Investment Rating - The report maintains a "Positive" investment rating for the oil refining industry [1] Core Insights - The report highlights significant increases in oil prices, with Brent crude, WTI, and Russian ESPO prices rising by 36.21%, 43.04%, and 28.79% respectively over the past month [7] - Global oil supply is projected to increase in 2026, with IEA, EIA, and OPEC forecasting supply levels of 10853.45, 10784.03, and 10669.55 million barrels per day respectively, reflecting year-on-year increases [37] - The report indicates a more optimistic outlook for global oil demand, with IEA, EIA, and OPEC predicting demand levels of 10487.15, 10479.68, and 10651.50 million barrels per day for 2026 [37] Summary by Sections Oil Price Overview - As of March 6, 2026, Brent crude, WTI, and Russian ESPO prices were reported at $92.69, $90.90, and $70.72 per barrel, with year-to-date increases of 52.58%, 58.58%, and 44.83% respectively [7][8] Global Oil Inventory - As of February 27, 2026, total U.S. crude oil inventory stood at 85472.0 million barrels, with a month-on-month increase of 1920.8 million barrels [15] - IEA, EIA, and OPEC predict global oil inventory changes of +366.30, +304.36, and +18.05 thousand barrels per day for 2026 [29] Global Oil Supply - The report forecasts global oil supply for 2026 at 10853.45 million barrels per day, with increases from 2025 levels [37] - For Q1 2026, the predicted supply increases are +386.71, +315.31, and +253.68 thousand barrels per day according to IEA, EIA, and OPEC respectively [37] Global Oil Demand - The demand forecast for 2026 is set at 10487.15 million barrels per day, with year-on-year increases noted [37] - For Q1 2026, the demand increases are projected at +76.92, +152.10, and +131.59 thousand barrels per day [37] Related Listed Companies - The report mentions several related companies including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The domestic crude oil futures prices may experience high - level oscillatory adjustments in the short term. It is recommended to wait and see or focus on intraday short - term trading [52] 3. Summary by Directory 3.1 Market Review - **China INE Crude Oil Futures Main Contract Price Trend**: Data source is Boyiyun and Guoxin Futures [10][12] - **US WTI Crude Oil Futures Continuous Contract Price Trend**: Data source is Boyiyun and Guoxin Futures [13][15] 3.2 Crude Oil Supply - Demand Fundamental Analysis - **China's Crude Oil Monthly Output**: In December, China's above - scale industrial crude oil output was 17.8 million tons, a year - on - year decrease of 0.6%, with a daily output of 574,000 tons. From January to December, the output was 216.05 million tons, a year - on - year increase of 1.5%. Crude oil processing speeded up. Data source is WIND and Guoxin Futures [19][20] - **China's Crude Oil Monthly Import Volume**: In December 2025, China's crude oil import volume was 55.973 million tons, a year - on - year increase of 17%. From January to December, the cumulative import volume was 577.726 million tons, a year - on - year increase of 4.4%. Data source is WIND and Guoxin Futures [21][22] - **China's Refinery Operating Rate and Monthly Crude Oil Processing Volume**: In December, China's above - scale industrial crude oil processing volume was 62.46 million tons, a year - on - year increase of 5%, and the growth rate was 1.1 percentage points faster than that in November, with a daily processing volume of 2.015 million tons. From January to December, the processing volume was 737.59 million tons, a year - on - year increase of 4.1%. Data source is Zhuochuang Information and Guoxin Futures [24][26] - **INE Crude Oil Registered Warehouse Receipt Inventory and Downstream Refinery Product Inventory**: Data source is INE and Guoxin Futures [28][29] - **US Crude Oil Production and Downstream Refinery Operating Rate**: As of the week ending January 30, the US daily crude oil production was 13.215 million barrels, 481,000 barrels less than the previous week and 263,000 barrels less than the same period last year. The four - week average daily production as of January 30 was 13.599 million barrels, 