Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector [1]. Core Viewpoints - Geopolitical risks in the Middle East have eased, leading to a continued downward trend in oil prices. WTI crude futures fell by 1.00% and Brent crude futures by 1.21% during the period from October 10 to October 17, 2025 [6]. - OPEC's latest monthly market report maintains its global oil demand growth forecast for the next two years, predicting an increase of 1.3 million barrels per day in 2025 and 1.4 million barrels per day in 2026 [6]. - The domestic oil companies are reducing their sensitivity to oil price fluctuations through upstream and downstream integration and diversifying their oil and gas sources [7]. Summary by Sections Oil and Petrochemicals - Geopolitical tensions have decreased, resulting in a downward trend in oil prices. The easing of risks is reflected in the signing of a ceasefire agreement in Gaza and calls for further implementation of the ceasefire by the UN [6]. - The U.S. government is facing a budget impasse, which is impacting economic operations and creating uncertainty regarding fiscal policies [6]. - The report suggests that while short-term oil price risks may persist, the long-term outlook remains anchored by fundamental demand growth [7]. Fluorochemicals - The supply of popular fluorinated refrigerants is tight, leading to continued price increases. R32 refrigerant prices remain high, and R134a prices are also on the rise due to supply constraints and increasing domestic demand [6][7]. - The report highlights that the production of second-generation refrigerants is declining, while third-generation refrigerants have limited quota increases, stabilizing market competition [6]. Semiconductor Materials - The semiconductor sector is experiencing an upward cycle, supported by improving fundamentals and domestic substitution trends. The report recommends focusing on companies like Nanda Optoelectronics and Shanghai Xinyang [7].

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Views - The Israeli government's approval of the Gaza ceasefire agreement has led to a continued decline in oil prices, with WTI crude futures dropping by 4.15% and Brent crude by 3.53% during the specified period [6]. - Geopolitical tensions remain, particularly with the U.S. halting diplomatic engagement with Venezuela and potential military escalations, which could disrupt Venezuelan oil supplies [6]. - OPEC+ plans a cautious production increase of 137,000 barrels per day in November 2025, but Russia advocates for maintaining current production levels to avoid downward pressure on oil prices [6]. - The EIA has raised its short-term price forecasts for WTI to $65 per barrel and Brent to $68.64 per barrel, while also slightly increasing U.S. oil production expectations to 13.53 million barrels per day [6]. - The report highlights a tightening supply in the fluorochemical sector, with prices for popular refrigerants like R32 and R134a remaining stable at high levels due to production constraints and increasing demand from the air conditioning and automotive sectors [6]. Summary by Sections Oil and Petrochemicals - The report discusses the impact of geopolitical events on oil prices, noting a significant drop in both WTI and Brent crude prices following the ceasefire agreement [6]. - It tracks OPEC+ production strategies and U.S. oil production forecasts, indicating a cautious approach to increasing supply amidst fluctuating demand [6][7]. Fluorochemicals - The fluorochemical market is experiencing a tight supply for popular refrigerants, with stable high prices due to production limitations and recovering demand in the domestic market [6]. - The report notes a projected increase in production for household air conditioners and automotive refrigerants, driven by government incentives [6]. Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, particularly on companies with resilient earnings such as China National Petroleum, Sinopec, and CNOOC [7]. - In the fluorochemical sector, it recommends companies leading in third-generation refrigerant production and upstream fluorite resources [7]. - The semiconductor materials sector is also highlighted, with a positive outlook due to inventory reduction trends and domestic substitution [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For crude oil, supply changes are expected to be the dominant factor for prices, and demand lacks significant growth drivers. OPEC+ will maintain a 137,000 barrels per day production increase in November, which is lower than market expectations. Geopolitical risk premiums have eased, and long - term oil prices are expected to be under pressure, with Brent oil prices likely to oscillate between $60 - 75 per barrel [4]. - For PX & PTA, the PX device operating rate remains high, but downstream maintenance increases and the supply - demand balance weakens. PTA processing margins have dropped, and it is expected to follow cost fluctuations. [4] - For MEG, after the holiday, the operating rate and port inventory have increased, and the supply - demand pattern has shifted to inventory accumulation. The market is expected to be weak in the short term [5]. - For BZ & EB, the pure benzene operating rate has slightly declined but remains high. The demand for downstream products is expected to recover, but the market is affected by new device launches. Short - term prices are expected to follow the weak oscillation of crude oil. The supply of styrene is expected to increase, and with high inventories and poor terminal demand, it is expected to be in a weak oscillation [5]. Summary by Related Catalogs Crude Oil - Supply changes are expected to dominate prices, and demand lacks significant growth drivers. OPEC+ will maintain a 137,000 barrels per day production increase in November, lower than market expectations. Geopolitical risk premiums have eased, and long - term oil prices are expected to be under pressure, with Brent oil prices likely to oscillate between $60 - 75 per barrel [4]. PX & PTA - PX device operating rate remains high, but downstream maintenance increases and the supply - demand balance weakens. PXN is expected to be weak. PTA device changes are frequent, processing margins have dropped to around 165 yuan/ton, and it is expected to follow cost fluctuations [4]. - Domestic PX weekly average capacity utilization is 88.23%, up 0.34% from last week. Asian PX weekly average capacity utilization is 76.97% (+0.19%). PX - naphtha spread remains around $220 per ton. Some PX devices have restarted or are under maintenance. PXN is expected to be weak, and attention should be paid to the commissioning time of a 3 million - ton new capacity in the fourth quarter [8]. - PTA spot price is 4,500 yuan/ton, down 67 yuan/ton from last week. The futures basis of the main contract is - 63 yuan/ton, down 6 yuan/ton from last week. Weekly average capacity utilization is 77.84%, up 0.35% from last week. After new device commissioning in October, supply pressure remains, and it is expected to follow cost fluctuations [14]. MEG - After the holiday, the MEG operating rate has recovered, and East China port inventory has significantly increased. The supply - demand pattern has shifted to inventory accumulation, and the market is expected to be weak in the short term [5]. - The market price of ethylene glycol this week is 4,214 yuan/ton, down 71 yuan/ton from last week. The total domestic ethylene glycol capacity utilization is 70.01%, up 3.27% from last week. The port inventory has increased to 443,100 tons, up 42,800 tons from last week. The futures price has declined, and the market is weak [19]. BZ & EB - The pure benzene operating rate has slightly declined to 78.35% but remains high. The demand for downstream products is expected to recover, but the market is affected by new device launches. Short - term prices are expected to follow the weak oscillation of crude oil. The supply of styrene is expected to increase, and with high inventories and poor terminal demand, it is expected to be in a weak oscillation [5]. - This week, the pure benzene operating rate is 79.29%, up 0.55% from last week; the styrene operating rate is 71.24%, down 2.37% from last week. The downstream S - product comprehensive operating rate is weak, and the inventory pressure is high. The short - term fundamentals have limited improvement, and it is expected to be in a weak oscillation [32]. Polyester Industry - This week, the average weekly capacity utilization of the domestic polyester industry is 87.8%, up 0.89% from last week. The comprehensive operating rate of chemical fiber weaving in Jiangsu and Zhejiang is 64.06%, up 0.94% from the previous period. The average number of terminal weaving order days is 14.29 days, down 1.71 days from last week. Factory inventories have increased, and the industry is under pressure [26].

