Report Industry Investment Rating - The investment rating of the pure benzene industry is "Oscillation" [2] Report's Core View - After the US attacked Venezuela, the Venezuelan oil facilities were not impacted for the time being. The medium - to long - term crude oil supply may increase after the US "takes over", which is negative for market sentiment. This week, the pure benzene inventory at Jiangsu ports continued to accumulate, while the downstream demand side's operating rate increased. In the short term, the pure benzene price will fluctuate widely, with the reference range for the 03 contract being 5380 - 5580 yuan/ton. Future focus should be on port arrivals and the future transaction price of the US dollar - denominated pure benzene market. The trading strategy is to wait and see [2] Summary by Relevant Catalogs Market Review - On Tuesday night, the price of the main futures contract BZ2603 fell by 5 yuan to 5405 yuan/ton. The spot price in the mainstream area of East China was 5290 yuan/ton (down 60 yuan month - on - month), and the spot price in Shandong was 5233 yuan/ton (down 3 yuan month - on - month). In terms of positions, the long positions increased by 812 lots to 18,000 lots, and the short positions increased by 1114 lots to 23,100 lots [2] Important Information - **Supply**: In November, China's pure benzene production was 1.918 million tons, a year - on - year decrease of 0.93%. The pure benzene import volume in November was 459,600 tons, a month - on - month decrease of 7.4%. In November 2025, the monthly import volume was 459,624.998 tons, the cumulative import volume was 5,071,144.069 tons, the monthly import amount was 323.069632 million US dollars, the monthly import average price was 702.90 US dollars/ton, the import volume decreased by 7.48% month - on - month, increased by 5.93% year - on - year, and the cumulative import volume increased by 33.61% compared with the same period last year [2] - **Inventory**: The total commercial inventory of the pure benzene port samples in Jiangsu was 318,000 tons, an increase of 18,000 tons from the previous inventory, a month - on - month increase of 6.00%; compared with the inventory of 185,200 tons in the same period last year, the inventory increased by 132,800 tons, a year - on - year increase of 71.71%. From December 29th to January 4th, the estimated arrival was about 25,000 tons and the提货 was about 7,000 tons [2] - **Demand**: The operating rate of styrene was 70.7%, a month - on - month increase of 1.6%; the operating rate of phenol was 78%, a month - on - month increase of 3%; the operating rate of caprolactam was 74.1%, a month - on - month decrease of 0.1%; the operating rate of aniline was 62.8%, a month - on - month increase of 1.6%; the operating rate of adipic acid was 63.6%, a month - on - month increase of 4%. Caprolactam plants started to cut production voluntarily, and there was an expected decrease in the monthly pure benzene demand from December to January. The second line of Guangxi Hengyi's caprolactam was put into production. The trading volume in Shandong was in the hundreds, with the low end at 5225 and the high end at 5240 [2] - **International Oil Price**: The market believes that after the conflict between the US and Venezuela, it will take time for Venezuela's production to recover and increase, and international oil prices have risen. The NYMEX crude oil futures 02 contract was 58.32, up 1.00 US dollars/barrel, a month - on - month increase of 1.74%; the ICE Brent crude oil futures 03 contract was 61.76, up 1.01 US dollars/barrel, a month - on - month increase of 1.66%. China's INE crude oil futures 2602 contract fell 9.7 to 426.8 yuan/barrel, and rose 1.3 to 428.1 yuan/barrel at night [2] - **News Event**: On January 3rd local time, US President Trump said that the US had successfully attacked Venezuela, captured Venezuelan President Maduro and his wife, and took them out of Venezuela. On the same day, a US official said that Venezuelan President Maduro was captured by members of the US military's highest special mission force, the Delta Force, in the early morning of January 3rd [2] Market Logic - The US attacked Venezuela, but Venezuelan oil facilities were not affected in the short term. After the US "takes over", the medium - to long - term crude oil supply may increase, which is negative for market sentiment. The pure benzene inventory at Jiangsu ports continued to accumulate this week, while the downstream demand side's operating rate increased. In the short term, the pure benzene price will fluctuate widely [2] Trading Strategy - The recommended trading strategy is to wait and see [2]

