Core Points - US stock futures fell by approximately 0.1%, while major European indices opened mostly higher [1][11] - The Japanese stock market declined, with the Nikkei 225 index down by 1.4% and the Topix index down by 1.1% [3] - The US Treasury yields mostly decreased, with both 2-year and 10-year yields down by over 1 basis point [4] - The British GDP for Q2 exceeded expectations with a growth of 0.3%, reducing the likelihood of further rate cuts [5] - Oil prices saw a slight increase, with WTI crude rising over 0.4% to above $62.20 [8][18] - Bitcoin and Ethereum experienced significant gains, with Bitcoin rising over 2% to above $121,800 and Ethereum rising over 3% to above $47,700 [9][10] Market Reactions - The US dollar index initially fell by nearly 0.2% but later turned to an increase [4][12] - The Japanese yen appreciated by approximately 0.7%, marking its largest gain in nearly two weeks [1] - Gold prices remained stable, with spot gold slightly up by over 0.2% [6][15] - Silver prices showed minimal movement, with spot silver remaining flat [7]

原油&燃料油数据日报 ITG国贸期货 投资咨询业务资格:证监许可【2012】31号 能源化工研究中心 叶海文 从业资格证号:F3071622 投资咨询证号: Z0014205 元/吨 LU隔月价差 -12. 50% 7 8 -1 燃油 元/吨 FU-SC价差 +6. 58% -69 -65 -4 LU-SC价差 元/吨 +0. 46% 43 0 44 元/吨 LU-FU价差 +4.13% 732 703 29 单位: 涨跌 涨跌幅 前值 现值 美元/桶 阿曼原油 -0. 89% 68. 76 69. 38 -0.62 原油 俄罗斯ESPO 美元/桶 -0.73% 62. 47 62. 93 -0. 46 现货价格 布伦特Dtd 美元/桶 +0. 26% 68. 15 67. 97 0. 18 新加坡高硫 美元/吨 -2.23% 394 403 -9 燃料油 新加坡低硫 美元/吨 -0.61% 486. 5 -3 489. 5 单位: 涨跌 涨跌幅 现值 前值 原油商业库存 千桶 -0.71% 423662 -3029 426691 汽油库存 千桶 -0. 58% 227082 -1323 228405 美国E ...

1. PVC, Caustic Soda Investment Rating Not provided Core Viewpoints - For caustic soda, the overall demand has performed well recently, but there are expectations of increased supply in the future, and the rebound height is expected to be limited. Attention should be paid to the raw material procurement situation of alumina enterprises [5]. - For PVC, the supply - side pressure is increasing, downstream demand is difficult to improve, and the overall supply - demand pressure is large. However, there is a need to be vigilant about the positive impact of coking coal on PVC prices. It is recommended to wait and see in the short term [5]. Summary by Directory - **Price Changes**: On August 12, the price of Shandong 32% liquid caustic soda remained unchanged at 2500 yuan/ton, and the price of Shandong 50% liquid caustic soda also remained unchanged at 2600 yuan/ton. The market price of East China calcium carbide - based PVC increased by 20 yuan/ton to 4910 yuan/ton, with a growth rate of 0.4%. The price of SH2601 increased by 41 yuan/ton to 2636 yuan/ton, with a growth rate of 1.6% [2]. - **Supply**: The caustic soda industry's operating rate on August 8 was 89.1%, an increase of 1.7% compared to August 1. The total operating rate of PVC was 77.8%, an increase of 6.1% compared to August 1. The profit of externally purchased calcium carbide - based PVC decreased by 150 yuan/ton to - 542 yuan/ton, a decrease of 38.3% [3]. - **Demand**: As of August 8, the operating rate of the alumina industry was 82.6%, an increase of 0.2% compared to August 1. The operating rate of the viscose staple fiber industry remained unchanged at 85%. The operating rate of the printing and dyeing industry was 59.3%, an increase of 0.7% compared to August 1. The operating rate of Longzhong sample PVC pipes decreased by 0.9 percentage points to 32.1%, and the operating rate of profiles decreased by 0.1 percentage points to 36.9% [4][5]. - **Inventory**: As of August 7, the factory - warehouse inventory of liquid caustic soda in East China was 219,000 tons, an increase of 2.0% compared to July 31. The total social inventory of PVC was 481,000 tons, an increase of 7.3% compared to July 31 [5]. 