1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The crude oil market continues to fluctuate. Multiple factors affect oil prices. The actual supply and demand of crude oil show that Kazakhstan's crude oil supply is expected to return, which will help ease the tight situation in the European market. Geopolitical tensions in the Middle East support oil prices, but the market is in a state of oversupply. The short - term trend is dominated by the Iranian situation [1][6]. - The chemical sector continues to fluctuate. The influence of supply - demand factors has weakened, and market expectations play a strong role. The inventory of liquid chemicals has increased weekly, and the industry is about to enter the off - season, leading to inventory accumulation. The overall chemical market is in a fluctuating pattern [1]. 3. Summary by Relevant Catalogs 3.1 Market Views on Different Products 3.1.1 Crude Oil - **View**: Supply pressure persists, and geopolitics dominates the rhythm. - **Main Logic**: US crude oil production was temporarily affected by the cold wave last week, but the impact was short - lived. US oil product inventories are at a high level, indicating a pessimistic fundamental outlook. The market is in a state of oversupply, and the short - term trend is dominated by the Iranian situation. - **Outlook**: Fluctuation. Although the fundamentals are still in a state of oversupply, potential disturbances in supply expectations due to geopolitical situations in Iran and Russia are frequent, causing the geopolitical premium to fluctuate [6]. 3.1.2 Asphalt - **View**: The cost of crude oil supports asphalt futures prices. - **Main Logic**: OPEC+ will suspend production increases in the first quarter, and the partial lifting of sanctions on Venezuela will lead to abundant long - term asphalt supply, which is a significant negative factor. The repeated situation between the US and Iran provides cost - side support for asphalt futures. The supply and demand of asphalt are both weak, and inventory accumulation pressure is high. - **Outlook**: Fluctuation. The absolute price of asphalt is in an overvalued range, and its long - term valuation is expected to decline [8]. 3.1.3 High - Sulfur Fuel Oil - **View**: Geopolitical premium strengthens the support for fuel oil. - **Main Logic**: OPEC+ will suspend production increases, and the US is helping Venezuela increase oil production, leading to a strong expectation of increased heavy - oil supply, which puts long - term pressure on high - sulfur fuel oil. Geopolitical tensions in the Middle East increase the geopolitical premium, but high floating - storage in the Asia - Pacific region and the replacement of fuel - oil power generation by natural gas and photovoltaics in the Middle East are long - term negative factors. - **Outlook**: Fluctuation. The expected growth in Venezuela's oil production puts long - term pressure on high - sulfur fuel oil, and short - term attention should be paid to geopolitical trends in the Middle East [8]. 3.1.4 Low - Sulfur Fuel Oil - **View**: The sharp rise in natural gas prices may support low - sulfur fuel oil. - **Main Logic**: The sharp rise in US natural gas prices drives the refining spread of refined oil products and boosts the expectation of low - sulfur fuel oil for power generation. Low - sulfur fuel oil has strong product attributes and is supported. However, it faces negative factors such as a decline in shipping demand, green energy substitution, and high - sulfur substitution. - **Outlook**: Fluctuation. Low - sulfur fuel oil is affected by green fuel and high - sulfur substitution, but it may follow the movement of crude oil [10]. 3.1.5 PX - **View**: Capital positions still provide some support for PX, but the near - term performance of the industry is average. - **Main Logic**: The downstream PTA is relatively strong, supporting the bullish sentiment of PX. Although the load of polyester factories is accelerating its decline and the terminal is entering the holiday season, short - term inventory is accumulating, but market sentiment still supports prices. - **Outlook**: In the short term, PX prices will fluctuate under the support of sentiment. Attention should be paid to the support level of around 7300 yuan/ton for the PX05 contract, and the PXN is expected to fluctuate within the range of [340, 380] US dollars/ton [10]. 3.1.6 PTA - **View**: The near - month inventory accumulation trend is difficult to reverse, and attention should be paid to capital flow. - **Main Logic**: The short - term capital side still provides strong support for PTA prices, but the industry itself performs averagely. Downstream polyester factories are accelerating production cuts, and the off - season in the terminal textile industry is deepening, leading to an accumulation of PTA supply and demand. - **Outlook**: It is expected that PTA will maintain a fluctuating consolidation in the short term. Bullish capital provides some support for the futures price. Attention should be paid to the support level of around 30 yuan/ton for the TA05 - 09 spread. In the short term, the TA processing fee will remain at a high level, and the industry can hedge to lock in production profits [10][12]. 