Report Industry Investment Rating No relevant content provided. Core View of the Report The energy and chemical sector is oscillating to repair the previous sharp decline. The fundamentals of various products are under different pressures, and the technical analysis shows mostly short - term downward structures, with corresponding trading strategies mainly being to hold short positions or seek opportunities to go short on rebounds [1]. Summary by Related Catalogs 1. Crude Oil - **Logic**: On August 3rd, OPEC+ decided to continue a substantial production increase of 547,000 barrels per day in September. U.S. refined oil apparent demand has been weakening in the past two weeks, and the low - inventory support has diminished after continuous inventory accumulation. There is a tendency for "recession expectation" trading in the macro - environment, but potential Trump sanctions against Russia may cause short - term disturbances [1][2]. - **Technical Analysis**: The daily - level中期 structure is oscillating/declining, and the hourly - level short - term structure is declining. After a new low, the upper pressure level has moved down to 516. The strategy is to seek opportunities to go short on rebounds [2]. 2. Styrene (EB) - **Logic**: The cost of pure benzene remains under pressure. High profits stimulate increased supply and new device production, while demand is weak. The high - inventory, high - supply, and weak - demand pattern will continue to pressure the fundamentals [6]. - **Technical Analysis**: The hourly - level short - term structure is declining. The upper short - term pressure is at 7375, and the 15 - minute pressure is at 7325. The strategy is to hold short positions in the hourly cycle [6]. 3. Rubber - **Logic**: According to seasonal logic, prices should be stronger in the second half of the year, but this year's supply is difficult to increase, and high tire inventories lead to weak demand expectations. The high - inventory pressure from seasonal inventory accumulation makes the fundamental drive downward [10]. - **Technical Analysis**: The daily - level中期 structure is declining, and the hourly - level short - term structure is declining. After a short - term sharp decline, it is repairing the slope. The upper pressure is at 15120. The strategy is to hold short positions in the hourly cycle [10]. 4. Synthetic Rubber (BR) - **Logic**: High tire inventories lead to weak demand expectations. Supply - side device restarts and capacity releases maintain high production. The short - term inventory of butadiene is low, but it will turn bearish after more arrivals. The fundamentals are bearish [14]. - **Technical Analysis**: The daily - level中期 structure is oscillating/declining, and the hourly - level short - term structure is declining. After a short - term sharp decline, it is repairing the slope. The upper pressure is at 11550. The strategy is to hold short positions in the hourly cycle [14]. 5. PX - **Logic**: The start - up of downstream terminals has increased during the off - peak to peak season conversion, but overall changes in upstream and downstream start - ups are small. It may follow the direction of the cost - end crude oil [17]. - **Technical Analysis**: The hourly - level short - term structure is declining. The upper pressure is at 6775. The strategy is to hold short positions in the hourly cycle [17]. 6. PTA - **Logic**: Upstream and downstream start - ups remain stable, and inventory is neutral. There is no short - term fundamental contradiction, and it may follow the direction of the cost - end crude oil [19][22]. - **Technical Analysis**: The hourly - level short - term structure is declining. After a new low, the decline structure is confirmed. The upper pressure is at 4715. The strategy is to hold short positions in the hourly cycle [22]. 7. PP - **Logic**: It is the demand off - season, and downstream start - ups are weak. New capacity is put into production, and maintenance devices are restarted, leading to continuous inventory accumulation. The fundamental drive is downward, and the movement of crude oil should be monitored [23]. - **Technical Analysis**: The hourly - level short - term structure is declining. After a short - term sharp decline, it is repairing the slope. The upper pressure level is at 7195, and the 15 - minute pressure can be focused on at 7140. The strategy is to hold short positions in the hourly cycle [23]. 8. Methanol - **Logic**: Port inventories continue to accumulate, domestic maintenance devices are restarted, and start - ups are increasing. Downstream demand is average for olefins and good for traditional downstream, with no short - term contradictions [26]. - **Technical Analysis**: The daily - level中期 structure is declining/oscillating, and the short - term structure is declining. The upper short - term pressure is at 2400. The strategy is to hold short positions in the hourly cycle [26]. 9. PVC - **Logic**: Some devices have ended maintenance, and start - ups have increased. Terminal demand remains weak due to the real - estate downturn and the off - season. After the exchange restricted positions and the Politburo meeting did not mention anti - involution, speculative funds withdrew, and prices are repairing downward in the short term [30]. - **Technical Analysis**: The daily - level中期 structure is rising, and the hourly - level short - term structure is declining. After a late - session reduction in positions and a rebound, the downward path remains unchanged. The upper short - term pressure is at 5070. The strategy is to hold short positions in the hourly cycle [30]. 10. Ethylene Glycol (EG) - **Logic**: Low port inventories after continuous decline provide short - term support, but terminal demand remains weak. The present is strong, but the expectation is weak. The time when inventories turn to accumulation should be monitored [31]. - **Technical Analysis**: The daily - level中期 structure is oscillating/declining, and the hourly - level short - term structure is oscillating. The upper short - term pressure is at 4425. The strategy is to hold short positions in the hourly cycle [31]. 11. Plastic - **Logic**: Maintenance devices are restarted, start - ups are increasing, and new capacity is put into production, leading to high supply pressure. Downstream start - ups remain at a low level year - on - year, and the supply - demand drive is bearish [34]. - **Technical Analysis**: The daily - level中期 structure is oscillating/declining, and the hourly - level structure is oscillating. After a reduction in positions and a rebound, the hourly - level structure is unclear, and the 15 - minute level has turned bullish. It follows market sentiment recently. The strategy is to hold short positions and can stop profit [34].