能源化工日报 2026-01-09 2026/01/09 原油 能源化工组 【行情资讯】 张正华 橡胶分析师 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn INE 主力原油期货收跌 8.60 元/桶，跌幅 2.02%，报 416.20 元/桶；相关成品油主力期货高硫 燃料油收涨 1.00 元/吨，涨幅 0.04%，报 2458.00 元/吨；低硫燃料油收涨 33.00 元/吨，涨幅 1.14%，报 2929.00 元/吨。 美国 EIA 周度数据出炉，美国原油商业库存去库 3.83 百万桶至 419.06 百万桶，环比去库 0.91%；SPR 补库 0.25 百万桶至 413.46 百万桶，环比补库 0.06%；汽油库存累库 7.70 百万桶 至 242.04 百万桶，环比累库 3.29%；柴油库存累库 5.59 百万桶至 129.27 百万桶，环比累库 4.52%；燃料油库存去库 0.06 百万桶至 22.98 百万桶，环比去库 0.27%；航空煤油库存累库 0.05 百万桶至 44.03 百万桶，环比累库 0.11%。 徐绍祖 聚烯 ...

【行情资讯】 张正华 美国能源部因圣诞节假期推迟数据公布。INE 主力原油期货收涨 0.10 元/桶，涨幅 0.02%，报 442.70 元/桶；相关成品油主力期货高硫燃料油收涨 15.00 元/吨，涨幅 0.61%，报 2489.00 元 /吨；低硫燃料油收涨 10.00 元/吨，涨幅 0.33%，报 3016.00 元/吨。 【策略观点】 能源化工日报 2025-12-26 原油 2025/12/26 原油 能源化工组 我们认为尽管地缘溢价已经全部消散，OPEC 虽做增产但量级极低，与此同时我们观测到 OPEC 供给仍未放量，因而油价短期仍然不宜过于看空。基于此我们维持对油价低多高抛的区间策略， 但当前油价仍需测试 OPEC 的出口挺价意愿，建议短期观望为主，等待油价下跌时 OPEC 出口下 滑做出验证。 2025/12/26 甲醇 【行情资讯】 区域现货涨跌：江苏变动 35 元/吨，鲁南变动 2.5 元/吨，河南变动-10 元/吨，河北变动 0 元/ 吨，内蒙变动-40 元/吨。 主力期货涨跌：主力合约变动-10 元/吨，报 2162 元/吨，MTO 利润报 23 元。 【策略观点】 利多兑现后盘面再度 ...

能源化工日报 2025-12-25 原油 2025/12/25 原油 能源化工组 INE 主力原油期货收涨 3.00 元/桶，涨幅 0.68%，报 444.70 元/桶；相关成品油主力期货高硫 燃料油收跌 2.00 元/吨，跌幅 0.08%，报 2480.00 元/吨；低硫燃料油收涨 14.00 元/吨，涨幅 0.47%，报 3014.00 元/吨。 富查伊拉港口油品周度数据出炉，汽油库存去库 0.70 百万桶至 6.27 百万桶，环比去库 10.08%； 柴油库存去库 0.38 百万桶至 2.29 百万桶，环比去库 14.25%；燃料油库存去库 1.02 百万桶至 10.38 百万桶，环比去库 8.95%；总成品油去库 2.10 百万桶至 18.94 百万桶，环比去库 10.00%。 【策略观点】 我们认为尽管地缘溢价已经全部消散，OPEC 虽做增产但量级极低，与此同时我们观测到 OPEC 供给仍未放量，因而油价短期仍然不宜过于看空。基于此我们维持对油价低多高抛的区间策略， 但当前油价仍需测试 OPEC 的出口挺价意愿，建议短期观望为主，等待油价下跌时 OPEC 出口下 滑做出验证。 甲醇 2025/12/ ...

