shown a fluctuating trend during the current pricing cycle, leading to a narrowing of the domestic reference crude oil change rate, with an adjustment amount of 45 yuan/ton, which has not reached the 50 yuan/ton adjustment threshold [1] - As of April 28, the domestic reference crude oil change rate was calculated at 1.11%, indicating a potential increase in gasoline and diesel prices by 45 yuan/ton, but still below the retail price limit for refined oil [1] - The upcoming OPEC+ production increase and ongoing uncertainties in trade situations are contributing to the pressure on crude oil demand and prices, resulting in a mixed market outlook [1] Group 2 - With one working day remaining before the pricing window opens, the likelihood of a suspension in domestic refined oil price adjustments is high, although an upward adjustment cannot be completely ruled out [2] - If the price adjustment results in a suspension, it will mark the second suspension of refined oil retail price adjustments since 2025, maintaining fuel costs for residents and logistics for the next half month [2]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices experienced slight fluctuations as of April 25, 2025, with Brent and WTI prices at $65.80 and $63.02 per barrel respectively [7][22] - OPEC+ may accelerate the exit from voluntary production cuts in June, raising concerns about supply increases [7] - Kazakhstan's energy minister indicated that national interests would take precedence over OPEC+ interests, further intensifying supply concerns [7] - The market faces multiple uncertainties, including tariffs and geopolitical tensions involving the US, Iran, and Russia-Ukraine negotiations [7] Oil Price Summary - As of April 25, 2025, Brent crude futures settled at $65.80 per barrel, down $0.46 (-0.69%) from the previous week; WTI crude futures settled at $63.02 per barrel, up $0.61 (+0.98%) [22] - Russian Urals crude spot price remained stable at $65.49 per barrel, while Russian ESPO crude price decreased by $0.32 (-0.51%) to $62.28 per barrel [22] Offshore Drilling Services - As of April 21, 2025, the number of global offshore self-elevating drilling rigs was 381, an increase of 1 from the previous week; the number of floating drilling rigs was 141, also up by 1 [26] US Oil Supply - As of April 18, 2025, US crude oil production was 13.46 million barrels per day, a decrease of 0.02 million barrels per day from the previous week [42] - The number of active drilling rigs in the US increased by 2 to 483 as of April 25, 2025 [42] - The number of fracturing fleets in the US rose by 5 to 205 as of April 25, 2025 [42] US Oil Demand - As of April 18, 2025, US refinery crude oil processing volume was 15.89 million barrels per day, an increase of 325,000 barrels per day from the previous week, with a refinery utilization rate of 88.10%, up 1.8 percentage points [53] US Oil Inventory - As of April 18, 2025, total US crude oil inventory was 841 million barrels, an increase of 712,000 barrels (+0.08%) from the previous week [64] - Strategic oil inventory was 397 million barrels, up 468,000 barrels (+0.12%); commercial crude oil inventory was 443 million barrels, up 244,000 barrels (+0.06%) [64] Related Companies - Key companies in the industry include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The recent inventory accumulation rate in the asphalt industry chain has slowed down. If the inventory level can remain low in the second quarter, it will strongly support subsequent prices. Short - term oil prices are expected to fluctuate significantly due to macro and geopolitical factors, while medium - to - long - term oil prices still face downward pressure. The unilateral price fluctuation of asphalt is weaker than that of crude oil. With the improvement of short - term supply and demand and the lack of elasticity in the medium - to - long - term supply side, the downward space of asphalt is expected to be limited, and it should be treated with a shock mindset. The operating range of BU2506 is expected to be between 3300 - 3450 [4][34]. Summary by Directory 1. Preface Summary 1.1 Market Review - In April, crude oil prices fluctuated sharply under the influence of macro and geopolitical factors. At the beginning of April, due to global trade war disturbances, crude oil prices dropped significantly, causing the asphalt cost to collapse. The domestic pessimistic sentiment spread, and the price of the main asphalt contract followed the sharp decline of crude oil prices to around 3300 yuan/ton. In mid - April, the intensification of US sanctions on Iran and the OPEC+ over - production compensation plan led to a rebound in crude oil prices, driving the repair of asphalt costs. The asphalt price gradually recovered with the support of cost repair and demand improvement. In late April, the trade war situation continued, and there were disagreements within OPEC+ regarding production adjustments, causing crude oil prices to fluctuate more violently. In April, the discount of diluted asphalt remained at - 5.5 US dollars/barrel. The basis generally recovered, and currently, both the spot and futures valuations are high [3][9][29]. 