Group 1 - Oil stocks experienced a broad decline in early trading, with Sinopec (00386) down 4.06% to HKD 5.43, PetroChina (00857) down 3.28% to HKD 9.15, CNOOC Services (02883) down 3.06% to HKD 9.49, and CNOOC (00883) down 2.79% to HKD 24.42 [1] - WTI crude oil futures fell by 2.77% to USD 62.84 per barrel, while Brent crude oil futures decreased by 2.71% to USD 67.52 per barrel [1] - The U.S. President Donald Trump stated that the U.S. "must" reach an agreement with Iran, warning that the situation would become "very serious" if not resolved, with hopes for a deal within about a month [1] Group 2 - The latest EIA data showed a significant increase in U.S. crude oil inventories, rising by 8.53 million barrels, marking the largest weekly increase since January of the previous year [1] - Market trading logic has shifted from "geopolitical priority" back to "supply-demand priority," with expectations that substantial progress in U.S.-Iran negotiations could lead to a significant reduction in oil prices due to the return of supply surplus fundamentals [1] - Continuous large increases in inventory, unexpected production increases from OPEC+, and weakening demand are expected to suppress the upward price potential of crude oil [1]

Report Summary Industry Investment Rating No relevant content provided. Core Viewpoints - For crude oil, current oil prices have risen and priced in a high geopolitical premium. Given the expected over - performance of Venezuela's production increase and OPEC's subsequent production recovery, it is advisable to take profits on rallies and focus on mid - term layout [2]. - For methanol, it has priced in a significant number of negative factors. With potential short - term geopolitical fluctuations overseas, previous short positions should take profits, and short - term observation is recommended [5]. - For urea, the current situation of internal - external price differentials has opened the import window. Coupled with the expected improvement in production at the end of January, negative fundamental expectations are approaching, so short positions on rallies are recommended [8]. - For rubber, approaching the Spring Festival, it is recommended to reduce risk, trade short - term according to the market, set stop - losses, and enter and exit quickly. During the Spring Festival, it is recommended to hold a hedging position of buying NR main contract and shorting RU2609 [14]. - For PVC, the fundamentals are poor with strong supply and weak demand in the domestic market. Short - term factors such as electricity price expectations, capacity reduction expectations, and export rush support PVC. Attention should be paid to subsequent changes in capacity and production [17]. - For pure benzene and styrene, the non - integrated profit of styrene is moderately high, and the upward valuation repair space is narrowing. As the non - integrated profit of styrene has been significantly repaired, positions can be gradually liquidated [21]. - For polyethylene, OPEC + plans to suspend production growth in Q1 2026, and the crude oil price may have bottomed. The spot price of polyethylene has declined, and there is still room for PE valuation to decline. In the seasonal off - season, the overall operating rate is declining [24]. - For polypropylene, in the context of weak supply and demand, the overall inventory pressure is high. There is no prominent short - term contradiction. The number of warehouse receipts is at a high level in the same period of history. It is recommended to go long on the PP5 - 9 spread on dips [27]. - For PX, it is expected to maintain an inventory accumulation pattern before the maintenance season. The mid - term pattern is good, and there are opportunities to go long following crude oil on dips after the Spring Festival [30]. - For PTA, it enters the Spring Festival inventory accumulation stage. The processing fee is expected to remain high, and there are mid - term opportunities to go long on dips [33]. - For ethylene glycol, there is an expectation of further profit compression and production reduction under the pressure of inventory accumulation and high production. The valuation is moderately low year - on - year, and there is a risk of rebound [35]. Summary by Commodity Crude Oil - **Market Information**: INE main crude oil futures rose 0.90 yuan/barrel, or 0.19%, to 476.80 yuan/barrel. US EIA weekly data showed that commercial crude oil inventories increased by 8.53 million barrels to 428.83 million barrels, a 2.03% increase [1]. Methanol - **Market Information**: Regional spot prices in Jiangsu changed by 10 yuan/ton, while those in Lunan, Henan, and Inner Mongolia decreased by 5 yuan/ton. The main futures contract changed by 10.00 yuan/ton to 2231 yuan/ton, and MTO profit decreased by 10 yuan [4]. Urea - **Market Information**: Regional spot prices in Shandong, Henan, and other regions remained unchanged. The main futures contract rose 46 yuan/ton to 1843 yuan/ton, and the overall basis was reported at - 63 yuan/ton [7]. Rubber - **Market Information**: The short - term rubber market rebounded with the commodity market. Bulls were optimistic due to macro, seasonal, and demand expectations, while bears were pessimistic due to weak demand. As of February 5, 2026, the operating rate of all - steel tires in Shandong was 60.94%, and that of semi - steel tires was 73.42% [11][12]. PVC - **Market Information**: The PVC05 contract fell 52 yuan to 4938 yuan. The overall operating rate was 79.3%, an increase of 0.3%. The downstream operating rate was 41.4%, a decrease of 3.3%. Factory inventory was 28.8 tons (- 0.2), and social inventory was 122.7 tons (+ 2.1) [16]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene in East China rose 87.5 yuan/ton to 6103 yuan/ton. The spot price of styrene fell 150 yuan/ton to 7550 yuan/ton. The upstream operating rate was 69.96%, an increase of 0.68%. Jiangsu port inventory increased by 0.80 million tons to 10.86 million tons [20]. Polyethylene - **Market Information**: The main contract closed at 6787 yuan/ton, up 12 yuan/ton. The spot price was 6585 yuan/ton, down 90 yuan/ton. The upstream operating rate was 87.03%, a decrease of 0.27%. Production enterprise inventory increased by 5.67 million tons to 37.97 million tons [23]. Polypropylene - **Market Information**: The main contract closed at 6693 yuan/ton, up 5 yuan/ton. The spot price was 6675 yuan/ton, unchanged. The upstream operating rate was 74.9%, a decrease of 0.01%. Production enterprise inventory increased by 1.49 million tons to 41.58 million tons [25]. PX - **Market Information**: The PX03 contract fell 62 yuan to 7202 yuan. China's PX load was 92%, an increase of 2.5%. Asian load was 83.7%, an increase of 1.3%. In early February, South Korea's PX exports to China were 17.5 million tons, an increase of 3 million tons year - on - year [29]. PTA - **Market Information**: The PTA05 contract fell 40 yuan to 5220 yuan. The spot price in East China rose 25 yuan to 5205 yuan. The PTA load was 74.8%, a decrease of 2.8%. Social inventory (excluding credit warehouse receipts) on February 6 was 232.6 million tons, an increase of 21 million tons [32]. Ethylene Glycol - **Market Information**: The EG05 contract fell 41 yuan to 3723 yuan. The spot price in East China fell 13 yuan to 3639 yuan. The supply - side load was 76.8%, an increase of 0.7%. Port inventory increased by 3.8 million tons to 93.5 million tons [34].