能源化工日报 2025-12-24 能源化工组 【行情资讯】 张正华 橡胶研究员 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn INE 主力原油期货收涨 8.30 元/桶，涨幅 1.92%，报 440.90 元/桶；相关成品油主力期货高硫 燃料油收涨 52.00 元/吨，涨幅 2.14%，报 2483.00 元/吨；低硫燃料油收涨 42.00 元/吨，涨幅 1.42%，报 2999.00 元/吨。 中国原油周度数据出炉，原油到港库存累库 0.29 百万桶至 206.16 百万桶，环比累库 0.14%； 汽油商业库存累库 0.74 百万桶至 90.43 百万桶，环比累库 0.82%；柴油商业库存去库 0.04 百 万桶至 92.41 百万桶，环比去库 0.04%；总成品油商业库存累库 0.70 百万桶至 182.84 百万 桶，环比累库 0.39%。 【策略观点】 刘洁文 甲醇、尿素研究员 从业资格号：F03097315 交易咨询号：Z0020397 0755-23375134 liujw@wkqh.cn 我们认为尽管地缘溢价已经全部消散 ...

能源化工日报 2025-12-12 2025/12/12 原油 能源化工组 【行情资讯】 张正华 橡胶研究员 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn INE 主力原油期货收跌 4.60 元/桶，跌幅 1.04%，报 439.70 元/桶；相关成品油主力期货高硫 燃料油收跌 38.00 元/吨，跌幅 1.57%，报 2382.00 元/吨；低硫燃料油收跌 20.00 元/吨，跌幅 0.67%，报 2986.00 元/吨。 美国 EIA 周度数据出炉，美国原油商业库存去库 1.81 百万桶至 425.69 百万桶，环比去库 0.42%；SPR 补库 0.25 百万桶至 411.92 百万桶，环比补库 0.06%；汽油库存累库 6.40 百万桶 至 220.82 百万桶，环比累库 2.98%；柴油库存累库 2.50 百万桶至 116.79 百万桶，环比累库 2.19%；燃料油库存去库 1.20 百万桶至 21.69 百万桶，环比去库 5.26%；航空煤油库存去库 1.38 百万桶至 42.57 百万桶，环比去库 3.13%。 甲醇、尿素 ...

【行情资讯】 张正华 橡胶研究员 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn INE 主力原油期货收跌 10.30 元/桶，跌幅 2.26%，报 446.10 元/桶；相关成品油主力期货高硫 燃料油收跌 58.00 元/吨，跌幅 2.34%，报 2418.00 元/吨；低硫燃料油收跌 52.00 元/吨，跌幅 1.70%，报 3014.00 元/吨。 中国原油周度数据出炉，原油到港库存去库 1.91 百万桶至 205.87 百万桶，环比去库 0.92%； 汽油商业库存累库 2.03 百万桶至 87.33 百万桶，环比累库 2.38%；柴油商业库存去库 1.13 百 万桶至 90.57 百万桶，环比去库 1.23%；总成品油商业库存累库 0.90 百万桶至 177.90 百万 桶，环比累库 0.51%。 能源化工日报 2025-12-10 2025/12/10 原油 能源化工组 【策略观点】 我们认为尽管地缘溢价已经全部消散，OPEC 虽做增产但量级极低，与此同时我们观测到 OPEC 供给仍未放量，因而油价短期仍然不宜过于看空。基于此我 ...

能源化工日报 2025-12-05 2025/12/05 原油 能源化工组 【行情资讯】 张正华 橡胶研究员 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn INE 主力原油期货收涨 3.30 元/桶，涨幅 0.73%，报 452.60 元/桶；相关成品油主力期货高硫 燃料油收涨 7.00 元/吨，涨幅 0.29%，报 2442.00 元/吨；低硫燃料油收涨 22.00 元/吨，涨幅 0.73%，报 3024.00 元/吨。 美国 EIA 周度数据出炉，美国原油商业库存累库 0.57 百万桶至 427.50 百万桶，环比累库 0.13%；SPR 补库 0.25 百万桶至 411.67 百万桶，环比补库 0.06%；汽油库存累库 4.52 百万桶 至 214.42 百万桶，环比累库 2.15%；柴油库存累库 2.06 百万桶至 114.29 百万桶，环比累库 1.83%；燃料油库存累库 0.02 百万桶至 22.89 百万桶，环比累库 0.09%；航空煤油库存累库 0.61 百万桶至 43.95 百万桶，环比累库 1.41%。 从业资格号： ...