3.1.7 Pure Benzene - **View**: The game between expectations and reality leads to a fluctuating operation of pure benzene. - **Main Logic**: The recent rise is due to factors such as the first de - stocking of pure benzene in East China ports in nearly two months, downstream profit - locking driving up the price of pure benzene, and the supplementary rise under the multi - allocation atmosphere of aromatics. Although the high inventory may limit the increase in the short term, the fundamentals will improve quarter - on - quarter in the first quarter. - **Outlook**: Fluctuation. High inventory needs time to be digested, but the fundamentals will improve quarter - on - quarter in Q1, and it is expected to fluctuate under the strong sentiment of energy - chemical products [16]. 3.1.8 Styrene - **View**: Capital behavior combined with export narratives has led to a recent rise in styrene. - **Main Logic**: The recent strong rise in styrene prices is due to capital behavior under the expectations of the long - term bottom of the chemical industry and the rotation of commodity sectors. In addition, the supply - demand of styrene has been tight recently, and the expected inventory accumulation in January has turned into de - stocking. - **Outlook**: Fluctuation. Although there will be seasonal inventory accumulation and a narrowing of profits, the impact of exports and better fundamentals than pure benzene are expected to limit the decline [17]. 3.1.9 Ethylene Glycol (MEG) - **View**: There is still a lack of upward driving force in the near term, and the price will fluctuate widely within the range. - **Main Logic**: Ethylene glycol is affected by capital and market sentiment in the short term. In terms of the industry, there is still significant pressure on inventory accumulation, and there is a lack of effective upward driving force. Domestic supply reduction is slow, and the domestic operating rate is expected to continue to rise at the end of the month. - **Outlook**: The price will maintain a range - bound consolidation in the short term. Operate within the range of [3800 - 4050] yuan/ton. Pay short - term attention to the operation of EG05 - 09 within the range of [- 120, - 85] yuan/ton [18][20]. 3.1.10 Short - Fiber - **View**: The market has a strong wait - and - see attitude, and subsequent demand is expected to decline. - **Main Logic**: After the sharp rise in prices, the market has a strong wait - and - see attitude. Some spinning mills plan to enter the holiday at the end of the month, and the sustainability of subsequent demand is weak. The supply - demand of short - fiber is expected to weaken marginally. - **Outlook**: The price of short - fiber will follow the adjustment of upstream raw materials, and the processing fee will be slightly under pressure [21][22]. 3.1.11 Polyester Bottle Chips - **View**: It will follow the cost fluctuations, and the support for profits will be enhanced. - **Main Logic**: The prices of upstream raw materials are consolidating at a high level, and the trading atmosphere has declined slightly. With the reduction in the supply of polyester bottle chips, the support for processing fees is relatively strong, and the absolute price will follow the fluctuations of upstream raw materials. - **Outlook**: The absolute value will follow the raw material fluctuations, and the support for processing fees will be enhanced [23][24]. 3.1.12 Methanol - **View**: There is a long - short game in coastal areas, and methanol will fluctuate within a range. - **Main Logic**: The fundamental situation of the inland market is that supply is stronger than demand. The upstream is actively reducing prices to sell goods, and the downstream is actively purchasing at low prices. Coastal inventory is high, and the pressure on de - stocking is increasing. However, the bullish factors of overseas disturbances are stronger, and the market is mainly trading on the expected disturbances to Iranian methanol plants if a conflict breaks out between the US and Iran. - **Outlook**: Fluctuation. The situation in Iran is still uncertain, and there is still uncertainty about overseas plant disturbances. Although the actual support of the fundamentals is limited after excluding overseas disturbances, short - term trading will probably focus on the development of the overseas situation, and the futures price may still have room to rise [26][27][28]. 3.1.13 Urea - **View**: Market transactions are in a stalemate, and urea will fluctuate and consolidate. - **Main Logic**: The supply side has increased production as previously shut - down and some gas - based plants have gradually resumed operation, with overall sufficient supply. On the demand side, agricultural demand only has moderate follow - up in some areas, and industrial demand is mainly for on - demand replenishment. The actual spot transactions are insufficient, and the market sentiment is wait - and - see. - **Outlook**: Fluctuation. There is no substantial guidance in the market currently. There is rigid support from agricultural and industrial demand at low prices, but agricultural demand does not support a concentrated boom, and industrial demand is expected to decline in the twelfth lunar month. The market is in a stalemate, and the short - term market may continue to consolidate [28][29]. 