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - For crude oil, current prices have factored in a high geopolitical premium. Given the potential over - expected production increase in Venezuela and OPEC's subsequent production recovery, it is advisable to take profits at high prices and focus on mid - term layout [2]. - For methanol, it has priced in a significant number of negative factors. With potential short - term geopolitical fluctuations overseas, it is recommended to take profits on previous short positions and adopt a short - term wait - and - see approach [4]. - For urea, the current situation of internal - external price differences has opened the import window. Coupled with the expected production recovery at the end of January, the fundamental outlook is bearish, so it is advisable to short on rallies [7]. - For rubber, approaching the Spring Festival, it is recommended to reduce risk, trade short - term on the market, set stop - losses, and avoid holding single - sided positions during the festival. Consider holding a long NR main contract and short RU2609 contract for hedging [12]. - For PVC, the domestic supply - demand situation is weak, with strong supply and weak demand. Although short - term factors such as electricity price expectations, capacity clearance expectations, and export rush support the price, the weak fundamentals may affect the industry pattern. It is necessary to pay attention to subsequent changes in capacity and production [15]. - For pure benzene and styrene, the non - integrated profit of styrene has been significantly repaired, so it is advisable to gradually take profits [19]. - For polyethylene, the OPEC+ plan to suspend production growth in Q1 2026 may lead to a bottoming of crude oil prices. The spot price of polyethylene has declined, and the overall demand is in a seasonal off - peak. The price is expected to be supported by the significant reduction of coal - based inventory [22]. - For polypropylene, in the context of weak supply and demand with high overall inventory pressure, the short - term situation is stable. The long - term contradiction has shifted from cost - driven decline to production mismatch. It is advisable to go long on the PP5 - 9 spread at low prices [25]. - For PX, it is expected to maintain an inventory accumulation pattern before the maintenance season. The mid - term outlook is positive, and there are opportunities to go long following crude oil prices after the Spring Festival [28]. - For PTA, it is entering the Spring Festival inventory accumulation stage. The processing fee is expected to remain high, and there are mid - term opportunities to go long at low prices [31]. - For ethylene glycol, the industry is facing inventory accumulation and high production pressure. Although there is a risk of a short - term rebound due to geopolitical and cost factors, the supply - demand situation needs to be improved through increased production cuts [33]. Summary by Related Catalogs Crude Oil - **Market Information**: On February 12, 2026, the INE main crude oil futures rose 4.30 yuan/barrel, or 0.91%, to 476.80 yuan/barrel. The main futures of related refined oil products, high - sulfur fuel oil, rose 39.00 yuan/ton, or 1.38%, to 2,860.00 yuan/ton, and low - sulfur fuel oil rose 76.00 yuan/ton, or 2.32%, to 3,357.00 yuan/ton [1]. Methanol - **Market Information**: Regional spot prices in Jiangsu remained unchanged, while those in Lunan, Henan, Hebei, and Inner Mongolia changed by 5 yuan/ton, 15 yuan/ton, 15 yuan/ton, and 5 yuan/ton respectively. The main futures contract changed by 14.00 yuan/ton to 2,248 yuan/ton, and the MTO profit changed by 12 yuan [3]. Urea - **Market Information**: Regional spot prices in Shandong, Henan, Hebei, Jiangsu, Shanxi, and Northeast China changed by 10 yuan/ton, 10 yuan/ton, 10 yuan/ton, 10 yuan/ton, 10 yuan/ton, and 20 yuan/ton respectively, while that in Hubei remained unchanged. The overall basis was reported at - 17 yuan/ton. The main futures contract changed by 12 yuan/ton to 1,797 yuan/ton [6]. Rubber - **Market Information**: The short - term rubber market rebounded with the commodity market. The bulls were optimistic about the market due to macro - economic expectations, seasonal expectations, and demand expectations, while the bears were pessimistic due to weak demand. As of February 5, 2026, the operating rate of all - steel tires in Shandong tire enterprises was 60.94%, 1.47 percentage points lower than the previous week but 40.93 percentage points higher than the same period last year. The operating rate of semi - steel tires in domestic tire enterprises was 73.42%, 1.93 percentage points lower than the previous week but 44.41 percentage points higher than the same period last year. As of February 1, 2026, China's natural rubber social inventory was 128.1 million tons, a 0.9 - million - ton increase from the previous month, or 0.7%. The total natural rubber inventory in Qingdao increased by 1.09 million tons to 59.12 million tons, a 1.88% increase [9][10]. PVC - **Market Information**: The PVC05 contract rose 19 yuan to 4,990 yuan. The spot price of Changzhou SG - 5 was 4,750 (+20) yuan/ton, the basis was - 240 (+1) yuan/ton, and the 5 - 9 spread was - 113 (+4) yuan/ton. The cost of calcium carbide in Wuhai was reported at 2,550 (0) yuan/ton, the price of medium - grade semi - coke was 785 (0) yuan/ton, the price of ethylene was 695 (0) US dollars/ton, and the spot price of caustic soda was 590 (+2) yuan/ton. The overall PVC operating rate was 79.3%, a 0.3% increase from the previous period, with the calcium carbide method at 80.9%, a 0.3% increase, and the ethylene method at 75.5%, a 0.5% increase. The overall downstream operating rate was 41.4%, a 3.3% decrease from the previous period. The in - plant inventory was 28.8 million tons (- 0.2), and the social inventory was 122.7 million tons (+2.1) [14]. Pure