1.3% higher than the same period last year. Since the beginning of this year, the average daily production has been 13.606 million barrels, 1.3% higher than the same period last year. Data source is Zhuochuang Information and Guoxin Futures [31][33] - **US Crude Oil Rig Count**: As of the week ending February 20, the number of active oil - drilling wells in the US was 409, the same as the previous week and 79 less than the same period last year. Data source is Zhuochuang Information and Guoxin Futures [34][36] - **US Crude Oil Inventory**: As of the week ending February 27, 2026, the total US crude oil inventory including reserves was 854.72 million barrels, an increase of 3.475 million barrels from the previous week; the commercial crude oil inventory was 439.279 million barrels, an increase of 3.475 million barrels; the gasoline inventory was 253.13 million barrels, a decrease of 1.704 million barrels; the distillate inventory was 120.78 million barrels, an increase of 429,000 barrels. The crude oil inventory in Cushing, Oklahoma was 26.463 million barrels, an increase of 1.564 million barrels. The US oil reserve remained stable at 415.441 million barrels. Data source is WIND and Guoxin Futures [38][40] - **US Crude Oil Inventory Change (EIA)**: Data source is WIND and Guoxin Futures [41][43] - **Saudi Crude Oil Production**: Data source is Zhuochuang Information and Guoxin Futures [44][46] - **OPEC Crude Oil Production**: Data source is Zhuochuang Information and Guoxin Futures [47][48] 3.3 Market Outlook - **Crude Oil Market Outlook**: The US crude oil and distillate inventories increased, while the gasoline inventory decreased last week. As of the week ending February 27, 2026, the total US crude oil inventory including reserves was 854.72 million barrels, an increase of 3.475 million barrels from the previous week; the commercial crude oil inventory was 439.279 million barrels, an increase of 3.475 million barrels; the gasoline inventory was 253.13 million barrels, a decrease of 1.704 million barrels; the distillate inventory was 120.78 million barrels, an increase of 429,000 barrels. The crude oil inventory in Cushing, Oklahoma was 26.463 million barrels, an increase of 1.564 million barrels. The US oil reserve remained stable at 415.441 million barrels. International oil prices have been rising due to armed conflicts in the Persian Gulf. On March 5, the Iranian military clarified that Iran did not block the Strait of Hormuz. Currently, Iran may mainly prevent US and Israeli - related vessels from passing. The risk of supply interruption in Asia has slightly eased. Saudi Arabia is also considering diverting its crude oil exports around the Strait of Hormuz. Data source is Zhuochuang Information and Guoxin Futures [50][51]

Group 1: Report Summary - The report is based on Kpler data and focuses on the global crude oil inventory situation as of the week of March 1st [1]. Group 2: Core Viewpoints - Global full - caliber (including in - transit) crude oil inventory decreased slightly in the week of March 1st, while global onshore crude oil inventory reached a new high for the year [1]. - In terms of regions, crude oil inventories in Europe, the Middle East, and Russia increased, while those in China and India decreased [1]. Group 3: Data Charts - There are multiple charts showing global crude oil inventory data, including global on - shore inventory, floating storage, combined land and floating storage, combined land and sea (including in - transit) inventory, as well as inventory data of China, the US, India, Russia, Europe, and the Middle East [2][3][5][7][9][10]