1.2 Market Outlook - The recent slowdown in inventory accumulation in the asphalt industry chain. If the inventory level remains low in the second quarter, it will strongly support subsequent prices. Short - term oil prices are expected to fluctuate significantly due to macro and geopolitical factors, while medium - to - long - term oil prices still face downward pressure. The unilateral price fluctuation of asphalt is weaker than that of crude oil. With the improvement of short - term supply and demand and the lack of elasticity in the supply side in the second half of the year, the downward space of asphalt is expected to be limited, and it should be treated with a shock mindset. The operating range of BU2506 is expected to be between 3300 - 3450 [4]. 1.3 Strategy Recommendation - Unilateral: Range - bound shock. - Arbitrage: The spread between asphalt and crude oil is expected to narrow. - Options: If holding long positions, a strategy of selling call options can be adopted [5][34]. 2. Fundamental Situation 2.1 Market Review - Repeated with the content in the preface summary, in April, crude oil prices fluctuated sharply under the influence of macro and geopolitical factors, affecting asphalt prices and costs, and the basis generally recovered with high spot and futures valuations [9]. 2.2 Supply Overview - In March, domestic refinery asphalt production was 2.23 million tons, a month - on - month increase of 260,000 tons (9%) and a year - on - year decrease of 140,000 tons (6%). From January to March 2025, domestic refinery asphalt production was 6.25 million tons, a year - on - year decrease of 10,000 tons. In April, the planned asphalt production of domestic refineries was 2.09 million tons, a month - on - month decrease of 10,000 tons (1%) and a year - on - year decrease of 160,000 tons (7%). In May, the planned asphalt production of local refineries is expected to be around 1.14 million tons, a month - on - month increase of 150,000 tons (15%) and a year - on - year increase of 160,000 tons (16%). In the first quarter of 2025, domestic asphalt imports were 670,000 tons, a significant year - on - year decrease of about 20%. In March 2025, asphalt imports were about 260,000 tons, a month - on - month increase of about 50,000 tons and a year - on - year decrease of about 40,000 tons; exports in February were about 60,000 tons, a month - on - month increase of about 10,000 tons and a year - on - year increase of about 30,000 tons [15][16][17]. 2.3 Demand Overview - In April, as the temperature warmed up, the overall demand for asphalt continued to recover slowly. At the refinery end, the shipment volume increased month - on - month, and the shipment level was higher than that of the same period last year. Downstream demand also recovered slowly but was still lower than last year's level. The capacity utilization rate of road modified asphalt increased slightly, rising about 2 percentage points compared to March. Modified asphalt enterprises resumed production and increased production, and the capacity utilization rate continued to rise by 2 percentage points. The demand for waterproofing membranes remained stable. In the north, the good weather supported the rigid demand; in the south, the intermittent rainy weather limited the demand growth [23]. 2.4 Inventory and Valuation - The inventory accumulation rate in the industry chain slowed down. In April, the refinery inventory remained stable compared to March, with the refinery inventory rate maintained at 30% - 31%. The social inventory rate increased slightly month - on - month. In terms of cost, crude oil prices fluctuated sharply in April, affecting asphalt costs. The basis generally recovered, and currently, both the spot and futures valuations are high [28][29]. 3. Future Outlook and Strategy Recommendation - The demand in the short - term and expected to improve, and the inventory accumulation rate in the asphalt industry chain has slowed down. If the inventory level can remain low in the second quarter, it will strongly support subsequent prices. Short - term oil prices are expected to fluctuate significantly due to macro and geopolitical factors, while medium - to - long - term oil prices still face downward pressure. The unilateral price fluctuation of asphalt is weaker than that of crude oil. With the improvement of short - term supply and demand and the lack of elasticity in the medium - to - long - term supply side, the downward space of asphalt is expected to be limited, and it should be treated with a shock mindset. The operating range of BU2506 is expected to be between 3300 - 3450. Strategy recommendations include unilateral range - bound shock, narrowing the asphalt - crude oil spread, and if holding long positions, adopting a strategy of selling call options [34].