能源化工日报 2025-12-03 2025/12/03 原油 能源化工组 【行情资讯】 张正华 橡胶研究员 从业资格号：F270766 交易咨询号：Z0003000 0755-233753333 zhangzh@wkqh.cn INE 主力原油期货收涨 0.40 元/桶，涨幅 0.09%，报 453.80 元/桶；相关成品油主力期货高硫 燃料油收跌 5.00 元/吨，跌幅 0.20%，报 2469.00 元/吨；低硫燃料油收涨 19.00 元/吨，涨幅 0.63%，报 3035.00 元/吨。 中国原油周度数据出炉，原油到港库存累库 0.30 百万桶至 207.78 百万桶，环比累库 0.14%； 汽油商业库存去库 0.15 百万桶至 85.30 百万桶，环比去库 0.18%；柴油商业库存累库 0.16 百 万桶至 91.70 百万桶，环比累库 0.17%；总成品油商业库存累库 0.01 百万桶至 176.99 百万 桶，环比累库 0.00%。 【策略观点】 我们认为尽管地缘溢价已经全部消散，OPEC 虽做增产但量级极低，与此同时我们观测到 OPEC 供给仍未放量，因而油价短期仍然不宜过于看空。基于此我们维 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Although the geopolitical premium in the oil market has completely dissipated and OPEC has increased production in a very limited amount, and OPEC's supply has not yet increased significantly, so it is not advisable to be overly bearish on oil prices in the short term. Maintain a range strategy of buying low and selling high for oil prices, but currently, oil prices need to test OPEC's willingness to support prices through exports. It is recommended to wait and see in the short term and wait for a decline in OPEC exports when oil prices fall as verification [3]. - For methanol, the potential bullish factors from the previous shutdown in Iran have started to materialize. The market has stopped falling and stabilized, with the futures price rising on reduced positions and the monthly spread starting to recover from the bottom. It is expected that a short - term bottom has emerged. In the future, supply is expected to remain at a high level, limiting the upward space for methanol. It is expected that the market will gradually shift to a sideways adjustment after the bullish factors are realized. It is advisable to wait and see on the single - side trading and focus on positive spread opportunities for the monthly spread [5]. - For urea, the futures price has been oscillating higher, and the spot price has rebounded from the bottom. With low valuations, the downside space for urea is relatively limited, and prices are expected to gradually move out of the bottom range. In the future, attention should be paid to export and off - season storage demand on the demand side, and winter gas - based shutdowns and cost support on the supply side. At low prices, it is recommended to consider buying on dips [7]. - For rubber, currently adopt a neutral approach. It is recommended to wait and see or conduct short - term quick - in and quick - out trading. Partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [12]. - For PVC, fundamentally, the comprehensive profit of enterprises remains at a low level for the year, and the valuation pressure is relatively small in the short term. However, the supply side has few maintenance operations, and production is at a historical high. Multiple new plants are expected to start trial production in the short term. The domestic demand is about to enter the off - season, and the demand side is under pressure. Although exports to India are expected to remain high, it is still difficult to digest the excess production capacity. In the medium term, before the industry substantially reduces production, it is advisable to adopt a strategy of shorting on rallies [14]. - For pure benzene and styrene, currently, the non - integrated profit of styrene is moderately low, and there is a large space for valuation repair. When the inventory reversal point appears, one can go long on the non - integrated profit of styrene [17]. - For polyethylene, OPEC+ has announced plans to suspend production growth in Q1 2026, and the crude oil price may have bottomed out. The spot price of polyethylene remains unchanged, and the downward space for PE valuation is limited. In the long term, the contradiction has shifted from cost - driven downward trends to production mismatch. It is advisable to short the LL1 - 5 spread on rallies [20]. - For polypropylene, in a background of weak supply and demand, the overall inventory pressure is high, and there are no prominent short - term contradictions. When the oversupply situation on the cost side changes in Q1 next year, it may provide some support to the futures price [23]. - For PX, currently, the PX load remains at a high level, while downstream PTA has many maintenance operations and the overall load center is low. It is expected that PX will experience a slight inventory build - up in November. There is a risk of a slight valuation correction [24]. - For PTA, in the future, on the supply side, as processing fees gradually stabilize and recover, unexpected maintenance is expected to gradually decrease. On the demand side, the inventory and profit pressure of polyester fiber are relatively low, and the load is expected to remain high in the short term. However, due to inventory pressure and the approaching off - season for bottle chips, it is difficult for the load to increase. There is a risk of a slight valuation correction for PXN [25]. - For ethylene glycol, on the industrial fundamentals, the domestic plant load is lower than expected due to a large number of unexpected maintenance operations. The domestic