Core Viewpoint - The People's Bank of China has resumed open market operations for government bonds, with a net injection of 20 billion yuan, indicating a shift in liquidity management since the suspension in January 2023 [1] Group 1: Market Overview - The US stock market saw a collective decline, with the Nasdaq down 2.04%, S&P 500 down 1.17%, and Dow Jones down 0.53%, reflecting a broad sell-off in large tech stocks [1] - Domestic futures markets showed a majority of contracts declining, with caustic soda down over 2% and several commodities like fuel oil and rebar down over 1% [1] Group 2: Financial Indicators - The financing balance increased by 8.085 billion yuan to 24,770.05 billion yuan, indicating a potential increase in equity asset allocation by residents [2] - The liquidity environment in China is expected to remain loose, with external funds likely to flow into the domestic market due to the Federal Reserve's interest rate cuts and the appreciation of the yuan [2] Group 3: Shipping and Commodity Insights - The European container shipping index saw a rise, with the 12-month contract breaking through 1900 points, up 3.82%, indicating a positive macro outlook [3] - Glass futures experienced a slight rebound, with production inventories decreasing by 470,000 heavy boxes week-on-week, while soda ash inventories also saw a decline of 17,000 tons [3][19] Group 4: Industry News - China's service trade import and export totaled 59,362.2 billion yuan in the first three quarters, a year-on-year increase of 7.6%, with exports growing by 14.4% [7] - The negotiation for the 2025 drug catalog concluded, with 127 drugs participating in the basic medical insurance catalog negotiations, and significant price reductions expected for innovative drugs [8]

Market Overview - On November 4, US stock indices experienced a broad decline, with the Nasdaq dropping over 2% and the Dow Jones, S&P 500 falling by 0.53% and 1.17% respectively [2][4] - The total market capitalization of six major tech giants decreased by approximately $450 billion, equivalent to about 32 trillion RMB [4] Technology Sector - The US Technology Seven Index fell nearly 2%, with Tesla down over 5%, Nvidia nearly 4%, and other major companies like Google, Amazon, META, and Microsoft also declining [4] - Apple was the only major tech stock to close in the green [4] Commodity Market - International gold and oil prices saw a collective decline, with gold futures and spot prices both dropping over 1%, falling below $4000 per ounce [5][6] - NYMEX crude oil futures and ICE Brent crude oil futures decreased by 1.10% and 0.94% respectively [5][6] Future Outlook - Analysts from Huatai Securities suggest that the recent performance of US stocks indicates a critical juncture, with a focus on high-quality large-cap stocks amid concerns of market bubble [4] - The outlook for gold prices suggests a potential phase of consolidation due to a lack of clear upward factors, while oil prices may face downward pressure if supply reduction expectations are not met [7]

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - **Rubber**: On Tuesday, the domestic Shanghai rubber futures contract 2601 showed a trend of increasing volume and open interest, weakening in oscillation, and slightly declining. The price center moved down to below 14,900 yuan/ton during the session and closed 1.42% lower at 14,875 yuan/ton. The 1 - 5 month spread discount widened to 85 yuan/ton. After the weakening of macro - driving factors, the domestic rubber market returned to a situation dominated by supply - demand fundamentals [6]. - **Methanol**: On Tuesday, the domestic methanol futures contract 2601 showed a trend of decreasing volume, increasing open interest, weakening in the downward direction, and slightly closing lower. The price reached a maximum of 2,143 yuan/ton and a minimum of 2,105 yuan/ton, closing 1.86% lower at 2,115 yuan/ton. The 1 - 5 month spread discount widened to 110 yuan/ton. Suppressed by the weak supply - demand fundamentals of domestic methanol, the 2601 contract is expected to maintain a weak pattern in the future [6]. - **Crude Oil**: On Tuesday, the domestic crude oil futures contract 2512 showed a trend of decreasing volume and open interest, weakening in oscillation, and slightly closing lower. The price reached a maximum of 468.4 yuan/barrel and a minimum of 462.9 yuan/barrel, closing 0.37% lower at 463.5 yuan/barrel. With the rapid escalation of geopolitical risks in South America, the premium of domestic and foreign crude oil futures increased. Meanwhile, OPEC's suspension of production capacity expansion in the first quarter of next year led to changes in supply expectations, boosting the confidence of oil market bulls [6]. 