Group 1: Report Information - Report title: Crude Oil and Refined Oil Morning Report [2] - Report date: January 6, 2026 [2] - Research team: Energy and Chemicals Team of the Research Center [2] Group 2: Market Data Price Changes - From December 26, 2025, to January 5, 2026, WTI increased by $0.90 to $58.32, BRENT increased by $0.91 to $61.76, and OMAN decreased by $10.50 to $421.70 [3] - The BRENT 1 - 2 month spread increased by $0.03 to $0.39, and the WTI - BRENT spread decreased by $0.01 to -$3.44 [3] - The domestic gasoline price decreased by $70.00 to $7090, and the domestic gasoline - BRENT spread decreased by $61.00 to $3536 [3] Inventory Data - In the week of December 19, US crude exports decreased by 1.048 million barrels per day to 3.616 million barrels per day [4] - US domestic crude production decreased by 0.018 million barrels to 13.825 million barrels per day [5] - Commercial crude inventories (excluding strategic reserves) increased by 0.0405 million barrels to 425 million barrels, a 0.1% increase [5] Group 3: News Summary Geopolitical News - The US asked Venezuela's interim leader to stop selling oil to US adversaries, crack down on drug smuggling, and expel personnel from countries hostile to Washington [3] - The US plans to intercept an oil tanker carrying Venezuelan oil [4] - Netanyahu informed Iran through Putin that Israel has no intention to escalate the situation or attack Iran [4] Industry News - The US Energy Secretary will meet with oil executives to discuss the "revival" of Venezuela's energy industry after Maduro's arrest [4] Group 4: Weekly Views - Before the holiday, crude oil prices fluctuated. On January 2, overseas crude oil closed lower. Over the weekend, the US - Venezuela incident escalated [6] - In the short term, the market faces geopolitical risks. Venezuelan sea - borne imports and exports may be blocked, and the Iran - Israel situation has also intensified [6] - In the short term, if Venezuela enters a political transition period, production may decline, but it won't change the global supply pattern. In the long term, production may increase [6] - The US has asked oil companies to invest in Venezuela, but industry insiders are cautious [6] - OPEC+ decided to maintain the suspension of production increases in the first quarter and did not discuss the Venezuela issue [6] - In the short term, crude oil prices may be affected by logistics disruptions and geopolitical premiums, but the upside is limited. In the long term, Venezuela may be the biggest supply - increase uncertainty in 2026 - 2027 [6]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report [2] 2. Core View of the Report - The short - term price of bottle chips will fluctuate with raw materials. The reference range for the main contract PR2603 is 5950 - 6150 yuan/ton. It is recommended to take a wait - and - see approach [2] 3. Summary by Relevant Catalogs 3.1 Market Review - The price of the main bottle chip contract in the overnight session on Monday rose 34 yuan to 6020 yuan/ton. The price of East China water - grade bottle chips was 5980 yuan/ton (-70), and the price of South China bottle chips was 6020 yuan/ton (-70). Long - position holdings increased by 4952 lots to 55,000 lots, and short - position holdings increased by 4171 lots to 57,000 lots [2] 3.2 Important Information - **Supply, Cost, and Profit**: This week, the domestic polyester bottle chip production was 335,700 tons, a week - on - week increase of 0.21. The average weekly capacity utilization rate of domestic polyester bottle chips was 73.36%, a week - on - week increase of 0.31. The production cost of polyester bottle chips was 5623 yuan/ton, a week - on - week increase of 178 yuan/ton. The weekly production gross profit of polyester bottle chips was - 182 yuan/ton, a week - on - week decrease of 4 yuan/ton [2] - **Export**: In November 2025, China's polyester bottle chip exports were 533,000 