supply is expected to decline in December, and the import volume will decrease slightly. The inventory build - up rate at ports may slow down. In the medium term, as maintenance ends, domestic production is still expected to be high, and with new plants gradually coming into operation, the supply - demand situation is expected to remain weak. It is recommended to short on rallies in the medium term [27]. Summary by Relevant Catalogs Crude Oil - **Market Information**: INE's main crude oil futures closed up 8.80 yuan/barrel, a 1.98% increase, at 453.90 yuan/barrel. Singapore's ESG oil product weekly data showed that gasoline inventories decreased by 0.90 million barrels to 13.52 million barrels, a 6.23% decline; diesel inventories decreased by 1.95 million barrels to 8.01 million barrels, a 19.62% decline; fuel oil inventories increased by 0.19 million barrels to 24.71 million barrels, a 0.78% increase; total refined oil inventories decreased by 2.66 million barrels to 46.24 million barrels, a 5.44% decline [2][9]. - **Strategy Viewpoint**: Do not be overly bearish on oil prices in the short term. Maintain a range strategy of buying low and selling high, but currently, it is recommended to wait and see and wait for a decline in OPEC exports when oil prices fall as verification [3]. Methanol - **Market Information**: The price in Taicang increased by 5, remained flat in southern Shandong, and increased by 2.5 in Inner Mongolia. The futures contract 01 increased by 21 yuan, closing at 2135 yuan/ton, with a basis of - 25. The 1 - 5 spread increased by 10, reaching - 84 [4]. - **Strategy Viewpoint**: The market is expected to have a short - term bottom. In the future, supply is expected to remain high, and the market is expected to shift to a sideways adjustment after the bullish factors are realized. Wait and see on the single - side trading and focus on positive spread opportunities for the monthly spread [5]. Urea - **Market Information**: Prices in Shandong, Henan, and Hubei increased by 20, 10, and 10 respectively. The futures contract 01 increased by 9 yuan, closing at 1677 yuan, with a basis of - 27. The 1 - 5 spread was - 7, reaching - 66 [7]. - **Strategy Viewpoint**: The price is expected to gradually move out of the bottom range. At low prices, consider buying on dips. In the future, pay attention to export and off - season storage demand on the demand side, and winter gas - based shutdowns and cost support on the supply side [7]. Rubber - **Market Information**: Rubber prices rebounded. The flood in Thailand's main rubber - producing areas has gradually receded, and subsequent bullish factors are diminishing. The exchange's RU inventory warrants are low. The fundamental driving force for rubber has weakened marginally and is currently following macro - level fluctuations. There are different views from the long and short sides. As of November 27, 2025, the operating load of all - steel tires in Shandong tire enterprises was 63.91%, 3.34 percentage points higher than last week and 3.98 percentage points higher than the same period last year. The operating load of semi - steel tires in domestic tire enterprises was 72.37%, 0.40 percentage points lower than last week and 6.33 percentage points lower than the same period last year. New orders have slowed down, and tire factory inventories have increased. As of November 23, 2025, China's natural rubber social inventory was 1080000 tons, a 1.7% increase from the previous period [11]. - **Strategy Viewpoint**: Adopt a neutral approach currently. Wait and see or conduct short - term quick - in and quick - out trading. Partially build positions for the hedging strategy of buying RU2601 and selling RU2609 [12]. PVC - **Market Information**: The PVC01 contract increased by 32 yuan, closing at 4549 yuan. The spot price of Changzhou SG - 5 was 4490 (+40) yuan/ton, with a basis of - 59 (+8) yuan/ton. The 1 - 5 spread was - 290 (-9) yuan/ton. The cost of calcium carbide in Wuhai increased to 2475 (+25) yuan/ton. The overall PVC operating rate was 80.2%, a 1.4% increase; among them, the calcium carbide method was 83.6%, a 2.3% increase; the ethylene method was 72.4%, a 0.7% decrease. The overall downstream operating rate was 49.6%, a 0.4% increase. Factory inventory was 323000 tons (+7000), and social inventory was 1043000 tons (+10000) [12]. - **Strategy Viewpoint**: In the medium term, before the industry substantially reduces production, adopt a strategy of shorting on rallies [14]. Pure Benzene and Styrene - **Market Information**: The spot price of pure benzene remained unchanged, and the futures price also remained unchanged, with the basis narrowing. The spot price of styrene decreased, while the futures price increased, with the basis weakening. The upstream operating rate of pure benzene was 68.95%, a 0.30% decrease; the inventory at Jiangsu ports increased by 1.59 million tons to 16.42 million tons. The weighted operating rate of the three S products was 42.34%, a 0.10% increase; the operating rate of PS was 57.60%, a 1.70% increase; the operating rate