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - In the spot and futures market, the closing price of the main EG contract was 4,179 yuan/ton, down 71 yuan/ton (-1.67%) from the previous trading day. The spot price of EG in the East China market was 4,216 yuan/ton, down 19 yuan/ton (-0.45%). The spot basis of EG in East China was 21 yuan/ton, unchanged from the previous day. After Trump's attitude softened, concerns about plant shutdowns due to high ethane import tariffs eased on Thursday, leading to a decline in EG prices [1]. - In terms of production profit, the production profit of ethylene - based EG was -$66/ton, up $3/ton from the previous period. The production profit of coal - based syngas EG was -227 yuan/ton, up 41 yuan/ton [1]. - Regarding inventory, according to CCF data, the MEG inventory at major ports in East China was 77.5 tons, up 0.4 tons from the previous period. According to Longzhong data, it was 68.8 tons, down 1.9 tons from last week. The planned arrivals at major ports this week were 19.6 tons, slightly on the high side. The inventory has rebounded compared to Monday. The current inventory is at a seasonal median level in the past five years, and the hidden inventory is still high. Attention should be paid to the impact of de - stocking on port inventory [1]. - On the supply side, with the centralized maintenance of coal - based plants, the domestic supply of EG has declined. The Sino - US trade war also affects the supply of ethylene glycol. On the demand side, the polyester load has remained stable at a high level in the near term, but the textile and clothing orders directly exported to the US are still on hold. The overall EG inventory is at a seasonal median level in the past five years. There is some de - stocking support in April, but the hidden inventory of polyester factories is still high, limiting the actual de - stocking amplitude of port inventory [1][2]. 3. Strategies - Unilateral: Cautiously short - hedge MEG. Given the US tariff increase and OPEC+ production increase, the medium - term outlook for crude oil prices is weak. In the short term, attention should be paid to the progress of the Iran nuclear negotiations. The fundamentals of MEG itself are acceptable, but the textile and clothing demand outlook remains weak due to the suspension of direct exports to the US [3]. - Inter - period: No strategy provided. - Inter - variety: No strategy provided. 4. Summary by Directory Price and Basis - The report presents the closing price of the main EG contract, the spot price of EG in the East China market, and the spot basis of EG in East China, along with their changes from the previous trading day [1]. Production Profit and Operating Rate - It shows the production profits of ethylene - based EG, coal - based syngas EG, and other production methods, as well as their changes from the previous period [1]. International Price Difference - The international price difference between US FOB and Chinese CFR for ethylene glycol is presented [17]. Downstream Sales, Production, and Operating Rate - Information on the sales and production of long - filament and short - fiber, as well as the operating rates of polyester, direct - spun long - filament, polyester staple fiber, and polyester bottle - chip is provided [18][20][24]. Inventory Data - Data on the inventory of ethylene glycol at major ports in East China, including overall inventory and inventory at specific ports, as well as the inventory days of MEG raw materials in Chinese polyester factories and the daily outbound volume at major ports in East China are given [1][28][31][33][36].