Benzene & Styrene - **Market Information**: In terms of fundamentals, the cost of East China pure benzene was 6,103 yuan/ton, an 87.5 - yuan/ton increase. The closing price of the active pure benzene contract was 6,124 yuan/ton, an 87.5 - yuan/ton increase, and the pure benzene basis was - 21.5 yuan/ton, a 2.5 - yuan/ton reduction. In the spot - futures market, the styrene spot price was 7,550 yuan/ton, a 150 - yuan/ton decrease, and the closing price of the active styrene contract was 7,497 yuan/ton, a 24 - yuan/ton increase. The basis was 53 yuan/ton, a 174 - yuan/ton weakening. The BZN spread was 153.62 yuan/ton, a 12.5 - yuan/ton decrease. The profit of non - integrated EB plants was - 213.975 yuan/ton, a 44.125 - yuan/ton decrease. The EB consecutive 1 - consecutive 2 spread was 69 yuan/ton, a 19 - yuan/ton reduction. The upstream operating rate was 69.96%, a 0.68% increase, and the inventory at Jiangsu ports was 10.86 million tons, a 0.80 - million - ton increase. The weighted operating rate of three S products was 40.79%, a 0.23% increase, the PS operating rate was 55.20%, a 0.40% decrease, the EPS operating rate was 56.24%, a 2.98% increase, and the ABS operating rate was 64.40%, a 1.70% decrease [18]. Polyethylene - **Market Information**: Fundamentally, the closing price of the main contract was 6,787 yuan/ton, a 12 - yuan/ton increase, and the spot price was 6,585 yuan/ton, a 90 - yuan/ton decrease. The basis was - 202 yuan/ton, a 102 - yuan/ton weakening. The upstream operating rate was 87.03%, a 0.27% decrease from the previous period. In terms of weekly inventory, the production enterprise inventory was 37.97 million tons, a 5.67 - million - ton increase from the previous period, and the trader inventory was 2.32 million tons, a 0.23 - million - ton decrease. The average downstream operating rate was 33.73%, a 4.03% decrease from the previous period. The LL5 - 9 spread was - 49 yuan/ton, a 2 - yuan/ton expansion [21]. Polypropylene - **Market Information**: Fundamentally, the closing price of the main contract was 6,693 yuan/ton, a 5 - yuan/ton increase, and the spot price was 6,675 yuan/ton, unchanged. The basis was - 18 yuan/ton, a 5 - yuan/ton weakening. The upstream operating rate was 74.9%, a 0.01% decrease from the previous period. In terms of weekly inventory, the production enterprise inventory was 41.58 million tons, a 1.49 - million - ton increase from the previous period, the trader inventory was 18.32 million tons, a 0.02 - million - ton decrease, and the port inventory was 6.37 million tons, a 0.03 - million - ton decrease. The average downstream operating rate was 49.84%, a 2.24% decrease from the previous period. The LL - PP spread was 94 yuan/ton, a 7 - yuan/ton expansion, and the PP5 - 9 spread was - 28 yuan/ton, a 9 - yuan/ton reduction [23][24]. PX - **Market Information**: The PX03 contract rose 44 yuan to 7,264 yuan, and the PX CFR rose 8 US dollars to 917 US dollars. The basis was - 39 yuan (- 8) after conversion according to the RMB central parity rate, and the 3 - 5 spread was - 114 yuan (- 26). The PX operating rate in China was 89.5%, a 0.3% increase from the previous period, and the Asian operating rate was 82.4%, a 0.8% increase. In terms of plants, Sinochem Quanzhou was restarting, Zhejiang Petrochemical was increasing production, and Fujian United Petrochemical's operating rate fluctuated. The PTA operating rate was 77.6%, a 1% increase, with Sichuan Energy Investment restarting, Dushan Energy under maintenance, and a 700,000 - ton plant in Taiwan under maintenance. In terms of imports, South Korea exported 175,000 tons of PX to China in the first ten days of February, a 30,000 - ton increase from the same period last year. The inventory at the end of December was 4.65 billion tons, a 190 - million - ton increase from the previous month. In terms of valuation and cost, the PXN was 297 US dollars (- 5), the South Korean PX - MX was 142 US dollars (+3), and the naphtha crack spread was 106 US dollars (+15) [27]. PTA - **Market Information**: The PTA05 contract rose 30 yuan to 5,260 yuan, and the East China spot price rose 40 yuan to 5,180 yuan. The basis was - 73 yuan (+2), and the 5 - 9 spread was 24 yuan (- 4). The PTA operating rate was 77.6%, a 1% increase, with Sichuan Energy Investment restarting, Dushan Energy under maintenance, and a 700,000 - ton plant in Taiwan under maintenance. The downstream operating rate was 78.2%, a 6% decrease, with Hengyi's 250,000 - ton filament plant restarting and 4.75 million tons of chemical fiber plants such as Sanfangxiang, Jiabao, and Yuanlong under maintenance. The terminal texturing operating rate decreased by 35% to 17%, and the loom operating rate decreased by 24% to 9%. The social inventory (excluding credit warehouse receipts) on February 6 was 2.326 billion tons, a 210 - million - ton increase. In terms of valuation and cost, the PTA spot processing fee decreased by 1 yuan to 365 yuan, and the futures processing fee decreased by 16 yuan to 420 yuan [30]. Ethylene Glycol - **Market Information**: The EG05 contract rose 31 yuan to 3,764 yuan, and the East China spot price rose 29 yuan to 3,652 yuan. The basis was - 114 yuan (- 4), and the 5 - 9 spread was - 110 yuan (- 2). On the supply side, the ethylene glycol operating rate was 76.2%, a 1.8% increase, with the syngas - based method at 76.8%, a 4.3% decrease, and the ethylene - based method at 75.9%, a 5.4% increase. Among the syngas - based plants, Wonen was shut down and expected to restart in the short term, Guanghui restarted, and Sinochem reduced production due to an accident. In the oil - chemical sector, Zhongke Refining & Chemical and Sinochem Quanzhou restarted, and Satellite switched production after shutting down. Overseas, China Taiwan's Zhongxian shut down, and Saudi Arabia's Sharq2 restarted. The downstream operating rate was 78.2%, a 6% decrease, with Hengyi's 250,000 - ton filament plant restarting and 4.75 million tons of chemical fiber plants such as Sanfangxiang, Jiabao, and Yuanlong under maintenance. The terminal texturing operating rate decreased by 35% to 17%, and the loom operating rate decreased by 24% to 9%. The import arrival forecast was 181,000 tons (two weeks), and the East China departure volume on February 10 was 12,400 tons. The port inventory was 935,000 tons, a 38,000 - ton increase. In terms of valuation and cost, the naphtha - based production profit was - 1,312 yuan, the domestic ethylene - based production profit was - 710 yuan, and the coal - based production profit was 24 yuan. The price of ethylene decreased to 695 US dollars, and the price of Yulin pit - mouth steam coal decreased to 580 yuan [32].