tons, an increase of 99,000 tons from the previous month. The cumulative export volume in 2025 was 5.865 million tons [2] - **Production in December 2025**: The output of China's polyester bottle chip industry was 1.4789 million tons, a month - on - month increase of 3.48%. The capacity utilization rate this month was 73.12%, a month - on - month increase of 0.1 percentage points [2] - **Oil Price**: The market believes that after the US - Venezuela conflict, it will take time for Venezuela's oil production to recover and increase, leading to an increase in international oil prices. The NYMEX crude oil futures 02 contract rose 1.00 dollars/barrel to 58.32 dollars/barrel, a week - on - week increase of 1.74%. The ICE Brent crude oil futures 03 contract rose 1.01 dollars/barrel to 61.76 dollars/barrel, a week - on - week increase of 1.66%. The Chinese INE crude oil futures 2602 contract fell 9.7 to 426.8 yuan/ton, and rose 1.3 to 428.1 yuan/ton in the overnight session [2] 3.3 Market Logic - The US attacked Venezuela, but Venezuela's oil facilities were not affected for the time being. After the US "takes over", the medium - and long - term crude oil supply may increase, which is negative for market sentiment. This week, the supply of bottle chips increased slightly, and downstream factories mainly replenished stocks rigidly. The expected commissioning of new plants has little impact on the market [2] 3.4 Trading Strategy - It is recommended to take a wait - and - see approach [2]

Group 1: Market Movements - Gold prices surged, with spot gold breaking above $4366, increasing by over 0.8% [1][6] - Silver prices also rose, with spot silver up nearly 0.7% and COMEX silver increasing by over 2.5% [1][6] Group 2: Venezuela Oil Situation - Venezuela is a significant oil-producing country and OPEC member, currently facing U.S. sanctions that have led to a decline in its oil production [4][10] - U.S. actions may force Venezuela to shut down multiple oil wells, further decreasing its oil output [10] - The geopolitical tensions could elevate risk premiums and potentially drive oil prices higher, with WTI and Brent crude possibly reaching $60 and $63 per barrel, respectively [10] - In the long term, if the situation stabilizes, U.S. oil companies may return to Venezuela, which has the world's largest proven oil reserves, potentially increasing global oil supply [5][11] - If sanctions are lifted and foreign investment returns, Venezuela's oil exports could approach 3 million barrels per day in the medium term [11]

Report Summary - **Report Date**: December 29, 2025 [1] - **Report Author**: Shi Xiuming [2] - **Investment Rating**: Not provided - **Core View**: The US sanctions on Venezuela have led to a slowdown in oil shipping operations, with daily crude oil exports decreasing by about 200,000 barrels (a 25% decline) last week, accounting for only 0.7% of OPEC's production and having a small impact on the global supply. On Friday, international oil prices fell by over 2%, influenced by market expectations of a possible Ukraine peace agreement. Although OPEC+ has suspended production increases in Q1, non -减产联盟 countries like Brazil and Canada are expected to increase production, keeping supply sufficient. Even if the Russia - Ukraine conflict is resolved, Russia's oil supply will still be adjusted according to OPEC+ goals. The market should be treated with a view of weakening volatility [2]. - **Factors to Watch**: Geopolitics and weekly crude oil data [3] Weekly Fundamental Data Changes 1. Spot and Futures Market Review - **SC Crude Oil Futures**: The price is 441.80 yuan/barrel, with a weekly increase of 15.20 yuan and a change rate of 3.56% [4] - **Oman Crude Oil Spot**: The price is 62.66 dollars/barrel, with a weekly increase of 1.90 dollars and a change rate of 3.13% [4] - **Brent Crude Oil Futures**: The price is 62.28 dollars/barrel, with a weekly increase of 1.73 dollars and a change rate of 2.86% [4] - **WTI Crude Oil Futures**: The price is 56.90 dollars/barrel, with a weekly increase of 0.35 dollars and a change rate of 0.62% [4] 2. Supply Situation Analysis - **US Crude Oil Production**: The production is 13,842 thousand barrels per day, with a weekly decrease of 20 thousand barrels and a change rate of - 0.14% [4] 3. Crude Oil Inventory - **US Crude Oil Inventory**: The inventory is 424,417 thousand barrels, with no change from the previous week [4] 4. Demand Situation Analysis - Not provided with specific data analysis in the text 5. Cost - Profit Analysis - **Comprehensive Refinery Profit**: The profit is 663 yuan/ton, with a weekly increase of 50 yuan and a change rate of 8.16% [4]

