Report Industry Investment Rating - Not provided in the content Core Viewpoints - Port inventory has further accumulated to a historical high. In November, the arrival pressure remains high. The delayed announcement of winter maintenance in Iran is the main driver of the recent decline in methanol prices. There are now expectations of Iranian plant maintenance, and the market's expectation of the delayed implementation of Iranian winter maintenance has regained optimism [2]. - Inland inventory has rebounded again. Mainstream CTO enterprises have started to show purchasing intentions at low prices. Coal - based methanol production has further increased in November, and inland inventory has been rebuilt from a low level. Inland MTO demand has declined, and attention should be paid to the inventory preparation before the commissioning of the second - phase MTO of Lianhong at the end of the year. Traditional downstream industries are also under pressure [3]. Summary by Relevant Catalogs 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including the basis between methanol in Taicang and the main contract, and the basis between methanol in different regions and the main futures contract, as well as the price differences between different methanol futures contracts [7][9][11] 2. Methanol Production Profit, MTO Profit, and Import Profit - The report shows figures on the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China, and the import price difference between Taicang methanol and CFR China, among others [26][27][28] 3. Methanol Production and Inventory - It includes figures on the total port inventory of methanol, the MTO/P operating rate, the inland factory sample inventory, and the operating rate of methanol production in China [33][34][36] 4. Regional Price Differences - The report provides figures on price differences between different regions, such as the price difference between northern Shandong and the northwest, and the price difference between Taicang and southern Shandong [38][44][46] 5. Traditional Downstream Profits - It shows figures on the production gross profit of traditional downstream products, including formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [45][50][51]

Report Industry Investment Rating No relevant information provided. Core View of the Report - The port inventory of methanol remains high, and the expected reduction in arrivals due to previous Iran sanctions has not materialized. The delay in Iran's winter maintenance announcement is the main driver of the methanol price decline. Recently, there are expectations of Iran's plant maintenance, and the market's expectation of the delayed implementation of Iran's winter maintenance has warmed up [3]. - The inventory in the inland region has rebounded again. The mainstream CTO enterprises have started to show purchasing intentions at low prices. The coal - based methanol production rate has further increased in November, and the inland inventory has started to build up from a low level. The demand for inland MTO has decreased, but attention should be paid to the inventory preparation before the commissioning of the second - phase MTO of Lianhong at the end of the year. Overall, the inland region is also in an inventory accumulation cycle, and the degree of support for the port remains to be observed [3]. Summary by Related Catalogs 1. Methanol Basis & Inter - period Structure - Multiple figures are presented to show methanol basis, including methanol Taicang basis vs. methanol main contract, methanol basis in different regions relative to the main futures, and inter - period spreads such as between methanol 01 and 05, 05 and 09, 09 and 01 futures contracts [7][21][23] 2. Methanol Production Profit, MTO Profit, Import Profit - Figures show the production profit of Inner Mongolia coal - based methanol, the MTO profit in East China (PP&EG type), the import price difference between Taicang methanol and CFR China, and price differences between CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, FOB Rotterdam - CFR China [25][26][34] 3. Methanol Production Rate, Inventory - Information on methanol port total inventory, MTO/P production rate (including integrated ones), inland factory sample inventory, and China's methanol production rate (including integrated ones) is presented through figures [35][37][38] 4. Regional Price Differences - Figures display regional price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. [40][50][53] 5. Traditional Downstream Profits - Figures show the production gross profits of Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [51][57] Market News and Important Data Inland Region - Q5500 Ordos steam coal is 465 yuan/ton (unchanged), and the production profit of Inner Mongolia coal - based methanol is 560 yuan/ton (+13). Inner Mongolia north - line methanol is 1965 yuan/ton (+13), with a basis of 424 yuan/ton (-14); Inner Mongolia south - line methanol is 1950 yuan/ton (unchanged). Shandong Linyi methanol is 2170 yuan/ton (+10), with a basis of 229 yuan/ton (-16); Henan methanol is 2020 yuan/ton (-10), with a basis of 79 yuan/ton (-36); Hebei methanol is 2075 yuan/ton (-10), with a basis of 194 yuan/ton (-36). Longzhong's inland factory inventory is 386,410 tons (+10,350), and the northwest factory inventory is 232,500 tons (+1,200). Longzhong's inland factory pending orders are 221,093 tons (+5,535), and the northwest factory pending orders are 124,500 tons (+10,900) [1] Port Region - Taicang methanol is 2082 yuan/ton (unchanged), with a basis of - 59 yuan/ton (-26); CFR China is 241 US dollars/ton (-3), and the East China import price difference is - 31 yuan/ton (+2). Changzhou methanol is 2275 yuan/ton; Guangdong methanol is 2107 yuan/ton (+2), with a basis of - 34 yuan/ton (-24). Longzhong's total port inventory is 1,517,100 tons (+10,630), Jiangsu port inventory is 821,500 tons (-2,800), Zhejiang port inventory is 200,000 tons (+27,000), and Guangdong port inventory is 297,000 tons (-7,000). The downstream MTO production rate is 90.19% (-0.24%) [2] Regional Price Differences - The Lubei - Northwest - 280 price difference is - 90 yuan/ton (-13), the Taicang - Inner Mongolia - 550 price difference is - 433 yuan/ton (-13), the Taicang - Lunan - 250 price difference is - 338 yuan/ton (-10); the Lunan - Taicang - 100 price difference is - 12 yuan/ton (+10); the Guangdong - East China - 180 price difference is - 155 yuan/ton (+2); the East China - Sichuan - Chongqing - 200 price difference is - 283 yuan/ton (+25) [2] Strategy - Unilateral: No strategy - Inter - period: Go long on the spread between MA2601 and MA2605 when it is low - Inter - variety: No strategy [4]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The methanol market is currently in a weak and volatile state. Although there has been a slight reduction in port inventory, the market is still constrained by high inventory levels, and the fundamental improvement is not significant. There is significant supply pressure, and the impact of potential winter gas restrictions in Iran on production and the timing are uncertain. Given the high inventory and potential positive factors such as winter gas restrictions, an overly bearish view is not advisable. It is recommended to adopt a weak and volatile trading strategy, with a small long - position allocation after a rebound driver emerges. The hedging strategy is to wait and see [3][85]. Summary by Directory 1. Spot Market - Methanol spot market prices have continued to decline recently, with recent basis quotes around 01 - 45 yuan/ton, and the basis quote for November paper goods at 01 - 5 yuan/ton [6]. 2. Basis and Spread - **Basis of Each Contract**: The basis quotes for methanol have strengthened this week, with the basis quote for November paper goods around 01 - 5 yuan/ton [15]. - **Basis of Each Region**: Coastal basis has fluctuated, and inland basis has also been volatile. The inland market prices, especially those in the northwest region, have fluctuated this week [22][31]. - **Regional Spread**: The spread between East China and inland regions has weakened. The current spread is still in a reverse - arbitrage trend. The PP - 3MA spread has weakened this week, and attention can be paid to potential opportunities to short PP and long MA in the future [40][49][55]. 3. Industrial Chain Profit - **Production and Operation**: Recently, there have been many newly - added maintenance devices, and the methanol operating rate is slightly lower than last year. As maintenance devices gradually resume production, methanol production has increased slightly [60][64]. - **Downstream Operation**: The dimethyl ether operating rate has fluctuated, the formaldehyde operating rate has rebounded, the operating rate of methanol - to - olefins in the northwest has been high and volatile, the operating rate of methanol - to - olefins devices has fluctuated this week, and MTO profits have slightly increased [69][72][75]. 4. Market Outlook - The methanol market is expected to remain in a weak and volatile state. Although there is high inventory pressure, there are also positive factors such as potential winter gas restrictions. It is recommended to adopt a weak and volatile trading strategy, with a small long - position allocation after a rebound driver emerges. The hedging strategy is to wait and see [3][85].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The port basis of methanol is still weak, with high port inventory pressure. The attitude of methanol warehousing enterprises and downstream towards Iranian ships may be affected by the sanctions on Russian oil by Europe and the United States. There are more short - term temporary overhauls in Iran, but the winter overhaul plan has not been announced. Coal - based methanol production in the inland has increased in November, and inland inventory has started to build up from a low level. The demand from inland MTO has declined, but attention should be paid to the inventory preparation before the commissioning of the second - phase MTO of Lianhong at the end of the year [2][3] Summary by Directory I. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including methanol basis in different regions such as Taicang, Lunan, Inner Mongolia North Line, etc., and the price differences between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01). All data sources are from Flush and Huatai Futures Research Institute [7][11][22] II. Methanol Production Profit, MTO Profit, and Import Profit - Figures show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), and various import price differences such as Taicang methanol - CFR China, CFR Southeast Asia - CFR China, etc. Data sources are from Flush and Huatai Futures Research Institute [26][27][33] III. Methanol Production and Inventory - Figures display the total port inventory of methanol, MTO/P operating rate (including integrated operations), inland factory sample inventory, and China's methanol operating rate (including integrated operations). Data sources are from Flush and Huatai Futures Research Institute [35][36][38] IV. Regional Price Differences - Figures illustrate price differences between different regions, such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, etc. Data sources are from Flush and Huatai Futures Research Institute [40][49][51] V. Traditional Downstream Profits - Figures show the production profits of traditional downstream products, including the production profit of formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan. Data sources are from Flush and Huatai Futures Research Institute [50][59]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - On the port side, the port inventory rebounded on Thursday. Geopolitical conflicts have brought risks to Iranian cargoes, and the willingness of mainstream warehouses and downstream enterprises to receive Iranian ships may be affected, but there has been no obvious decrease in arrivals yet. The Marjan in Iran had a temporary technical shutdown, and attention should be paid to the subsequent winter inspection plan [2]. - On the inland side, the coal - based methanol operation rate has significantly increased from the previous bottom, and the inland inventory has continued to build up from a low level. The operation rates of traditional downstream industries such as formaldehyde, acetic acid, and MTBE are low [1][3]. Summary by Directory 1. Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including methanol basis in different regions (Taicang, Lunan, Inner Mongolia North Line, Henan, Hebei, Guangdong) against the main futures contract, and the price differences between different methanol futures contracts (01 - 05, 05 - 09, 09 - 01) [6][7][11]. 2. Methanol Production Profit, MTO Profit, Import Profit - Figures show the production profit of coal - based methanol in Inner Mongolia, the MTO profit in East China (PP&EG type), and import price differences such as the difference between Taicang methanol and CFR China, as well as price differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China [6][26][34]. 3. Methanol Operation and Inventory - Data shows the total port inventory of methanol, the MTO/P operation rate (including integrated ones), the sample inventory of inland factories, and the operation rate of Chinese methanol (including integrated ones) [6][36][38]. 4. Regional Price Differences - The report provides price differences between different regions, such as the price difference between northern Shandong and the northwest, between East China and Inner Mongolia, between Taicang and Lunan, etc. [6][40][47]. 5. Traditional Downstream Profits - Figures display the production gross profits of traditional downstream products such as formaldehyde in Shandong, acetic acid in Jiangsu, MTBE isomerization etherification in Shandong, and dimethyl ether in Henan [6][57][59]. Strategies - For unilateral trading, it is recommended to wait and see. - For inter - period trading, it is advisable to go long on the spread of MA2601 - MA2605 when the spread is low. - For cross - variety trading, it is recommended to short the spread of PP01 - 3MA01 when the spread is high [4].

Report Industry Investment Rating - Not provided Core Viewpoints - At the beginning of the week, the inland methanol price continued to decline. The market focus at the port is still on the issue of Iranian methanol vessels. The port's basis has risen rapidly this week, and the actual port inventory pressure persists. The coal - based methanol operating rate inland has bottomed out and is expected to further increase by the end of October, with inland inventory gradually rebuilding from a low level. Traditional downstream industries have low operating rates, resulting in increased supply and decreased demand, leading to a further decline in inland prices [1][3] Summaries by Relevant Catalogs 1. Methanol Basis & Inter - period Structure - The report presents multiple charts related to methanol basis including methanol Taicang basis and methanol main contract, basis