1. Report Industry Investment Rating - No relevant information found 2. Core Views of the Report - The core contradiction in the current crude oil market is the game between the supply hard gap of 17 million barrels per day caused by the blockade of the Strait of Hormuz and policy hedges such as the release of strategic reserves and the relaxation of Russian oil. The release of IEA strategic reserves may only temporarily suppress prices, and the supplementary scale of Russian crude oil is limited, unable to fill the core gap. The inflation driven by crude oil and the shift of monetary policy will be the core themes in the next 1 - 2 months [4]. - Due to the low traffic volume in the Strait of Hormuz, the PX load has decreased under the concern of supply interruption, and South Korean cracking units are also reducing their loads, affecting the supply of olefins and aromatics. On the demand side, the PTA operating rate has increased, and the polyester load is being restored. PTA shows a strong trend supported by costs, but its processing fees are squeezed. The device restart has accelerated, while the recovery of the downstream polyester load is slow, and inventory accumulation may continue in March [4]. - The impact of the Middle - East situation on the ethylene glycol market ranges from cost to supply tightening. Both domestic and foreign supplies of ethylene glycol are shrinking. The market remains strong before the Middle - East conflict is substantially improved. Currently, the profit of coal - based MEG plants has been greatly restored, and the start - up is expected to increase [5]. - The reduction of cracking unit loads this week has led to a decrease in pure benzene supply, especially in South Korea. Although the pure benzene port inventory is still at a high level, there are still expectations of refinery production cuts. Domestic and overseas factories are starting to hoard pure benzene. The downstream demand for pure benzene is expected to increase from March to June, and downstream enterprises are actively replenishing inventory due to the short - term spot shortage. Benzene styrene has entered a de - stocking cycle. It is expected that pure benzene and benzene styrene will maintain a strong and volatile pattern [5]. 3. Summary by Related Catalog Crude Oil - The core contradiction is the supply gap caused by the Strait of Hormuz blockade and policy hedges. The release of strategic reserves may not solve the problem fundamentally, and the supplementary scale of Russian oil is limited. In the medium - term (March - April), oil prices are expected to fluctuate widely at high levels following geopolitical sentiments [4]. PX & PTA - PX: The weekly capacity utilization rate of domestic PX is 89.26%, a decrease of 1.9% from last week; the weekly average capacity utilization rate of Asian PX is 79.3%, a decrease of 2.14% from last week. The PX - naphtha spread is about $340/ton. Two PX devices are planned for maintenance in March and April. The PX price decline is restricted by crude oil cost support and the expected supply tightening in the second quarter [8]. - PTA: The average spot market price this week is 6,626 yuan/ton, an increase of 994 yuan/ton from last week. The weekly average capacity utilization rate is 80.05%, an increase of 0.55% from last week. The factory inventory days are 5.94 days, an increase of 0.59 days from last week and 0.5 days from the same period last year. The processing fee is compressed to 127 yuan/ton, a decrease of 98 yuan/ton from last week. A 300 - ton PTA device has reduced its load. The Asian PX devices will be intensively maintained in the second quarter, and the supply is expected to be tight [13]. MEG - The average price in East China this week is 4,552 yuan/ton, an increase of 535 yuan/ton from last week. The overall domestic operating rate is 60.1%, a decrease of 5.63% from last week. The coal - based MEG profit has been greatly restored, and the port inventory has started to decline from a high level. Two South Korean MEG devices are on scheduled maintenance until the end of May [18]. BZ & EB - Pure benzene: The domestic capacity utilization rate is 74.2%, a decrease of 2.9% from last week. The pure benzene - naphtha spread fluctuates widely around $180/ton. The Jiangsu pure benzene port inventory is 30.2 tons, a decrease of 0.1 tons from last week, still at a high level. - Benzene styrene: The capacity utilization rate is 71.79%, a decrease of 2.32% from last week. The Jiangsu benzene styrene port inventory is 15.65 tons, a decrease of 1.91 tons from last week; the factory inventory is 11.01 tons, a decrease of 1.53 tons from last week. The downstream 3S operating rate is stable, and inventory levels are decreasing, with resilient demand [27]. Polyester and Weaving Industry - The weekly average capacity utilization rate of the Chinese polyester industry is 83.74%, an increase of 2.2 percentage points from last week. The comprehensive operating rate of major domestic weaving production bases is 50.91%, an increase of 11.41% from last week. The average number of terminal weaving order days is 12.48 days, an increase of 5.49 days from last week. The average level of terminal weaving finished product inventory is 19.71 days, a decrease of 3.93 days from last week. After the Lantern Festival, workers are gradually returning to work, and with the arrival of the traditional peak season in March, the domestic market is warming up, but new orders are still limited [21].

