1. Report Industry Investment Rating - There is no information provided about the industry investment rating in the report. 2. Core Viewpoints of the Report - The domestic Shanghai rubber futures 2509 contract showed a trend of increasing volume, decreasing positions, fluctuating strongly, and slightly rising on Wednesday. It is expected to maintain a fluctuating and stable trend in the future [4]. - The domestic methanol futures 2509 contract showed a trend of increasing volume and positions, fluctuating upwards, and significantly rising on Wednesday. It is expected to maintain a fluctuating and strong pattern in the future [4]. - The domestic crude oil futures 2508 contract showed a trend of increasing volume and positions, maintaining strength, and significantly rising on Wednesday. It is expected that the prices of domestic and foreign crude oil futures will maintain a fluctuating and strong trend in the future [5]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics Rubber - As of June 15, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 606,900 tons, a month - on - month increase of 1,400 tons or 0.23%. The bonded area inventory decreased by 1.87%, and the general trade inventory increased by 0.58% [8]. - As of June 13, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 69.98%, a week - on - week increase of 5.93 percentage points and a year - on - year decrease of 10.42 percentage points. The capacity utilization rate of China's full - steel tire sample enterprises was 58.70%, a week - on - week increase of 3.05 percentage points and a year - on - year increase of 5.60 percentage points [8]. - In May 2025, China's automobile dealer inventory warning index was 52.7%, a year - on - year decrease of 5.5 percentage points and a month - on - month decrease of 7.1 percentage points. The inventory warning index was above the boom - bust line, and the prosperity of the automobile circulation industry improved [8]. - In May 2025, China's automobile production and sales were 2.649 million and 2.686 million respectively, a month - on - month increase of 1.1% and 3.7%, and a year - on - year increase of 11.6% and 11.2%. From January to May 2025, China's automobile production and sales were 12.826 million and 12.748 million respectively, a year - on - year increase of 12.7% and 10.9% [9]. - In May 2025, China's heavy - truck market sold about 83,000 vehicles, a month - on - month decrease of 5% and a year - on - year increase of about 6%. From January to May 2025, the cumulative sales of China's heavy - truck market were about 435,500 vehicles, a year - on - year increase of about 1% [9]. Methanol - As of the week of June 13, 2025, the average domestic methanol operating rate was 82.17%, a week - on - week decrease of 1.16%, a month - on - month decrease of 1.51%, and a year - on - year increase of 4.93%. The average weekly methanol output in China was 1.9827 million tons, a week - on - week decrease of 320 tons, a month - on - month decrease of 840 tons, and a significant increase of 241,500 tons compared with the same period last year [10]. - As of the week of June 13, 2025, the domestic formaldehyde operating rate was 29.77%, a week - on - week increase of 0.37%. The dimethyl ether operating rate was 4.34%, a week - on - week decrease of 1.69%. The acetic acid operating rate was 98.81%, a week - on - week increase of 10.99%. The MTBE operating rate was 49.33%, a week - on - week increase of 4.24% [10]. - As of the week of June 13, 2025, the average operating load of domestic coal (methanol) to olefin plants was 80.06%, a week - on - week decrease of 0.91 percentage points and a month - on - month increase of 2.42%. As of June 13, 2025, the futures market profit of domestic methanol to olefin was - 78 yuan/ton, a week - on - week decrease of 211 yuan/ton and a month - on - month decrease of 278 yuan/ton [10]. - As of the week of June 13, 2025, the port methanol inventory in East and South China was 514,000 tons, a week - on - week increase of 55,600 tons, a month - on - month increase of 123,900 tons, and a slight increase of 19,000 tons compared with the same period last year. The inland methanol inventory in China was 379,100 tons, a week - on - week increase of 8,500 tons, a month - on - month increase of 43,200 tons, and a slight decrease of 29,600 tons compared with the same period last year [11][12]. Crude Oil - As of the week of June 6, 2025, the number of active oil drilling rigs in the United States was 442, a week - on - week decrease of 19 and a decrease of 50 compared with the same period last year. The average daily crude oil production in the United States was 13.428 million barrels, a week - on - week increase of 20,000 barrels/day and a year - on - year increase of 228,000 barrels/day [12]. - As of the week of June 6, 2025, the U.S. commercial crude oil inventory (excluding strategic petroleum reserves) was 432 million barrels, a week - on - week decrease of 3.644 million barrels and a significant decrease of 27.237 million barrels compared with the same