Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Crude oil: SC night session fell 1.56%. Trump postponed the plan to attack Iranian power plants and energy infrastructure by five days after a "productive dialogue" with Iran, but Iran's official media reported that the Iranian Foreign Ministry denied any dialogue. The current Middle East crisis has a more serious impact on energy prices than the two oil crises in the 1970s, and the European conflict has also greatly impacted the natural gas market [3]. - Methanol: Methanol night session fell 4.05%. The average operating load of domestic coal (methanol) to olefins plants was 80.65%, a month - on - month increase of 2.51%. The overall operating load of domestic methanol plants was 78.11%, a month - on - month increase of 1.84 percentage points and a year - on - year increase of 5.67 percentage points. The coastal methanol inventory decreased slightly but was still at a historically high level, and the estimated arrival volume of imported ships from March 20 to April 5 was 16.64 - 170,000 tons [4]. 3. Summary by Related Catalogs Futures Market - **Prices and Changes**: SC near - month price was 824.7 yuan/barrel, up 57.6 yuan or 7.51% from the previous day; SC next - month price was 834.6 yuan/barrel, up 61.0 yuan or 7.89%. WTI near - month price was 76.11 dollars/barrel, up 1.31 dollars or 1.75%; WTI next - month price was 74.61 dollars/barrel, up 0.84 dollars or 1.14%. Brent near - month price was 81.96 dollars/barrel, up 3.89 dollars or 4.98%; Brent next - month price was 78.79 dollars/barrel, up 2.39 dollars or 3.13% [2]. - **Trading Volume and Open Interest**: SC near - month trading volume was 556, and open interest was 3,796 with a decrease of 127. SC next - month trading volume was 140,734, and open interest was 56,999 with a decrease of 1,101. WTI near - month trading volume was 981,921, and open interest was 313,100 with a decrease of 9,951. WTI next - month trading volume was 573,544, and open interest was 240,079 with an increase of 413. Brent near - month trading volume was 1,210,154, and open interest was 704,126 with a decrease of 63,404. Brent next - month trading volume was 1,044,720, and open interest was 489,581 with an increase of 18,873 [2]. - **Spreads**: The spread between SC near - month and SC next - month was - 9.9 yuan/barrel (previous value - 6.5), SC next - month and SC next - next - month was 834.6 yuan/barrel (previous value 483.6), SC near - month and WTI near - month was 300.4 yuan/barrel (previous value 251.8), SC near - month and Brent near - month was 260.1 yuan/barrel (previous value 229.3), WTI near - month and WTI next - month was 10.33 dollars/barrel (previous value 7.09), Brent near - month and Brent next - month was 3.17 dollars/barrel (previous value 1.67) [2]. Spot Market - **International Market**: OPEC basket crude oil price was 142.86 dollars/barrel (previous value 146.05), Brent DTD was 117.08 dollars/barrel (previous value 117.49), Russian ESPD was 98.23 dollars/barrel (previous value 96.14), Oman was 158.90 dollars/barrel (previous value 166.95), Dubai was 158.93 dollars/barrel (previous value 166.97), and Cinta was 103.58 dollars/barrel (previous value 108.28) [2]. - **Domestic Market**: Daqing crude oil price was 107.34 dollars/barrel (previous value 109.82), Shengli crude oil price was 107.84 dollars/barrel (previous value 110.63), China gasoline wholesale price index was 9,616 yuan/ton (previous value 9,557), China diesel wholesale price index was 8,133 yuan/ton (previous value 8,100), FOB naphtha in Singapore was 133.98 dollars/barrel (previous value 137.73), and the ex - factory price of aviation kerosene was 5,622 yuan/ton (previous value 5,334) [2].