Group 1: Report Investment Rating - No investment rating information provided Group 2: Core View - The report expects crude oil prices to fluctuate strongly. The outcome of the US - Iran negotiation on March 2nd is uncertain and will have a significant impact on oil prices [1] Group 3: Summary by Relevant Catalogs 1. Market Analysis - Eight OPEC+ member countries will maintain the original plan to suspend the increase in oil production in March. OPEC+ will consider increasing daily oil production by 137,000 barrels in April at the March 1st meeting. If the US attacks Iran, Saudi Arabia plans to significantly increase oil production in the short - term [1] - EIA data shows that US crude oil inventories have increased significantly beyond expectations, refined oil inventories have decreased slightly, and overall oil inventories have increased significantly. US crude oil inventories have fluctuated greatly in February [1][5] - The US continues to increase military threats in the Middle East and sanctions against Iran. The US Treasury imposed sanctions on more than 30 entities, oil tankers and individuals on the 25th [1] - The third round of indirect negotiations between the US and Iran in Geneva ended. Iran's foreign minister said the negotiations had made good progress, with differences but approaching consensus in some areas. Technical negotiations will be held on March 2nd, and the key point of the Iranian geopolitical situation is postponed to next week [1] - Due to US trade agreement pressure, Indian refineries may increase crude oil purchases from the Middle East and the Americas [1] - Russia and Ukraine have not made substantial progress on core issues such as territory and cease - fire, and both sides are still attacking each other [1] 2. Futures and Spot Market - The main crude oil futures contract 2604 rose 0.45% to 488.4 yuan/ton, with a minimum price of 470.8 yuan/ton, a maximum price of 494.5 yuan/ton, and the open interest decreased by 1625 to 38,973 lots [2] 3. Fundamental Tracking - EIA monthly report raised the 2026 WTI crude oil price by $0.79/barrel to $52.21/barrel, lowered the 2026 global oil demand from the previous forecast of 105.2 million barrels per day to 104.8 million barrels per day, and raised the 2026 global oil production from the previous forecast of 107.4 million barrels per day to 107.7 million barrels per day [5] - IEA raised the 2026 global oil demand growth rate by 70,000 barrels per day to 930,000 barrels per day, and raised the 2026 global oil production growth rate by 100,000 barrels per day to 2.5 million barrels per day [5] - On the evening of February 25th, US EIA data showed that for the week ending February 20th, US crude oil inventories increased by 15.989 million barrels, expected to increase by 1.481 million barrels, 0.77% higher than the five - year average; gasoline inventories decreased by 1.011 million barrels, expected to decrease by 0.56 million barrels; refined oil inventories increased by 0.252 million barrels, expected to decrease by 1.594 million barrels. Cushing crude oil inventories increased by 0.881 million barrels [5] 4. Supply - side - OPEC's latest monthly report shows that the average total crude oil production of OPEC+ in January was 42.448 million barrels per day, a decrease of 439,000 barrels per day compared to December, mainly affected by supply disruptions in Kazakhstan, Venezuela and Iran [6] - US crude oil production decreased by 33,000 barrels per day to 13.702 million barrels per day in the week of February 20th, and US crude oil production is near the historical high [6] - The four - week average supply of US crude oil products increased to 21.391 million barrels per day, a 5.07% increase compared to the same period last year, and the increase compared to the same period last year has increased. Gasoline weekly production decreased by 0.18% to 8.733 million barrels per day, the four - week average production was 8.484 million barrels per day, a 1.47% increase compared to the same period last year; diesel weekly production decreased by 18.05% to 3.895 million barrels per day, the four - week average production was 4.352 million barrels per day, a 1.47% increase compared to the same period last year. The decrease in both gasoline and diesel led to a 0.89% decrease in the single - week supply of US crude oil products [6]

行业 聚烯烃日报 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：彭婧霖（聚烯烃） 研究员：李捷,CFA（原油燃料油） 研究员：任俊弛（PTA、MEG） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 日期 2026 年 2 月 27 日 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 请阅读正文后的声明 每日报告 | 表1：期货市场行情 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位： ...