of methanol in different regions relative to the main futures contract, and inter - period spreads such as between methanol 01 and 05, 05 and 09, 09 and 01 futures contracts [6][7][21] 2. Methanol Production Profit, MTO Profit, Import Profit - Charts show the production profit of coal - based methanol in Inner Mongolia, MTO profit in East China, and various import price differences such as Taicang methanol - CFR China, CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, and FOB Rotterdam - CFR China [6][25][33] 3. Methanol Operation and Inventory - There are charts about methanol port total inventory, MTO/P operating rate (including integrated), inland factory sample inventory, and China's methanol operating rate (including integrated) [6][34][35] 4. Regional Price Differences - The report provides charts on regional price differences like the spread between northern Shandong and northwest, Taicang and Inner Mongolia, Taicang and southern Shandong, etc [6][38][47] 5. Traditional Downstream Profits - Charts display the production gross margins of traditional downstream products such as formaldehyde in Shandong, acetic acid in Jiangsu, MTBE in Shandong, and dimethyl ether in Henan [6][51][54] Strategies - Unilateral: Wait and see - Inter - period: Go long on the spread between MA2601 and MA2605 when it is low - Cross - variety: Shorten the spread between PP01 and 3MA01 when it is high [4]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The port inventory has accumulated again after the holiday due to concentrated arrivals, and the inventory inflection point has not appeared yet. The arrival pressure in October remains high, and the subsequent changes mainly depend on when the Iranian winter inspection plan will be announced. The Iranian operating rate is still high, and the lower support for the port still relies on the window for re - flowing to the inland. - The inland price has declined, the coal - based methanol operating rate has rebounded again, the inland inventory has risen from a low level, and the support for the port has weakened. Among traditional downstream industries, the high inventory pressure of acetic acid has dragged down its operating rate, the MTBE operating rate is in a slight rebound cycle, and the formaldehyde operating rate remains stable [3] 3. Summary by Relevant Catalogs 3.1 Methanol Basis & Inter - period Structure - The report presents multiple figures related to methanol basis, including methanol basis in different regions such as Taicang, Lunan, Inner Mongolia North Line, Henan, Hebei, and Guangdong compared with the main futures contract, as well as the inter - period spread between different methanol futures contracts (e.g., methanol 01 - 05, 05 - 09, 09 - 01). The data sources for these figures are from Flush and Huatai Futures Research Institute [7][9][11] 3.2 Methanol Production Profit, MTO Profit, Import Profit - The report shows figures about methanol production profit (e.g., Inner Mongolia coal - based methanol production profit), MTO profit (East China MTO profit of PP&EG type), and import profit (e.g., Taicang methanol - CFR China import spread, differences between CFR Southeast Asia, FOB US Gulf, FOB Rotterdam and CFR China). The data sources are from Flush and Huatai Futures Research Institute [26][29][30] 3.3 Methanol Operating Rate, Inventory - Figures related to methanol operating rate and inventory are presented, including methanol port total inventory, MTO/P operating rate (including integrated), inland factory sample inventory, and China methanol operating rate (including integrated). The data sources are from Flush and Huatai Futures Research Institute [35][41] 3.4 Regional Price Differences - The report includes figures showing regional price differences, such as the price differences between Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, and East China - Sichuan - Chongqing - 200. The data sources are from Flush and Huatai Futures Research Institute [37][46] 3.5 Traditional Downstream Profits - Figures about the production profits of traditional downstream industries are shown, including Shandong formaldehyde production profit, Jiangsu acetic acid production profit, Shandong MTBE isomerization etherification production profit, and Henan dimethyl ether production profit. The data sources are from Flush and Huatai Futures Research Institute [47][52]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The methanol market shows a pattern where the inland is stronger than the port. The port has started to reduce inventory, but the absolute inventory level remains high, and future changes depend on the announcement of Iran's winter inspection plan. Inland inventory has decreased again, supported by the procurement of mainstream CTO factories in the northwest. Traditional downstream industries have different performance, with acetic acid being affected by high inventory and MTBE seeing an improvement in exports [3]. 