2. Polyolefin Investment Rating Not provided Core Viewpoints - In August, the supply pressure of PP and PE increases, and the inventory accumulation expectation turns into a flat - inventory expectation. The downstream operating rate is at a low level, but there are potential restocking conditions in the seasonal peak season. The overall valuation is neutral, and the fundamental contradiction is not significant. It is recommended to take profit on the short positions established at 7200 - 7300 around 7000 and continue to hold LP01 [10]. Summary by Directory - **Price Changes**: On August 12, the closing price of L2601 was 7389 yuan/ton, an increase of 0.34% compared to August 11. The closing price of PP2509 was 7091 yuan/ton, a decrease of 0.06% compared to August 11 [10]. - **Supply and Demand**: In August, PP maintenance decreased, and the supply pressure of PE also increased. The downstream operating rate of PP/PE was at a low level, and the social inventory was accumulating, but the downstream raw material inventory had been digested to a relatively low level [10]. - **Inventory**: As of the latest data, the enterprise inventory of PE was 515,000 tons, an increase of 19.09% compared to the previous period; the enterprise inventory of PP was 587,000 tons, an increase of 3.95% compared to the previous period [10]. 3. Crude Oil Investment Rating Not provided Core Viewpoints - Recent oil prices have shown a weak and volatile trend, driven by geopolitics and supply - demand fundamentals. The market is cautious. In the short term, oil prices will remain under pressure. It is recommended to wait and see on the long - short side and expand the 10 - 11/12 month spreads [13]. Summary by Directory - **Price Changes**: On August 13, the price of Brent crude oil was 66.12 US dollars per barrel, a decrease of 0.77% compared to August 12. The price of WTI crude oil was 63.16 US dollars per barrel, a decrease of 0.02% compared to August 12 [13]. - **Supply and Demand**: The US Department of Energy has raised the expected supply surplus for this year to 1.7 million barrels per day, and OPEC+ is accelerating production increases, increasing supply pressure. Seasonal demand is weakening, and gasoline and diesel consumption is gradually declining, suppressing the upside of oil prices [13]. 4. Methanol Investment Rating Not provided Core Viewpoints - The inland maintenance of methanol is expected to peak at the beginning of August. Currently, production is at a high level year - on - year. The port has significantly accumulated inventory this week, and the basis is stable. In August, imports are still relatively high, and downstream demand is weak due to low profits. It is recommended to build long positions at low prices in 01 contracts after the near - end contracts weaken significantly [19][20]. Summary by Directory - **Price Changes**: On August 12, the closing price of MA2601 was 2496 yuan/ton, an increase of 0.44% compared to August 11. The closing price of MA2509 was 2391 yuan/ton, an increase of 0.08% compared to August 11 [17]. - **Inventory**: As of the latest data, the enterprise inventory of methanol was 29.3688 (unit not specified), a decrease of 9.50% compared to the previous period; the port inventory was 925,000 tons, an increase of 14.48% compared to the previous period [18]. - **Operating Rate**: As of August 8, the operating rate of domestic upstream methanol enterprises was 73.17%, an increase of 2.28% compared to the previous period; the operating rate of downstream acetic acid enterprises was 89.8%, a decrease of 4.38% compared to the previous period [19]. 5. Urea Investment Rating Not provided Core Viewpoints - The weak and volatile trend of the urea futures market is driven by the contradiction between supply and demand. High supply pressure persists, and industrial and agricultural demand is weak. Although exports are progressing in an orderly manner, they cannot offset the domestic supply - demand imbalance. It is expected that the market will fluctuate around the 1700 - 1720 range in the short term [27]. Summary by Directory - **Price Changes**: On August 11, the price of Shandong small - particle urea decreased by 30 yuan/ton to 1730 yuan/ton, a decrease of 1.70% [27]. - **Supply and Demand**: The daily output of domestic urea on August 8 was 192,100 tons, an increase of 1.05% compared to August 7. The weekly output of domestic urea was 1.3285 million tons, a decrease of 1.94% compared to August 1 [27]. - **Inventory**: As of August 8, the weekly inventory of domestic urea factories was 887,600 tons, a decrease of 3.24% compared to the previous period; the weekly inventory of domestic urea ports was 483,000 tons, a decrease of 2.03% compared to the previous period [27]. 