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided reports. 2. Core Views of the Report - The oil price is expected to fluctuate strongly in the short - term due to inventory depletion, geopolitical factors, and market sentiment. The Brent crude oil has strong support at the $65 level [1]. - The prices of high - and low - sulfur fuel oil may rebound slightly following the oil price, but the upside space is limited due to increasing supply in the future [2]. - The asphalt price is expected to remain stable in the short - term, and attention should be paid to the actual realization of the demand peak season [2]. - The prices of polyester products such as TA and ethylene glycol are expected to fluctuate weakly due to factors like increased maintenance in the fourth quarter, slow recovery of terminal demand, and pressure on long - term oil prices [4]. - The rubber price is expected to fluctuate mainly due to the slow recovery of production, stable downstream tire demand, and weakening export support [6]. - The methanol price is expected to enter a phased bottom, and the basis will gradually strengthen, but there are risks in short - term unilateral long positions [6]. - The polyolefin market will show a weakly fluctuating pattern with marginal improvement in demand and little change in supply [8]. - The PVC price is expected to fluctuate weakly due to high - level supply, slow recovery of domestic demand, and weakening exports [8][9]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, the oil price center continued to rise. The EIA reported a decline in US crude and refined product inventories last week. An agreement on resuming oil exports in the Iraqi Kurdistan region was reached. The Brent crude has strong support at $65, and the oil price is expected to fluctuate strongly in the short - term [1]. - **Fuel Oil**: On Wednesday, the prices of high - and low - sulfur fuel oil rose. Attacks on Russian oil infrastructure and changes in supply affected the market. High - sulfur fuel oil has short - term support, but increasing supply will pressure the market in the future [2]. - **Asphalt**: On Wednesday, the asphalt price rose. The social inventory rate decreased, the refinery inventory level increased, and the plant operating rate increased. The traditional consumption peak season has备货 demand, but high - level supply may limit price increases [2]. - **Polyester**: On Wednesday, the prices of TA, EG, and PX rose. Some devices were affected by typhoons and other factors. The fundamentals are under pressure, and the prices are expected to fluctuate weakly [4]. - **Rubber**: On Wednesday, the prices of various types of rubber rose. There were disturbances in production areas, and the supply and demand increased simultaneously. The price is expected to fluctuate mainly [6]. - **Methanol**: Supply is at a low level due to domestic and overseas device maintenance. The Xingxing device has resumed production, and the port inventory is expected to decline. The price is expected to enter a phased bottom [6]. - **Polyolefin**: The prices of polyolefin products are given. Supply will remain high, and demand is improving with the arrival of the peak season. The market will show a weakly fluctuating pattern [8]. - **PVC**: The PVC market price was adjusted. Domestic real estate construction is stabilizing but weak year - on - year. Supply is high, demand recovery is slow, and exports are affected by policies. The price is expected to fluctuate weakly [8][9]. 3.2 Daily Data Monitoring - The report provides data on the basis, basis rate, price changes, etc. of various energy - chemical varieties such as crude oil, liquefied petroleum gas, asphalt, etc. on September 24 and 23 [10]. 3.3 Market News - The EIA reported that US crude and refined product inventories decreased last week, and the net import volume of crude oil increased while the export volume decreased [12]. - Eight oil companies in the Iraqi Kurdistan region reached a principle agreement on resuming oil exports, which will allow about 230,000 barrels per day of crude oil to be transported through the Iraq - Turkey pipeline [12]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents charts of the closing prices of main contracts of various energy - chemical products from 2021 to 2025, including crude oil, fuel oil, etc. [14][15][18] - **4.2 Main Contract Basis**: Charts of the basis of main contracts of various products such as crude oil, fuel oil, etc. are provided [29][33][37] - **4.3 Inter - period Contract Spreads**: Charts of the spreads of inter - period contracts of various products such as fuel oil, asphalt, etc. are presented [43][45][48] - **4.4 Inter - variety Spreads**: Charts of the spreads and ratios between different varieties such as crude oil, fuel oil, etc. are shown [59][61][66] - **4.5 Production Profits**: Charts of the production profits of products such as ethylene - made ethylene glycol, PP, etc. are provided [69][70] 3.5 Team Member Introduction - The report introduces the members of the energy - chemical research team, including their positions, educational backgrounds, honors, and professional experiences [75][76][77]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating. 