燃料油日报 | 2026-02-11 站在品种自身基本面的角度来看，高硫燃料油近期市场结构偏强运行，下游船燃需求良好，亚太地区现货边际收 紧，现货贴水与月差相对坚挺，且FU期货注册仓单量减少。在委内瑞拉原油供应减少后，国内沥青炼厂开始寻找 替代原料，高硫燃料油需求存在一定增量预期。但与此同时，俄罗斯1月发货量明显回升，预计体现在本月亚太地 区的到港上，上周新加坡库存大幅回升。整体来看，在地缘局势相对可控的前提下，高硫燃料油市场不具备持续 走强的动力，尤其在高运费的环境下，估值过高会抑制下游炼厂端需求。 低硫燃料油方面，当前基本面矛盾不明显，科威特等局部地区供应存在增量，但整体压力相对有限。值得一提的 是，近期外盘汽柴油裂解价差出现回落，对低硫燃料油支撑边际减弱，3月份春检开启，部分RFCC装置将再度进 入检修，低硫燃料油供应预计将保持充裕。 策略 高硫方面：中性，关注伊朗局势发展，节前轻仓运行 低硫方面：中性，关注伊朗局势发展，节前轻仓运行 跨品种：无 跨期：无 期现：无 地缘溢价仍未消退，低硫油市场支撑边际转弱 期权：无 市场分析 风险 上期所燃料油期货主力合约日盘收涨2.15%，报2845元/吨；INE低 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Crude Oil**: With the current oil price having risen and priced in a high geopolitical premium, considering the expected over - performance of Venezuela's production increase and OPEC's subsequent production recovery, it is advisable to take profits on rallies and focus on medium - term layout [2]. - **Methanol**: Methanol has priced in a significant number of negative factors. Given the short - term volatility probability of overseas geopolitics, it is recommended to stop losses on short positions and adopt a short - term wait - and - see approach [5]. - **Urea**: The current situation of internal - external price differentials has opened the import window. Coupled with the expected production recovery at the end of January, the fundamental outlook for urea is bearish, so it is advisable to short on rallies [7]. - **Rubber**: Near the Spring Festival, it is recommended to reduce risk, trade short - term based on the market, set stop - losses, and enter and exit quickly. During the Spring Festival, it is recommended to hold a hedging position of buying NR main contract and shorting RU2609 [12]. - **PVC**: The domestic supply - demand situation is characterized by strong supply and weak demand. Although there are short - term supports such as electricity price expectations, capacity clearance expectations, and export rush sentiment, the fundamental situation is poor. Attention should be paid to subsequent changes in capacity and production [15]. - **Pure Benzene & Styrene**: The non - integrated profit of styrene is moderately high, and the upward valuation repair space is narrowing. As the non - integrated profit of styrene has been significantly repaired, it is advisable to gradually take profits [18]. - **Polyethylene**: The OPEC + plan to suspend production growth in Q1 2026 may lead to a bottoming of the crude oil price. The downward valuation space of PE still exists. With the seasonal off - season, the overall operating rate of the demand side is declining [21]. - **Polypropylene**: In the context of weak supply and demand, the overall inventory pressure is high. There is no prominent short - term contradiction. The long - term contradiction has shifted from cost - driven decline to production mismatch. It is advisable to go long on the PP5 - 9 spread on dips [24]. - **PX**: Currently, PX production remains at a high level, and downstream PTA has many maintenance activities. Before the maintenance season, PX is expected to maintain an inventory accumulation pattern. After the Spring Festival, the supply - demand structure of both PX and downstream PTA is strong, and there are medium - term opportunities to go long following the crude oil price [27]. - **PTA**: Supply is under high - level maintenance in the short term, and demand is declining due to the off - season. PTA is entering the Spring Festival inventory accumulation stage. There is still room for valuation increase after the Spring Festival, and attention should be paid to medium - term opportunities to go long [30]. - **Ethylene Glycol**: The overall operating rate is still relatively high. Although imports are expected to decline slightly in February, due to the downstream off - season, the port inventory accumulation pressure is large. There is an expectation of further profit compression and production reduction in the medium term. However, there is also a risk of rebound due to factors such as the tense situation in Iran and coal price rebound [32]. 3. Summary by Commodity Crude Oil - **Market Information**: INE main crude oil futures closed down 1.50 yuan/barrel, a 0.32% decline, at 464.20 yuan/barrel. European ARA weekly data showed that gasoline, diesel, and naphtha inventories increased, while fuel oil and aviation kerosene inventories decreased. The total refined oil inventory decreased slightly [1]. Methanol - **Market Information**: Regional spot prices in different areas had different changes. The main futures contract increased by 1.00 yuan/ton to 2231 yuan/ton, and the MTO profit decreased by 64 yuan [4]. Urea - **Market Information**: Regional spot prices in most areas remained unchanged, with a slight decrease in Jiangsu. The main futures contract increased by 12 yuan/ton to 1788 yuan/ton, and the overall basis was reported at - 28 yuan/ton [6]. Rubber - **Market Information**: The short - term rubber market fluctuated with the commodity market. Bulls and bears had different views. The operating rates of domestic tire enterprises decreased slightly, and the social inventory of natural rubber increased [9][10]. PVC - **Market Information**: The PVC05 contract increased by 11 yuan to 4992 yuan. The overall operating rate increased slightly, while the downstream operating rate decreased. Factory and social inventories changed accordingly [14]. Pure Benzene & Styrene - **Market Information**: The prices of pure benzene and styrene both decreased. The upstream operating rate of pure benzene increased, and the port inventory of styrene increased. The operating rates of downstream products had different changes [17]. Polyethylene - **Market Information**: The main futures contract price decreased by 91 yuan/ton, while the spot price remained unchanged. The upstream operating rate decreased slightly, and the production enterprise inventory increased [20]. Polypropylene - **Market Information**: The main futures contract price decreased by 61 yuan/ton, and the spot price decreased by 15 yuan/ton. The upstream operating rate decreased slightly, and the production enterprise inventory increased [22]. PX - **Market Information**: The PX03 contract increased by 20 yuan to 7192 yuan. The operating rates in China and Asia increased. Some enterprises had production status changes. Import volume decreased, and inventory increased [26]. PTA - **Market Information**: The PTA05 contract increased by 26 yuan to 5192 yuan. The PTA operating rate increased, while the downstream operating rate decreased. Social inventory increased, and processing fees increased [29]. Ethylene Glycol - **Market Information**: The EG05 contract decreased by 4 yuan to 3739 yuan. The overall supply - side operating rate increased, and the downstream operating rate decreased. Port inventory increased, and different production methods had different profit situations [31].