1. Report Industry Investment Rating - Unilateral: Neutral, with a short - term focus on waiting and seeing. There are no suggestions for inter - period, cross - variety, spot - futures, or options strategies [2] 2. Core View of the Report - The passage of LPG ships through the Strait remains at a low level, and the CIF price of LPG is at a high level. If the passage of the Strait of Hormuz continues to be blocked, the supply of Middle East oil and LPG will be significantly tightened. Currently, the conflict between Iran and the US and Israel continues, more energy infrastructure is being attacked, and the navigation of the Strait of Hormuz has not significantly recovered. The number of LPG ships passing through as of March 12 remains low. On the spot side, the domestic LPG price rose locally yesterday. The spot price of civil LPG in Shandong was driven up by the increase in crude oil prices, and there is still room for short - term low - price increases. The price of ether - post - carbon - four in Shandong has corrected from high levels and risen at low levels, with a good trading atmosphere [1] 3. Market Analysis 3.1 Regional Prices on March 12 - Shandong market: 5050 - 5450 yuan; North China market: 5550 - 5650 yuan; East China market: 5900 - 6360 yuan; Yangtze River area market: 6010 - 6330 yuan; Northwest market: 5400 - 5600 yuan; South China market: 6080 - 6200 yuan [1] 3.2 CIF Prices in April 2026 - In the first half of April 2026, the CIF price of frozen goods in East China was 925 US dollars/ton for propane and 925 US dollars/ton for butane, both up 45 US dollars/ton. The RMB - converted price was 7022 yuan/ton for propane and 7022 yuan/ton for butane, both up 345 yuan/ton. In South China, the same price and increase trends applied [1] 3.3 Impact of Strait Passage and Market Conditions - Although the IEA announced the release of 400 million barrels of strategic reserves, if the passage of the Strait of Hormuz remains blocked, the supply of Middle East oil and LPG will tighten. The conflict between Iran and the US and Israel continues, and energy infrastructure is under attack. The number of LPG ships passing through is low as of March 12. Some oil tankers may turn off AIS signals, causing statistical omissions. The domestic LPG price rose locally, with Shandong civil LPG spot prices rising due to crude oil, and Shandong ether - post - carbon - four prices correcting from high levels and rising at low levels [1]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - In the fuel oil market, the spot premium of 0.5% sulfur fuel oil soared to a record high, followed by a decline in the market structure and refining profit margins of Asian low - sulfur fuel oil. The war has changed ship navigation patterns, potentially increasing local fuel demand and tightening bunker fuel supply. The market initially expected high - sulfur fuel oil to be more affected by the war, but recent concerns about supply disruptions have made the fundamentals of 0.5% sulfur marine fuel soar. However, the US intention to cease fire and the IEA's suggestion to release strategic reserves may suppress prices. FU2605 is expected to operate in the 3950 - 4150 range, and LU2605 in the 4500 - 4800 range [3] - The行情 driving factor is the resonance of supply affected by geopolitical risks and neutral demand. Risks include the possibility of a quick cease - fire in the Middle East [4] Group 3: Summary by Directory 1. Daily Prompt - The report provides a comprehensive analysis of the fuel oil market, including fundamentals, basis, inventory, market trends, and expected price ranges [3] - The price of the FU主力合约 futures increased by 2.30% to 4539, and the LU主力合约 futures increased by 2.38% to 5118. The FU basis decreased by 76.04% to 379, and the LU basis decreased by 62% to 924 [5] - The price of Zhoushan high - sulfur fuel oil decreased by 12.50% to 1050, and Zhoushan low - sulfur fuel oil decreased by 35.48% to 2107.37. Singapore high - sulfur fuel oil decreased by 22.49% to 680.43, and Singapore low - sulfur fuel oil decreased by 21.95% to 835.52. Middle - East high - sulfur fuel oil decreased by 25.53% to 575.46, and Singapore diesel increased by 19.05% to 1344.51 [6] 2. Long and Short Concerns - Bullish factors: Middle - East situation turmoil and poor strait passage [4] - Bearish factors: The Trump administration's TACO reappearance and upstream crude oil under pressure [4] 3. Fundamental Data - Fundamentals are neutral. The spot premium of 0.5% sulfur fuel oil soared and then the market structure and refining profit margins of Asian low - sulfur fuel oil declined. The war may increase local fuel demand and tighten bunker fuel supply [3] - The basis shows that Singapore high - sulfur fuel oil is at 680.43 dollars/ton with a basis of 379 yuan/ton, and Singapore low - sulfur fuel oil is at 835.52 dollars/ton with a basis of 924 yuan/ton, indicating a spot premium over futures [3] - The price is above the 20 - day line, and the 20 - day line is upward [3] - High - sulfur main positions are short, with an increase in short positions; low - sulfur main positions are long, changing from short to long [3] 4. Inventory Data - Singapore fuel oil inventory on March 4, 2026, was 2574.9 million barrels, an increase of 187 million barrels [3][7] 5. Spread Data - The report shows the spread between high - and low - sulfur futures, but specific numerical analysis is not provided [9]