3. Summary by Relevant Catalog Market News and Important Data Supply - **Port Supply**: Overseas methanol operating rate is 63.14% (unchanged), and China's weekly imported methanol arrival volume is 279,000 tons (-75,400 tons), including 235,000 tons (-45,400 tons) in East China and 44,000 tons (-30,000 tons) in South China [1]. - **Inland Supply**: China's methanol operating rate is 82.50% (+2.59%), with coal - based methanol at 79.24% (+1.81%), natural gas - based at 50.79% (unchanged), and coke oven gas - based at 61.50% (+1.59%). Northwest operating rate is 84.99% (+4.18%), North China at 58.55% (-5.85%), Central China at 80.77% (-7.87%), East China at 82.30% (+2.51%), and Southwest at 83.97% (+5.97%) [1]. Demand - **Port Demand**: Taicang's average weekly提货量 is 3,268 tons per day (+450 tons), East China's MTO enterprises' weekly procurement volume is 148,600 tons (-16,000 tons), and the operating rate of externally - purchased methanol MTO enterprises is 75.08% (+6.02%) [1]. - **Inland Demand**: Methanol enterprises' pending orders are 273,022 tons (+39,246 tons). Traditional downstream sample enterprises' raw material procurement volume is 36,300 tons (+5,000 tons), with formaldehyde operating rate at 44.71% (+1.32%), acetic acid at 78.97% (-3.44%), MTBE external sales factories at 64.23% (+0.66%), and dimethyl ether at 7.20% (+0.91%). Northwest MTO enterprises' weekly procurement volume is 88,500 tons (+17,200 tons), and MTO enterprises' operating rate is 88.18% (+4.38%) [2]. Inventory - **Port Inventory**: Methanol port inventory is 1,492,190 tons (-65,580 tons), including 779,000 tons (-8,000 tons) in Jiangsu, 253,700 tons (-33,200 tons) in Zhejiang, 293,000 tons (-10,000 tons) in Guangdong, and 166,490 tons (-14,380 tons) in Fujian. MTO sample enterprises' methanol inventory is 700,000 tons (-5,000 tons), and downstream sample enterprises' is 186,600 tons (-5,600 tons) [2]. - **Inland Inventory**: China's inland methanol factory inventory is 319,940 tons (-20,540 tons), including 208,000 tons (-17,500 tons) in the northwest, 19,000 tons (-300 tons) in North China, 15,450 tons (+320 tons) in Central China, 55,800 tons (-2,050 tons) in East China, and 20,000 tons (-1,000 tons) in Southwest [2]. Market Analysis - **Port**: Port arrivals are lower than expected, and downstream pre - holiday pick - up is acceptable. The port has started to reduce inventory, but the absolute inventory level is still high. Future changes mainly depend on the announcement of Iran's winter inspection plan. The lower support for the port still relies on the window for back - flowing to the inland [3]. - **Inland**: Transactions in the northwest are still good, supported by the procurement of mainstream CTO factories. Inland inventory has decreased again, showing a pattern where the inland is stronger than the port. In traditional downstream industries, high acetic acid inventory drags down its operating rate, while MTBE exports have improved, leading to a recovery in its operating rate, and formaldehyde operating rate remains stable. In terms of supply, the recovery of coal - based methanol operating rate is still slow, waiting for a further increase in October [3]. Strategy - **Single - side**: No strategy proposed - **Inter - period**: Go long on the spread between MA2601 and MA2605 when it is low - **Inter - variety**: Shorten the spread between PP01 and 3MA01 when it is high [4]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The port inventory accumulation pace has slowed down for the first time. After the restart of the downstream MTO Xingxing, it supported the port demand, and the port inventory remained basically flat this week. However, the subsequent arrival pressure is still high, and the subsequent changes mainly depend on when the Iranian winter inspection plan will be announced [3] - The lowest point of coal - based methanol production has passed, but it will not return to a high level until the second half of the month. The inventory of inland methanol plants is still low, and overall, the inland market is stronger than the port market. The window for port re - flow to the inland is an important variable supporting the lower limit of port prices. The high - start acetic acid production has peaked and declined, and formaldehyde is in a seasonal off - season, waiting for a further bottom - up recovery. Attention should be paid to the decline in the resilience of inland demand [3] Summary by Directory 1. Methanol Basis & Inter - period Structure - Includes figures such as methanol Taicang basis and the main methanol contract, methanol basis in different regions relative to the main futures contract, and the price differences between different methanol futures contracts (e.g., methanol 01 - methanol 05, methanol 05 - methanol 09, methanol 09 - methanol 01) [7][22] 2. Methanol Production Profit, MTO Profit, and Import Profit - Involves figures related to Inner Mongolia coal - based methanol production profit, East China MTO profit (PP&EG type), and import price differences such as Taicang methanol - CFR China, CFR