6. Polyester Industry Chain Investment Rating Not provided Core Viewpoints - **PX**: The supply is expected to increase marginally in August, and the supply - demand situation is expected to weaken. The upward rebound drive is insufficient, but the downward space is also limited. PX11 is expected to fluctuate between 6600 - 6900 yuan/ton [30]. - **PTA**: The supply - demand situation is expected to improve in August, but the medium - term supply - demand situation is expected to be weak. The basis is running weakly. It is recommended to wait and see in the short term and conduct reverse arbitrage on TA1 - 5 at high prices [30]. - **MEG**: The short - term supply - demand situation is expected to improve, and it is recommended to lightly buy on dips around 4400 yuan/ton for EGO9 [30]. - **Short - fiber**: The short - term supply - demand drive is limited, and the absolute price follows the raw material fluctuations. It is recommended to operate within the range of 6300 - 6500 yuan/ton for PF10 [30]. - **Bottle - grade PET**: The inventory is gradually decreasing, and the processing fee has support at the bottom. It is recommended to buy the processing fee on dips in the short term [30]. Summary by Directory - **Price Changes**: On August 12, the price of POY150/48 was 6730 yuan/ton, remaining unchanged. The price of PX futures 2601 was 6712 yuan/ton, an increase of 36 yuan/ton compared to August 11 [30]. - **Operating Rate**: As of August 8, the operating rate of Asian PX was 73.6%, an increase of 0.2% compared to the previous period; the operating rate of PTA was 75.3%, an increase of 0.9% compared to the previous period [30]. 7. Pure Benzene - Styrene Investment Rating Not provided Core Viewpoints - **Pure Benzene**: The supply - demand situation is expected to improve in the third quarter, and the port inventory is expected to decrease in August, providing short - term support for prices. However, the overall supply is still sufficient, and the upward rebound space is limited. BZ2603 should follow the fluctuations of oil prices and styrene [34]. - **Styrene**: The short - term supply remains high, and there are expectations of some device maintenance. The downstream EPS has reduced production due to high inventory. The supply - demand situation is weak, and it is expected to maintain a volatile trend. EB09 is expected to fluctuate between 7200 - 7400 yuan/ton, and short - selling is recommended near the upper limit [34]. Summary by Directory - **Price Changes**: On August 12, the price of CFR China pure benzene was 755 US dollars per ton, an increase of 0.7% compared to August 11. The price of styrene in East China was 7370 yuan/ton, an increase of 1.0% compared to August 11 [34]. - **Inventory**: As of August 11, the port inventory of pure benzene in Jiangsu was 146,000 tons, a decrease of 10.4% compared to August 4; the port inventory of styrene in Jiangsu was 148,800 tons, a decrease of 6.4% compared to August 4 [34]. - **Operating Rate**: As of August 8, the operating rate of Asian pure benzene was 76.0%, a decrease of 1.3% compared to August 1; the operating rate of styrene was 77.7%, a decrease of 1.2% compared to August 1 [34].

投资咨询业务资格:证监许可【2012】31号 市 市 fat 官 方 网 站 品 有 服 热线 1.40 150. 400-8888-598 www.itf.com.cn tin No 入 IUI ITG国贸期货 贵金属数据日报 | | | | | 国贸期货研究院 | | 投资咨询号: Z0013700 | | | 2025/8/12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 宏观金融研究中心 白素娜 | | 从业资格号:F3023916 | | | | | 内外盘金 | 日期 | 伦敦金现 (美元/盎司) | 伦敦银现 (美元/盎司) | COMEX黄金 (美元/登司) | COMEX日银 (美元/盎司) | AU2510 (元/克) | AG2510 (元/千克) | AU (T+D) (元/克) | AG (T+D) (元/千克) | | 银15点价 | | | | | | | | | | | 格跟踪 | 2025/8/11 | 3365. 31 | 38. 05 | 3425. 30 | 38. ...

