Report Title - Can-chemical Sector Weekly Report [1] - Polyester Sector Data Weekly Report [4] - Methanol and Polyethylene Data Weekly Report [36] Report Date - December 5, 2025 [2] Report Analysts - Zhang Weiwei, Qualification No.: F0269806, Investment Consulting No.: Z0002796 [3] - Bao Yuhong, Qualification No.: F03149670 [3] 1. Macro and Crude Oil Important News - Kazakhstan's daily oil and gas condensate production decreased by about 6% to 1.9 million barrels per day in the first two days of December after a drone attack on the Caspian Pipeline Consortium's Black Sea loading facilities [5] - Russia and the US held talks, but no compromise solution was reached on the Ukraine issue, and the return time of Russian crude oil supply remains unclear [5] - Saudi Arabia lowered the price of its main crude oil grade for Asia to the lowest level in five years, signaling weak demand in the Far East [5] - Russian President Putin visited India to strengthen energy relations, and Russia plans to increase oil supply and avoid Western sanctions [6] - US refined oil demand decreased year-on-year, with gasoline demand down 1.2%, distillate demand down 2.0%, and kerosene-type jet fuel demand down 1.9% in the four weeks ending November 28 [6] - US crude oil inventories increased by 574,000 barrels to 427.503 million barrels in the week ending November 28, while refinery utilization rate increased by 1.8 percentage points to 94.1% [6] 2. Futures and Spot Prices 2.1 Polyester Sector | Futures | 2025/12/4 | 2025/11/27 | Weekly Change | Weekly Change Rate | Spot | 2025/12/4 | 2025/11/27 | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | WTI Crude Oil Continuous ($/barrel) | 59.7 | 59.12 | 0.58 | 0.98% | Naphtha ($/ton) | 559.75 | 566 | -6.25 | -1.10% | | PX601 (CNY/ton) | 6906 | 6718 | 188 | 2.80% | PX CFR: Taiwan (CNY/ton) | 6891.71 | 6741.19 | 150.52 | 2.23% | | TA601 (CNY/ton) | 4724 | 4632 | 92 | 1.99% | PTA Spot Benchmark Price (CNY/ton) | 4685 | 4615 | 70 | 1.52% | | EG601 (CNY/ton) | 3826 | 3873 | -47 | -1.21% | Ethylene Glycol East China Mainstream Price (CNY/ton) | 3813 | 3889 | -76 | -1.95% | | PF602 (CNY/ton) | 6268 | 6162 | 106 | 1.72% | Polyester Staple Fiber East China Mainstream Price (CNY/ton) | 6330 | 6280 | 50 | 0.80% | | PR603 (CNY/ton) | 5794 | 5724 | 70 | 1.22% | Polyester Bottle Chip East China Mainstream Price (CNY/ton) | 5750 | 5700 | 50 | 0.88% | 2.2 Methanol and Polyethylene | Futures | 2025/12/5 | 2025/11/28 | Weekly Change | Weekly Change Rate | Spot | 2025/12/5 | 2025/11/28 | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | MA2601 (CNY/ton) | 2077 | 2135 | -58 | -2.72% | Methanol (Taicang) (CNY/ton) | 2121 | 2083 | 38 | 1.81% | | MA Basis (CNY/ton) | 8 | -25 | 33 | 132.00% | Methanol CFR ($/ton) | 248 | 242 | 6 | 2.48% | | L2601 (CNY/ton) | 6674 | 6789 | -115 | -1.52% | LLDPE (CNY/ton) | 6700 | 6830 | -130 | -1.90% | | L Basis (CNY/ton) | 26 | 41 | -15 | -0.22% | HDPE (CNY/ton) | 7380 | 7380 | 0 | 0.00% | | | | | | | LDPE (CNY/ton) | 8570 | 8670 | -100 | -1.15% | 3. Supply and Demand Analysis 3.1 Polyester Sector - **PX**: Domestic supply decreased slightly this week, with the weekly average capacity utilization rate at 89.21%, down 0.53% from last week. Asian PX also decreased slightly, with the weekly average capacity utilization rate at 79.12%, down 0.28 percentage points. Supply is expected to remain stable next week, and there is support at the bottom [15] - **PTA**: Supply increased slightly this week, with the weekly capacity utilization rate at 73.81%, up 1.89 percentage points from last week. Factory inventory increased, while social inventory continued to decline. Supply is expected to remain stable next week [19] - **Ethylene Glycol**: Supply increased slightly this week, with the weekly average capacity utilization rate at 65.42%, up 2.75 percentage points. Port inventory increased. There are maintenance plans for some devices in December, and the pressure of new device production is postponed [21] - **Polyester End**: The weekly average operating rate was 87.47%, up 0.09 percentage points from last week [22] - **Terminal**: Orders continued to decline, and the operating rate of Jiangsu and Zhejiang looms continued to decline [30] 3.2 Methanol - **Supply**: As of December 4, the domestic operating rate was 89.09%, down 0.002 percentage points from the previous period. Production was 2.0234 million tons, down 50 tons from the previous period. There are few device changes this week, and the operating rate and production only fluctuate slightly [44] - **Demand**: The MTO operating rate increased slightly to 90.82% due to the load increase of Qinghai Salt Lake. Ningbo Fude has a major maintenance plan on December 7, and the operating rate is expected to decrease in the next period. Traditional downstream is still in the off-season, and the