3.1.14 LLDPE (Plastic) - **View**: The raw material end and macro factors drive the rebound, but the upward space is limited. - **Main Logic**: The oil price fluctuates, and the high inventory of US oil products points to a pessimistic fundamental outlook. The cold wave in the US has driven up the price of natural gas, which has boosted the performance of plastics through ethane. After the rebound, the profits of various production methods have been repaired, but the spot follow - up is limited. The demand for plastics is in the off - season, and the demand support is still cautious. There is still an expectation of macro - consumption policy stimulus in the future. - **Outlook**: Fluctuation [33]. 3.1.15 PP - **View**: The basis support is limited, and the upward space of PP is cautiously viewed. - **Main Logic**: The oil price fluctuates, and the high inventory of US oil products points to a pessimistic fundamental outlook. The profits of various PP production methods have been repaired, and the upward space is limited. The downstream of PP is in the off - season, and the trading volume has decreased recently. After the price rebound, the downstream confidence has been slightly repaired, and there is an expectation of macro - consumption policy stimulus. Short - term maintenance support still exists, and attention should be paid to PDH and the impact of profit changes on maintenance intentions. - **Outlook**: Fluctuation in the short term [34]. 3.1.16 PL - **View**: Supply is tight, and PL will fluctuate. - **Main Logic**: The expectation of PDH maintenance still provides a boost. The overall supply of propylene is tight, enterprise inventory is low, and some offers continue to rise. Downstream buying is active, and the actual transaction price has increased. The short - term profit of powder materials fluctuates slightly, and the support from downstream demand in the off - season is limited. - **Outlook**: Fluctuation in the short term [35]. 3.1.17 PVC - **View**: The cold wave disturbs the supply expectation, and PVC rebounds slightly. - **Main Logic**: Geopolitical tensions and the overseas cold wave have formed potential supply disturbances, boosting the commodity market sentiment. At the micro - level, the "rush for exports" of PVC supports demand, and the overseas cold wave disturbs the supply expectation, with the possibility of fundamental improvement. However, the downstream start - up will decline seasonally, and the inventory replenishment intention is not strong. - **Outlook**: Fluctuation. The "rush for exports" of PVC and the overseas supply disturbance expectation provide support, but the fundamental pressure has not been reversed, and the futures price will be in a fluctuating state [36]. 3.1.18 Caustic Soda - **View**: Profits are significantly compressed, and caustic soda should be stopped for profit at low prices. - **Main Logic**: Geopolitical tensions and the overseas cold wave have formed potential supply disturbances, boosting the commodity market sentiment. At the micro - level, the weak reality of caustic soda continues, and inventory is still accumulating. The fundamentals show that the marginal profit of alumina plants is poor, the inventory of Weiqiao's caustic soda is high, the demand for caustic soda from non - aluminum industries is weak, the upstream start - up rate changes little, and the output of caustic soda remains at a high level. The price of liquid chlorine is stable in the short term, but the risk of price decline increases approaching the Spring Festival, and the dynamic cost of caustic soda in Shandong is rising. - **Outlook**: Fluctuation with a weak trend. The upstream will actively reduce inventory before the Spring Festival, and the caustic soda spot price is still under pressure. Considering the increasing risk of liquid chlorine price decline before the Spring Festival, short positions in caustic soda should be stopped for profit at low prices [37]. 3.2 Variety Data Monitoring 3.2.1 Energy - Chemical Daily Indicator Monitoring - **Cross - Period Spreads**: Data on the cross - period spreads of various varieties such as Brent, Dubai, PX, PTA, MEG, etc., are provided, including the latest values and changes [40]. - **Basis and Warehouse Receipts**: Information on the basis and warehouse receipts of various varieties such as asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc., is given, including the latest values and changes [41]. - **Cross - Variety Spreads**: Data on the cross - variety spreads of various varieties such as PP - 3MA, TA - EG, L - P, etc., are presented, including the latest values and changes [42]. 3.2.2 Chemical Basis and Spread Monitoring No specific content is summarized in the given text, but the monitoring involves multiple varieties such as methanol, urea, styrene, etc. 3.3 Commodity Index - **Comprehensive Index**: The comprehensive index, characteristic index, and plate index of the commodity are provided. The comprehensive index shows an upward trend, with the energy index having significant increases in the short - term, near - term, and long - term [282][283].