2. Core View of the Report The report suggests that crude oil prices may maintain a volatile trend in the short term. Supply - side factors such as EU sanctions on Russia and a decline in Saudi crude oil inventory may limit supply and support oil prices. However, futures prices have declined slightly, and there is bearish sentiment in the market. If demand does not improve significantly, it will also restrict the upside potential of oil prices [1][5]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary - **Crude Oil Futures Market Data Changes**: On September 22, SC futures price dropped to 483.0 yuan/barrel, a 0.82% decline from September 19; WTI futures price decreased to 62.34 dollars/barrel, a 0.03% decline; Brent futures price fell to 66.01 dollars/barrel, a 0.06% decline. Most spreads weakened, with SC - Brent spread down 22.31%, SC - WTI spread down 9.17%, Brent - WTI spread down 0.54%, and SC continuous - 3 spread down 42.22% [1]. 3.2 Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply Side**: On September 19, the EU passed a new round of sanctions against Russia, which may affect Russian crude oil supply and trade. Saudi's crude oil inventory in July decreased by 7.062 million barrels to 145.352 million barrels, indicating a possible supply tightening [2]. - **Demand Side**: The demand during the autumn - winter distillate oil stocking season was poor, leading to a counter - seasonal increase in inventory. The US refinery operating rate dropped by 3.6 percentage points to 93.3%, suggesting the start of traditional autumn inspections and the approaching end of seasonal peak demand, which may cause an imbalance in the crude oil supply - demand pattern [3]. - **Inventory Side**: On September 22, the medium - sulfur crude oil futures warehouse receipts remained unchanged at 5.401 million barrels; fuel oil futures warehouse receipts were 127,140 tons, unchanged; low - sulfur fuel oil warehouse futures receipts were 10,020 tons, unchanged [4]. 3.3 Industrial Chain Price Monitoring - **Crude Oil**: Futures prices of SC, WTI, and Brent all declined slightly. Most spot prices also decreased, with Dubai's price down 1.04%. Among spreads, SC - Brent spread decreased by 22.31%. US commercial crude oil inventory decreased by 2.19%, and the US refinery weekly operating rate dropped by 1.69% [7]. - **Fuel Oil**: Futures prices of FU, LU, and NYMEX fuel all declined. Most spot and paper - cargo prices showed changes, with Singapore's inventory decreasing by 4.21% [8]. 3.4 Industry Dynamics and Interpretation - **Supply**: On September 19, the EU passed a new round of sanctions against Russia, covering energy, financial services, and trade restrictions [9][11][13]. - **Inventory**: Saudi's crude oil inventory in July decreased by 7.062 million barrels to 145.352 million barrels. Some futures warehouse receipts remained unchanged, while some decreased, like the petroleum asphalt futures warehouse receipts [12]. 3.5 Industrial Chain Data Charts The report provides multiple data charts, including those related to WTI, Brent prices and spreads, US crude oil production, OPEC production, refinery operating rates, and inventories, with data sources such as WIND, EIA, and PAJ [14][16][18]

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - Geopolitical risks in the Middle East and Ukraine are supporting oil prices, which are expected to remain volatile in the short term. The report notes that WTI crude futures saw a slight increase of 0.03%, while Brent crude futures decreased by 0.33% during the specified period [6]. - OPEC+ is pushing for increased production despite low international oil prices, aiming to regain market share, which may lead to further pressure on global oil supply [6]. - The demand side shows significant crude oil inventory reductions in the U.S., with gasoline also experiencing a drawdown, providing some support for oil prices. However, as the summer travel season ends, refined oil consumption is expected to shift from peak to off-peak [6]. - In the fluorochemical sector, popular refrigerants like R32 and R134a continue to see price increases due to tight supply and steady demand from downstream industries such as automotive and air conditioning [6]. - The report highlights the strong growth in China's automotive production and sales, which increased by 13.0% and 16.4% year-on-year, respectively, in August 2025, boosting demand for refrigerants [6]. Summary by Sections Oil and Petrochemical - Geopolitical tensions are providing short-term support for oil prices, with WTI and Brent prices showing mixed trends [6]. - OPEC+ discussions on production capacity are ongoing, with a focus on regaining market share despite low prices [6]. - U.S. crude oil inventory reductions and seasonal shifts in refined oil consumption are influencing market dynamics [6]. Fluorochemical - The market for refrigerants remains tight, with prices for R32 and R134a continuing to rise [6]. - Demand from the automotive and air conditioning sectors is supported by government policies promoting consumption [6]. - The reduction in production quotas for second-generation refrigerants is expected to tighten supply further [6]. Investment Recommendations - The report suggests focusing on the oil and petrochemical sector, fluorochemical sector, and semiconductor materials. It highlights the resilience of major domestic oil companies in the face of price volatility and recommends monitoring companies like China National Petroleum, Sinopec, and CNOOC [7]. - In the fluorochemical sector, companies leading in third-generation refrigerant production and upstream fluorite resources are recommended for investment [7]. - The semiconductor materials sector is also highlighted for its positive trends in inventory reduction and domestic substitution [7].

