With this low prices. There's a lot of oil demand that seems to be vanishing. I mean, there have been they are literally and we don't really know where it's going.Right. And but oil is cheap. And you remember oil averaged $60 a barrel in 2009.We are in 2025. Okay. And again, it was the nominal average.If you you know, if you adjust for inflation. Oil actually pretty cheap is way too pretty was in 2009. So even even I think we averaged 60 I think was in 2006 060.So we have relatively low oil prices compared ...

（原标题：泰国年度电力产量和液化天然气进口量预计 将创下历史新低） 政府数据显示，住宅用电需求占全年用电总量的31%，在截至7月的7个月 内下降了7%以上，这是有记录以来最大幅度的降幅。而工业和商业用电需求 仅下降了2.8%，尽管这两类用电需求占泰国全年用电总量的三分之二以上。 年产量出现下降的情况，在有官方数据记录的近四十年里仅属第四次。由 于频繁降雨导致极端高温天气的天数减少，空调的使用量也随之降低。 Rystad Energy的分析师表示，今年泰国电力需求的"最关键因素无疑是天 气"，而包括政治因素和经济增长在内的其他所有因素都"明显滞后"。 据曼谷邮报9月23日报道,泰国政府数据显示，由于天气温和以及经济增长 放缓导致电力需求下降，泰国今年的电力产量将创下历史新低。这使得这个东 南亚最大的液化天然气进口国面临有史以来最严重的天然气采购量下滑。 官方数据显示，截至7月的这7个月内，为这个拥有7000多万人口的国家的 电力生产和进口量年均下降了5.4%。这一降幅几乎是2020年1月至7月期间（因 新冠疫情相关封锁措施导致电力需求下降2.8%）的两倍。 ...

