Group 1: Gold Market Analysis - The current price of spot gold is trading at $4267.29 per ounce, showing a slight decline after reaching around $4240 during the Asian trading session on Thursday [1][7] - The Federal Reserve has cut interest rates by 25 basis points to a range of 3.50% to 3.75%, the lowest level in three years, enhancing the appeal of non-yielding assets like gold [1][7] - The ongoing interest rate cuts are expected to provide medium-term support for gold prices, although geopolitical tensions may hinder a strong upward trend [1][2][8] Group 2: Technical Analysis of Gold - Gold has successfully broken through previous upward ranges and is currently above the $4200 mark, indicating a strong bullish trend [2][8] - The daily chart shows a series of upward movements, with MACD indicators indicating expanding positive momentum and RSI remaining in a strong zone without reaching extreme overbought levels [2][8] - Short-term resistance levels are identified between $4331 and $4381, while support is focused around the $4200 level [3][9] Group 3: Oil Market Analysis - As of December 12, West Texas Intermediate (WTI) crude oil is trading around $57.93 per barrel, with Brent crude oil at $61.28 per barrel, both experiencing declines due to geopolitical changes and excess fuel inventories in the U.S. [4][10] - The U.S. Energy Information Administration (EIA) reported an increase of approximately 2.5 million barrels in gasoline and distillate inventories, indicating a surplus in the fuel market [4][10] - The potential for a peace agreement between Russia and Ukraine could lead to an increase in Russian oil supply returning to the global market, impacting oil prices [4][10] Group 4: Technical Analysis of Oil - The daily chart indicates a secondary oscillation pattern, with prices testing the strong support level around $56 [5][11] - Short-term trends are showing a downward direction, with MACD indicating a weakening of bearish momentum [5][11] - The recommended trading strategy for oil suggests focusing on buying on dips while considering selling on rebounds, with key resistance levels at $59.5 to $60.5 and support at $57.0 to $56.0 [5][11]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Geopolitical tensions have eased, leading to a significant drop in international oil prices, which in turn has weakened the cost - side support for propylene. With the expectation of a loose propylene supply - demand situation remaining unchanged, the market is likely to experience weak and volatile trends. The supply side has some short - term support due to PDH device maintenance, while the demand side's support may decline as the price increase squeezes downstream profits. Attention should be paid to cost - side disturbances [2] Summary by Directory 1. Propylene Basis Structure - This section includes figures on the closing price of the propylene main contract, East China and North China propylene basis, propylene 01 - 05 contract, and East China and Shandong propylene market prices [6][9][11] 2. Propylene Production Profit and Capacity Utilization - It involves figures such as the difference between propylene CFR in China and naphtha CFR in Japan, propylene capacity utilization, PDH production gross profit and capacity utilization, MTO production gross profit, methanol - to - olefins capacity utilization, propylene naphtha cracking production gross profit, and crude oil refinery capacity utilization [17][19][22] 3. Propylene Import and Export Profits - This part contains figures on the price differences between South Korea FOB - China CFR, Japan CFR - China CFR, Southeast Asia CFR - China CFR, and propylene import profits [33][35] 4. Propylene Downstream Profits and Capacity Utilization - It includes the production profits and capacity utilization rates of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [41][50][56] 5. Propylene Inventory - This section has figures on propylene factory inventory and PP powder factory inventory [66]

Group 1 - The core viewpoint of the articles indicates that domestic refined oil retail prices are expected to decrease significantly, marking the tenth reduction of the year, with a predicted drop of over 50 yuan per ton [1][2] - The latest data shows that the reference crude oil price change rate is at -1.50%, leading to anticipated reductions of 70 yuan per ton for gasoline and 65 yuan per ton for diesel, translating to decreases of 0.05 yuan/liter for 92 gasoline, 0.06 yuan/liter for 95 gasoline, and 0.06 yuan/liter for 0 diesel [1][3] - Since 2025, there have been 22 rounds of adjustments in domestic refined oil retail prices, with the current trend being "seven increases, nine decreases, and six unchanged" [1][2] Group 2 - In the wholesale market, both gasoline and diesel prices have recently increased, with 92 gasoline priced at 7334 yuan/ton (up 0.12%) and 0 diesel at 6578 yuan/ton (up 1.90%) [3] - The increase in wholesale prices is attributed to previous declines, low upstream profits, and relatively low social inventory levels, which have enhanced the willingness of upstream suppliers to maintain prices [3] - Diesel prices have seen a larger increase than gasoline due to sustained demand [3] Group 3 - Looking ahead, the international crude oil market may face downward pressure due to geopolitical factors and the ongoing expectation of increased production from OPEC+ [4] - Analysts suggest that macroeconomic sentiment fluctuations could lead to risks in the market, potentially resulting in a downward spiral in both macro and fundamental aspects [4]

Core Insights - European natural gas futures prices have dropped to the lowest level since May 2024, following Ukrainian President Zelensky's agreement to develop a peace plan [1] - Warmer weather forecasts are putting pressure on heating demand, with predictions indicating that temperatures in Northwest Europe will return to or exceed seasonal norms from late November to early December [1] - Despite recent fluctuations in short-term weather forecasts keeping traders cautious, the overall trend is shifting towards warmer conditions [1] - Current cold waves have accelerated the extraction of natural gas, leading to a continuous decline in inventory levels, with European gas storage facilities currently filled to less than 81% [1]

Group 1 - Fuel oil futures experienced a sharp decline, with the main contract dropping to a low of 2618.00 yuan, closing at 2637.00 yuan, down 2.12% [1] - Institutions predict that high-sulfur fuel oil prices will face medium-term pressure, suggesting potential short-selling opportunities [2] - Geopolitical factors, including a potential meeting between Trump and Putin, have influenced the downward trend in fuel oil prices, alongside supply constraints from European port strikes and Russian refinery attacks [2] Group 2 - Short-term expectations indicate that fuel oil prices will follow the fluctuations of crude oil, with domestic refinery operating rates declining [3][5] - The overall supply of fuel oil remains relatively ample, leading to a weak short-term outlook for prices [4] - Technical analysis suggests that the main contracts for high-sulfur and low-sulfur fuel oil are expected to operate within bearish ranges [4]