I. Report Industry Investment Rating - No information provided on industry investment rating II. Core Viewpoints - The price of crude oil futures in Europe and the United States continued to decline due to OPEC and its eight allied countries accelerating production increases, triggering concerns about more supply. But the situation in the Middle East may deteriorate, narrowing the decline in international oil prices at the end of the session. Short - term outlook for oil prices is bearish [3]. - The domestic methanol market is mainly bullish in the short - term. The average operating load of coal (methanol) to olefin plants increased, while the overall operating load of domestic methanol plants decreased slightly. Coastal methanol inventories dropped significantly [3]. III. Summary by Relevant Catalogs 1. Futures Market Crude Oil - SC near - month contract: The previous day's closing price was 490.0, up 10.0 (2.08%) from the day before. The trading volume was 9, and the open interest was 2,456, with a decrease of 3 [2]. - SC next - month contract: The previous day's closing price was 471.1, down 12.5 (-2.58%) from the day before. The trading volume was 128,314, and the open interest was 22,870, with a decrease of 3,357 [2]. - WTI near - month contract: The previous day's closing price was 58.38, down 0.60 (-1.02%) from the day before. The trading volume was 167,984, and the open interest was 226,780, with an increase of 4,207 [2]. - WTI next - month contract: The previous day's closing price was 57.94, down 0.50 (-0.86%) from the day before. The trading volume was 373,281, and the open interest was 587,561, with a decrease of 18,868 [2]. - Brent near - month contract: The previous day's closing price was 60.25, down 1.20 (-1.95%) from the day before. The trading volume was 236,097, and the open interest was 357,456, with an increase of 13,396 [2]. - Brent next - month contract: The previous day's closing price was 59.97, down 1.11 (-1.82%) from the day before [2]. Methanol - 01 contract: The previous day's closing price was 2316, down 25.0 (-1.07%) from the day before. The trading volume was 18,626, and the open interest was 116,830, with an increase of 4,357 [2]. - 05 contract: The previous day's closing price was 2311, down 44.0 (-1.87%) from the day before. The trading volume was 30,174, and the open interest was 7,735, with a decrease of 23,333 [2]. - 09 contract: The previous day's closing price was 2251, down 27.0 (-1.19%) from the day before. The trading volume was 494,490, and the open interest was 635,491, with a decrease of 19,453 [2]. 2. Spot Market Crude Oil - International market: OPEC's basket of crude oil price was 61.80, Brent DTD was 61.47, Russian ESPD was 58.29, Oman was 62.12, Dubai was 62.18, and Cinta was 60.42 [2]. - Domestic market: The price of Daqing crude oil was 59.79, Shengli was 59.10. The Chinese gasoline wholesale price index was 8,046 yuan/ton, and the Chinese diesel wholesale price index was 6,800 yuan/ton. FOB naphtha in Singapore was 62.18, and the ex - factory price of aviation kerosene was 5,445 yuan/ton [2]. Methanol - The spot price in the port was 0 US dollars, in East China was 2492.5 yuan, and in North China was 2395 yuan [2]. 3. Market Analysis and Strategy Crude Oil - OPEC and its eight allied countries will implement a daily production adjustment of 411,000 barrels starting from June 2025 based on the May 2025 production level, equivalent to a three - month increase [3]. - Israel's Prime Minister Netanyahu vowed to retaliate against Iran, which may lead to the deterioration of the Middle East situation [3]. Methanol - The average operating load of domestic coal (methanol) to olefin plants was 77.38%, a month - on - month increase of 2.73%. As of April 24, the overall operating load of domestic methanol plants was 71.04%, a month - on - month decrease of 2.47 percentage points but a year - on - year increase of 2.45 percentage points [3]. - Coastal methanol inventories were 58.1 tons as of April 24, down 10.93 tons (15.83%) from April 17, and a year - on - year decrease of 8.07%. The estimated tradable supply of methanol in coastal areas was around 20.4 tons. It is estimated that the arrival volume of imported methanol ships from April 25 to May 11 will be between 533,700 - 540,000 tons [3].

Report Overview - The report is a weekly analysis of the methanol market from April 21 - 25, provided by Dayue Futures Investment Consulting Department [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - The domestic methanol market continued its regional trend this week, with significant differences between ports and inland areas. Inland supply was tight initially but was later suppressed by port inflows and changing market sentiment. Port prices were influenced by macro - factors and fundamentals [5] Summary by Directory 1. Weekly Comment - The inland methanol market initially rose due to pre - holiday stocking and supply tightness but later declined due to port inflows, high - price caution, and changing supply - demand expectations. The port market was affected by macro - news and fundamentals, with prices rising and then falling [5] 2. Fundamental Data 2.1 Domestic Methanol Spot Prices - In different regions, prices showed various trends. For example, Jiangsu had a 0.08% weekly increase, while Inner Mongolia had a 3.65% decrease [6] 2.2 Methanol Basis - The basis in Jiangsu decreased by 20 yuan/ton this week. The spot price had a 0.08% increase, and the futures price had a 0.97% increase [8] 2.3 Methanol Production Profits by Process - Coal - based production profit decreased by 52 yuan/ton, natural - gas - based remained unchanged, and coke - oven - gas - based increased by 340 yuan/ton [10] 2.4 Domestic Methanol Enterprise Load - Nationwide, the load decreased by 3.81% to 74.90%, and in the northwest, it decreased by 3.55% to 81.54% [12] 2.5 Outer - Market Methanol Prices and Spreads - CFR China decreased by 0.57% to 261 dollars/ton, CFR Southeast Asia decreased by 0.88% to 339.5 dollars/ton, and the spread increased by 1.5 dollars/ton [15] 2.6 Methanol Import Spreads - The import cost decreased by 0.55%, and the import spread increased by 15 yuan/ton [18] 2.7 Methanol Traditional Downstream Product Prices - Formaldehyde and dimethyl ether prices remained unchanged, while acetic acid decreased by 2.48% [23] 2.8 Production Profits and Loads of Traditional Downstream Products - Formaldehyde profit increased by 11 yuan/ton, load increased by 0.90%; dimethyl ether profit increased by 36 yuan/ton, load increased by 0.82%; acetic acid profit decreased by 71 yuan/ton, load increased by 1.94% [24][26][31] 2.9 MTO Production Profits and Loads - MTO profit was negative, and the load decreased slightly [35] 2.10 Methanol Port Inventories - In the East China port, inventory decreased by 6.98, and in the South China port, it decreased by 3.18 [36] 2.11 Methanol Warehouse Receipts and Effective Forecasts - Warehouse receipts decreased by 4.19%, and effective forecasts increased by 450.45% [40] 3. Maintenance Status 3.1 Domestic Device Maintenance - Many domestic methanol enterprises had maintenance, including Shaanxi Black Cat, Qinghai Zhonghao, etc., with different maintenance periods and losses [42] 3.2 Overseas Device Operation - Overseas methanol devices in Iran, Saudi Arabia, Malaysia, etc., had different operation statuses, such as some in the process of restarting and some running normally [43] 3.3 Olefin Device Operation - Olefin devices in different regions had different operation statuses, with some running stably, some under maintenance, and some with planned future maintenance [44]