1. Report Industry Investment Rating The report does not provide an overall industry investment rating. However, for each individual energy and chemical product, the following ratings are given: - Crude oil: Volatile [1] - Fuel oil: Volatile [2] - Asphalt: Volatile [2] - Polyester: Volatile [2] - PX: Volatile [4] - Rubber: Volatile [4] - Methanol: Volatile [6] - Polyolefins: Volatile [6] - PVC: Volatile and slightly bearish [7] 2. Core Viewpoints of the Report - **Crude oil**: On Monday, oil prices stopped falling. OPEC+ crude oil production decreased in July. The market is waiting for the meeting between Trump and Putin, which may ease sanctions on Russian oil. However, there is still uncertainty in the market, and oil prices need to fluctuate and consolidate in the short term [1]. - **Fuel oil**: The main contracts of high - and low - sulfur fuel oil fell on Monday. Supply is sufficient, and the demand for high - sulfur fuel oil for power generation in summer is weakening. The upward space for high - and low - sulfur fuel oil is not optimistic [2]. - **Asphalt**: The main asphalt contract fell on Monday. Supply is expected to increase, and demand is expected to recover as the weather improves. The asphalt market in August is expected to show a pattern of increasing supply and demand, with prices fluctuating in a range [2]. - **Polyester**: The prices of PTA, EG, and PX futures rose on Monday. The supply of PTA and EG is recovering, and the downstream demand is in the off - season. It is expected that the spot prices of PTA and EG will fluctuate in the short term [2][4]. - **PX**: The supply and demand of PX continue to recover, and the PXN is slightly strong. PX prices are expected to follow the fluctuations of crude oil prices [4]. - **Rubber**: The prices of rubber futures rose on Monday. Short - term rubber raw materials are firm, demand expectations are improving, and inventories are stable. Rubber prices are expected to fluctuate strongly in the short term, but the medium - and long - term situation needs further attention [4]. - **Methanol**: The load of Iranian methanol plants has recovered, and port inventories have increased rapidly, suppressing near - month prices. However, the main contract will switch to January, and the downward space is limited. Methanol prices are expected to maintain a near - weak and far - strong structure and fluctuate narrowly [6]. - **Polyolefins**: The检修 season is coming to an end, and supply will remain high. With the approaching of the peak demand season, demand is expected to increase. Polyolefin prices are expected to fluctuate narrowly [6]. - **PVC**: Supply remains high, demand is gradually picking up, and inventories are expected to decline slowly. The basis and monthly spread have widened, and the market's short - selling power may recover. PVC prices are expected to fluctuate weakly [7]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude oil**: WTI September contract closed up $0.08 to $63.96/barrel, a 0.13% increase; Brent October contract closed up $0.04 to $66.63/barrel, a 0.06% increase; SC2509 closed at 494 yuan/barrel, up 1.5 yuan/barrel, a 0.3% increase. OPEC+ July production decreased to 41.65 million barrels per day. OPEC cut production by 190,000 barrels per day in July, with Saudi Arabia cutting 300,000 barrels per day. Non - OPEC allies increased production by 50,000 barrels per day. Russia increased production by 70,000 barrels per day but was still below the quota [1]. - **Fuel oil**: The main contract of high - sulfur fuel oil (FU2509) fell 1.39% to 2,760 yuan/ton; the main contract of low - sulfur fuel oil (LU2510) fell 0.92% to 3,463 yuan/ton. Supply is sufficient, and the spot premium of Singapore low - sulfur fuel oil has fallen to a four - month low [2]. - **Asphalt**: The main asphalt contract (BU2509) fell 0.51% to 3,512 yuan/ton. Supply is expected to increase, and demand is expected to recover as the weather improves [2]. - **Polyester**: TA509 closed up 0.47% at 4,706 yuan/ton; EG2509 closed up 0.68% at 4,414 yuan/ton; the main PX contract (509) closed up 0.77% at 6,778 yuan/ton. The production and sales of polyester yarn in Zhejiang and Jiangsu have declined [2]. - **PX**: Supply and demand continue to recover, and prices are expected to follow crude oil price fluctuations [4]. - **Rubber**: The main rubber contracts (RU2601, NR, BR) rose on Monday. Short - term rubber raw materials are firm, and prices are expected to fluctuate strongly [4]. - **Methanol**: The spot price in Taicang is 2,382 yuan/ton. Iranian plant load has recovered, and port inventories have increased rapidly [6]. - **Polyolefins**: The mainstream price of East China拉丝 is 7,020 - 7,150 yuan/ton. The supply will remain high, and demand is expected to increase [6]. - **PVC**: The market price of PVC in East, North, and South China has little change. Supply remains high, and demand is gradually picking up [7]. 3.2 Daily Data Monitoring The report provides the basis data of various energy and chemical products on August 12, 2025, including spot prices, futures prices, basis, basis rates, and their changes and historical quantiles [8]. 3.3 Market News - Trump will meet with Putin in Alaska on August 15 to negotiate an end to the Russia - Ukraine conflict. If no peace agreement is reached, sanctions on Moscow may be tightened [10]. - OPEC+ July crude oil production decreased to 41.65 million barrels per day. OPEC cut production by 190,000 barrels per day, and non - OPEC allies increased production by 50,000 barrels per day [10]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report provides the historical price charts of the main contracts of various energy and chemical products from 2021 to 2025 [12][14][16][18][20][21][22]. - **4.2 Main Contract Basis**: The report provides the historical basis charts of the main contracts of various energy and chemical products from 2021 to 2025 [25][27][31][32][33][37]. - **4.3 Inter - period Contract Spreads**: The report provides the historical spread charts of different contracts of various energy and chemical products [39][41][44][47][49][52][55]. - **4.4 Inter - variety Spreads**: The report provides the historical spread and ratio charts between different varieties of energy and chemical products [57][62][63][65]. - **4.5 Production Profits**: The report provides the historical production profit charts of various energy and chemical products [66][67][69]. 3.5 Team Member Introduction - **Zhong Meiyan**: The assistant director of the institute and the director of energy and chemicals, with rich experience in futures derivatives market research [72]. - **Du Bingqin**: An analyst for crude oil, natural gas, fuel oil, asphalt, and shipping, with in - depth research on the energy industry [73]. - **Di Yilin**: An analyst for natural rubber and polyester, good at data analysis [74]. - **Peng Haibo**: An analyst for methanol, PE, PP, and PVC, with experience in combining financial theory and industrial operations [75].

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2025-08-12 能化链当前⽭盾较⼩，延续震荡整理态 势 原油期货价格经历了6月下旬以来最大的周度跌幅后，本周一价格略 略企稳。彭博报道，美国和俄罗斯官员正在制定相关协议，以确保莫斯科 对其军事行动期间占领的领土拥有控制权；他们表示，美国正努力争取乌 克兰及其欧洲盟友对该协议的支持，但这一点远未确定。Kpler数据显示 全球原油库存周度攀升，其中印度岸上库存大幅下滑，印度的进口节奏略 有变化。 板块逻辑： 化工链条整体延续震荡态势，煤炭延续升势，原油连跌七日后短暂也 有企稳预期；与此同时，受到高温炎热天气的影响，欧洲天然气期货业收 高，因高温会提升天然气发电的需求。化工本身变动较小，苯乙烯和纯苯 周度去库，但库存绝对值仍位于五年同期最高。PTA产业链条没有较大矛 盾，PX货源偏紧；涤纶长丝企业周末发起反内卷倡议，长丝产销升至25 0%；聚酯原料的需求短期仍无碍。烯烃亦是横盘整理格局，基差在周一走 弱。 原油：地缘担忧缓解，供应压力仍存 沥青：跌破3500重要支撑，沥青期价向阻力最小方向运行 高硫燃油：高硫燃油偏弱震荡 低硫燃油 ...