Report Industry Investment Rating - The oil market rating for the current week has been adjusted from relatively strong to neutral and volatile [5] Core Views - **Crude Oil**: In Q2, global oil inventories increased by 2.7%, accelerating marginally from 2% in Q1. In the first week of Q3, overall inventories decreased by 0.3% due to crude oil destocking and refined oil stockpiling. The upward drive of strong real - world factors on oil prices may be weakening, and the further upside for Brent above $70 per barrel is limited [5] - **Fuel Oil**: Last week, global fuel oil inventories decreased by 0.7% week - on - week and remained at a low level. The spread between high - and low - sulfur fuel oils in Singapore widened [5] - **Asphalt**: In June, refinery production exceeded the plan, breaking the de - stocking pattern. The increase in asphalt supply is still uncertain, and demand recovery is expected to be delayed [5] - **Natural Gas**: High temperatures have boosted market demand. In the US, the upside is limited before further strengthening of power demand. In Europe, the market is expected to remain volatile [8] - **LPG**: Middle East production pressure persists, and the overseas price continues to be weak. The domestic market is currently experiencing weak supply and demand, with the futures market showing weak volatility [8] - **Container Shipping Index (European Route)**: The spot price was stronger than expected last week. The short - term futures market will fluctuate with the spot price. In the medium term, freight rates are likely to decline seasonally [8] Summary by Relevant Catalogs Energy & Shipping Price Trends - **Energy Commodities**: Last week, crude - related products continued to rise, with Brent up 3.1%. By - products LPG and fuel oil were weak. The natural gas market showed mixed performance, with European gas up 5.2% and US gas down 0.89%. The steam coal market continued to rebound [4] - **Shipping**: European route quotes mostly remained stable in late July. US route freight rates bottomed out and stabilized, with SCFI West & East US routes up 5% and 1.2% week - on - week respectively [4] Crude Oil & Oil Products Chain Key Volume and Price Data - **Price Trends**: The crude oil monthly spread declined from a high. The premium of domestic futures was strong. The spot premium of crude oil declined slightly from a high [10] - **Crack Spreads**: Overseas gasoline and diesel crack spreads fluctuated, and the crack spread of high - sulfur fuel oil weakened. Domestic energy - chemical product crack spreads continued to decline with the rebound of crude oil [12] - **Global Oil Consumption High - Frequency Indicators**: The 7 - day average of global commercial flights was down 1.2% year - on - year. The 4 - week average of US refined oil apparent demand was down 1.6% year - on - year [13] - **China's Oil Consumption High - Frequency Indicators**: China's ground congestion index was flat year - on - year, and highway truck traffic was up 0.8% year - on - year. The number of domestic flights was up 2% year - on - year [17] - **Refining Profits & Refinery Operations**: The comprehensive refining profits of refineries in three regions and the refining margins of Chinese refineries are presented in the report, along with refinery capacity utilization rates [19] - **China & India Procurement Shipping Schedules**: In June, China's above - scale crude oil processing volume was up 8.5% year - on - year, and imports were up 7.4% year - on - year. India's crude oil imports and refining product demand also showed certain trends [22] - **Major Oil - Producing Countries' Shipping Schedules**: The shipping schedules of major oil - producing countries such as OPEC 9 countries, Saudi Arabia, Russia, and Iran are presented [24] - **US Crude Oil Production**: Data on US crude oil production, including production volume, four - week average year - on - year growth rate, and rig counts, are provided [26] - **Crude Oil Inventories**: Data on on - land commercial inventories, floating storage inventories, and total inventories of crude oil are presented [28] - **Refined Oil Inventories**: Data on global refined oil inventories, including light distillates, diesel, kerosene, and fuel oil, are provided [31] - **Fund Positions**: The relative net long positions of management funds in Brent and WTI crude oil are presented [33] Asphalt Key Volume and Price Data - **High - Frequency Supply and Demand**: The shipment volume of domestic refinery asphalt increased slightly week - on - week, and the cumulative year - on - year increase decreased by 1 percentage point to 7% compared to the end of June [5] - **Inventory**: Data on domestic asphalt inventories, including refinery inventories and trader inventories, are provided [38] Natural Gas Key Volume and Price Data - **Core Spreads**: Data on key spreads such as the TTF - balance spread, JKM - TTF spread, and HH forward curve are presented [41] - **Short - Term Temperature Forecast**: Short - term temperature forecasts for regions such as Northwest Europe, the US, and China are provided [46] - **European Consumption and LNG Imports**: Data on natural gas consumption and LNG imports in Europe are presented [49] - **US Production and Global LNG Exports**: Data on US natural gas production and LNG exports from the US, Qatar, and Australia are provided [51] - **Inventory Levels and Change Rates**: Data on natural gas inventory levels and change rates in the US and Europe are presented [53] LPG Key Volume and Price Data - **Core Spreads**: Data on key spreads such as the PG - FEI spread, ether - post - carbon - four - civil - gas spread, and Far - East propane - naphtha spread are presented [55] - **Inventory Levels**: Data on propane inventories in the US, refinery inventories in China, and port storage capacity utilization rates in South and East China are provided [57] Steam Coal Key Volume and Price Data - **Trade Spreads and Profits**: Data on inland trade shipping profits, high - calorie coal premiums at Bohai Rim ports, and the import advantages of imported coal are presented [59] - **Upstream Supply**: Data on the weekly production of 442 coal mines in the Three Western Regions, Ordos coal mine operating rates, and China's imported steam coal weekly shipments are provided [62] - **Mid - Stream Transportation**: Data on the supply - demand surplus, number of ships, and inventories at four Bohai Rim ports, as well as inland port inventories, are presented [64] - **Downstream Manufacturing & Construction Industry Prosperity**: Data on sub - industry PMIs, real estate sales areas, cement and coal - to - methanol operating rates, and steel mill blast furnace capacity utilization rates are provided [66] - **Downstream Daily Consumption & Inventory**: Data on the daily consumption and inventory of eight coastal provinces, seventeen inland provinces, and twenty - five provinces across the country are presented [68][69] Container Shipping (European Route) Key Volume and Price Data - **Price Trends**: The spot price was stronger than expected last week. The short - term futures market will fluctuate with the spot price, and the basis will gradually converge [71] - **Capacity Turnover**: Data on the idle capacity, sailing speed of container ships, and the scale of container ships in ports in Northwest Europe and Asia are presented [76]

Group 1 - The core viewpoint is that the U.S. requires a significant increase in electricity supply to meet future demands [1]

Core Viewpoint - President Trump emphasizes the need for substantial electricity supply in the United States [1] Industry Implications - The statement indicates a potential increase in demand for electricity, which may lead to investments in energy infrastructure and generation capacity [1] - Companies in the renewable energy sector may see opportunities for growth as the government seeks to expand electricity supply [1] - Traditional energy companies may also be impacted as they adapt to meet the increased demand for electricity [1]