Core Viewpoint - The ongoing negotiations between the U.S. and Iran regarding nuclear capabilities are marked by significant divisions, yet some progress has been reported. The market remains cautious, anticipating potential volatility in oil prices depending on the outcome of these talks [4][18]. Oil Market Dynamics - Oil prices experienced significant fluctuations, with daily volatility exceeding 4%. During the European trading session, prices dropped over 2%, but rebounded later, indicating investor uncertainty regarding the negotiation outcomes [17]. - The Brent crude oil market shows signs of oversupply, influenced by geopolitical tensions and increased oil transportation risks, leading to rising shipping costs [5][21]. U.S.-Iran Negotiation Details - The third round of negotiations in Geneva revealed that while Iran made some concessions, substantial disagreements remain. The U.S. has adopted a hardline stance, demanding the dismantling of key nuclear facilities and a permanent agreement without sunset clauses [22][23]. - Iran's officials have stated that uranium enrichment will continue as needed, contradicting U.S. expectations for zero enrichment [20]. Shipping and Supply Chain Impacts - The daily rental rates for Very Large Crude Carriers (VLCC) have surged past $200,000, the highest since April 2020, driven by strong demand from European refineries for Middle Eastern crude [21]. - Saudi Arabia's shipping company Bahri has temporarily chartered three VLCCs to secure shipping capacity ahead of anticipated export peaks [21]. Market Reactions and Future Outlook - The market is bracing for potential price volatility in oil, with expectations that any resolution from the negotiations could lead to significant price movements. Investors are advised to exercise caution amid the prevailing uncertainties [5][18].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The EIA weekly data shows that the refinery operating rate has declined, and crude oil inventories have increased significantly. The weekly inventory data is bearish [2][4] Group 3: Summary According to Relevant Catalogs Crude Oil Inventory - U.S. commercial crude oil inventories increased by 15.989 million barrels in the week ending February 20, with large weekly inventory fluctuations recently. Since the beginning of the year, U.S. crude oil has mainly seen seasonal inventory accumulation [4] - U.S. Cushing crude oil inventories increased by 881,000 barrels [4] - U.S. strategic petroleum inventories remained unchanged [4] Refinery Operations - The U.S. refinery operating rate dropped from 91% to 88.6%, and the crude oil processing volume decreased by 416,000 barrels per day, but it is still at a relatively high level compared to the same period [4] Product Inventory - Gasoline inventories decreased by 1.011 million barrels, and diesel inventories increased by 252,000 barrels. Jet fuel inventories decreased by 1.44 million barrels, and fuel oil inventories decreased by 107,000 barrels [4] Product Demand - U.S. refined product apparent demand decreased from 21.648 million barrels per day to 21.455 million barrels per day. Gasoline apparent demand decreased from 8.749 million barrels per day to 8.733 million barrels per day, and diesel apparent demand decreased significantly from 4.753 million barrels per day to 3.895 million barrels per day [4] Trade - U.S. crude oil imports increased from 6.524 million barrels per day to 6.659 million barrels per day, and crude oil exports decreased from 4.59 million barrels per day to 4.313 million barrels per day [4] Overall Inventory - The total inventory of crude oil and petroleum products (excluding SPR) increased by 11.179 million barrels [4]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - Overall, most energy and chemical products are expected to show a volatile trend. The prices of various products are affected by multiple factors such as supply and demand, geopolitical situations, and inventory changes [1][3][4]. - The US - Iran situation has a significant impact on the oil and fuel markets, and the market is closely watching the latest developments [1][3]. - The supply and demand of different energy and chemical products are in different states. For example, the supply of low - sulfur fuel oil has marginally improved, while the supply of high - sulfur fuel oil has decreased; the inventory of asphalt has increased, and the supply of PVC is slowly increasing [3]. 