Investment Rating - The report maintains a "Buy" rating for key companies in the oil and gas sector, specifically recommending China National Petroleum Corporation, China Petroleum & Chemical Corporation, China National Offshore Oil Corporation, Zhongman Petroleum and Natural Gas, and New Natural Gas [4]. Core Insights - The ongoing Russia-Ukraine conflict and the recent interest rate cuts by the Federal Reserve are expected to keep oil prices fluctuating in the short term. The Brent crude oil price peaked at over $68 per barrel recently, but has since retreated following the Fed's rate cut and the EU's price cap on Russian oil [1][7]. - The report highlights that the EU plans to intensify sanctions against Russia's oil sector, targeting various critical aspects of the global oil industry, although previous sanctions have had limited impact on Russian oil exports [1][7]. - The report anticipates that oil prices will remain supported by the Fed's ongoing rate cuts and OPEC+'s production increase plans, leading to a predominantly volatile market in the near term [1][7]. Summary by Sections Market Overview - As of September 19, the Brent crude oil futures settled at $66.68 per barrel, down 0.46% week-on-week, while WTI futures settled at $62.68 per barrel, down 0.02% [2][35]. - The U.S. crude oil production decreased to 13.48 million barrels per day, a decline of 10,000 barrels from the previous week, and the refinery throughput also fell by 390,000 barrels per day [2][8]. Inventory and Supply Dynamics - U.S. commercial crude oil inventories decreased by 9.29 million barrels to 41.536 million barrels as of September 12, while gasoline inventories fell by 2.35 million barrels [3][9]. - The report notes a significant drop in Russian oil exports due to drone attacks affecting key facilities, with estimates suggesting a reduction in refining capacity to below 5 million barrels per day [27]. Investment Recommendations - The report suggests focusing on three main investment themes: 1. Investing in leading companies with strong performance and high dividends, such as China National Petroleum and China Petroleum & Chemical [11]. 2. Considering companies with stable earnings and low production costs, like China National Offshore Oil Corporation [11]. 3. Monitoring companies in the growth phase of production, such as New Natural Gas and Zhongman Petroleum and Natural Gas [11]. Company Performance - The report indicates that the oil and gas sector underperformed compared to the broader market, with the sector down 1.9% as of September 19, while the Shanghai Composite Index fell by 1.3% [12][13]. - Notable stock movements include Baoli International, which saw a significant increase of 15.24%, while Bohui Co. experienced a decline of 7.02% [17][19].