3. Summary by Directory 3.1 Industry Dynamics - **Rubber**: As of November 2, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 447,700 tons, a week - on - week increase of 15,400 tons or 3.57%. The bonded area inventory was 68,300 tons, a decrease of 0.58%, and the general trade inventory was 379,400 tons, an increase of 4.36%. In the week of October 31, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 73.4%, a slight week - on - week increase of 0.56 percentage points and a year - on - year significant decrease of 5.90 percentage points. The capacity utilization rate of China's full - steel tire sample enterprises was 65.30%, a slight week - on - week decrease of 0.57 percentage points and a year - on - year slight decrease of 3.20 percentage points. In September 2025, China's logistics industry prosperity index was 51.2%, a 0.3 - percentage - point increase from the previous month. In September, China's automobile production and sales were 3.276 million and 3.226 million vehicles respectively, with year - on - year increases of 17.1% and 14.9%. In September 2025, the sales volume of China's heavy - truck market was 105,000 vehicles, a year - on - year significant increase of about 82% and a month - on - month increase of 15% [8][9]. - **Methanol**: As of the week of October 31, 2025, the average domestic methanol operating rate was 83.88%, a slight week - on - week increase of 1.67%, a slight month - on - month increase of 1.17%, and a slight year - on - year increase of 1.78%. The average weekly methanol production in China reached 1.9681 million tons, a slight week - on - week increase of 24,600 tons, a significant month - on - month increase of 95,400 tons, and a significant year - on - year increase of 85,100 tons compared with 1.883 million tons last year. The inventory of methanol in ports in East and South China was 1.2829 million tons, a slight week - on - week increase of 13,100 tons, a slight month - on - month increase of 14,800 tons, and a significant year - on - year increase of 261,900 tons [10][11]. - **Crude Oil**: As of the week of October 31, 2025, the number of active oil drilling platforms in the United States was 420, a slight week - on - week decrease of 6 and a decrease of 65 compared with the same period last year. As of the week of October 24, 2025, the average daily crude oil production in the United States was 13.644 million barrels, a slight week - on - week increase of 15,000 barrels/day and a significant year - on - year increase of 144,000 barrels/day. The commercial crude oil inventory in the United States (excluding strategic petroleum reserves) was 416 million barrels, a significant week - on - week decrease of 6.858 million barrels and a significant year - on - year decrease of 9.543 million barrels [14]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 14,650 yuan/ton | - 150 yuan/ton | 14,875 yuan/ton | - 220 yuan/ton | - 225 yuan/ton | + 220 yuan/ton | | Methanol | 2,125 yuan/ton | - 50 yuan/ton | 2,115 yuan/ton | - 28 yuan/ton | + 10 yuan/ton | - 28 yuan/ton | | Crude Oil | 435.7 yuan/barrel | + 0.1 yuan/barrel | 463.5 yuan/barrel | - 4.4 yuan/barrel | - 27.8 yuan/barrel | + 4.5 yuan/barrel | [16] 3.3 Related Charts - **Rubber**: The report includes charts such as rubber basis, Shanghai Futures Exchange rubber futures inventory, full - steel tire operating rate trend, etc. [17][19][21] - **Methanol**: No detailed description of chart content is provided, only chart names like methanol basis, methanol port inventory in China, etc. are mentioned [30][32] - **Crude Oil**: The report includes charts such as crude oil basis, US commercial crude oil inventory, WTI crude oil net position holding change, etc. [43][45][47]

1. Report Industry Investment Rating The report does not provide an overall industry investment rating. 2. Core Views of the Report - Crude oil is in a volatile pattern due to the co - existence of supply pressure and geopolitical risks. OPEC+ decided to continue increasing production in December 2025 but pause in Q1 2026. The high inventory and surplus supply are bearish factors, while strong refined - product crack spreads, geopolitical attacks on refineries are bullish factors [1]. - Liquid chemical products faced a significant decline on Monday. Ethylene glycol has a supply - surplus expectation, and the styrene - pure benzene market may continue to decline without major supply cuts or demand surges [2]. - Overall, crude oil will continue to fluctuate in the short term, and the chemical supply side still faces significant pressure [3]. 3. Summary by Variety Crude Oil - **View**: Supply pressure persists, and geopolitical risks remain. Overseas crack spreads are strong, but domestic refinery profits are under pressure. OPEC+ is more cautious about increasing production, and oil prices may move from the bottom - seeking to the bottom - grinding stage. It is expected to fluctuate in the short term [8]. Asphalt - **View**: With the weakening of crude oil and rebar, asphalt futures prices lack support. The absolute price of asphalt is over - estimated, and the monthly spread is expected to decline with the increase of warehouse receipts [8]. High - Sulfur Fuel Oil - **View**: As crude oil weakens, fuel oil futures prices are on the weak side. Although the supply in the Asia - Pacific region may decline in November, the demand is still weak, and attention should be paid to the development of the Russia - Ukraine conflict [8]. Low - Sulfur Fuel Oil - **View**: It fluctuates with crude oil. It is supported by the rebound of gasoline and diesel crack spreads but faces negative factors such as weak shipping demand. It is expected to follow crude oil fluctuations with a relatively low valuation [9][10]. Methanol - **View**: Suppressed by the high - inventory reality in the near term, methanol fluctuates downward. Although the port inventory has decreased slightly, the high inventory still has a suppressing effect, but there is still value in going long at low levels considering potential Iranian disturbances [24]. Urea - **View**: There is a co - existence of high - inventory suppression and cost support, and it is expected to fluctuate narrowly. The high inventory restricts the upward space of futures prices, while coal costs provide support [25]. Ethylene Glycol - **View**: The expectation of supply surplus suppresses the market, and there is no fundamental positive support. With the return of integrated refineries and concentrated imports, the price is expected to decline in the medium - and long - term under the expectation of inventory accumulation [15][16][17]. PX - **View**: Although some plants are under reform and maintenance, PX supply is not affected. With strong supply and demand, the profit supports the price. It is expected to return to the cost - and - fundamental pricing logic in the short term and maintain range - bound trading [11]. PTA - **View**: The supply - demand drive is limited, the market negotiation fades, and the basis weakens slightly. The price is affected by cost and macro - sentiment fluctuations, and there is a weakening expectation in the medium term [11]. Short - Fiber - **View**: There is an expectation of weakening supply and demand, and the processing fee is under pressure. The upstream cost support is weak, and the downstream demand fails to keep up, so the price is expected to fluctuate with the upstream [19][20]. Bottle Chip - **View**: The cost provides no obvious guidance, the volatility narrows, and the trading atmosphere fades. The price follows the cost fluctuations, and the processing fee has stronger support during the factory production - reduction period [21]. Propylene - **View**: The propane CP price is reduced again, and PL is weaker than PP in the short term [29]. PP - **View**: With the decline in maintenance and high inventory pressure, it is expected to trade within a range. The decrease in maintenance leads to an increase in production, and the high - level inventory in the middle reaches suppresses the price [28]. Plastic - **View**: With the short - term decline in maintenance, it is expected to trade within a range. The supply pressure and weak fundamental support limit the price upside, and the profit support is also limited [27]. Styrene - **View**: There is still a concern about inventory swelling, and it fluctuates weakly. Although there are some disturbances in the cost - side pure benzene supply, it cannot reverse the situation, and the subsequent trend depends on crude oil [13]. PVC - **View**: The market sentiment cools down, and it fluctuates weakly. After the end of maintenance in early November, the production will increase, while the downstream demand is weak, and the export is also under pressure [30]. Caustic Soda - **View**: The supply - demand is under pressure, and the cost rises. The inventory continues to accumulate, and the price is weak. Attention should be paid to whether low profits can drive upstream production cuts [30]. 4. Variety Data Monitoring Energy Chemical Daily Indicator Monitoring - **Inter - period Spread**: The inter - period spreads of various varieties such as Brent, Dubai, PX, PTA, etc. have different changes, which reflect the market's expectations for different contract periods of each variety [32]. - **Basis and Warehouse Receipts**: The basis and warehouse - receipt data of different varieties are presented, showing the relationship between spot and futures prices and the quantity of goods in storage [33]. - **Inter - variety Spread**: The spreads between different varieties such as PP - 3MA, TA - EG, etc. are provided, which can be used to analyze the relative price relationships between different chemical products [34]. Chemical Basis and Spread Monitoring The report mentions the basis and spread monitoring of multiple chemical varieties including methanol, urea, etc., but specific data and analysis are not fully presented in the provided content. 5. Index Information - **Comprehensive Index**: The commodity index is 2250.33 (+0.10%), the commodity 20 index is 2546.82 (+0.02%), and the industrial product index is 2237.50 (+0.09%) [273]. - **Energy Index**: On November 3, 2025, the energy index was 1178.10, with a daily increase of 1.69%, a 5 - day increase of 0.79%, a 1 - month decrease of 3.81%, and a year - to - date decrease of 4.06% [275].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The energy - chemical sector is divided into energy, alcohols, polyolefins, rubber, polyesters, alkalis, and others. Strategies mainly involve constructing option portfolios dominated by sellers and spot hedging or covered strategies to enhance returns [2][8] 3. Summary by Related Catalogs 3.1 Futures Market Overview - For various energy - chemical option underlying futures, data such as the latest price, change, change rate, trading volume, volume change, open interest, and open interest change are presented. For example, the latest price of crude oil (SC2512) is 467, with a change of 2 and a change rate of 0.41% [3] 3.2 Option Factors - Volume and Open Interest PCR - Volume PCR and open interest PCR are used to describe the strength of the option underlying market and the turning point of the underlying market respectively. For instance, the volume PCR of crude oil is 0.72 with a change of - 0.17, and the open interest PCR is 0.74 with a change of 0.09 [4] 3.3 Option Factors - Pressure and Support Levels - The pressure and support levels of each option variety are analyzed from the perspective of the strike prices