板块逻辑： 路透数据显示原油仍处于库存压力显现、供应仍偏过剩格局下的地缘 溢价摇摆阶段。强预期对纯苯、苯乙烯持续形成支撑，在化工品中表现偏 强。短期PVC存"抢出口"、国内供应端政策预期提振，财联社报道称印 尼煤炭出口扰动，亦对PVC形成支撑，但基本面压力未扭转，盘面或先扬 后抑，整体偏震荡。 原油：供应压力仍在，地缘主导节奏 沥青：沥青原料供应扰动有望缓解 高硫燃油：燃油期价跟随原油走强 低硫燃油：低硫燃油跟随原油震荡 甲醇：港口库存重回去库，海外局势偶有波折，甲醇区间震荡 尿素：收单好转情绪升温，尿素震荡整理 乙二醇：近端到货偏多，价格承压运行 PX：价格止跌企稳，商谈回暖，PX短期震荡整理 PTA：强预期弱现实，价格区间整理 短纤：下游放假停车，需求清淡 瓶片：库存结构优化，瓶片效益维持强势 丙烯：现货压力不大，PL震荡 PP：节前下游心态谨慎，PP回落后震荡 塑料：上游开工小幅提升，塑料回落后震荡 苯乙烯：季节性累库或开启，但苯乙烯利润不易压缩 PVC：煤炭进口扰动，PVC反弹谨慎 烧碱：需求阶段改善，烧碱暂观望 展望：美伊关系动向支撑原油价格，化工震荡思路对待。 风险提示：中美贸易摩擦升级，互相大幅 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - For crude oil, the current oil price has risen and priced in a high geopolitical premium. In the short term, there is still a supply gap from Iran, but considering the expected over - performance of Venezuela's production increase and OPEC's subsequent production recovery, the oil price should be taken profit at high levels, and mid - term layout should be the main operation idea [1]. - For methanol, it has priced in almost all geopolitical premiums. The current price strongly suppresses downstream demand, and the negative feedback may continue, putting pressure on the upside space [1]. - For urea, the current situation of internal and external price differences has opened the import window. Coupled with the expected improvement in production at the end of January, the fundamental outlook for urea is bearish, so it is recommended to short at high levels [1]. - For rubber, the overall commodity has rebounded, with expected large - amplitude fluctuations. It is recommended to trade short - term according to the market, set stop - losses, enter and exit quickly, and strictly control risks. Buying the NR main contract and shorting RU2609 can resume position - building [7]. - For PVC, the overall domestic supply is strong while demand is weak. Although short - term factors such as electricity price expectations, capacity clearance expectations, and export rush support it, the fundamental situation is poor. Attention should be paid to subsequent changes in capacity and production [10]. - For pure benzene and styrene, the non - integrated profit of styrene is neutral to high, and the upward valuation repair space is narrowing. The supply is wide, the port inventory is accumulating, and the demand is in the off - season. The non - integrated profit of styrene has been significantly repaired, so profit - taking can be gradually carried out [14]. - For polyethylene, OPEC+ plans to suspend production growth in Q1 2026, and the crude oil price may have bottomed. The spot price of polyethylene has risen, and the downward valuation space still exists. The coal - based inventory has been significantly reduced, supporting the price. The demand is in the off - season, and the overall operating rate is declining [17]. - For polypropylene, the cost side predicts a slight reduction in global oil inventories, and the supply pressure in H1 2026 is relieved. The demand side has seasonal fluctuations. The overall inventory pressure is high, and there is no prominent short - term contradiction. The long - term contradiction has shifted from cost - driven decline to production mismatch. It is recommended to go long on the PP5 - 9 spread at low levels [19]. - For PX, the current load is high, and the downstream PTA has many maintenance plans. It is expected to maintain an inventory - accumulating pattern before the maintenance season. The mid - term pattern is good, and there are opportunities to go long following the crude oil price at low levels [21]. - For PTA, the supply side has high maintenance in the short term, and the demand side is affected by the off - season. It has entered the inventory - accumulating stage during the Spring Festival. The processing fee has increased significantly, and there is a risk of correction in the short term, but there is still room for valuation increase after the Spring Festival. Mid - term, pay attention to opportunities to go long at low levels [23]. - For ethylene glycol, the overall load is still high, the import is expected to remain high in February, and the port inventory - accumulating cycle will continue. The valuation is currently neutral to low, and there is a risk of rebound due to factors such as the tense situation in Iran and coal price rebound [26]. Summary by Related Catalogs Crude Oil - **Market Information**: On February 5, 2026, the INE main crude oil futures closed up 12.60 yuan/barrel, a 2.80% increase, at 462.40 yuan/barrel. The related refined oil main futures, high - sulfur fuel oil closed up 107.00 yuan/ton, a 3.98% increase, at 2797.00 yuan/ton; low - sulfur fuel oil closed up 107.00 yuan/ton, a 3.39% increase, at 3268.00 yuan/ton [1]. - **Strategy Viewpoint**: The current oil price has priced in a high geopolitical premium. In the short term, there is still an Iranian supply gap, but considering the expected over - performance of Venezuela's production increase and OPEC's subsequent production recovery, the oil price should be taken profit at high levels, and mid - term layout should be the main operation idea [1]. Methanol - **Market Information**: On February 5, 2026, regional spot prices changed as follows: Jiangsu decreased by 12 yuan/ton, Lunan increased by 5 yuan/ton, Henan decreased by 10 yuan/ton, Hebei increased by 55 yuan/ton, and Inner Mongolia decreased by 5 yuan/ton. The main futures contract increased by 23.00 yuan/ton, at 2279 yuan/ton, and the MTO profit increased by 6 yuan [1]. - **Strategy Viewpoint**: Methanol has priced in almost all geopolitical premiums. The current price strongly suppresses downstream demand, and the negative feedback may continue, putting pressure on the upside space [1]. Urea - **Market Information**: On February 5, 2026, regional spot prices: Shandong, Henan, Hebei, Hubei, and Northeast remained unchanged; Jiangsu decreased by 10 yuan/ton; Shanxi increased by 10 yuan/ton. The overall basis was reported at - 17 yuan/ton. The main futures contract increased by 17 yuan/ton, at 1787 yuan/ton [1]. - **Strategy Viewpoint**: The current situation of internal and external price differences has opened the import window. Coupled with the expected improvement in production at the end of January, the fundamental outlook for urea is bearish, so it is recommended to short at high levels [1]. Rubber - **Market Information**: On February 5, 2026, multiple commodities rebounded after a sharp decline. The short - term market is priced by funds and has a low correlation with fundamentals. Bulls and bears have different views. Bulls are optimistic due to macro - expectations, seasonal expectations, and demand expectations, while bears are pessimistic due to weak demand. As of January 29, 2026, the operating rate of Shandong tire