downstream profit margin is squeezed [47] - **Inventory**: As of December 3, port inventory was 1.3494 million tons, down 1.4 tons from the previous period, and inland inventory was 361,500 tons, down 12,400 tons from the previous period. The inventory in both places decreased, but the port inventory decline slowed down [50] 3.3 Plastic - **Supply**: As of December 4, the domestic operating rate was 84.05%, down 0.46 percentage points from the previous period. Production was 681,100 tons, down 3,700 tons from the previous period. There were some device maintenance and return this week, and the production and operating rate decreased. Next week, some devices are expected to return, and some devices will be under maintenance [53] - **Demand**: As of December 4, the downstream operating rate was 43.76%, down 0.54 percentage points from the previous period. The demand for shed film has entered the off-season, and the order of packaging film has decreased marginally. The operating rate is expected to continue to decline [56] - **Inventory**: As of December 3, social inventory was 486,400 tons, up 15,300 tons from the previous period, and the inventory of two major oil companies was 384,000 tons, down 7,000 tons from the previous period. Enterprises are still in the de-stocking strategy, and the inventory has shifted [59] 4. Strategy Recommendations 4.1 Polyester Sector - **Short - term**: The supply pressure of PX and PTA is not large, and polyester demand remains stable, with support at the bottom. However, the terminal is weakening, restricting the rebound momentum. Ethylene glycol is in a weak adjustment, and attention should be paid to the implementation of device maintenance [34] - **Long - term**: Demand drive is insufficient, and supply changes dominate the market rhythm. PX and PTA are relatively strong, while ethylene glycol is weak [34] 4.2 Methanol - **Short - term**: The boost from gas restriction news has ended, and high supply and high inventory restrict the upward space of the market. With the expected weakening of demand, it is expected to continue to fluctuate and adjust [60] - **Long - term**: Iranian gas restriction has been implemented, and imports are expected to decrease from mid - December to next year. However, demand recovery is weak, and it may fluctuate widely [61] 4.3 Plastic - **Short - term**: The supply pressure has decreased slightly, but production is still at a high level. Demand is in the off - season and weakening. It is expected to fluctuate weakly [62] - **Long - term**: Although there is a maintenance plan for Sinochem Quanzhou in December, new production capacity is continuously released, and demand is expected to weaken. It is expected to continue to be weak [62] 5. Next Week's Focus and Risk Warnings 5.1 Polyester Sector - Changes in the Russia - Ukraine situation, cost fluctuations, macro - market sentiment, and the operation of upstream and downstream devices [35] 5.2 Methanol - High inventory pressure, unloading of foreign vessels, sustainability of olefin external procurement gap, and macro - market sentiment [61] 5.3 Plastic - Oil price fluctuations, inventory de - stocking, device maintenance, and downstream demand trends [63]

Report Information - Report Name: Crude Oil Daily [1] - Date: December 3, 2025 [2] Investment Rating - Not provided Core View - OPEC+ agreed to suspend production increases in Q1 next year, and the conflict between the US and Venezuela escalated, supporting oil prices. The Russia-Ukraine conflict continued to ease under US mediation, having a greater impact. There is still significant inventory accumulation pressure in Q4, so the main strategy for crude oil is a bearish outlook. Operations should focus on shorting on rebounds or reverse spreads [6] Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: WTI opened at $58.96, closed at $59.51, with a high of $59.97, a low of $58.83, a gain of 1.64%, and a trading volume of 20.65 million lots. Brent opened at $62.69, closed at $63.33, with a high of $63.82, a low of $62.69, a gain of 1.52%, and a trading volume of 31.37 million lots. SC opened at 452 yuan/barrel, closed at 453.8 yuan/barrel, with a high of 450.1 yuan/barrel, a low of 450.1 yuan/barrel, a gain of 0.09%, and a trading volume of 6.58 million lots [6] - **Operation Suggestions**: Adopt a bearish strategy, short on rebounds or use reverse spreads [6] 2. Industry News - Diesel shipments from the Baltic Primorsk port in November increased by 39.3% compared to October [7] - Kremlin spokesman Peskov said that a series of important documents will be signed during Putin's visit to India [7] - Russian Deputy Prime Minister Novak said that OPEC+ countries' production lags behind their production targets by about 500,000 barrels per day [7] - Saudi Energy Minister said that OPEC+'s latest decision is the most important and transparent one in determining production levels [7] 3. Data Overview - The report presents multiple data charts including global high-frequency crude oil inventory, EIA crude oil inventory, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption [9][10][17]