with the largest open interest of call and put options. For example, the pressure point of crude oil is 500 and the support point is 440 [5] 3.4 Option Factors - Implied Volatility - Indicators such as at - the - money implied volatility, weighted implied volatility, and the difference between implied and historical volatility are provided. For example, the at - the - money implied volatility of crude oil is 27.525, and the weighted implied volatility is 30.25 with a change of 0.56 [6] 3.5 Option Strategies and Recommendations 3.5.1 Energy - related Options - **Crude Oil**: The fundamental situation shows that US refinery demand is rising, shale oil production has a slight increase, and OPEC exports are increasing. The market has been in a state of consolidation. Option strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [7] - **LPG**: The cost - end crude oil is affected by supply and geopolitical issues. The market has shown a pattern of over - sold rebound. Option strategies involve constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [9] 3.5.2 Alcohol - related Options - **Methanol**: Port and enterprise inventories are in a state of high - level shock and low - level accumulation respectively. The market is weak. Option strategies include constructing a bear spread strategy for call options, a short - biased call + put option selling combination strategy, and a long collar strategy for spot hedging [9] - **Ethylene Glycol**: Port inventory is expected to accumulate. The market is weak. Option strategies include constructing a bear spread strategy for call options, a short - volatility strategy, and a long collar strategy for spot hedging [10] 3.5.3 Polyolefin - related Options - **Polypropylene**: Inventory pressure is relatively high. The market is weak. Option strategies include a long collar strategy for spot hedging [10] 3.5.4 Rubber - related Options - **Rubber**: Social inventory is decreasing. The market is in a state of weak consolidation. Option strategies include constructing a short - biased call + put option selling combination strategy [11] 3.5.5 Polyester - related Options - **PTA**: The load is under pressure, and the market is weak. Option strategies include constructing a short - biased call + put option selling combination strategy [11] 3.5.6 Alkali - related Options - **Caustic Soda**: The capacity utilization rate is rising, and the market is weak. Option strategies include constructing a bear spread strategy and a long collar strategy for spot hedging [12] - **Soda Ash**: Inventory is in a state of low - level shock. The market is weak. Option strategies include constructing a bear spread strategy, a short - volatility combination strategy, and a long collar strategy for spot hedging [12] 3.5.7 Other Options - **Urea**: Enterprise and port inventories are decreasing. The market is in a state of low - level shock. Option strategies include constructing a neutral call + put option selling combination strategy and a long collar strategy for spot hedging [13]

投资咨询业务资格：证监许可【2011】1778 期货研究报告 晨会纪要 宝城期货原油早报-2025-11-04 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 原油 2512 | 震荡 | 震荡 偏弱 | 震荡 偏强 | 偏强运行 | 地缘因素提振，原油震荡偏强 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 原油（SC） 日内观点：震荡偏强 中期观点：震荡偏弱 参考观点：偏强运行 核心逻辑：昨日中美两国元首在韩国釜山会晤，会后中美双方在经贸关税方面取得积极进展，不过 整体成果略低于市场预期。随着宏观利多情绪消化，宏观因子继续驱动力量减弱，市场出现获利回 吐 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - For crude oil, although the geopolitical premium has dissipated and OPEC's production increase is minimal with supply not yet surging, oil prices should not be overly shorted in the short - term. A low - buy and high - sell range strategy is maintained, but it's advisable to wait and see for now to verify OPEC's export price - support intention [3]. - For methanol, port prices are falling rapidly, the supply - demand pattern is "supply increasing and demand weakening", inventory is difficult to deplete. With the unfulfilled expectation of overseas winter production cuts, there is a risk of further decline in the future. It's recommended to wait and see [6]. - For urea, supply and demand have both increased, the market is in a relatively loose pattern, and there is limited upward momentum. Given the low absolute price, the downside space is also limited. It's recommended to wait and see [9]. - For rubber, the price shows signs of stabilization. Short - term long trading with quick entry and exit is suggested, and partial position building for the hedge strategy of buying RU2601 and selling RU2609 is recommended [13]. - For PVC, the enterprise's comprehensive profit is at a low level, supply is strong and demand is weak, export expectations are weak, and there is a risk of inventory accumulation. It's advisable to look for shorting opportunities on rallies in the medium - term [14][15]. - For pure benzene and styrene, the BZN spread is at a relatively low level and has room for upward repair. The port inventory of styrene is declining, and the price may stop falling temporarily [18]. - For polyethylene, the global monetary policy is loose, the inventory is declining from a high level, and the price may remain in a low - level oscillation [21]. - For polypropylene, supply pressure is high, demand is in a seasonal rebound, and the overall inventory pressure is high. The high number of warehouse receipts and supply - surplus pattern on the cost side suppress the market [24]. - For