enterprises for all - steel tires was 62.41%, 0.29 percentage points lower than the previous week and 54.41 percentage points higher than the same period last year; the operating rate of semi - steel tires was 75.35%, 0.08 percentage points higher than the previous week and 53.03 percentage points higher than the same period last year. As of January 25, 2026, China's natural rubber social inventory was 127.2 million tons, a 0.17% decrease from the previous week. The total inventory of dark - colored rubber was 84.7 million tons, a 0.4% decrease; the total inventory of light - colored rubber was 42.5 million tons, a 0.3% increase. As of January 30, the total inventory of natural rubber in Qingdao increased by 1.09 million tons to 59.12 million tons, an 1.88% increase. In the spot market, Thai standard mixed rubber was 15150 (+200) yuan, STR20 was reported at 1930 (+15) US dollars, STR20 mixed was 1920 (10) US dollars, Jiangsu and Zhejiang butadiene was 10400 (+50) yuan, and North China cis - butadiene was 12400 (0) yuan [4][5][6]. - **Strategy Viewpoint**: The overall commodity has rebounded, with expected large - amplitude fluctuations. It is recommended to trade short - term according to the market, set stop - losses, enter and exit quickly, and strictly control risks. Buying the NR main contract and shorting RU2609 can resume position - building [7]. PVC - **Market Information**: On February 5, 2026, the PVC05 contract increased by 84 yuan, at 5155 yuan. The spot price of Changzhou SG - 5 was 4900 (+100) yuan/ton, the basis was - 255 (+16) yuan/ton, and the 5 - 9 spread was - 99 (+13) yuan/ton. The cost of calcium carbide in Wuhai was 2550 (0) yuan/ton, the price of medium - grade semi - coke was 785 (0) yuan/ton, ethylene was 700 (0) US dollars/ton, and caustic soda was 590 (0) yuan/ton. The overall operating rate of PVC was 78.9%, a 0.2% increase from the previous week; the calcium carbide method was 80.6%, a 0.6% increase; the ethylene method was 75%, a 0.7% decrease. The overall downstream operating rate was 44.8%, a 0.1% decrease. The factory inventory was 29 million tons (- 1.8), and the social inventory was 120.6 million tons (+2.9) [9]. - **Strategy Viewpoint**: The overall domestic supply is strong while demand is weak. Although short - term factors such as electricity price expectations, capacity clearance expectations, and export rush support it, the fundamental situation is poor. Attention should be paid to subsequent changes in capacity and production [10]. Pure Benzene and Styrene - **Market Information**: On February 5, 2026, the cost of East China pure benzene was 6190 yuan/ton, an increase of 110 yuan/ton; the closing price of the active pure benzene contract was 6210 yuan/ton, an increase of 110 yuan/ton; the pure benzene basis was - 20 yuan/ton, a decrease of 4 yuan/ton. The spot price of styrene was 7800 yuan/ton, an increase of 100 yuan/ton; the closing price of the active styrene contract was 7777 yuan/ton, an increase of 116 yuan/ton; the basis was 23 yuan/ton, a decrease of 16 yuan/ton. The BZN spread was 185.25 yuan/ton, an increase of 15.63 yuan/ton; the non - integrated EB device profit was - 46.6 yuan/ton, an increase of 18.1 yuan/ton; the EB consecutive 1 - consecutive 2 spread was 69 yuan/ton, a decrease of 19 yuan/ton. The upstream operating rate was 69.28%, a 0.35% decrease; the inventory at Jiangsu ports was 10.86 million tons, an increase of 0.80 million tons. The weighted operating rate of three S products was 40.56%, a 1.84% decrease; the PS operating rate was 55.60%, a 1.70% decrease; the EPS operating rate was 53.26%, a 5.45% decrease; the ABS operating rate was 66.10%, a 0.70% decrease [13]. - **Strategy Viewpoint**: The non - integrated profit of styrene is neutral to high, and the upward valuation repair space is narrowing. The supply is wide, the port inventory is accumulating, and the demand is in the off - season. The non - integrated profit of styrene has been significantly repaired, so profit - taking can be gradually carried out [14]. Polyethylene - **Market Information**: On February 5, 2026, the closing price of the main polyethylene contract was 6918 yuan/ton, an increase of 53 yuan/ton. The spot price was 6850 yuan/ton, an increase of 50 yuan/ton. The basis was - 68 yuan/ton, a decrease of 3 yuan/ton. The upstream operating rate was 81.56%, a 1.23% increase. The production enterprise inventory was 35.03 million tons, a decrease of 4.51 million tons; the trader inventory was 2.92 million tons, unchanged. The downstream average operating rate was 41.1%, a 0.11% decrease. The LL5 - 9 spread was - 57 yuan/ton, a decrease of 6 yuan/ton [16]. - **Strategy Viewpoint**: OPEC+ plans to suspend production growth in Q1 2026, and the crude oil price may have bottomed. The spot price of polyethylene has risen, and the downward valuation space still exists. The coal - based inventory has been significantly reduced, supporting the price. The demand is in the off - season, and the overall operating rate is declining [17]. Polypropylene - **Market Information**: On February 5, 2026, the closing price of the main polypropylene contract was 6801 yuan/ton, an increase of 71 yuan/ton. The spot price was 6780 yuan/ton, an increase of 50 yuan/ton. The basis was - 21 yuan/ton, a decrease of 21 yuan/ton. The upstream operating rate was 76.61%, a 0.01% decrease. The production enterprise inventory was 43.1 million tons, a decrease of 3.67 million tons; the trader inventory was 19.39 million tons, a decrease of 1.08 million tons; the port inventory was 7.06 million tons, a decrease of 0.05 million tons. The downstream average operating rate was 52.58%, a 0.02% decrease. The LL - PP spread was 117 yuan/ton, a decrease of 18 yuan/ton. The PP5 - 9 spread was - 31 yuan/ton, a decrease of 4 yuan/ton [18]. - **Strategy Viewpoint**: The cost side predicts a slight reduction in global oil inventories, and the supply pressure in H1 2026 is relieved. The demand side has seasonal fluctuations. The overall inventory pressure is high, and there is no prominent short - term contradiction. The long - term contradiction has shifted from cost - driven decline to production mismatch. It is recommended to go long on the PP5 - 9 spread at low levels [19]. PX - **Market Information**: On February 5, 2026, the PX03 contract increased by 100 yuan, at 7180 yuan. The PX CFR increased by 5 US dollars, at 902 US dollars. The basis was - 67 yuan (- 58), and the 3 - 5 spread was - 116 yuan (+10). The PX load in China was 89.2%, a 0.3% increase; the Asian load was 81.6%, a 0.6% increase. The Zhonghua Quanzhou plant was restarting. The PTA load was 76.6%, unchanged. The Sichuan Energy Investment plant was restarting. In January, South Korea exported 40.8 million tons