Core Insights - The article discusses the recent trends in gasoline and diesel prices in China, highlighting a significant downward adjustment in fuel prices due to market conditions and historical data analysis [3][5]. Price Adjustments - The latest adjustment on November 24 resulted in a decrease of 70 and 65 yuan per ton for gasoline and diesel respectively, marking the 10th price drop of the year [3]. - For the year 2025, from January to November, gasoline prices have decreased by 690 yuan per ton, while diesel prices have dropped by 660 yuan per ton, translating to a reduction of over 0.54 yuan per liter [3]. Future Price Predictions - The next price adjustment is scheduled for December 8, with expectations of a further decrease of approximately 75 yuan per ton based on current crude oil prices [5]. - The reference crude oil price is currently at 60.8 USD per barrel, with a slight negative change rate of -1.42% [5]. Regional Price Variations - As of November 29, gasoline prices in various regions are reported, with 92 gasoline in Shandong dropping to 6.85 yuan per liter, down from 7.4 yuan per liter at the end of the previous year [3][6]. - The article provides a detailed table of gasoline and diesel prices across different regions, indicating variations in pricing [6].

Monetary Policy - The central bank conducted a 1 trillion yuan MLF operation on November 25, with a one-year term, resulting in a net injection of 100 billion yuan for the month, marking the ninth consecutive month of increased MLF operations [2] - The combined net injection from MLF and reverse repos in November reached 600 billion yuan, maintaining liquidity levels consistent with the previous month [2] - The central bank's monetary policy has become more precise and balanced, with cautious use of traditional tools, indicating a potential for rate cuts or reserve requirement ratio reductions by year-end [3] Personal Pension Funds - As of November 23, 2025, 97% of personal pension funds have achieved positive returns, with 296 out of 305 Y-share funds yielding positive results since inception [4] - The performance of index-type Y-share funds has significantly outperformed, with 13 funds exceeding a 30% return and four funds surpassing 40% [4] - Despite the overall positive performance, there remains a gap between the actual performance of personal pension funds and investor expectations, particularly in terms of stability versus profitability [5][6] Charging Battery Regulations - New safety standards for mobile power banks are expected to be published in December 2023, with implementation set for June 2026, leading to the invalidation of existing 3C certifications [7] - Compliance with the new standards is projected to increase manufacturing costs by approximately 30%, impacting the profitability of charging battery manufacturers [7][8] AI Industry Developments - Alphabet's market capitalization is nearing $4 trillion, driven by advancements in AI technologies, including the Gemini 3 model and new TPU developments, with a stock price increase of nearly 69% this year [9] - OpenAI has launched a free AI shopping search feature, enhancing its commercial capabilities and aiming to drive incremental sales for e-commerce platforms [11][12] - Nvidia has issued a detailed memo refuting allegations of financial misrepresentation, emphasizing its adherence to strict payment terms and clarifying its investment strategies amid scrutiny from short-sellers [13][14] Oil Market Outlook - JPMorgan forecasts that Brent crude oil prices may average between $57 and $58 per barrel in 2026 and 2027, with potential declines to around $30 per barrel unless production cuts are implemented [15][16] - The global oil supply is expected to outpace demand growth significantly in the coming years, contributing to a bearish outlook for oil prices [15][16]