Group 1 - The ongoing Russia-Ukraine conflict and recent Federal Reserve interest rate cuts are expected to keep oil prices fluctuating in the short term [1] - Russian oil production may face cuts due to drone attacks on key export ports and refineries, with production capacity reduced by nearly 20% [1] - The EU is considering sanctions against Indian companies aiding Russian oil trade, while the Brent crude price peaked at over $68 per barrel [1] Group 2 - As of September 19, the Brent crude oil futures settled at $66.68 per barrel, reflecting a week-on-week decrease of 0.46% [2] - U.S. crude oil production decreased to 13.48 million barrels per day, with refinery processing rates dropping to 16.42 million barrels per day [2] - U.S. commercial crude oil inventories fell by 9.29 million barrels, while gasoline inventories increased by 0.235 million barrels [3] Group 3 - Investment recommendations include focusing on stable industry leaders with high dividends like China National Petroleum and Sinopec, as well as companies with low production costs like CNOOC [3] - The domestic encouragement for oil and gas production growth suggests potential investment opportunities in companies like New Natural Gas and Man Oil [3]

Core Viewpoint - In August 2025, Brent crude oil futures averaged $67.3 per barrel, down $2.1 from the previous month, while WTI crude oil futures averaged $64.0 per barrel, down $3.1 from the previous month. Oil prices declined in early August following a significant rise at the end of July due to easing geopolitical tensions. Mid-August saw support for oil prices as concerns about international relations grew after U.S. President Trump's push for talks among Russia, the U.S., and Ukraine did not yield agreements. By late August, dovish comments from Federal Reserve Chairman Jerome Powell at the global central bank conference raised expectations for a rate cut in September, boosting the outlook for oil demand and leading to some recovery in oil prices [2]. Supply Side - OPEC+ announced an accelerated production increase of 547,000 barrels per day for September. The 38th OPEC+ ministerial meeting in December 2024 decided to extend collective production cuts of 2 million barrels per day and voluntary cuts of 1.66 million barrels per day until the end of 2026. Additionally, a voluntary cut plan of 2.2 million barrels per day was extended until the end of March 2025. OPEC+ has significantly increased production in May, June, and July, with increases of 411,000 barrels per day, three times the original plan, and announced a further increase of 548,000 barrels per day for August, four times the original plan. On August 3, OPEC+ announced a substantial increase in oil production targets for September by 547,000 barrels per day, completing their production increase target a year ahead of schedule [3]. Demand Side - Major international energy agencies project an increase in crude oil demand of 680,000 to 1.29 million barrels per day in 2025, and an increase of 700,000 to 1.38 million barrels per day in 2026. According to the latest reports from OPEC, IEA, and EIA, crude oil demand for 2025 is estimated at 105.14, 103.66, and 103.72 million barrels per day, reflecting increases of 129, 68, and 98 thousand barrels per day compared to 2024. For 2026, demand is projected at 106.52, 104.38, and 104.91 million barrels per day, with increases of 138, 70, and 119 thousand barrels per day compared to 2025. The refining industry in China is facing challenges due to aging capacity, and the petrochemical sector is undergoing capacity assessments, which may significantly impact independent refineries. The overall supply-side is expected to improve due to clear signals against "involution" policies [4]. Price Outlook - The expected price range for Brent crude oil in 2025 is between $65 and $75 per barrel, while WTI crude oil is expected to range between $60 and $70 per barrel. This outlook considers the high cost of oil production for OPEC+ and the elevated costs associated with new shale oil wells in the U.S. [5]. Related Companies - Key recommendations include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), Satellite Chemical, and CNOOC Development [6].