of PX to China, a decrease of 2.5 million tons year - on - year. The inventory at the end of December was 465 million tons, an increase of 19 million tons month - on - month. The PXN was 313 US dollars (+3), the South Korean PX - MX was 150 US dollars (- 1), and the naphtha crack spread was 87 US dollars (- 8) [20]. - **Strategy Viewpoint**: The current PX load is high, and the downstream PTA has many maintenance plans. It is expected to maintain an inventory - accumulating pattern before the maintenance season. The mid - term pattern is good, and there are opportunities to go long following the crude oil price at low levels [21]. PTA - **Market Information**: On February 5, 2026, the PTA05 contract increased by 68 yuan, at 5218 yuan. The East China spot price increased by 60 yuan, at 5140 yuan. The basis was - 62 yuan (+6), and the 5 - 9 spread was 6 yuan (+8). The PTA load was 76.6%, unchanged. The Sichuan Energy Investment plant was restarting. The downstream load was 84.2%, a 2.2% decrease. Multiple plants were under maintenance or restarting. The terminal texturing load decreased by 14% to 52%, and the loom load decreased by 16% to 33%. On January 30, the social inventory (excluding credit warehouse receipts) was 211.6 million tons, an increase of 3.3 million tons. The PTA spot processing fee increased by 39 yuan, to 398 yuan, and the on - screen processing fee increased by 9 yuan, to 432 yuan [22]. - **Strategy Viewpoint**: The supply side has high maintenance in the short term, and the demand side is affected by the off - season. It has entered the inventory - accumulating stage during the Spring Festival. The processing fee has increased significantly, and there is a risk of correction in the short term, but there is still room for valuation increase after the Spring Festival. Mid - term, pay attention to opportunities to go long at low levels [23]. Ethylene Glycol - **Market Information**: On February 5, 2026, the EG05 contract increased by 21 yuan, at 3788 yuan. The East China spot price increased by 5 yuan, at 3675 yuan. The basis was - 105 yuan (-

石油沥青日报 | 2026-02-04 站在沥青自身市场结构的角度，目前基本面处于供需两弱格局，成交量相对偏低。在BU盘面大跌后，沥青期现价 格有所收敛，基差出现修复。目前来看，如果抛开地缘与宏观层面的扰动，沥青市场自身矛盾相对有限，原料切 换带来的成本与收率变化可能会在3月份后逐步明朗，盘面短期回调后或转为震荡态势。 策略 单边：中性，关注美伊谈判进展 跨期：无 跨品种：无 期现：无 期权：无 风险 盘面地缘溢价回落，现货涨跌互现 市场分析 1、2月3日沥青期货下午盘收盘行情：主力BU2603合约下午收盘价3309元/吨，较昨日结算价下跌58元/吨，跌幅 1.72%；持仓110778手，环比下跌16712手，成交167414手，环比下跌129940手。 2、卓创资讯重交沥青现货结算价：东北，3506—3600元/吨；山东，3210—3270元/吨；华南，3280—3320元/吨； 华东，3250—3280元/吨。 由于伊朗与美国计划开展谈判，地缘局势边际缓和，本周原油价格大幅回调，带动沥青在内的能化品价格下跌。 需要注意的是，在伊朗与美国谈判出相对明确的结果或信号前，市场可能受到消息面的反复扰动，叠加春节假 ...

Report Summary 1. Reported Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint The short - term asphalt futures price may maintain a range - bound oscillation. The cost - side crude oil price and geopolitical situation are the main drivers. If the US - Iran conflict escalates or the crude oil price continues to rise, the futures price may test the upper pressure level; if the inventory continues to accumulate or the spot trading does not improve, the enlarged basis may cause the futures price to correct [8]. 3. Summary by Related Catalogs 3.1 Futures Market - This week, the asphalt futures price showed a "step - by - step rise" trend. Affected by the escalating geopolitical sentiment on January 26, the price opened at 3244 yuan/ton and oscillated upwards, closing up 1.39% on that day. It maintained a high - level consolidation on January 27, with the closing price remaining flat at 3279 yuan/ton. Driven by the sharp rise in crude oil on January 28, it broke through 3400 yuan/ton, with a single - day increase of 3.96%. It continued to rise on January 29, reaching a maximum of 3483 yuan/ton and closing at 3478 yuan/ton (+3.39%). On January 30, it opened higher, reached 3554 yuan/ton and then fell back, finally closing at 3424 yuan/ton (-0.38%). - The weekly trading volume increased significantly, with an average daily trading volume of 326,282 lots (181,000 lots last week), indicating active long - making sentiment among funds [2]. 3.2 Spot Market - The market price of Shandong heavy - traffic asphalt in the spot market remained stable at 3130 - 3300 yuan/ton. The spot prices in East and South China were slightly raised, but the trading was light. Traders' willingness to purchase for winter storage was low, and the demand side failed to effectively follow up the futures price increase [6]. 3.3 Influencing Factors - **Cost side**: International crude oil prices rose by more than 3% this week. The US cold wave led to a decline in production, the resumption of production at Kazakh oil fields was delayed, and the tense situation between the US and Iran (the US dispatched warships to the Middle East) pushed up the geopolitical premium of crude oil. For asphalt raw materials, the expectation of tightened supply of Venezuelan crude oil continued, the procurement cost of Ma Rui crude oil for domestic refineries increased, and the far - month discount quotation of diluted asphalt rose, providing significant cost - side support [7]. - **Supply side**: The operating rate of domestic asphalt plants remained at a low level of 26.8%. The planned production in January was 2 million tons (a 7.3% month - on - month decrease), and the expectation of supply contraction supported the price. However, inventory pressure emerged. As of January 30, the total asphalt inventory was 38,930 tons, an increase of 3,620 tons from last week. The total futures warehouse receipts were 42,060 tons (stable after January 27), with the factory warehouse accounting for 67.8%, indicating sufficient spot circulation resources and unabated delivery pressure [7].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - For crude oil, the current oil price has risen and priced in a high geopolitical premium. In the short term, the supply - disruption gap from Iran still exists, but considering the expected over - performance of Venezuela's production increase and the subsequent production recovery of OPEC, the oil price should be taken profit at high levels, and the main operation idea is mid - term layout [2]. - For methanol, it has priced in almost all geopolitical premiums. The current price strongly restricts downstream demand, and the negative feedback may continue, putting pressure on the upside space [5]. - For urea, the current situation of the domestic - foreign price difference has opened the import window. Coupled with the expected production recovery at the end of January, the fundamental outlook for urea is bearish, so it is advisable to short - allocate on rallies [8]. - For rubber, with the overall decline of commodities and large price fluctuations, it is recommended to trade on the short - term basis of the market, set