PX, the load is high, downstream PTA has many maintenance activities, and the PXN spread is expected to be under pressure in November. It's recommended to wait and see [27]. - For PTA, supply maintenance is expected to increase in November, and there is a chance of processing fee repair. It's recommended to pay attention to this opportunity [29]. - For ethylene glycol, the supply is high, imports are increasing, and the port is in the process of inventory accumulation. It's recommended to short on rallies [31]. Summaries by Related Catalogs Crude Oil - **Market Information**: The main INE crude oil futures closed up 8.50 yuan/barrel, a 1.85% increase, at 467.90 yuan/barrel. European ARA weekly data showed that gasoline inventory decreased by 0.68 million barrels to 7.99 million barrels, a 7.80% decline; diesel inventory increased by 0.81 million barrels to 16.94 million barrels, a 5.04% increase; overall refined oil inventory decreased by 0.29 million barrels to 43.54 million barrels, a 0.66% decline [2]. - **Strategy Viewpoint**: Although the geopolitical premium has disappeared and OPEC's production increase is minimal, oil prices should not be overly shorted in the short - term. A low - buy and high - sell range strategy is maintained, but it's advisable to wait and see for now to verify OPEC's export price - support intention [3]. Methanol - **Market Information**: The price in Taicang decreased by 57 yuan, Inner Mongolia by 15 yuan, and southern Shandong by 20 yuan. The 01 contract on the futures market decreased by 37 yuan to 2143 yuan/ton, with a basis of - 43 yuan. The 1 - 5 spread changed by - 16 yuan to - 96 yuan [5]. - **Strategy Viewpoint**: Port prices are falling rapidly, the supply - demand pattern is "supply increasing and demand weakening", inventory is difficult to deplete. With the unfulfilled expectation of overseas winter production cuts, there is a risk of further decline in the future. It's recommended to wait and see [6]. Urea - **Market Information**: Spot prices in Shandong, Henan, and Hubei decreased. The 01 contract on the futures market decreased by 2 yuan to 1623 yuan, with a basis of - 73 yuan. The 1 - 5 spread was - 8 yuan, reporting - 86 yuan [8]. - **Strategy Viewpoint**: Supply and demand have both increased, the market is in a relatively loose pattern, and there is limited upward momentum. Given the low absolute price, the downside space is also limited. It's recommended to wait and see [9]. Rubber - **Market Information**: The rubber price is near the starting point and shows signs of stabilization. Bulls expect an increase due to seasonal and demand factors, while bears are pessimistic due to weak demand. As of October 30, 2025, the operating rate of all - steel tires in Shandong tire enterprises was 65.33%, up 0.04 percentage points from last week and 3.23 percentage points from the same period last year; the operating rate of semi - steel tires was 74.69%, up 0.20 percentage points from last week but down 4.27 percentage points from the same period last year. As of October 26, 2025, China's natural rubber social inventory was 103.89 tons, a 1% decline. Spot prices of some rubber products decreased [11]. - **Strategy Viewpoint**: The price shows signs of stabilization. Short - term long trading with quick entry and exit is suggested, and partial position building for the hedge strategy of buying RU2601 and selling RU2609 is recommended [13]. PVC - **Market Information**: The PVC01 contract decreased by 21 yuan to 4680 yuan. The spot price of Changzhou SG - 5 was 4570 yuan/ton, a 40 - yuan decrease. The basis was - 110 yuan, a 19 - yuan decrease; the 1 - 5 spread was - 302 yuan, a 10 - yuan decrease. The overall PVC operating rate was 78.3%, a 1.7% increase; the demand - side downstream operating rate was 50.5%, a 0.7% increase. Factory inventory was 33.8 tons, an increase of 0.4 tons; social inventory was 103 tons, a decrease of 0.5 tons [13]. - **Strategy Viewpoint**: The enterprise's comprehensive profit is at a low level, supply is strong and demand is weak, export expectations are weak, and there is a risk of inventory accumulation. It's advisable to look for shorting opportunities on rallies in the medium - term [14][15]. Pure Benzene and Styrene - **Market Information**: The spot and futures prices of pure benzene decreased, and the basis narrowed. The spot price of styrene increased, while the futures price decreased, and the basis strengthened. The upstream operating rate was 66.72%, a 2.53% decline; the three - S weighted operating rate on the demand side was 42.09%, a 0.68% decline. Jiangsu port inventory decreased by 0.95 tons to 19.30 tons [17]. - **Strategy Viewpoint**: The BZN spread is at a relatively low level and has room for upward repair. The port inventory of styrene is declining, and the price may stop falling temporarily [18]. Polyethylene - **Market Information**: The closing price of the main contract was 6888 yuan/ton, a 11 - yuan decrease; the spot price was 7010 yuan/ton, unchanged. The basis was 122 yuan, a 11 - yuan increase. The upstream operating rate was 81.28%, a 0.56% decline. Production enterprise inventory decreased by 1.49 tons to 51.46 tons, and trader inventory decreased by 0.04 tons to 5.00 tons. The downstream average operating rate was 45.75%, a 0.83% increase [20]. - **Strategy Viewpoint**: The global monetary policy is loose, the inventory is declining from a high