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - This week, due to the tightening supply of crude oil and rising oil prices, asphalt prices have increased. Shandong's spot prices have risen slightly, and the futures market has strengthened marginally. With low production levels and a slight increase in shipments, factory inventories have continued to decline while social inventories have increased, resulting in overall stable inventories and a generally positive trend. The market in the north is tight, while supply in the east and south is relatively ample. Positive factors include low inventory levels, tight and expensive heavy - oil raw materials, and a decrease in April production schedules. Negative factors are the lack of demand improvement, weak spot prices in the east and south, and price cuts by Sinopec. The fundamentals have slightly improved, and the short - term outlook is weakly stable. Inventories are expected to gradually increase at a low level in the first half of the year. Attention should be paid to actual inventory levels and the impact of US sanctions on raw materials. Prices are expected to fluctuate with crude oil, and long positions in distant contracts such as the 09 contract are recommended [1] Group 3: Summary by Relevant Catalogs 1. Daily Data - From April 10th to April 16th, the low - end spot prices in East China and Shandong remained unchanged at 3550 yuan/ton and 3330 yuan/ton respectively, and the low - end spot price in Northeast China remained at 3750 yuan/ton. The futures price decreased by 23 yuan to 3278 yuan/ton, and the basis of the main contract increased by 23 yuan to 132 yuan/ton. The CFR price of South Korean asphalt in East China remained at 465 dollars/ton, and the RMB - denominated price increased by 2 yuan to 4104 yuan/ton. The price of Shandong coker feedstock remained at 4310 yuan/ton [1] 2. Daily Review - Shandong's spot prices remained stable, with a market reference price of 3510 - 3700 yuan/ton. The asphalt futures market fluctuated, and crack spread profits were at a moderate level. Gasoline and diesel prices in Shandong increased slightly. The daily asphalt production was 6.3 (+0) million tons [1] 3. Weekly Viewpoint - This week, with tightening crude oil supply and rising oil prices, asphalt prices have increased. Shandong's spot prices have risen slightly, and the futures market has strengthened marginally. With low production levels and a slight increase in shipments, factory inventories have continued to decline while social inventories have increased, resulting in overall stable inventories and a generally positive trend. The market in the north is tight, while supply in the east and south is relatively ample. Positive factors include low inventory levels, tight and expensive heavy - oil raw materials, and a decrease in April production schedules. Negative factors are the lack of demand improvement, weak spot prices in the east and south, and price cuts by Sinopec. The fundamentals have slightly improved, and the short - term outlook is weakly stable. Inventories are expected to gradually increase at a low level in the first half of the year. Attention should be paid to actual inventory levels and the impact of US sanctions on raw materials. Prices are expected to fluctuate with crude oil, and long positions in distant contracts such as the 09 contract are recommended [1]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints - The crude oil market is in a low - level shock. Recently, the absolute price of crude oil has marginally rebounded, and the monthly spread has rebounded periodically. The hype of Iran's supply cut is the core reason for this round of strength. Currently, it is mainly based on expected trading. From a configuration perspective, long - term contracts can be partially over - allocated. [3] - The US Treasury has imposed the fourth round of sanctions on Iran this year. This round of sanctions is more precise, and the sanctions on Shandong Luqing and Huizhou Port have been intensified. Sanctions have shifted from path - based to buyer - based, which is an escalation of sanctions. The arrival of Iranian oil has been affected. [3] - The US has also strengthened sanctions on Venezuela. The impact of current policies on Venezuela is neutrally evaluated. [3] - Other fundamentals remain in a periodically improving state. After the spring maintenance, the seasonal start - up of refineries has begun to pick up, and the purchasing demand in the US and Europe has gradually emerged. If the upward driving force shifts from the supply side to the demand side, some positive arbitrage operations can be selectively carried out. [3] 3. Section - by - Section Summaries 3.1 Market Influencing Factors - **OPEC Production**: OPEC's compensation production cut plan has been released. Conservatively assessing the compensation production cut intensity, sources claim that OPEC + may plan a second production increase in May, so the probability of an increase in supply is relatively high [4]. - **Macro**: The macro - environment remains weak, and the turning point of sentiment should be monitored [4]. - **SPR**: The US SPR repurchase plan has stopped. Trump said that the stockpiling step will be restarted in the low - oil - price range [4]. - **Geopolitics**: The US - Russia negotiation continues, and there are periodic conflicts in the Middle East. Overall, there are no new variables [4]. - **Downstream Demand**: The widening of downstream profits has driven the recovery of refinery start - up. Attention should be paid to the purchasing demand brought about by the subsequent increase in refinery start - up [4]. - **Shale Oil**: Last week, the production was 13.57 million barrels per day, and the number of rigs remained unchanged at 486. In the medium - to - long term, the boost to production is limited [4]. 