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - The closing price of the main EG contract was 3953 yuan/ton, up 11 yuan/ton or 0.28% from the previous trading day. The spot price of EG in the East China market was 4008 yuan/ton, down 10 yuan/ton or -0.25%. The spot basis of EG in East China was 70 yuan/ton, unchanged from the previous day [1]. - The production profit of ethylene - based EG was -$55/ton, up $2/ton from the previous day, and that of coal - based syngas EG was -891 yuan/ton, up 20 yuan/ton [1]. - According to CCF data, the inventory of MEG in East China's main ports was 66.1 tons, up 9.9 tons from the previous period; according to Longzhong data, it was 56.4 tons, up 6.5 tons. The planned arrivals at the main ports in East China this week are 18.1 tons, with 4.7 tons at the secondary ports, indicating a high probability of inventory accumulation [1]. - On the supply side, the domestic ethylene glycol load is running at a high level, and the domestic supply is abundant. Overseas, there are limited changes in ethylene glycol plants, and the planned arrivals around mid - November are still moderately high, so port inventories are expected to gradually increase. On the demand side, with the recent cooling, the polyester downstream has moderately improved, but the increase in polyester load is limited [1]. - For trading strategies, it is recommended to cautiously short - sell on rallies for hedging. In the fourth quarter, there is significant pressure for inventory accumulation due to high supply and many planned new production capacities. It is also recommended to conduct an inverse spread between EG2601 and EG2605 [2]. 3. Summary by Directory 3.1 Price and Basis - The closing price of the main EG contract was 3953 yuan/ton, up 11 yuan/ton or 0.28% from the previous trading day. The spot price of EG in the East China market was 4008 yuan/ton, down 10 yuan/ton or -0.25%. The spot basis of EG in East China was 70 yuan/ton, unchanged from the previous day [1]. 3.2 Production Profit and Operating Rate - The production profit of ethylene - based EG was -$55/ton, up $2/ton from the previous day, and that of coal - based syngas EG was -891 yuan/ton, up 20 yuan/ton [1]. 3.3 International Price Difference No specific data on international price differences is provided in the current report content. 3.4 Downstream Sales, Production, and Operating Rate - With the recent cooling, the polyester downstream has moderately improved, but the increase in polyester load is limited [1]. 3.5 Inventory Data - According to CCF data, the inventory of MEG in East China's main ports was 66.1 tons, up 9.9 tons from the previous period; according to Longzhong data, it was 56.4 tons, up 6.5 tons. The planned arrivals at the main ports in East China this week are 18.1 tons, with 4.7 tons at the secondary ports, indicating a high probability of inventory accumulation [1].

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Views - **Methanol**: The current situation remains poor. Iranian plant shutdowns are slower than expected, and high imports are likely in November. The contradiction in the 01 contract is difficult to resolve. Port sanctions are expected to be resolved before the end of gas restrictions, but inventory reduction is difficult. Methanol has limited upside potential, and the downside space depends on the situation in the inland region. Recently, coal prices have strengthened, but it has no impact on profits [1]. - **Polyethylene**: Overall inventory is neutral. The 09 basis is about -110 in North China and -50 in East China. Import profits are around -200 with no further increase for now. Non-standard HD injection molding prices are stable, while other price differentials are fluctuating, and LD is weakening. Domestic linear production has decreased recently. Attention should be paid to LL - HD conversion and US price quotes. New device pressure is high in 2025 [6]. - **Polypropylene**: Upstream and mid - stream inventories are decreasing. The basis is -60, non - standard price differentials are neutral, and import profits are around -700. Exports have been good this year. Non - standard price differentials are neutral. PDH profits are around -400, and propylene prices are fluctuating. The subsequent supply is expected to increase slightly. Under the background of overcapacity, the 01 contract is expected to face moderate to excessive pressure. If exports continue to increase or there are many PDH device overhauls, the supply pressure can be alleviated to a neutral level [6]. - **PVC**: The basis remains at 01 - 270, and the factory - pickup basis is -480. Downstream开工率 is seasonally weakening, and the willingness to hold inventory at low prices is strong. Mid - and upstream inventories are continuously accumulating. In Q4, attention should be paid to production capacity implementation and export sustainability. Near - term export orders have slightly decreased. Coal sentiment is positive, and costs are stable. Static inventory contradictions are accumulating slowly. Attention should be paid to exports, coal prices, commercial housing sales, terminal orders, and开工率 [6]. 