level, and the price may remain in a low - level oscillation [21]. Polypropylene - **Market Information**: The closing price of the main contract was 6576 yuan/ton, a 14 - yuan decrease; the spot price was 6640 yuan/ton, unchanged. The basis was 64 yuan, a 14 - yuan increase. The upstream operating rate was 75.17%, a 0.16% increase. Production enterprise inventory decreased by 4.02 tons to 63.85 tons, trader inventory decreased by 1.86 tons to 22.00 tons, and port inventory decreased by 0.11 tons to 6.68 tons. The downstream average operating rate was 52.37%, a 0.52% increase [22][23]. - **Strategy Viewpoint**: Supply pressure is high, demand is in a seasonal rebound, and the overall inventory pressure is high. The high number of warehouse receipts and supply - surplus pattern on the cost side suppress the market [24]. PX - **Market Information**: The PX01 contract increased by 22 yuan to 6640 yuan. PX CFR decreased by 1 dollar to 819 dollars. The Chinese PX load was 87%, a 1.1% increase; the Asian load was 78.1%, a 0.4% decrease. Some domestic and overseas devices had restarts or maintenance. PTA load was 78%, a 0.8% decrease. In October, South Korea's PX exports to China were 42.6 tons, a 4.7 - ton increase year - on - year. In late September, inventory was 402.6 tons, a 10.8 - ton increase month - on - month. The PXN was 240 dollars, a 4 - dollar decrease; the naphtha crack spread was 107 dollars, a 4 - dollar increase [26]. - **Strategy Viewpoint**: The load is high, downstream PTA has many maintenance activities, and the PXN spread is expected to be under pressure in November. It's recommended to wait and see [27]. PTA - **Market Information**: The PTA01 contract increased by 10 yuan to 4596 yuan. The East China spot price increased by 25 yuan/ton to 4535 yuan. The basis was - 73 yuan, a 2 - yuan decrease; the 1 - 5 spread was - 60 yuan, a 2 - yuan decrease. The PTA load was 78%, a 0.8% decrease; the downstream load was 91.7%, a 0.3% increase. On October 31, social inventory (excluding credit warehouse receipts) was 220.7 tons, a 0.6 - ton increase. The spot processing fee increased by 32 yuan to 147 yuan, and the futures processing fee decreased by 5 yuan to 240 yuan [28]. - **Strategy Viewpoint**: Supply maintenance is expected to increase in November, and there is a chance of processing fee repair. It's recommended to pay attention to this opportunity [29]. Ethylene Glycol - **Market Information**: The EG01 contract decreased by 48 yuan to 3970 yuan. The East China spot price decreased by 38 yuan to 4068 yuan. The basis was 76 yuan, a 5 - yuan decrease; the 1 - 5 spread was - 79 yuan, a 7 - yuan decrease. The ethylene glycol load was 76.2%, a 2.9% increase; the downstream load was 91.7%, a 0.3% increase. The import arrival forecast was 19.8 tons, and port inventory increased by 3.9 tons to 56.2 tons. The naphtha - based production profit was - 723 yuan, the domestic ethylene - based production profit was - 516 yuan, and the coal - based production profit was 628 yuan [30]. - **Strategy Viewpoint**: The supply is high, imports are increasing, and the port is in the process of inventory accumulation. It's recommended to short on rallies [31].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Policy boots have landed, risk appetite has recovered, and the idea of balanced allocation is maintained. With the implementation of the Fed's interest rate cut and the end of balance - sheet reduction, the achievement of phased economic and trade results in the China - US summit, and the release of specific contents of the Fourth Plenary Session and the "15th Five - Year Plan Proposal", market sentiment has improved. The marginal improvement in liquidity and the easing of China - US economic and trade relations will benefit domestic and overseas equity assets again, especially in the directions of technology, independent manufacturing, and innovation. However, the short - term policy benefits have been fully priced in, and valuation pressure and capital congestion may cause the stock index to fluctuate and consolidate. In the medium term, as the "15th Five - Year Plan" is implemented and the policies of the Two Sessions next year are put into effect, the upward momentum of the equity market still exists. At present, it is recommended to maintain a balanced allocation idea. Non - ferrous metals perform relatively well supported by the technology cycle and trade recovery. Black commodities have phased rebound opportunities due to policy expectations and valuation repair. Bonds maintain a volatile and slightly stronger pattern. Precious metals are sorted out in the short term but the medium - and long - term allocation value remains unchanged. The overall strategy framework of "balanced allocation, structural attack" is continued [6]. 