3. Summary by Directory 3.1 Research Views - **Crude Oil**: On Wednesday, WTI April contract closed down $0.21 to $65.42 per barrel, a decline of 0.32%. Brent April contract closed up $0.08 to $70.85 per barrel, a rise of 0.11%. SC2604 closed at 486.5 yuan per barrel, down 3.1 yuan per barrel, a decline of 0.63%. The US crude oil inventory increased by 16 million barrels last week, reaching 435.8 million barrels, the highest level in eight and a half months. The overall oil price is expected to fluctuate [1]. - **Fuel Oil**: On Wednesday, the main fuel oil contract FU2605 on the Shanghai Futures Exchange closed down 0.34% at 2,943 yuan per ton, and the low - sulfur fuel oil contract LU2605 closed down 1.18% at 3,436 yuan per ton. The supply of low - sulfur fuel oil has marginally improved, and the supply of high - sulfur fuel oil has decreased. The market is concerned about the impact of the US - Iran situation on the market [3]. - **Asphalt**: On Wednesday, the main asphalt contract BU2604 on the Shanghai Futures Exchange closed down 0.5% at 3,358 yuan per ton. The supply in the northern region is relatively low, and refineries are accumulating inventory. The overall inventory level has increased, and the market is concerned about the impact of the US - Iran situation on the raw material market [3]. - **Polyester**: TA605 closed at 5,312 yuan per ton, down 0.75%; EG2605 closed at 3,747 yuan per ton, up 0.27%. The cost - end crude oil price is strong, and the export and terminal demand are warming up. PX and PTA are expected to fluctuate strongly under cost support, while ethylene glycol may fluctuate weakly due to high - inventory pressure, but the supply - demand pattern may improve in March [4]. - **Rubber**: On Wednesday, the main natural rubber contract RU2605 rose 210 yuan per ton to 17,240 yuan per ton, and the NR main contract rose 185 yuan per ton to 13,980 yuan per ton. Affected by the price increase in the external market and the decline in Thai export data, the natural rubber price has a strong upward drive. It is expected to fluctuate strongly [6]. - **Methanol**: On Wednesday, the Taicang spot price was 2,232 yuan per ton. Affected by the gas restriction in Iran, the import volume is expected to decline from February to March. The demand in the Yangtze River Delta region is expected to recover after the Spring Festival. The port will enter the de - stocking stage, but the US - Iran situation will cause the methanol price to fluctuate greatly [6]. - **Polyolefins**: On Wednesday, the mainstream price of East China wire - drawing PP was 6,600 - 6,700 yuan per ton. The post - festival demand recovery is slow, and there is pressure for further upward movement in the short term [7]. - **Polyvinyl Chloride (PVC)**: On Wednesday, the PVC market price in East China was stable, and the price in South China increased. The post - festival supply is slowly increasing, and the demand support is limited. It is expected to maintain a bottom - level fluctuation [7]. 3.2 Daily Data Monitoring - The report provides the basis data of various energy and chemical products on February 26, 2026, including spot prices, futures prices, basis, basis rates, and their changes, as well as the quantile of the latest basis rate in historical data [8]. 3.3 Market News - The US Energy Information Administration (EIA) data shows that last week, the US crude oil inventory increased by 16 million barrels, far exceeding the expected increase of 1.5 million barrels, reaching the highest level in eight and a half months [10]. - Litasco, a trading subsidiary of Russia's Lukoil, said that Bulgaria's measures against it violated the Energy Charter Treaty and has submitted a dispute notice to Bulgaria [10]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report provides line charts of the closing prices of the main contracts of various energy and chemical products from 2022 to 2026, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, short - fiber, LLDPE, PP, PVC, methanol, rubber, synthetic rubber, European container shipping, and p - xylene [12][14][16][18][20][22][24]. - **4.2 Main Contract Basis**: The report provides line charts of the basis of the main contracts of various energy and chemical products from 2022 to 2026, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, PP, 20 - grade rubber, p - xylene, synthetic rubber, and bottle chips [26][27][30][31]. - **4.3 Inter - period Contract Spreads**: The report provides line charts of the spreads between different contracts of various energy and chemical products, including fuel oil, PTA, ethylene glycol, PP, LLDPE, and natural rubber [34][36][40][42][44][46]. - **4.4 Inter - variety Spreads**: The report provides line charts of the spreads and ratios between different varieties of energy and chemical products, including crude oil internal - external spreads, crude oil B - W spreads, fuel oil high - low sulfur spreads, fuel oil/asphalt ratio, BU/SC ratio, ethylene glycol - PTA spread, PP - LLDPE spread, and natural rubber - 20 - grade rubber spread [49][51][53][55]. - **4.5 Production Profits**: The report provides line charts of the production profits of various energy and chemical products, including LLDPE, PP, PTA processing fees, and ethylene - based ethylene glycol cash flow [57][58]. 3.5 Research Team Introduction - The research team includes the deputy director of the research institute, the director of energy and chemical research, and analysts for different product categories, each with rich experience and professional qualifications [62][63][64][65].