Group 1: Market Indices - The chemical sector indices experienced significant declines, with the chemical raw materials index down 8.61%, chemical machinery index down 7.11%, pharmaceutical index down 6.63%, and pesticide and fertilizer index down 5.94% [1] - In contrast, the oil sector indices showed mixed results, with the oil processing index up 1.4% and the oil extraction index up 0.67%, while the oil trade index fell by 4.96% [1] Group 2: Oil Prices - The sentiment in the crude oil market turned bearish due to the Trump administration urging Ukraine and Russia to reach a peace agreement, alongside a strengthening US dollar, leading to a decline in oil prices [1] - As of November 21, the settlement price for West Texas Intermediate (WTI) crude oil futures was $58.06 per barrel, down 3.38% from November 14, while Brent crude oil futures settled at $62.56 per barrel, down 2.84% [1] Group 3: Chemical Products - The top five rising petrochemical products included industrial-grade lithium carbonate up 13.67%, dimethyl carbonate up 12.32%, lithium battery electrolyte up 8%, sulfur up 7.54%, and folic acid up 6.25% [2] - Conversely, the top five declining petrochemical products were liquid chlorine down 6.25%, diethylene glycol down 5.35%, isooctyl acrylate down 5.13%, PVC by ethylene method down 3.49%, and tetrachloroethylene down 3.49% [2] Group 4: Stock Performance - In the capital market, the top five gaining listed chemical companies were Guofeng Plastics up 33.33%, Huarong Chemical up 27.82%, Tongyi Co. up 16.51%, Chenguang New Materials up 16.37%, and Tongcheng New Materials up 14.75% [2] - The top five declining listed chemical companies included Annada down 26.13%, Taihe Technology down 25.64%, Jiaao Enpro down 25.62%, Jianye Co. down 24.85%, and Sanfangxiang down 23.33% [2]

Core Viewpoint - The oil prices are expected to experience a significant drop, referred to as "Black Monday," providing relief to consumers after a recent price increase [1][3]. Group 1: Market Dynamics - The recent strength of the US dollar has been a major factor influencing the oil market, leading to a decrease in demand for oil priced in non-dollar currencies [3][7]. - A month ago, the market anticipated a 90% chance of a Federal Reserve interest rate cut in December, but this probability has plummeted to 35%, indicating a shift in market sentiment [3][7]. Group 2: Price Adjustments - The upcoming adjustment in domestic fuel prices is projected to result in a decrease of approximately 50 yuan per ton, translating to a reduction of 0.04-0.05 yuan per liter at gas stations [5][6]. - The anticipated price drop will bring 92-octane gasoline back to the 6 yuan range and 95-octane gasoline below 7.4 yuan per liter [6]. Group 3: Regional Price Overview - Current gasoline prices across various regions in China are as follows: - Beijing: 92 gasoline at 6.94, 95 gasoline at 7.39, 98 gasoline at 8.89, and diesel at 6.62 [4]. - Shanghai: 92 gasoline at 6.91, 95 gasoline at 7.35, 98 gasoline at 9.25, and diesel at 6.56 [4]. - Guangdong: 92 gasoline at 6.96, 95 gasoline at 7.54, 98 gasoline at 9.54, and diesel at 6.59 [5]. Group 4: Future Considerations - The sustainability of the oil price decline remains uncertain, with questions surrounding the continued strength of the dollar and potential shifts in Federal Reserve policy that could impact the market [7].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - As of the week ending October 31, 2025, international oil prices experienced a slight decline due to market skepticism regarding the effectiveness of sanctions on Russia, OPEC+'s inclination to continue modest production increases in December, and increased Iraqi exports in September, leading to concerns about oversupply. However, positive EIA inventory data, optimistic news from US-China leadership talks, and a Federal Reserve interest rate cut contributed to a rebound in oil prices later in the week [2][9] - Brent crude oil futures settled at $64.77 per barrel, down $0.43 (-0.66%) from the previous week, while WTI crude oil futures settled at $60.98 per barrel, down $0.52 (-0.85%) [2][31] - The oil and petrochemical sector showed a slight increase of 0.05% during the same week, while the broader Shanghai and Shenzhen 300 index fell by 0.43% [10][13] Summary by Sections Oil Price Review - Brent crude oil price decreased by 0.66% and WTI crude oil price decreased by 0.85% as of October 31, 2025 [2][31] - The price of Russian Urals crude remained stable, while ESPO crude saw a decline of 1.71% [31] Offshore Drilling Services - As of October 27, 2025, the number of global offshore self-elevating drilling platforms was 369, a decrease of 1 from the previous week, while the number of floating drilling platforms was 130, down by 2 [37] US Oil Supply - As of October 24, 2025, US crude oil production was 13.644 million barrels per day, an increase of 15,000 barrels per day from the previous week. The number of active drilling rigs decreased by 6 to 414 [61][70] US Oil Demand - US refinery crude processing volume was 15.219 million barrels per day, down by 511,000 barrels per day, with a refinery utilization rate of 86.60%, a decrease of 2.0 percentage points [66][73] US Oil Inventory - As of October 24, 2025, total US crude oil inventory was 825 million barrels, a decrease of 6.325 million barrels (-0.76%). Strategic oil inventory increased by 533,000 barrels (+0.13%), while commercial crude oil inventory decreased by 6.858 million barrels (-1.62%) [82]