3. Summary According to Relevant Catalogs 3.1 Macro Highlights - **Overseas Macro**: The Fed cut interest rates by 25 basis points to 3.75% - 4.00% in the October meeting and announced to end balance - sheet reduction and fully renew Treasury bonds and agency MBS from December to cope with the rising reserve demand and short - term interest rate fluctuations. This operation reflects the risk management idea in the economic data vacuum period, taking into account both stable growth and liquidity stability [6]. - **Domestic Macro**: Domestic policy support has been strengthened, and economic resilience has been maintained. The Fourth Plenary Session and the "15th Five - Year Plan Proposal" set the tone of "technological self - reliance, anti - involution, and expanding domestic demand" and strengthen the "focus on economic construction". The PMI in October dropped to 49.0%. The manufacturing industry slowed down in the short term, but the construction and service industries remained expanding. Policy - based financial instruments and special bonds were accelerated to be implemented, investment repair accelerated, and the economy continued to stabilize [6]. - **Asset View**: With the implementation of policies, risk appetite has recovered. It is recommended to maintain a balanced allocation. The improvement of liquidity and the easing of China - US economic and trade relations will benefit equity assets at home and abroad, especially in the technology, independent manufacturing, and innovation directions. In the short term, the stock index may fluctuate due to valuation pressure and capital congestion. In the medium term, the equity market still has upward momentum. Non - ferrous metals perform well, black commodities have rebound opportunities, bonds are volatile and slightly stronger, and precious metals have medium - and long - term allocation value [6]. 3.2 View Highlights 3.2.1 Financial - **Stock Index Futures**: Catalyzed by technology events, the growth style is active. Concerns include the congestion of small - and micro - cap funds. Short - term judgment is volatile upward [7]. - **Stock Index Options**: The overall market turnover has slightly declined. Concerns include the liquidity of the options market falling short of expectations. Short - term judgment is volatile [7]. - **Treasury Bond Futures**: The bond market continues to be weak. Concerns include policy, fundamental repair, and tariff factors exceeding expectations. Short - term judgment is volatile [7]. 3.2.2 Precious Metals - **Gold/Silver**: Due to the easing of geopolitical and economic and trade relations, precious metals are in a phased adjustment. Concerns include the US fundamental performance, the Fed's monetary policy, and the global equity market trend. Short - term judgment is volatile [7]. 3.2.3 Shipping - **Container Shipping to Europe**: The peak season in the third quarter has passed, and there is a lack of upward driving force due to loading pressure. Concerns include the rate of freight rate decline in September. Short - term judgment is volatile [7]. 3.2.4 Steel and Iron Ore - **Steel and Iron Ore**: The macro - sentiment is volatile, and the market first rises and then falls. The supply - demand relationship weakens marginally, and the macro - atmosphere is warm. Concerns include the progress of special bond issuance, steel exports, iron - water production, overseas mine production and shipment, domestic iron - water production, weather, port ore inventory changes, and policy dynamics. Short - term judgment is volatile [7]. 3.2.5 Black Building Materials - **Coke**: The second - round price increase has been implemented, and the third - round is proposed. Concerns include steel mill production, coking costs, and macro - sentiment. Short - term judgment is volatile [7]. - **Coking Coal**: Supply is difficult to improve, and upstream inventory is continuously reduced. Concerns include steel mill production, coal mine safety inspections, and macro - sentiment. Short - term judgment is volatile [7]. - **Silicon Iron**: Cost support still exists, but loose supply - demand suppresses prices. Concerns include raw material costs and steel procurement. Short - term judgment is volatile [7]. - **Manganese Silicon**: The supply - demand driving force is insufficient, and the price first rises and then falls. Concerns include cost prices and overseas quotes. Short - term judgment is volatile [7]. - **Glass**: The meeting expectations have been realized, and downstream demand remains weak. Concerns include spot sales. Short - term judgment is volatile [7]. - **Soda Ash**: Cost support is strengthened, but there is a lack of upward driving force. Concerns include soda ash inventory. Short - term judgment is volatile [7]. 3.2.6 Non - ferrous Metals and New Materials - **Copper**: Trade frictions have resurfaced, and copper prices have declined in the short term. Concerns include supply disruptions, domestic policy exceeding expectations, the Fed being less dovish than expected, and domestic demand recovery falling short of expectations. Short - term judgment is volatile [7]. - **Alumina**: The fundamentals are still weak, and the price is under pressure. Concerns include ore复产 falling short of expectations, electrolytic aluminum复产 exceeding expectations, and extreme sector trends. Short - term judgment is volatile [7]. - **Aluminum**: Inventory has decreased, and aluminum prices have risen in a volatile manner. Concerns include macro - risks, supply disruptions, and demand falling short of expectations. Short - term judgment is volatile upward [7]. - **Zinc**: Inventory is expected to be in surplus, and zinc prices are weak in a volatile manner. Concerns include macro - turning risks and zinc ore supply exceeding expectations. Short - term judgment is volatile [7]. - **Lead**: The resumption of production of secondary lead smelters is imminent, and lead prices are volatile. Concerns include supply - side disruptions and slow battery exports. Short - term judgment is volatile [7]. - **Nickel**: LME