Report Industry Investment Rating - Not provided Core Viewpoint - Short - term L2601 is expected to fluctuate weakly, and attention should be paid to the support around 6720 on the daily K - line. PE supply pressure is high, demand is weakening, and the valuation is difficult to repair under the background of low LLDPE oil - and coal - based profits [2] Summary by Relevant Catalogs Futures Market - Futures主力合约收盘价:聚乙烯(日,元/吨) is 6788, up 28; 1 - 5 spread is - 76, up 5; trading volume (daily, lots) is 186004, down 5446; open interest (daily, lots) is 586919, up 2586; the net long position of the top 20 futures holders of polyethylene (daily, lots) is - 93396, down 2692 [2] Spot Market - LLDPE(7042) average price in North China (daily, yuan/ton) is 6893.48, up 1.74; in East China is 7102.86, up 0.71; the basis is 105.48, down 26.26 [2] Upstream Situation - FOB: middle price: naphtha: Singapore region (daily, US dollars/barrel) is 62.26, down 0.57; CFR: middle price: naphtha: Japan region (daily, US dollars/ton) is 576.75, down 5.5; ethylene: CFR Southeast Asia: middle price (daily, US dollars/ton) is 731, unchanged; ethylene: CFR Northeast Asia: middle price (daily, US dollars/ton) is 741, unchanged [2] Industry Situation - The national petrochemical PE operating rate (daily, %) is 82.59, up 1.72 [2] Downstream Situation - The operating rate of polyethylene (PE) packaging film (weekly, %) is 50.78, down 0.52; of PE pipes (weekly, %) is 31.67, down 0.5; of PE agricultural film (weekly, %) is 49.96, up 0.43 [2] Option Market - The 20 - day historical volatility of polyethylene (daily, %) is 8.96, up 0.2; the 40 - day historical volatility is 8.47, up 0.12; the implied volatility of at - the - money put options of polyethylene (daily, %) is 10.46, down 1.35; the implied volatility of at - the - money call options is also 10.46, down 1.35 [2] Industry News - From October 31 to November 6, PE weekly output increased by 2.67% to 66.07 tons, and capacity utilization increased by 1.72% to 82.59%. PE downstream operating rate decreased by 0.51%, with agricultural film operating rate up 0.44% and packaging film operating rate down 0.52%. As of November 7, PE social inventory was 50.01 tons, down 1.86%; as of November 12, PE production enterprise inventory was 52.92 tons, up 7.96%. From November 1 to 7, the cost of oil - based LLDPE decreased by 0.83% to 7328 yuan/ton, and the profit decreased by 10.43 yuan/ton to - 370.43 yuan/ton; the cost of coal - based LLDPE increased by 0.57% to 6884 yuan/ton, and the profit decreased by 158.86 yuan/ton to 39 yuan/ton [2]

Report Information - Report Type: Crude Oil Daily Report [1] - Date: November 7, 2025 [2] Investment Rating - Not provided Core Viewpoints - EIA data shows that U.S. crude oil inventories increased significantly, but refined oil inventories declined, with a neutral impact. OPEC+ decided to suspend production increases in Q1 next year, which provides some support to the supply side but cannot change the oversupply situation. The market is supported by macro and geopolitical factors, leading to a rebound in oil prices. After the positive factors are digested, oil prices may decline again under the pressure of oversupply. It is recommended to maintain a short - term bearish strategy, such as shorting on rebounds or reverse arbitrage [6][7] Summary by Directory 1. Market Review and Operation Suggestions - **Market Performance**: WTI closed at $59.64 per barrel, down 1.52%; Brent closed at $63.55 per barrel, down 1.38%; SC closed at 460.4 yuan per barrel, down 0.37%. The trading volumes of WTI, Brent, and SC were 26.38 million lots, 33.45 million lots, and 9.28 million lots respectively [6] - **Operation Suggestions**: Maintain a bearish strategy, short on rebounds or conduct reverse arbitrage [7] 2. Industry News - India's Reliance Industries, usually a major oil importer, is seeking to sell some Middle - Eastern oil