3. Summary by Commodity Methanol - **Price Data**: From October 31, 2025, to November 6, 2025, the power coal futures price remained at 801. The prices of various regional spot and futures showed different degrees of decline, with the most significant decline in the port price of 15 [1]. - **Analysis**: The high import volume in November and the difficulty in resolving the 01 contract contradiction lead to limited inventory reduction and weak price increases [1]. Polyethylene - **Price Data**: From October 31, 2025, to November 6, 2025, the price of Northeast Asian ethylene remained at 740. The prices of various regional spot and futures showed a downward trend, with the主力期货 price dropping by 9 on November 6 compared with the previous day [6]. - **Analysis**: Overall inventory is neutral, and the market is affected by factors such as import profits, production, and new device pressure [6]. Polypropylene - **Price Data**: From October 31, 2025, to November 6, 2025, the prices of Shandong propylene and Northeast Asian propylene showed a downward trend, and the prices of various regional spot and futures also decreased. The主力期货 price dropped by 20 on November 6 compared with the previous day [6]. - **Analysis**: Inventory is decreasing, and the market is affected by factors such as valuation, supply, and demand [6]. PVC - **Price Data**: From October 31, 2025, to November 6, 2025, the prices of Northwest calcium carbide and Shandong caustic soda remained stable, while the prices of various PVC products showed a downward trend, with the price of calcium carbide - based PVC in East China dropping by 20 [6]. - **Analysis**: The basis remains stable, downstream开工率 is weakening, and inventories are accumulating. Attention should be paid to production capacity implementation and export sustainability [6].

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - For PTA, with the restart of some devices, the de - stocking pace slows down. Given the lack of unexpected performance in polyester and upcoming new production, long - term inventory build - up is expected. However, the processing fee has been at a very low level for a long time, and as PX supply gradually recovers, opportunities to expand processing fees under potential additional maintenance should be monitored [1]. - Regarding MEG, near - term domestic oil - based production has slightly reduced its load, while coal - based production has maintained its operation. Overseas, there are both maintenance and restart situations. With stable arrivals and weak shipments, port inventories have slightly increased. Although new devices have been put into operation earlier than expected and valuations have been significantly compressed, considering the subsequent increase in arrivals and high - supply expectations in the long - term, ports may start to gradually accumulate inventory. However, the current inventory level is still not high, and valuations may be slowly compressed. Attention should be paid to the support of coal - based production costs [1]. - For polyester staple fiber, the start - up rate has increased due to some devices increasing their loads. Sales have improved compared to the previous period, and inventories have continued to decline. On the demand side, the start - up rate of polyester yarn has remained stable, raw material inventory has increased, and finished - product inventories have decreased. However, the profit margin is weak. In the future, the rate of increasing the start - up rate of polyester yarn may slow down due to high finished - product inventories. The start - up rate of staple fiber will remain high due to good spot profit margins, and the processing fee is expected to fluctuate [1]. - In the case of natural rubber, the national visible inventory has remained stable, and the price of Thai cup lump rubber has also been stable. The recommended strategy is to wait and see [1]. 3. Summaries According to Related Catalogs PTA - **Device Changes**: Fuhai Chuang's 4.5 million - ton device restarted, and Ineos' 1.25 million - ton device stopped [1]. - **Market Situation**: Near - term TA maintenance has been implemented, the start - up rate has slightly decreased, polyester load has remained basically stable, inventory has slightly accumulated, the basis has weakened, and spot processing fees have slightly recovered. Domestically, the start - up rate of PX has decreased, overseas devices have operated smoothly, PXN has weakened month - on - month, the benefits of disproportionation and isomerization have remained basically stable, and the price difference between US and Asian aromatics has widened [1]. MEG - **Device Changes**: Xinjiang Tianye's 600,000 - ton device stopped again, and Shanxi Meijin's 300,000 - ton device underwent maintenance [1]. - **Market Situation**: Near - term domestic oil - based EG production has slightly reduced its load, coal - based production has maintained its operation, overseas there are both maintenance and restart situations. Arrivals have remained stable while shipments have been weak, and port inventories have slightly increased at the beginning of next week. Downstream inventory levels have increased, the basis has weakened month - on - month, and the profit - to - price ratio has shrunk [1]. Polyester Staple Fiber - **Device Changes**: Zhongtai and Xianglu have increased their loads, and the start - up rate has increased to 95.4% [1]. - **Market Situation**: Sales have improved compared to the previous period, and inventories have continued to decline. On the demand side, the start - up rate of polyester yarn has remained stable, raw material inventory has increased, finished - product inventories have decreased, but the profit margin is weak [1]. Natural Rubber - **Price Changes**: There have been daily and weekly changes in the prices of various types of natural rubber products such as US - dollar - denominated Thai mixed rubber, US - dollar - denominated Thai standard rubber, etc. [1]. - **Market Situation**: The national visible inventory has remained stable, and the price of Thai cup lump rubber has been stable due to rainfall [1].