of EPS was 54.75%, a 1.52% decrease; the operating rate of ABS was 71.20%, a 1.20% decrease [16]. - **Strategy Viewpoint**: The non - integrated profit of styrene is moderately low, and there is a large space for valuation repair. When the inventory reversal point appears, go long on the non - integrated profit of styrene [17]. Polyethylene - **Market Information**: The main contract's closing price was 6789 yuan/ton, a 90 - yuan increase. The spot price was 6810 yuan/ton, unchanged. The basis was 21 yuan/ton, weakening by 90 yuan/ton. The upstream operating rate was 84.12%, a 0.05% decrease. In terms of weekly inventory, the production enterprise's inventory decreased by 49300 tons to 454000 tons, and the trader's inventory decreased by 3300 tons to 47100 tons. The downstream average operating rate was 44.8%, a 0.11% increase. The LL1 - 5 spread was - 68 yuan/ton, narrowing by 4 yuan/ton [19]. - **Strategy Viewpoint**: The long - term contradiction has shifted from cost - driven downward trends to production mismatch. Short the LL1 - 5 spread on rallies [20]. Polypropylene - **Market Information**: The main contract's closing price was 6409 yuan/ton, a 114 - yuan increase. The spot price was 6430 yuan/ton, unchanged. The basis was 21 yuan/ton, weakening by 114 yuan/ton. The upstream operating rate was 77.97%, an 0.8% increase. In terms of weekly inventory, the production enterprise's inventory decreased by 47500 tons to 546300 tons, the trader's inventory decreased by 12900 tons to 200500 tons, and the port inventory decreased by 500 tons to 65300 tons. The downstream average operating rate was 53.7%, a 0.13% increase. The LL - PP spread was 380 yuan/ton, narrowing by 24 yuan/ton [22]. - **Strategy Viewpoint**: In a weak supply - demand background, the overall inventory pressure is high. When the oversupply situation on the cost side changes in Q1 next year, it may support the futures price [23]. PX - **Market Information**: The PX01 contract increased by 112 yuan, closing at 6830 yuan. The PX CFR increased by 10 dollars, at 826 dollars. The basis was - 9 yuan (-29), and the 1 - 3 spread was - 28 yuan (+12). China's PX load was 88.3%, a 1.2% decrease; Asia's load was 78.7%, a 1% decrease. The Sinochem Quanzhou plant was under maintenance, and the overseas GS 550000 - ton plant in South Korea reduced its load. The PTA load was 73.7%, a 2.7% increase. In November, South Korea exported 275000 tons of PX to China in the first and middle ten - days, a 19000 - ton increase year - on - year. The inventory at the end of October was 4074000 tons, a 48000 - ton increase from the previous month. The PXN was 260 dollars (-11), the South Korean PX - MX was 109 dollars (unchanged), and the naphtha crack spread was 105 dollars (+5) [23]. - **Strategy Viewpoint**: It is expected that PX will experience a slight inventory build - up in November, and there is a risk of a slight valuation correction [24]. PTA - **Market Information**: The PTA01 contract increased by 68 yuan, closing at 4700 yuan. The spot price in East China increased by 25 yuan, at 4635 yuan. The basis was - 38 yuan (-2), and the 1 - 5 spread was - 52 yuan (+2). The PTA load was 73.7%, a 2.7% increase. The downstream load was 91.5%, a 0.2% increase. The terminal texturing load remained flat at 87%, and the loom load decreased by 1% to 72%. The social inventory (excluding credit warrants) on November 21 was 2230000 tons, a 33000 - ton decrease from the previous period. The spot processing fee of PTA decreased by 30 yuan to 160 yuan, and the futures processing fee decreased by 5 yuan to 220 yuan [24]. - **Strategy Viewpoint**: On the supply side, unexpected maintenance is expected to decrease. On the demand side, the load is expected to remain high in the short term, but it is difficult for the bottle - chip load to increase. There is a risk of a slight valuation correction for PXN [25]. Ethylene Glycol - **Market Information**: The EG01 contract increased by 12 yuan, closing at 3885 yuan. The spot price in East China decreased by 18 yuan, at 3882 yuan. The basis was 4 yuan (-7), and the 1 - 5 spread was - 93 yuan (-20). The ethylene glycol load was 73.1%, a 2.3% increase; among them, the synthetic gas - based load was 72%, a 5.6% increase; the ethylene - based load was 73.8%, a 0.4% increase. The downstream load was 91.5%, a 0.2% increase. The terminal texturing load remained flat at 87%, and the loom load decreased by 1% to 72%. The import arrival forecast was 95000 tons, and the departure from East China ports on November 27 was 13000 tons. The port inventory was 732000 tons, unchanged from the previous period. The naphtha - based profit was - 828 yuan, the domestic ethylene - based profit was - 668 yuan, and the coal - based profit was - 74 yuan. The cost of ethylene remained flat at 730 dollars, and the price of Yulin pit - mouth steam coal fines increased to 680 yuan [26]. - **Strategy Viewpoint**: In the medium term, as new plants come into operation, the supply - demand situation is expected to remain weak. Short on rallies in the medium term [27].