3.2 Supply - Demand Balance Table - **Production**: From 2023Q1 to 2025Q4, the total production shows an overall upward trend, with fluctuations in some quarters. OPEC production, NGL production, non - OPEC production, OECD production, and non - OECD production also have their own trends and changes [5]. - **Demand**: The total demand also fluctuates within a certain range from 2023Q1 to 2025Q4. OECD demand and non - OECD demand have their own characteristics [5]. - **Call On OPEC**: It shows different values in each quarter from 2023Q1 to 2025Q4, reflecting the demand for OPEC oil [5]. - **Surplus**: The surplus or deficit situation varies in different quarters, with positive and negative values indicating surplus and deficit respectively [5]. 3.3 Sanctions on Iran - As of now, the US has imposed four rounds of sanctions on Iran. The latest one on March 20 targeted buyers of Iranian goods, sanctioning Shandong Luqing Petrochemical, Huizhou Dayawan Huaying Petrochemical Terminal, 8 oil tankers, and 19 entities [7][9]. - Iran's seaborne exports have not decreased significantly. Exports to China have decreased sharply, and some goods have been transferred to floating storage. If the US wants to further reduce Iran's exports, it needs to further escalate sanctions [9]. 3.4 Sanctions on Venezuela - US President Trump said that he would impose a 25% tariff on all imports from any country that buys oil or gas from Venezuela and impose new tariffs on Venezuela itself. The US has extended Chevron's operating license for its joint - venture oil company in Venezuela until May 27, 2025 [13]. - Currently, Venezuela's production is about 1 million barrels per day. If tariffs are further increased, production may further decrease, and it may exacerbate the shortage of heavy - oil in the US. However, the short - term impact on the market may be limited [13]. 3.5 OPEC + Compensation Production Cut - On March 20, OPEC + announced the latest compensation plan schedule, which is the first update this year. The future compensation production cut of these countries is about 250,000 barrels per day [15]. - The largest compensation - production - cut countries are Iraq, Kazakhstan, and Russia. Considering the easing of US - Russia relations, the actual compensation production cut may be less than expected [15]. 3.6 Geopolitical Situation - The Riyadh negotiation between the US and Ukraine has ended, mainly discussing whether the Russian president agrees to resume the Black Sea Grain Initiative. After Trump's call with Putin, a cease - fire agreement on air infrastructure was reached, but the implementation remains to be seen [19]. - In the Middle East, the US continues to air - strike the Houthi rebels in Yemen. Trump has warned Iran not to support the Houthi rebels. Israel also continues to harass the Gaza area. Currently, there are no major geopolitical variables, but there will be some marginal disturbances [19]. 3.7 Fundamentals - In terms of fundamentals, the seasonal recovery of US refinery start - up continues. The latest refinery start - up rate has reached 86.9%, rising month - on - month. Commercial crude oil inventories continue to accumulate, and the Cushing crude oil inventory has significantly decreased [25]. - In the PADD1 area, the start - up of a major refinery has not recovered, but the overall warming trend of North American refineries continues [25]. 3.8 Spot Market - In the North Sea spot market, the recent discount has gradually improved. The latest CFD and DFL are 1.02 and 0.79 US dollars per barrel respectively, which is in a relatively high - neutral range [26]. 3.9 Spread Situation - As of March 25, the WTI near - term spread is 0.47 US dollars per barrel, and the 1 - 6 spread is 2.4 US dollars per barrel; the Brent near - term spread is 0.63 US dollars per barrel, and the 1 - 6 spread is 2.7 US dollars per barrel; the SC near - term spread is - 2.8 yuan per barrel [33]. 3.10 Positioning Situation - In the week of March 18, WTI long - terms increased by 4,305 lots, short - terms increased by 19,790 lots, and net long - terms decreased by 15,480 lots [49][50]. - In the week of March 18, Brent long - terms increased by 37,100 lots, short - terms decreased by 11,200 lots, and net long - terms increased by 48,310 lots [52][53].