1. Report Industry Investment Rating The report does not explicitly mention an overall industry investment rating. However, it provides individual ratings for each energy and chemical product, including "oscillating", "oscillating weakly", and "oscillating strongly" [149]. 2. Core Viewpoints of the Report - The international crude oil futures market continues to oscillate. Although the global inventory is gradually rising, the low inventory in the US, the world's largest oil consumer, supports oil prices and domestic chemicals [2]. - The chemical products market remains in an oscillating state. There is a divergence in the inventory of liquid chemicals, with the inventory of pure benzene and styrene in East China ports rising to the highest in the same period in five years, while the ethylene glycol inventory has dropped to the lowest in five years. Low - inventory and high - basis varieties are expected to perform better [3]. - The overall outlook for the energy and chemical industry is to approach it with an oscillating mindset, waiting for new supply - demand drivers [4]. 3. Summary by Relevant Catalogs 3.1 Market News - The EU is willing to accept a 10% uniform tariff from the US but hopes for lower rates in key industries. Trump threatens to impose new tariffs on Japan, and the US will announce trade agreements with multiple countries after July 4 [7]. - The International Energy Agency predicts that global oil demand will increase by 2.5 million barrels per day from 2024 to 2030, reaching a peak of about 105.5 million barrels per day by the end of the decade. Electric vehicles are expected to replace 5.4 million barrels per day of oil demand by the end of the decade, and the petrochemical industry will become the main source of oil - demand growth from 2026 [7]. - An oil tanker "Villamoura" carrying 1 million barrels of oil exploded near Libya. Since the beginning of this year, four other ships have had similar explosions [7]. - China's manufacturing activity improved for the second consecutive month in June but remained in a contraction state. The official manufacturing PMI was 49.7, and the non - manufacturing index rose from 50.3 to 50.5 [7]. 3.2 Variety Analysis 3.2.1 Crude Oil - On June 30, international crude oil futures continued to oscillate and declined slightly due to the record - high US production reported by EIA. The market is closely watching OPEC+'s production decision on July 6, with a high call for continued production increase in August. As global supply increases and the US changes its low - inventory pattern, oil prices may enter a downward trend [6][8]. 3.2.2 Asphalt - The main asphalt futures closed at 3,561 yuan/ton. With geopolitical cooling, OPEC+ may continue to increase production more than expected in August, and the supply of heavy oil will increase. The current asphalt price is overvalued, and its absolute price and monthly spread are expected to decline [9]. 3.2.3 High - Sulfur Fuel Oil - The main high - sulfur fuel oil contract closed at 3,002 yuan/ton. Geopolitical cooling, increased supply of heavy oil, and reduced demand for power generation are negative factors. The overall supply is expected to increase while demand decreases, and the price is expected to oscillate weakly [10]. 3.2.4 Low - Sulfur Fuel Oil - The main low - sulfur fuel oil contract closed at 3,600 yuan/ton. It follows the decline of crude oil. Facing factors such as reduced shipping demand, green - energy substitution, and high - sulfur substitution, it is expected to maintain low - valuation operation and follow crude - oil fluctuations [11]. 3.2.5 LPG - On June 30, 2025, the PG 2508 contract closed at 4,222 yuan/ton. The market is still cautious about geopolitical risks, but the supply - demand pattern of "strong supply and weak demand" is difficult to change in the short term. The PG market is expected to oscillate in the short term [11][12]. 3.2.6 PX - On June 30, the CFR price of PX in Taiwan, China was 874(6) dollars/ton. In the short term, the cost of PX is likely to weaken due to OPEC+ production increase and concerns about global demand. Some domestic PX plants will be shut down for maintenance, and the market should focus on the implementation of device - change expectations [14]. 3.2.7 PTA - On June 30, the PTA spot price was 5,050(25) yuan/ton. This week, the crude - oil market may decline, and the support for PTA is weak. Although the supply of PTA is tight and the basis of July's supply is strong, some downstream factories plan to reduce production, so the PTA market is expected to oscillate [14]. 