stop - losses, enter and exit quickly, and strictly control risks. The position of buying the main contract of NR and shorting RU2609 can be re - established [13]. - For PVC, the overall situation of strong domestic supply and weak demand persists. Although short - term factors such as electricity price expectations, capacity clearance expectations, and export - rush sentiment support it, the weak fundamentals affect the industry pattern expectations. Attention should be paid to subsequent changes in capacity and production [16]. - For pure benzene and styrene, the non - integrated profit of styrene is moderately high, and the upward valuation repair space is narrowing. The supply of pure benzene is still abundant. The port inventory of styrene is continuously increasing, and the demand is in the off - season. The non - integrated profit of styrene has been significantly repaired, so profits can be gradually taken [19]. - For polyethylene, OPEC+ plans to suspend production growth in Q1 2026, and the crude oil price may have bottomed. The spot price of polyethylene remains unchanged, and there is still room for PE valuation to decline. The coal - based inventory has significantly decreased, supporting the price. The demand is in the off - season, and the raw material inventory of agricultural films may peak [22]. - For polypropylene, the cost - end forecast shows a slight reduction in global oil inventory, and the supply - surplus situation may ease. There are no capacity - expansion plans in H1 2026, and the demand is in seasonal fluctuation. With high inventory pressure, the price may bottom out when the supply - surplus pattern changes in Q1 next year. It is advisable to go long on the PP5 - 9 spread on dips [25]. - For PX, the PX load remains high, and downstream PTA has many maintenance plans, so PX is expected to maintain an inventory - accumulation pattern before the maintenance season. The valuation center has risen, and the short - term profit is also high. The mid - term outlook is good, and there are opportunities to go long on dips following the crude oil price [28]. - For PTA, the supply side maintains high maintenance in the short term, and the demand side of polyester and chemical fiber is affected by the off - season. PTA is in the inventory - accumulation stage during the Spring Festival. Although the processing fee has increased significantly, there is a risk of correction in the short term, and there is room for valuation increase after the Spring Festival. Attention should be paid to mid - term opportunities to go long on dips [31]. - For ethylene glycol, the overall load is still high, and the import volume in February is expected to be high. The port inventory will continue to accumulate. There is an expectation of further profit compression and production reduction in the mid - term. The valuation is currently moderately high year - on - year, and there is an expectation of further valuation compression in the mid - term without further production cuts in China [33]. Summary by Related Catalogs Crude Oil - **Market Information**: The main INE crude oil futures contract closed down 23.30 yuan/barrel, a decline of 4.93%, at 449.40 yuan/barrel. The main futures of related refined oil products also declined. China's weekly crude oil data showed that the arrival inventory decreased by 2.48 million barrels to 201.25 million barrels, a 1.22% decline. Gasoline, diesel, and total refined oil commercial inventories increased [1]. Methanol - **Market Information**: Regional spot prices in some areas decreased. The main futures contract decreased by 42.00 yuan/ton, reported at 2247 yuan/ton, and the MTO profit increased by 125 yuan [4]. Urea - **Market Information**: The spot prices in some regions decreased, and the overall basis was reported at 0 yuan/ton. The main futures contract decreased by 17 yuan/ton, reported at 1770 yuan/ton [7]. Rubber - **Market Information**: Multiple commodities declined significantly with large price fluctuations. The short - term market is determined by funds, with low correlation to fundamentals. The long and short sides have different views. The overall situation of tire enterprises' production and inventory is complex, and spot prices of some products decreased [10][11][12]. PVC - **Market Information**: The PVC05 contract increased by 57 yuan, reported at 5071 yuan. The spot price in Changzhou increased, and the basis and 5 - 9 spread changed. The overall production rate increased slightly, while the downstream demand decreased slightly. Factory and social inventories changed in different directions [15]. Pure Benzene and Styrene - **Market Information**: The spot and futures prices of pure benzene increased, and the basis decreased. The spot price of styrene decreased, while the futures price increased, and the basis weakened. Supply - side indicators such as production rate and inventory changed, and demand - side indicators such as the weighted production rate of three S decreased [18]. Polyethylene - **Market Information**: The main futures contract price decreased by 13 yuan/ton, and the spot price remained unchanged. The upstream production rate increased, and production and trader inventories decreased. The downstream average production rate decreased slightly, and the LL5 - 9 spread decreased [21]. Polypropylene - **Market Information**: The main futures contract price increased by 16 yuan/ton, and the spot price remained unchanged. The upstream production rate decreased slightly, and production, trader, and port inventories decreased. The downstream average production rate decreased slightly, and the LL - PP spread and PP5 - 9 spread decreased [23][24]. PX - **Market Information**: The PX03 contract increased by 36 yuan, reported at 7080 yuan. The CFR price increased, and the basis and 3 - 5 spread changed. The production loads in China and Asia increased. Some devices are in the process of restarting. The import volume from South Korea decreased, and the inventory increased [27]. PTA - **Market Information**: The PTA05 contract increased by 58 yuan, reported at 5150 yuan. The spot price in East China decreased, and the basis and 5 - 9 spread changed. The production load remained unchanged, some downstream devices were under maintenance or restarting, and the terminal production load decreased. The social inventory increased, and the processing fee changed [30]. Ethylene Glycol - **Market Information**: The EG05 contract remained unchanged, reported at 3767 yuan. The spot price in East China decreased, and the basis and 5 - 9 spread changed. The production load increased, some devices at home and abroad were restarted, the downstream production load decreased, and the port inventory increased [32].