Core Viewpoint - Oil prices experienced a decline for the third consecutive trading day, as investors await the outcome of the U.S.-Iran negotiations scheduled for February 26 in Geneva. The market is reacting to geopolitical tensions and potential military actions by the U.S. against Iran, as indicated by President Trump's recent statements [4][17]. Inventory and Production Data - The EIA reported a significant increase in U.S. commercial crude oil inventories, rising by 15.989 million barrels to 436 million barrels, exceeding expectations of 1.481 million barrels. This represents a 3.81% increase compared to the previous week [7][20]. - U.S. domestic crude oil production decreased by 33,000 barrels to 1.372 million barrels per day, while crude oil exports fell by 27,700 barrels per day to 431,300 barrels per day [20]. OPEC+ and Market Dynamics - OPEC+ is expected to consider increasing crude oil production by 137,000 barrels per day during its meeting on March 1, potentially ending a three-month production pause. This decision is likely influenced by the strong performance of oil prices at the beginning of the year [4][17]. - The international shipping costs for oil have surged since the Spring Festival, impacting transportation costs and leading to a stronger performance of SC crude oil compared to WTI and Brent [5][18]. Geopolitical Factors - Saudi Arabia's oil exports have surged to a three-year high, with an average of 7.3 million barrels per day in February, reflecting a significant increase compared to January [8][21]. - Iran's oil loading has also seen a dramatic rise, reaching nearly 27 million barrels in mid-February, which could set a record for monthly loading rates since 2018 [8][21][22]. Trade Relations and Tariffs - The U.S. Supreme Court ruled that the President cannot unilaterally impose broad tariffs under the International Emergency Economic Powers Act, which may affect U.S. energy policy and trade relations, particularly with India [9][22]. - A recent temporary trade agreement between the U.S. and India has reduced tariffs on Indian goods from 50% to 18%, potentially impacting India's oil imports from Russia [10][23].

1. Report Industry Investment Rating - All the energy and chemical products in the report are rated as "Oscillatory" [1][2][3][5][6] 2. Core Views of the Report - Oil prices are oscillating around the geopolitical situation between the US and Iran. The increase in US crude oil inventories, decline in gasoline and distillate inventories, and the surge in Iran's crude oil shipments have all influenced the market [1] - Fuel oil prices are affected by supply changes and the geopolitical situation between the US and Iran. Low - sulfur fuel oil supply has shown marginal improvement, while high - sulfur fuel oil shipments from the Middle East have decreased [2] - Asphalt prices are affected by supply and demand and the geopolitical situation between the US and Iran. Northern China has relatively low supply and inventory accumulation, while southern China has intermittent production [2] - Polyester products such as PX, PTA, and ethylene glycol are affected by cost, supply, and demand. PX and PTA are expected to oscillate strongly under cost support, while ethylene glycol is expected to oscillate narrowly due to high inventory [3] - Rubber prices are expected to oscillate strongly due to the low - production season, firm raw material prices, and concerns about production [5] - Methanol prices will oscillate significantly due to the decline in imports caused by Iran's gas restrictions and the tense situation between the US and Iran [5] - Polyolefin and PVC prices are affected by supply, demand, and profit margins. Post - holiday demand recovery is slow, and there is pressure for further price increases [6] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Tuesday, oil prices fell slightly. WTI April contract closed down $0.68 to $65.63 per barrel, a 1.03% decline; Brent April contract closed down $0.72 to $70.77 per barrel, a 1.01% decline; SC2604 closed at 485.5 yuan per barrel, down 4.4 yuan per barrel, a 0.9% decline. Iran is willing to reach an agreement with the US. US API data shows an increase in crude oil inventories and a decrease in gasoline and distillate inventories. Iran's crude oil shipments have soared to multi - year highs [1] - **Fuel Oil**: The main fuel oil contracts on the Shanghai Futures Exchange rose on Tuesday. Low - sulfur fuel oil supply