Core Insights - The article discusses the imminent increase in gasoline and diesel prices in China, with a projected rise of 3.35% for 92 and 95 octane gasoline, translating to an increase of 160 yuan per ton, which equates to approximately 0.13 yuan per liter [1][3]. Price Trends - As of November 2, 2025, the WTI crude oil price is reported at $60.57 per barrel, while Brent crude is at $65 per barrel, with an average crude oil price of $62.81 per barrel for the first four working days of the pricing cycle [3]. - The oil price increase has shown a significant reduction in growth, with a decrease of 70 yuan per ton compared to the first working day of the cycle [3]. Market Factors - The decrease in U.S. crude oil inventories by 6.86 million barrels has exceeded market expectations, contributing to a more optimistic outlook on energy demand [3]. - Ongoing geopolitical tensions, including the Israel-Hamas situation and the Russia-Ukraine conflict, are raising concerns about potential reductions in Russian oil exports, further impacting market sentiment [3]. Economic Indicators - The Federal Reserve's recent interest rate cut of 25 basis points is expected to support market economic prospects, particularly with a weakening U.S. dollar, which may boost energy demand [5]. - Positive developments in U.S.-East Asia trade negotiations are alleviating concerns over trade disputes, contributing to a more optimistic global economic recovery outlook [5]. Future Projections - The domestic crude oil price change rate is expected to rise to 3.42%, with gasoline and diesel price increase expectations potentially reaching 165 yuan per ton [5]. - The article suggests that if OPEC+ does not meet production increase expectations in November, it could further support a strong oil market, indicating a risk of continued price increases in the following week [5].

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The overall risk preference in the crude oil market has improved, and oil prices are expected to continue to fluctuate. The prices of fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and polyvinyl chloride are all expected to fluctuate. Attention should be paid to the impact of macro - factors on oil prices [1][3] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, oil prices rebounded. WTI December contract rose $0.33 to $60.48 per barrel (0.55% increase), Brent December contract rose $0.52 to $64.92 per barrel (0.81% increase), and SC2512 closed at 465.1 yuan per barrel, up 5.9 yuan (1.28% increase). EIA inventory data showed a comprehensive decline in inventories. Mexican national oil company's production decreased year - on - year. The Fed cut interest rates, and the subsequent rate - cut path is uncertain. The market is expected to fluctuate [1] - **Fuel Oil**: On Wednesday, the main contracts of high - sulfur and low - sulfur fuel oil on the Shanghai Futures Exchange fell. The Asian low - sulfur market structure weakened due to weak downstream demand and sufficient supply, while the high - sulfur market is expected to remain stable. FU and LU absolute prices will fluctuate with the cost side [3] - **Asphalt**: On Wednesday, the main asphalt contract on the Shanghai Futures Exchange fell. In November, the refinery's asphalt production plan decreased both month - on - month and year - on - year. The inventory levels all decreased. The supply pressure will ease, and there is still a rush - work expectation in some markets. The BU absolute price will fluctuate with the cost side [3] - **Polyester**: TA601 and EG2601 rose on Wednesday. The production and sales of polyester improved, and the fundamentals of TA improved. However, there is still a pressure of inventory accumulation for EG in the fourth quarter, and its price is under pressure. Attention should be paid to the trend of crude oil prices [4] - **Rubber**: On Wednesday, the main contracts of natural rubber and 20 - number rubber rose, while the butadiene rubber contract fell. The social inventory of natural rubber decreased. Due to the upcoming Sino - US leaders' meeting and good demand, rubber prices are expected to fluctuate strongly [4] - **Methanol**: On Wednesday, the spot price of methanol was reported. The domestic overhauled devices are gradually resuming production, and the overseas Iranian devices will be restricted by winter gas curtailment. The short - term port supply is still abundant, and methanol prices are expected to fluctuate [6] - **Polyolefins**: On Wednesday, the prices of polyolefins were reported. The short - term production will remain high, and the marginal increase in demand will gradually decline. The rebound of crude oil supports the valuation, but the fundamental driving force is weakening, and prices are expected to enter a fluctuating stage [6] - **Polyvinyl Chloride**: On Wednesday, the PVC market prices in