cargoes. After U.S. sanctions on Russia, it bought millions of barrels of crude oil from the Middle East last month [8] - Kazakhstan's crude oil production in October decreased by 10% month - on - month to 1.69 million barrels per day [8] - U.S. crude oil inventories increased by 5.202 million barrels last week due to increased imports and reduced refining activities, higher than market expectations [8] - Commodity trader Mercuria said that an oversupply is slowly forming and may impact the market in the next few months [8] 3. Data Overview - The report presents multiple data charts, including WTI and Oman spot prices, global high - frequency crude oil inventories, EIA crude oil inventories, U.S. crude oil production growth rate, Dtd Brent price, U.S. gasoline and diesel consumption [11][12][15][22]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report -中美贸易摩擦影响减弱，俄美谈判破裂以及美国再次采购战略石油储备利多油价 [4] -供应端，OPEC+增产幅度不及预期且实际产量增幅弱于预期，增产进度仍需观察；需求端，美国需求旺盛，中国需求回稳，需求端整体稳中有升 [4] -关税问题负面影响逐渐消退，原油基本面较好，对油价有一定支撑作用，建议轻仓试多 [4] 3. Summaries Based on Relevant Catalogs 3.1 Weekly Views and Strategies - **Inventory**: 上周美国原油、汽油及馏分油库存下降，因炼油活动和需求增强。美国商业原油库存减少96.1万桶，至4.228亿桶；汽油库存减少210万桶，至2.167亿桶；馏分油库存减少150万桶，至1.156亿桶 [4][21] - **Supply**: OPEC+决定10月开始增产，此轮增产意味着开始解除第二层减产计划，但实际产量增幅不及预期；美国原油产量上升至1360万桶/日，但页岩油产量触及天花板，供应端存在不确定性 [4][31][35] - **Demand**: 美国炼厂原油加工量增加，产能利用率上升，石油总供应量增加，需求强劲；中国9月原油加工较快增长，需求回稳 [4][45] - **View and Strategy**: 中美贸易摩擦影响减弱等因素利多油价，建议轻仓试多 [4] 3.2 Balance Sheet and Industrial Chain Structure - **Global Supply - Demand Balance Sheet**: 提供了2024 - 2025年全球原油产量、消费量、库存净提取量等数据 [6] - **Industrial Chain Structure**: 展示了原油从常减压装置开始，经过一系列加工转化为各种产品的产业链结构 [10] 3.3 Futures and Spot Markets - 展示了国内外价差、月间价差、INE原油期现价差、BRENT原油期限价差、运费指数、港口运价等图表 [12][15][16][17] 3.4 Inventory - **US Inventory**: 美国原油、汽油及馏分油库存下降，东海岸炼油厂原油净进口量增加 [4][21] - **China Inventory**: 中国6 - 9月库存增量有所回落，因国内原油加工需求环比回升 [23] - **Crude Oil Warehouse Receipts**: 上海能源交易所INE原油仓单近期维持低位 [27] 3.5 Supply Side - **OPEC Production**: OPEC+决定增产，10月开始解除第二层减产计划；OPEC 9月原油产量增加52.4万桶/日 [31] - **US Production**: 上周美国原油产量维持在1360万桶/日，页岩油产量触及天花板，未来增产概率较低 [35] - **Global Production**: 供应端存在不确定性，包括OPEC+增产进程、俄罗斯受制裁、美国页岩油产量瓶颈等问题 [39] 3.6 Demand Side - **China Demand**: 中国9月原油加工较快增长，出行需求有望拉动原油消费；9月原油进口量为4,725.20万吨，1 - 9月累计进口量同比增加2.6%；9月成品油出口量为514.1万吨，1 - 9月累计出口量同比减少4.9% [45][50][53] - **US Demand**: 美国炼厂原油加工量增加，产能利用率上升，石油总需求强劲，季节性需求略好于去年同期 [55][58]

Core Viewpoint - The recent sanctions imposed by the U.S. on Russia's largest oil companies have raised concerns about oil supply, leading to significant price increases in oil futures for the week [1]. Group 1: Oil Prices - As of the close on the 24th, the price of light crude oil futures for December delivery on the New York Mercantile Exchange fell by 0.47% [1]. - The price of Brent crude oil futures for December delivery decreased by 0.08% [1]. - For the week, the main contract price of U.S. oil futures increased by 6.88% [1]. - The main contract price of Brent oil futures rose by 7.59% during the same period [1].

Group 1 - The next round of domestic oil price adjustment is scheduled for September 23, with an expected decrease of approximately 55 yuan per ton for gasoline and diesel [1][2] - The oil price trend this year has been highly volatile, resembling a roller coaster [3] - The 18th price adjustment was particularly dramatic, with initial expectations of a 90 yuan increase per ton, but international oil prices unexpectedly dropped, resulting in a 50 yuan decrease instead [5][6][7] Group 2 - The recent decline in international oil prices is attributed to a significant increase in U.S. crude oil inventories, which rose by 3.9 million barrels, exceeding market expectations [9][10] - Additionally, OPEC announced plans to restore a daily production cut of 2.2 million barrels in September and to increase production by 137,000 barrels per day starting in October, contributing to downward pressure on oil prices [12][13][14] Group 3 - The current national average prices for 92-octane gasoline vary by region, with the lowest price in Urumqi at 6.89 yuan and the highest in Hainan at 8.23 yuan [21][26] - For 95-octane gasoline, prices range from 7.40 yuan in Shaanxi to 8.74 yuan in Hainan, indicating regional disparities influenced by demand and transportation costs [30][31]