1. Report Industry Investment Rating - All the studied energy and chemical products are rated as "Oscillation" [1][2][3][4][5] 2. Core Views of the Report - The short - term trend of oil prices is oscillating and rebounding, but the rhythm is still changeable. Saudi Arabia may lower the official selling price of crude oil to Asian buyers in October. Russia's offline refining capacity reached a record high in August, and it extended the ban on refined oil exports [1]. - The fuel oil market is affected by factors such as sanctions, inventory changes, and supply and demand. The high - sulfur fuel oil supply pressure will continue, and the low - sulfur fuel oil market structure has weakened. The FU sentiment is highly volatile and is expected to oscillate [2]. - The asphalt market is affected by factors such as rainfall, capital, and project construction. In September, the demand is expected to increase, and the supply is expected to be relatively sufficient. Attention should be paid to the actual realization of demand [2][3]. - The polyester market has improved demand expectations, but the cost - end crude oil price has declined. The PX and TA have large - scale accidental maintenance, and the ethylene glycol price is expected to oscillate strongly [3]. - The rubber market is supported by tire exports, and the short - term rubber price is expected to oscillate. The price of butadiene rubber follows the cost fluctuations [3][4]. - The methanol market has a short - term increase in port inventory, and the domestic supply will gradually recover. The price is expected to oscillate [4]. - The polyolefin market is gradually moving towards a situation of both strong supply and demand, and the overall will show a narrow - range oscillation pattern [5]. - The polyvinyl chloride market has a stable increase in domestic demand, but the export will weaken. The production profit will be gradually compressed, and the price is expected to oscillate [5]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Thursday, the oil price center moved up. WTI October contract closed up $0.45 to $64.60 per barrel, a 0.7% increase. Brent October contract closed up $0.57 to $68.62 per barrel, an 0.84% increase. SC2510 closed at 486.6 yuan per barrel, up 5.5 yuan per barrel, a 1.14% increase. It is expected to oscillate [1]. - **Fuel Oil**: On Thursday, the main fuel oil contract FU2510 on the Shanghai Futures Exchange closed down 0.21%, and the low - sulfur fuel oil main contract LU2511 closed up 0.14%. It is expected to oscillate [2]. - **Asphalt**: On Thursday, the main asphalt contract BU2510 on the Shanghai Futures Exchange closed down 0.57%. It is expected to oscillate [2]. - **Polyester**: TA601 closed down 0.66%, EG2601 closed down 0.36%, and PX futures main contract closed down 0.78%. It is expected to oscillate [3]. - **Rubber**: On Thursday, the main rubber contract RU2601 rose 185 yuan per ton, NR main contract rose 165 yuan per ton, and butadiene rubber BR main contract rose 270 yuan per ton. It is expected to oscillate [3]. - **Methanol**: The methanol price is expected to oscillate [4]. - **Polyolefin**: The polyolefin market is expected to oscillate [5]. - **Polyvinyl Chloride**: The polyvinyl chloride market is expected to oscillate [5] 3.2 Daily Data Monitoring - The report provides the basis data of various energy and chemical products on August 29, 2025, including spot price, futures price, basis, basis rate, and the change of basis rate in the past month [7]. 3.3 Market News - From August 22 - 28, the gasoline inventory in the Amsterdam - Rotterdam - Antwerp (ARA) center decreased from 104.5 tons to 99.1 tons, the fuel oil inventory increased from 104.6 tons to 104.9 tons, the diesel inventory increased from 203.2 tons to 208.5 tons, the aviation fuel inventory decreased from 94.6 tons to 91.9 tons, and the naphtha inventory increased from 55.2 tons to 58.4 tons [9]. - Saudi Arabia may lower the official selling price of crude oil to Asian buyers in October, with the flagship Arab Light crude oil's official selling price possibly being lowered by 40 - 70 cents per barrel [9] 3.4 Chart Analysis - **Main Contract Price**: The report presents the closing price charts of main contracts of various energy and chemical products from 2021 - 2025 [11][13][15][17][19][21][22] - **Main Contract Basis**: The report shows the basis charts of main contracts of various energy and chemical products from 2021 - 2025 [24][25][27][31][33][35][37] - **Inter - period Contract Spread**: The report provides the spread charts of different contracts of various energy and chemical products [38][39][41][44][47][49][52][55] - **Inter - variety Spread**: The report presents the spread and ratio charts between different varieties of energy and chemical products [56][57][60][61][62] - **Production Profit**: The report shows the cash - flow and profit charts of the production of some energy and chemical products [63][65][67] 3.5 Team Member Introduction - The team members include the assistant director and energy - chemical director Zhong Meiyan, crude oil and related analysts Du Bingqin, natural rubber/polyester analyst Di Yilin, and methanol/PE/PP/PVC analyst Peng Haibo, each with rich experience and achievements [69][70][71][72] 3.6 Contact Information - The company is located at Unit 703, 6th Floor, No. 729 Yanggao South Road, China (Shanghai) Pilot Free Trade Zone. The company phone is 021 - 80212222, the fax is 021 - 80212200, the customer service hotline is 400 - 700 - 7979, and the postal code is 200127 [74]