East, North, and South China were reported. The supply remains high, domestic demand slows down, and exports are expected to be weak. The price has a demand for phased repair, but the rebound height is limited under high - inventory pressure [8] 3.2 Daily Data Monitoring - The document provides the basis price, basis rate, and their changes of various energy - chemical varieties on October 29 and 28, 2025, including crude oil, liquefied petroleum gas, asphalt, etc. It also shows the quantile of the latest basis rate in historical data [9] 3.3 Market News - US EIA data shows that the decline in US crude oil, gasoline, and distillate fuel inventories last week exceeded analysts' expectations, forcing the market to re - evaluate the expectation of a large surplus in the oil market [11] - Trump predicted that his talks with Chinese leaders would yield good results. The talks are scheduled for Thursday at a summit in South Korea. The positive news about the Sino - US talks and the US - South Korea trade agreement eased investors' concerns about the economic recession caused by Trump's tariffs and trade wars [11] 3.4 Chart Analysis - **4.1 Main Contract Prices**: It provides the closing price charts of main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [13] - **4.2 Main Contract Basis**: It provides the basis charts of main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [25] - **4.3 Inter - period Contract Spreads**: It provides the spread charts of different contracts of various energy - chemical varieties, such as the spread between 01 - 05 and 05 - 09 contracts of fuel oil, and the spread between the main and sub - main contracts of asphalt [39] - **4.4 Inter - variety Spreads**: It provides the spread and ratio charts between different varieties, such as the spread between domestic and foreign crude oil, the B - W spread of crude oil, the high - low sulfur spread of fuel oil, etc. [55] - **4.5 Production Profits**: It provides the production profit charts of LLDPE and PP from 2018 to 2025 [63] 3.5 Team Member Introduction - **Zhong Meiyan**: Assistant to the director of the research institute and director of energy - chemical research. With more than ten years of experience in futures derivatives market research, she has won many awards and has rich experience in serving enterprises [67] - **Du Bingqin**: Analyst for crude oil, natural gas, fuel oil, asphalt, and shipping. She has won many industry awards and has in - depth research on the energy industry chain [68] - **Di Yilin**: Analyst for natural rubber and polyester. She has won several awards and is good at data analysis and research on related varieties [69] - **Peng Haibo**: Analyst for methanol, propylene, pure benzene, polyolefins, and PVC. He has a background in energy - chemical spot - futures trading and relevant professional qualifications [70]

Investment Rating - The industry investment rating is "Positive" [1] Core Views - International oil prices rebounded as of October 24, 2025, with Brent and WTI prices at $65.20 and $61.50 per barrel, respectively, supported by favorable U.S. inventory data and easing trade tensions [2][9] - The oil and petrochemical sector outperformed, with a 4.33% increase compared to the 3.24% rise in the CSI 300 index [10] - The oil and gas extraction sector has seen a significant increase of 180.52% since 2022, indicating strong growth potential [13] Summary by Sections Oil Price Review - As of October 24, 2025, Brent crude futures settled at $65.20 per barrel, up $3.91 (+6.38%) from the previous week, while WTI crude futures rose to $61.50 per barrel, an increase of $4.35 (+7.61%) [2][24] Offshore Drilling Services - The number of global offshore self-elevating drilling rigs was 370, a decrease of 3 from the previous week, while the number of floating drilling rigs remained stable at 132 [28] U.S. Oil Supply - U.S. crude oil production was 13.629 million barrels per day as of October 17, 2025, a decrease of 0.07 million barrels from the previous week [48] - The number of active drilling rigs in the U.S. increased by 2 to 420 as of October 24, 2025 [48] U.S. Oil Demand - U.S. refinery crude oil processing increased to 15.730 million barrels per day, up 600,000 barrels from the previous week, with a refinery utilization rate of 88.60%, an increase of 2.9 percentage points [59] U.S. Oil Inventory - Total U.S. crude oil inventory was 831 million barrels as of October 17, 2025, a decrease of 142,000 barrels (-0.02%) [69] - Strategic oil inventory increased by 819,000 barrels (+0.20%) to 409 million barrels, while commercial crude oil inventory decreased by 961,000 barrels (-0.23%) to 423 million barrels [69] Finished Oil Products - As of October 24, 2025, U.S. average prices for diesel, gasoline, and jet fuel were $94.92, $78.22, and $87.91 per barrel, respectively [88]