Group 1: US Economic Policy - Trump signed an executive order imposing an additional 25% tariff on Indian goods, raising the total tariff rate to 50%[1] - The US trade deficit in June shrank significantly by 16% to $60.2 billion, the lowest level since September 2023[1] - The probability of a 25 basis point rate cut in September increased from 80.3% to 88.9%[1] Group 2: Economic Indicators - The ISM non-manufacturing index for July fell from 50.8 to 50.1, below the expected 51.5[1] - The GDPNow model predicts a 2.5% annualized growth rate for Q3 2023[1] - Initial jobless claims rose to 226,000, the highest level in a month, exceeding economists' expectations[1] Group 3: Global Economic Trends - Eurozone's composite PMI for July rose to 50.9, a four-month high, but below the initial estimate of 51[1] - The Bank of England cut rates by 25 basis points to 4%, aligning with market expectations[1] - Japan's nominal wages increased by 2.5% year-on-year in June, up from a revised 1.4% the previous month[1] Group 4: Market Reactions - Global stock markets showed recovery, with the S&P 500, Dow Jones, and Nasdaq rising by 2.4%, 1.3%, and 3.9% respectively[1] - Gold prices increased by 1.4%, while Brent and WTI crude oil prices fell by 4.4% and 5.1% respectively[1] - The US dollar index declined by 0.43% to 98.27, influenced by concerns over the job market and rate cut expectations[1]

大越期货投资咨询部:祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 沪铜周报（8.4~8.8） 目录 一、行情回顾 二、基本面（库存结构） 三、市场结构 上周回顾 沪铜周评: 上周沪铜震荡整理，沪铜主力合约微涨0.11%，收报于78490元/吨。宏观面看，地缘政治扰动铜价,美 国关税再起波澜，全球不稳定因素仍存。国内方面，消费进入淡季，目前来看下游消费意愿一般。产 业端，国内现货交易一般，整体还是刚需交易为主。库存方面，铜库存LME库存155850吨，上周出现小 幅增加，上期所铜库存较上周增9390吨至81933吨。 期货主力 数据来源：博易大师 基本面 1、PMI 2、供需平衡表 3、库存 PMI 数据来源：Wind 供需平衡 2024供需紧平衡，2025过剩 数据来源：Wind 供需平衡 | | | 中国年度供 ...

【环球时报记者 赵霜 环球时报特约记者 邓小乐】澳大利亚总理阿尔巴尼斯与新西兰总理拉克森9日在新西兰皇后镇举行会谈，双方讨论了巴以冲 突和贸易协议，还有太平洋地区的安全问题。 综合澳大利亚广播公司（ABC）、澳联社报道，澳新两国总理的会谈持续了约一小时，之后两人回答了媒体提问。报道称，阿尔巴尼斯在会谈中 说，伴随着地缘政治紧张、贸易问题以及全球冲突，两国正面临一个"充满不确定性的世界"。他说，"但有一件事是肯定的，那就是澳大利亚和新 西兰站在一起。" "中国在太平洋地区的存在是两国总理会谈的焦点。"ABC报道称，阿尔巴尼斯和拉克森证实，他们讨论了中国和印度－太平洋地区的安全问题， 同时提到他们最近都对中国进行了访问。阿尔巴尼斯称："地缘战略竞争，尤其是大国之间的竞争，是澳大利亚和新西兰等国家共同讨论的问题， 我们在政治上也进行了合作。" 据《堪培拉时报》报道，阿尔巴尼斯表示："在自由公平贸易正受到质疑的当下，我认为我们有必要强调这种机遇，尤其是考虑到我们两国的地理 位置。"他还说："中国在全球是一个重要且举足轻重的角色，是国际事务中的长期存在。我们的策略是，在可以合作的地方进行合作，并在必要 时表达不同意见。 ...

Group 1 - The core viewpoint of the articles revolves around the geopolitical implications of the peace agreement between Azerbaijan and Armenia, particularly concerning the proposed transport corridor that would connect Azerbaijan and its exclave Nakhchivan through Armenia, with significant involvement from the United States [2][5][6] - Iran's opposition to the corridor is highlighted, with Iranian officials stating that they will prevent the corridor's construction, viewing it as a threat to regional stability and a potential means for foreign interference [1][4] - Russia's response indicates a cautious support for the peace talks but emphasizes that any resolution should respect the interests of regional countries and not be influenced by external powers [5][6] Group 2 - The proposed corridor, referred to as the "Trump International Peace Prosperity Road," is expected to grant the U.S. exclusive development rights and a 99-year operational lease, raising concerns about its implications for regional sovereignty and security [2][4] - Turkey's support for the corridor is noted, with the Turkish government expressing hope that it will enhance energy and resource exports from the South Caucasus region, while also indicating a willingness to restore relations with Armenia post-agreement [5][6] - The historical context of the conflict between Azerbaijan and Armenia, particularly regarding the Nagorno-Karabakh region, is essential to understanding the current dynamics, as the two nations have been in a state of hostility since the 1990s despite a ceasefire in 1994 [6]