period last year. The crude oil inventory in Cushing, Oklahoma, decreased by 403,000 barrels week - on - week, and the U.S. Strategic Petroleum Reserve (SPR) inventory increased by 237,000 barrels week - on - week [13]. - The U.S. refinery operating rate was 94.3%, a week - on - week increase of 0.9 percentage points, a month - on - month increase of 4.1 percentage points, and a year - on - year decrease of 0.60 percentage points [13]. - Since June 2025, international crude oil futures prices have shown a fluctuating and stable trend, and the market's bullish power has increased. As of June 10, 2025, the average non - commercial net long positions in WTI crude oil were 191,941 contracts, a week - on - week increase of 23,984 contracts and a significant increase of 13,730 contracts or 7.70% compared with the May average. The average net long positions of Brent crude oil futures funds were 182,440 contracts, a week - on - week increase of 26,921 contracts and a significant increase of 46,905 contracts or 34.41% compared with the May average [14]. 3.2 Spot Price Table | Variety | Spot Price | Price Change Compared to the Previous Day | Futures Main Contract | Price Change Compared to the Previous Day | Basis | Basis Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 14,000 yuan/ton | +150 yuan/ton | 14,010 yuan/ton | +140 yuan/ton | - 10 yuan/ton | +10 yuan/ton | | Methanol | 2,695 yuan/ton | +40 yuan/ton | 2,517 yuan/ton | +62 yuan/ton | +178 yuan/ton | - 22 yuan/ton | | Crude Oil | 511.0 yuan/barrel | +0.2 yuan/barrel | 552.7 yuan/barrel | +27.8 yuan/barrel | - 41.8 yuan/barrel | - 27.7 yuan/barrel | [16] 3.3 Related Charts - The report provides various charts related to rubber, methanol, and crude oil, including basis, month - to - month spreads, inventory, and net position changes [17][30][43]

Report Summary 1. Investment Rating The report does not provide an overall industry investment rating. 2. Core Views - **Rubber**: The domestic Shanghai rubber futures 2509 contract on Tuesday showed a trend of increasing volume, increasing positions, stabilizing in shock, and slightly rising. With the full opening of rubber tapping in Southeast Asia and domestic natural rubber producing areas, and the improvement of macro - expectations, it is expected to maintain a stable shock trend [4]. - **Methanol**: The domestic methanol futures 2509 contract on Tuesday showed a trend of increasing volume, increasing positions, stabilizing in shock, and slightly rising. Driven by the improvement of the macro - atmosphere and the short - term stabilization of coal futures prices, it is expected to maintain a slightly stronger shock trend [4]. - **Crude Oil**: The domestic crude oil futures 2507 contract on Tuesday showed a trend of decreasing volume, increasing positions, stabilizing in shock, and slightly rising. Due to the intensification of the Russia - Ukraine war and the improvement of Sino - US relations, it is expected that domestic and foreign crude oil futures prices will maintain a slightly stronger shock trend [5]. 3. Summary by Directory 3.1 Industry Dynamics - **Rubber**: As of June 8, 2025, the total inventory of natural rubber in Qingdao was 605,500 tons, a decrease of 0.67%. The capacity utilization rates of semi - steel and full - steel tire sample enterprises decreased. The inventory warning index of automobile dealers in May 2025 decreased, and the industry's prosperity improved. The logistics and warehousing indexes in May 2025 slightly declined, and the sales of heavy - duty trucks in May decreased slightly month - on - month but increased year - on - year [8][9]. - **Methanol**: As of the week of June 6, 2025, the average domestic methanol operating rate was 83.33%, with weekly and annual increases. The weekly output increased year - on - year. The operating rates of downstream products such as formaldehyde, acetic acid, etc., changed to different degrees. The port and inland inventories increased [10][11][12]. - **Crude Oil**: As of the week of May 30, 2025, the number of active oil drilling platforms in the US decreased, and the daily output increased. The US commercial crude oil inventory decreased, while the Cushing and strategic reserve inventories increased. The net long positions in the WTI and Brent crude oil futures markets changed differently [12][13][14]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Rubber | 13,850 yuan/ton | +200 yuan/ton | 13,805 yuan/ton | +80 yuan/ton | +45 yuan/ton | +120 yuan/ton | | Methanol | 2,400 yuan/ton | +33 yuan/ton | 2,276 yuan/ton | - 2 yuan/ton | +124 yuan/ton | +35 yuan/ton | | Crude Oil | 459.2 yuan/barrel | - 0.1 yuan/barrel | 479.8 yuan/barrel | +5.5 yuan/barrel | - 20.6 yuan/barrel | - 5.6 yuan/barrel | [16] 3.3 Related Charts The report lists relevant charts for rubber, methanol, and crude oil, including rubber basis, rubber futures inventory, methanol basis, methanol port inventory, crude oil basis, and crude oil commercial inventory, etc., but does not provide specific analysis content in the text [17][19][32]