Report Industry Investment Rating - Not provided in the document Core Views - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, short - term oil prices should not be overly bearish. A range - trading strategy of buying low and selling high is maintained, but it's advisable to wait and see for now to verify OPEC's export price - support intention [2]. - For methanol, with the potential bullish factors from Iranian plant shutdowns materializing, the market has stopped falling and stabilized. However, high supply will limit further upside, and the market is expected to turn to a sideways adjustment after the bullish factors are exhausted [3]. - For urea, the price is expected to gradually emerge from the bottom range. With supply remaining high and demand improving, the downside is limited, and it's recommended to consider buying on dips at low prices [5][7]. - For rubber, a bullish short - term trading approach is suggested, and partial positions can be established for the hedging strategy of buying RU2601 and selling RU2609 [8]. - For PVC, the domestic supply - demand situation is weak. Although the valuation has declined to a low level, it's still difficult to support the current supply - demand imbalance. Medium - term short - selling opportunities are worth attention [11]. - For pure benzene and styrene, the supply of styrene is under pressure, but the BZN spread has room for upward repair. The port inventory of styrene is high, and the price may stop falling periodically [15]. - For polyethylene, the PE valuation has limited downside, but high - level warehouse receipts suppress the market. With the arrival of the off - season, the long - term contradiction has shifted, and it's advisable to short the LL1 - 5 spread at high prices [18]. - For polypropylene, in a context of weak supply and demand with high inventory pressure, the market may be supported when the supply - surplus situation on the cost side changes in the first quarter of next year [20]. - For PX, it is expected to see a slight inventory build - up in November. The valuation is at a neutral level, and there is a risk of valuation correction [22]. - For PTA, with the stabilization and repair of processing fees, unexpected maintenance is expected to decrease. The load may remain high in the short term, but there is a risk of PXN valuation correction [24]. - For ethylene glycol, the supply - demand outlook is weak. The inventory build - up may slow down in the short term, but it's recommended to short on rallies in the medium term [27]. Summaries by Related Catalogs Crude Oil - **Market Quotes**: INE's main crude oil futures rose 4.80 yuan/barrel, or 1.08%, to 447.60 yuan/barrel. High - sulfur fuel oil rose 20.00 yuan/ton, or 0.82%, to 2471.00 yuan/ton, and low - sulfur fuel oil rose 30.00 yuan/ton, or 1.00%, to 3033.00 yuan/ton. The U.S. EIA weekly data showed that commercial crude oil inventories increased by 2.77 million barrels to 426.93 million barrels, a 0.65% increase [1][5][6]. - **Strategy**: A range - trading strategy of buying low and selling high is maintained, but short - term waiting and seeing is recommended [2]. Methanol - **Market Quotes**: The price in Taicang increased by 17, in Lunan by 15, and remained flat in Inner Mongolia. The 01 contract on the futures market rose 20 yuan to 2114 yuan/ton, with a basis of - 9. The 1 - 5 spread was + 13, at - 94 [2]. - **Strategy**: The market is expected to turn to a sideways adjustment after the bullish factors are exhausted, and waiting and seeing is recommended [3]. Urea - **Market Quotes**: The price in Shandong increased by 10, in Henan by 20, and remained stable in Hubei. The 01 contract on the futures market rose 14 yuan to 1668 yuan, with a basis of - 38. The 1 - 5 spread was + 5, at - 59 [5]. - **Strategy**: The price is expected to gradually emerge from the bottom range, and buying on dips at low prices is recommended [7]. Rubber - **Market Quotes**: Thailand is experiencing floods, and rubber prices have rebounded. The price of Thai standard mixed rubber is 14550 (+50) yuan, STR20 is reported at 1820 (0) dollars, and STR20 mixed is 1810 (0) dollars. The prices of butadiene in Jiangsu and Zhejiang and cis - polybutadiene in North China remained unchanged [7]. - **Strategy**: A bullish short - term trading approach is suggested, and partial positions can be established for the hedging strategy of buying RU2601 and selling RU2609 [8]. PVC - **Market Quotes**: The PVC01 contract rose 28 yuan to 4517 yuan. The spot price of Changzhou SG - 5 is 4450 (+10) yuan/ton, with a basis of - 67 (-18) yuan/ton. The 1 - 5 spread is - 281 (+12) yuan/ton. The cost side remained stable, the overall operating rate was 78.8%, a 0.3% increase, and downstream demand decreased [10]. - **Strategy**: The domestic supply - demand situation is weak, and medium - term short - selling opportunities are worth attention [11]. Pure Benzene and Styrene - **Market Quotes**: The spot price of pure benzene remained unchanged, and the futures price was also unchanged, with the basis widening. The spot price of styrene fell, and the futures price also declined, with the basis weakening. The BZN spread rose, and the non - integrated plant profit of styrene decreased. The supply side's operating rate declined, and the port inventory increased, while the demand side's overall operating rate rose [13][14]. - **Strategy**: The supply of styrene is under pressure, but the BZN spread has room for upward repair. The port inventory of styrene is high, and the price may stop falling periodically [15]. Polyethylene - **Market Quotes**: The main contract's closing price was 6699 yuan/ton, a decrease of 8 yuan/ton. The spot price remained unchanged, the basis strengthened, the upstream operating rate decreased slightly, and the inventory decreased. The downstream average operating rate increased slightly, and the LL1 - 5 spread narrowed [17]. - **Strategy**: The PE valuation has limited downside, but high - level warehouse receipts suppress the market. With the arrival of the off - season, the long - term contradiction has shifted, and it's advisable to short the LL1 - 5 spread at high prices [18]. Polypropylene - **Market Quotes**: The main contract's closing price was 6295 yuan/ton, an increase of 30 yuan/ton. The spot price remained unchanged, the basis weakened, the upstream operating rate increased, and the inventory decreased. The downstream average operating rate increased slightly, and the LL - PP spread narrowed [19]. - **Strategy**: In a context of weak supply and demand with high inventory pressure, the market may be supported when the supply - surplus situation on the cost side changes in the first quarter of next year [20]. PX - **Market Quotes**: The PX01 contract fell 56 yuan to 6718 yuan, and the PX CFR fell 3 dollars to 826 dollars. The basis increased, and the 1 - 3 spread decreased. The operating rate in China and Asia increased, some plants restarted, PTA's operating rate rose, and imports from South Korea to China increased. The inventory increased in September [21]. - **Strategy**: PX is expected to see a slight inventory build - up in November. The valuation is at a neutral level, and there is a risk of valuation correction [22]. PTA - **Market Quotes**: The PTA01 contract fell 56 yuan to 4632 yuan, and the East China spot price fell 25 yuan to 4610 yuan. The basis decreased, and the 1 - 5 spread decreased. The PTA operating rate increased, the downstream operating rate increased slightly, and the inventory decreased [23]. - **Strategy**: With the stabilization and repair of processing fees, unexpected maintenance is expected to decrease. The load may remain high in the short term, but there is a risk of PXN valuation correction [24]. Ethylene Glycol - **Market Quotes**: The EG01 contract fell 23 yuan to 3873 yuan, and the East China spot price fell 4 yuan to 3900 yuan. The basis decreased, and the 1 - 5 spread remained unchanged. The supply - side operating rate increased, the downstream operating rate increased slightly, and the port inventory remained flat [25]. - **Strategy**: The supply - demand outlook is weak. The inventory build - up may slow down in the short term, but it's recommended to short on rallies in the medium term [27].