3.2.8 Styrene - On June 30, the spot price of styrene in East China was 7,780(-170) yuan/ton. Affected by the easing of the Middle - East situation, the styrene price has corrected. The supply is increasing, and the demand is weakening. The market should be vigilant about the impact of short - squeezing events and pay attention to the opportunity of narrowing the price difference between pure benzene and styrene [15]. 3.2.9 Ethylene Glycol - On June 30, the price of ethylene glycol was sorted at a low level. The inventory in East China ports has dropped to the lowest in the same period in five years. In the short term, the price is expected to oscillate strongly, and investors should not short too aggressively [17]. 3.2.10 Short - Fiber - On June 30, the raw materials provided support, and the short - fiber futures remained stable. The short - fiber price follows the raw materials, and its own supply - demand situation is oscillating. The processing fee is expected to bottom out and rise [17]. 3.2.11 Polyester Bottle Chip - On June 30, the futures of polyester raw materials rose slightly, and the price of polyester bottle chips was mostly stable. The absolute price of bottle chips follows the raw materials, and the compression space of the processing fee is limited [18][20]. 3.2.12 Methanol - On June 30, the spot price of methanol in Taicang was 2,780(-20) yuan/ton. With the easing of the Israel - Iran situation, the support for the methanol price has weakened. The port inventory has increased, and the negative feedback from the downstream has emerged. The methanol market is expected to oscillate in the short term [21][22]. 3.2.13 Urea - On June 30, 2025, the low - end prices of urea factory warehouses and the market were 1,760(+0) and 1,790(-10) yuan/ton respectively. The domestic supply - demand pattern of "strong supply and weak demand" is difficult to change, and it depends on exports. The urea market is expected to oscillate strongly, and attention should be paid to changes in export quotas [22][23]. 3.2.14 LLDPE - On June 30, the mainstream spot price of LLDPE was 7,300(0) yuan/ton. Affected by the decline in oil prices and the increase in supply, and the low downstream demand, the LLDPE 09 contract is expected to oscillate in the short term [25]. 3.2.15 PP - On June 30, the mainstream transaction price of East China wire - drawing PP was 7,160(-20) yuan/ton. The cost is affected by oil prices, the supply is increasing, the downstream demand is weak, and the export window is limited. The PP market is expected to oscillate in the short term [26][27]. 3.2.16 PVC - The benchmark price of calcium - carbide - method PVC in East China was 4,860(+0) yuan/ton. Although the market risk preference has improved, the PVC supply - demand outlook is pessimistic, and the market should short on rallies [28]. 3.2.17 Caustic Soda - The 50% caustic - soda price in Shandong was 2,560(-40) yuan/ton. Affected by factors such as the decrease in electricity prices, the increase in production, and the weakening of demand, the caustic - soda market is expected to oscillate weakly, and attention should be paid to the impact of cost increases on production reduction [29]. 3.3 Variety Data Monitoring 3.3.1 Energy and Chemical Daily Indicator Monitoring - The report provides data on the spreads (such as M1 - M2, 1 - 5 months, etc.) and basis of various energy and chemical products, as well as the changes in these data [31]. 3.3.2 Chemical Basis and Spread Monitoring - Although the report lists different chemical products for basis and spread monitoring, specific content is not fully presented in the provided text.

Summary of Chemical Industry Inventory Report Industry Overview - The report focuses on the chemical industry, specifically on inventory levels of various chemical products [1]. Key Points - Major products with increased inventory week-on-week include: - PA66 - Viscose [1] - Major products with decreased inventory week-on-week include: - Nylon - Epoxy Propane [1] - Inventory levels for specific products: - Aggregated MDI remains stable at 60,000 tons [1] - TDI decreased by 5.1% to 14,000 tons [1] - Epoxy Propane decreased by 10.5% to 29,100 tons [1] - Adipic Acid decreased by 1.0% to 19,900 tons [1] - Polyester Filament POY manufacturers increased inventory by 2.3% to 17.1 days [1] - Nylon manufacturers saw a decrease in inventory [1] Additional Important Information - The report highlights the fluctuations in inventory levels, indicating potential supply and demand dynamics within the chemical industry [1].