has improved marginally. Nigerian and Kuwaiti low - sulfur shipments have decreased, and Middle Eastern high - sulfur shipments are expected to decline in February [2] - **Asphalt**: The main asphalt contract on the Shanghai Futures Exchange rose on Tuesday. After the holiday, the average domestic asphalt price increased. Northern China has low supply and inventory accumulation, while southern China has intermittent production [2] - **Polyester**: PTA, EG, and PX futures prices rose on Tuesday. The production and sales of polyester yarn in Jiangsu and Zhejiang are weak. Some production capacities of synthetic gas - to - ethylene glycol plants in Xinjiang are planned to be shut down for maintenance in March. PX and PTA are expected to oscillate strongly under cost support, while ethylene glycol is expected to oscillate narrowly [3] - **Rubber**: Rubber - related varieties rose on Tuesday. The inventory of natural rubber in Qingdao has increased. Thailand's natural rubber exports in January decreased year - on - year. Rubber prices are expected to oscillate strongly [5] - **Methanol**: Methanol prices are affected by supply and demand and the geopolitical situation. Due to Iran's gas restrictions, imports are expected to decline from February to March. The load of MTO plants in Jiangsu and Zhejiang is not high, but there is a recovery expectation after the Spring Festival [5] - **Polyolefin and PVC**: The price of polyolefin products is under pressure due to slow demand recovery after the holiday. PVC prices are expected to maintain bottom - level oscillations due to high - level supply oscillations and limited demand support [6] 3.2 Daily Data Monitoring - The report provides the basis data of various energy and chemical products on February 25, 2026, including spot price, futures price, basis, basis rate, and their changes compared with previous periods [8] 3.3 Market News - US API data shows that in the week ending February 20, US crude oil inventories increased by 1,143 million barrels, gasoline inventories decreased by 154 million barrels, and distillate inventories decreased by 277 million barrels [13] - Iran's crude oil and condensate shipments jumped to nearly 27 million barrels last week, about 3.78 million barrels per day, almost three times the recent weekly average [13] 3.4 Chart Analysis - **Main Contract Prices**: The report presents the closing price charts of main contracts of various energy and chemical products from 2022 to 2026, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, etc. [15][17][19][21][24][25][29] - **Main Contract Basis**: The report shows the basis charts of main contracts of various energy and chemical products from 2022 to 2026, such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, etc. [30][31][34][36] - **Inter - period Contract Spreads**: The report provides the spread charts between different contracts of various energy and chemical products, including fuel oil, PTA, ethylene glycol, PP, LLDPE, natural rubber, etc. [38][40][44][46][48][50] - **Inter - variety Spreads**: The report shows the spread charts between different varieties of energy and chemical products, such as crude oil internal and external spreads, fuel oil high - low sulfur spreads, ethylene glycol - PTA spreads, etc. [53][55][56][60] - **Production Profits**: The report presents the production profit charts of various energy and chemical products, including LLDPE, PP, PTA processing fees, and ethylene - based ethylene glycol cash flow [61][62][63] 3.5 Team Members Introduction - **Zhong Meiyan**: Deputy Director of Everbright Futures Research Institute. With over a decade of experience in futures derivatives market research, she has won many awards and has served multiple listed companies and well - known domestic enterprises [66] - **Du Bingqin**: Director of Energy and Chemical Research at Everbright Futures Research Institute. She has in - depth research on the energy industry chain and has won many industry awards [67] - **Di Yilin**: Rubber and polyester analyst at Everbright Futures Research Institute. She is mainly engaged in the research of natural rubber, 20 - grade rubber, and other futures varieties and has won relevant industry honors [68] - **Peng Haibo**: Analyst of methanol, propylene, and other products at Everbright Futures Research Institute. With years of experience in energy and chemical spot - futures trading, he has relevant professional qualifications [69]