1. Report Industry Investment Rating - The report does not explicitly mention an overall industry investment rating. However, it provides mid - term outlooks for individual energy and chemical products, including "oscillating weakly", "oscillating", "oscillating strongly", etc., based on the defined rating standards in the report [269]. 2. Core Viewpoints of the Report - The geopolitical factors affecting crude oil will gradually fade, and the market will focus on the US trade war and OPEC+ production plans. Crude oil is expected to remain stable, while the chemical industry may show a relatively strong oscillating pattern. Most chemical products have positive basis, and as July approaches, the convergence of futures and spot prices will support these products [1][2]. - Overall, the energy and chemical industry should be viewed through an oscillating perspective, waiting for new supply - demand drivers. 3. Summary by Relevant Catalogs 3.1 Market Views - **Crude Oil**: The rebound strength is limited, and attention should be paid to geopolitical disturbances. After the geopolitical concerns ease, the oil price will return to the supply - surplus fundamental line, and it is expected to oscillate weakly [5]. - **LPG**: The geopolitical situation has eased, and LPG is expected to oscillate weakly. The overall supply - demand pattern is still relatively loose, and the market may return to fundamental - driven [9]. - **Asphalt**: The expectation of production increase is strong, and the asphalt futures price will continue to decline following crude oil. The asphalt price is over - estimated, and the monthly spread is expected to decline with the increase in warehouse receipts [6]. - **High - Sulfur Fuel Oil**: Israel has resumed gas field production, and the fuel oil futures price may continue to decline under pressure. The supply is expected to increase while the demand decreases, and the price is likely to oscillate weakly [7]. - **Low - Sulfur Fuel Oil**: The low - sulfur fuel oil futures price will decline following crude oil. It is affected by factors such as the decline in shipping demand and the substitution of green energy, and is expected to follow the crude oil price fluctuations at a low valuation [9]. - **Methanol**: The situation between Iran and Israel has eased, and methanol is expected to oscillate. The support for the futures price from the previous geopolitical situation has weakened, and the domestic market is relatively stable [19]. - **Urea**: Relying on exports to balance the domestic supply - demand gap, urea may oscillate strongly in the short term. The supply pressure has eased slightly, and the export situation is favorable [20]. - **Ethylene Glycol (EG)**: The supply shock is gradually increasing, but the inventory level is low, and the probability of a downward trend is small. It is recommended that investors conduct short - term range operations [14]. - **PX**: The supply is tight, and attention should be paid to geopolitical developments. The fundamentals are good, and it is expected to be strong in the short term due to production - cut news [11]. - **PTA**: The supply - demand situation has weakened marginally, but the current situation is still okay, and the cost is relatively strong. It is expected to follow the cost side and show a relatively strong performance in the short term [11]. - **Short - Fiber**: The short - fiber industry is in a healthy state, and the spot processing fee has increased slightly. The processing fee has bottomed out and rebounded, and the upward movement of crude oil drives the energy and chemical market [15]. - **Bottle Chips**: The price follows the raw materials, and the production cut has started. The further compression space of the spot processing fee is limited [17]. - **PP**: The oil price oscillates, and PP will follow in the short term. The supply is expected to increase, and the demand is relatively weak [25]. - **Plastic**: The geopolitical premium has declined, and it is expected to oscillate. The supply pressure is high, and the downstream demand is weak [24]. - **Styrene**: The geopolitical situation has cooled down, and styrene has declined. The supply is returning, and the demand is weakening, but the inventory level is low [13]. - **PVC**: With low valuation and weak supply - demand, PVC is expected to oscillate. The cost center is rising, and the long - term supply - demand outlook is pessimistic [27]. - **Caustic Soda**: The dynamic cost is rising, and caustic soda will oscillate temporarily. The supply is expected to increase, and the long - term supply - demand outlook is pessimistic [27]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Indicator Monitoring - **Inter - period Spread**: The report provides the latest values and changes of inter - period spreads for various products such as Brent, Dubai, PX, PTA, etc. For example, the M1 - M2 spread of Brent is 1.17 with a change of - 0.08 [28]. - **Basis and Warehouse Receipts**: It shows the basis, change values, and warehouse receipts of different products. For instance, the basis of asphalt is 242 with a change of 1, and the number of warehouse receipts is 98360 [29]. - **Inter - variety Spread**: The report presents the latest values and changes of inter - variety spreads, like the 1 - month PP - 3MA spread is - 246 with a change of - 21 [30].