Southeast Asia - CFR China, FOB US Gulf - CFR China, FOB Rotterdam - CFR China [26][30] 3. Methanol Production and Inventory - Covers figures on total port methanol inventory, MTO/P operating rate (including integrated ones), inland factory sample inventory, and China's methanol operating rate (including integrated ones) [33][34] 4. Regional Price Differences - Includes figures on price differences such as Lubei - Northwest - 280, East China - Inner Mongolia - 550, Taicang - Lunan - 250, Lunan - Taicang - 100, Guangdong - East China - 180, and East China - Sichuan - Chongqing - 200 [38][45] 5. Traditional Downstream Profits - Involves figures on production profits of traditional downstream products such as Shandong formaldehyde, Jiangsu acetic acid, Shandong MTBE isomerization etherification, and Henan dimethyl ether [49][54]

Report Industry Investment Rating - Not provided Core Viewpoints - For crude oil, SC rose 0.21% on Friday night. Concerns about supply disruptions due to geopolitical factors and potential interest - rate cuts may boost oil demand. US crude and product inventories decreased last week, and subsequent attention should be paid to OPEC's production increase [3]. - For methanol, it fell 0.89% on Friday night. The domestic methanol overall plant operating rate decreased slightly, while the coal - to - olefins plant operating rate increased. Coastal methanol inventory is at a high level but the accumulation rate has slowed, and methanol is short - term bullish [3]. Summary by Related Catalogs Futures Market Crude Oil - Price changes: SC near - month rose 0.85% (4.0 yuan), SC next - month rose 0.73% (3.5 yuan), WTI near - month rose 0.72% (0.46 dollars), WTI next - month rose 0.69% (0.44 dollars), Brent near - month fell 0.22% (- 0.15 dollars), Brent next - month fell 0.28% (- 0.19 dollars) [2]. - Volume and open interest: SC near - month volume was 98,327, open interest was 31,938 with a decrease of 3904; SC next - month volume was 193,074, open interest was 294,186 with a decrease of 10952; WTI near - month volume was 106,713, open interest was 199,459 with an increase of 1571; WTI next - month volume was 105,363, open interest was 159,322 with a decrease of 49565; Brent near - month volume was 330,931, open interest was 607,763 with an increase of 19824 [2]. - Spreads: SC near - month - SC next - month spread was - 8.2 yuan (previous - 8.7 yuan), SC near - month - WTI near - month spread was 18.9 yuan (previous 18.2 yuan), SC near - month - Brent near - month spread was - 8.2 yuan (previous - 13.2 yuan), WTI near - month - WTI next - month spread was 3.92 dollars (previous 3.78 dollars), Brent near - month - Brent next - month spread was 0.66 dollars (previous 0.62 dollars) [2]. Methanol - Price changes: 01 contract fell 0.51% (- 12.0 yuan), 05 contract fell 0.46% (- 11.0 yuan), 09 contract fell 0.94% (- 21.0 yuan) [2]. - Volume and open interest: 01 contract volume was 419,697, open interest was 821,019 with an increase of 35186; 05 contract volume was 16,487, open interest was 95,958 with an increase of 3509; 09 contract volume was 26,306, open interest was 12,902 with a decrease of 16307 [2]. Spot Market Crude Oil - International market: OPEC basket crude price was 69.65 dollars (previous 69.75 dollars), Brent DTD was 67.51 dollars (previous 67.38 dollars), Russian ESPD was 64.60 dollars (previous 64.15 dollars), Oman was 69.81 dollars (previous 69.43 dollars), Dubai was 69.98 dollars (previous 69.45 dollars), Cinta was 65.46 dollars (previous 65.20 dollars) [2]. - Domestic market: Daqing was 64.90 dollars (previous 64.71 dollars), Shengli was 65.11 dollars (previous 65.10 dollars), China gasoline wholesale price index was 7,919 yuan/ton (previous 7,929 yuan/ton), China diesel wholesale price index was 6,811 yuan/ton (previous 6,820 yuan/ton), FOB naphtha (Singapore) was 63.75 dollars (previous 63.31 dollars), aviation kerosene ex - factory price was 5,605 yuan/ton (previous 5,676 yuan/ton) [2]. Methanol - Port price was 257 dollars, East China was 2245 yuan, North China was 2220 yuan, South China was 2247 yuan, with price decreases in all regions [2]. Comment and Strategy Crude Oil - Geopolitical factors such as India - US tariff issues and Russia - Ukraine attacks on energy infrastructure have raised supply concerns. Interest - rate cut expectations may stimulate oil demand. US crude and product inventories decreased last week, and OPEC's production increase situation should be monitored [3]. Methanol - As of August 28, the domestic methanol overall plant operating rate was 72.19% (down 0.82 percentage points month - on - month but up 0.81 percentage points year - on - year), and the coal - to - olefins plant operating rate was 82.24% (up 0.83 percentage points month - on - month). Coastal methanol inventory was 129.95 tons (up 5.1 tons from August 21, a 4.08% increase and 19.71% higher year - on - year), and the estimated import volume from August 29 to September 14 is 94.05 - 95 tons. Methanol is short - term bullish [3].