nickel inventory has exceeded 250,000 tons, and nickel prices are weak in a volatile manner. Concerns include macro and geopolitical changes exceeding expectations, Indonesian policy risks, and supply release falling short of expectations. Short - term judgment is volatile [7]. - **Stainless Steel**: Warehouse receipts are continuously decreasing, and the stainless - steel market has rebounded slightly. Concerns include Indonesian policy risks and demand growth exceeding expectations. Short - term judgment is volatile [7]. - **Tin**: Supply constraints still exist, and tin prices are volatile. Concerns include the resumption of production in Wa State and changes in demand improvement expectations. Short - term judgment is volatile [7]. - **Industrial Silicon**: Sentiment is volatile, but supply is abundant, and silicon prices are volatile in the short term. Concerns include supply - side production cuts exceeding expectations and photovoltaic installation exceeding expectations. Short - term judgment is volatile [7]. - **Lithium Carbonate**: Warehouse receipts are continuously decreasing, and lithium prices are slightly stronger. Concerns include demand falling short of expectations, supply disruptions, and new technological breakthroughs. Short - term judgment is volatile [7]. 3.2.7 Energy and Chemicals - **Crude Oil**: Supply pressure continues, and geopolitical risks still exist. Concerns include OPEC+ production policies and the Middle - East geopolitical situation. Short - term judgment is volatile [9]. - **LPG**: Supply is still in surplus, and attention should be paid to the cost side. Concerns include the cost of crude oil and overseas propane. Short - term judgment is volatile [9]. - **Asphalt**: Entering the off - season, supply and demand are both weak, and asphalt futures prices are weak. Concerns include sanctions and supply disruptions. Short - term judgment is volatile downward [9]. - **High - Sulfur Fuel Oil**: There is an expected decline in Asia - Pacific fuel oil supply in November. Concerns include geopolitics and crude oil prices. Short - term judgment is volatile downward [9]. - **Low - Sulfur Fuel Oil**: Low - sulfur fuel oil fluctuates with crude oil. Concerns include crude oil prices. Short - term judgment is volatile downward [9]. - **Methanol**: There is still port inventory pressure, and olefins have declined. Methanol fluctuates downward. Concerns include macro - energy and overseas dynamics. Short - term judgment is volatile [9]. - **Urea**: Market sentiment has cooled down. Urea may fluctuate and consolidate at the cost - support level after the decline. Concerns include coal prices. Short - term judgment is volatile [9]. - **Ethylene Glycol**: The macro - environment lacks support, and the fundamentals are under pressure in the medium term. The price elasticity is average. Concerns include coal and oil price fluctuations, port inventory rhythm, and China - US trade frictions. Short - term judgment is volatile [9]. - **PX**: The "anti - involution" meeting has no conclusion but boosts the market. The downstream demand improvement still drives the upstream. Concerns include significant crude oil fluctuations and macro - changes. Short - term judgment is volatile [9]. - **PTA**: Macro - sentiment boosts the market, and downstream demand improvement supports the lower valuation. Concerns include significant crude oil fluctuations and macro - changes. Short - term judgment is volatile [9]. - **Short - Fiber**: The "anti - involution" disturbance of polyester raw materials has increased the downstream wait - and - see sentiment, and the market returns to fundamentals. Concerns include the downstream yarn factory's purchasing rhythm and the quality of peak - season demand. Short - term judgment is volatile [9]. - **Bottle Chip**: The processing fee is under great pressure. Attention should be paid to the commissioning of new plants. Concerns include the implementation of bottle - chip enterprise production - reduction targets. Short - term judgment is volatile [9]. - **Propylene**: The propane CP price has been lowered again. PL is weaker than PP in the short term. Concerns include oil prices and domestic macro - environment. Short - term judgment is volatile [9]. - **PP**: Maintenance is stable, and the propane CP price is lowered. PP is in a range. Concerns include oil prices and domestic and overseas macro - environment. Short - term judgment is volatile [9]. - **Plastic**: Maintenance has increased slightly. Plastic is in a range. Concerns include oil prices and domestic and overseas macro - environment. Short - term judgment is volatile [9]. - **Styrene**: Disturbed by macro - events, styrene fluctuates. Concerns include oil prices, macro - policies, and plant dynamics. Short - term judgment is volatile downward [9]. - **PVC**: Market sentiment has cooled down, and PVC is weak in a volatile manner. Concerns include expectations, costs, and supply. Short - term judgment is volatile [9]. - **Caustic Soda**: Demand support is limited, and caustic soda fluctuates downward. Concerns include market sentiment, production start - up, and demand. Short - term judgment is volatile [9]. 3.2.8 Agriculture - **Oils and Fats**: The trends are differentiated, and palm oil sentiment is weak. Concerns include US soybean weather and Malaysian palm oil production and demand data. Short - term judgment is volatile [9]. - **Protein Meal**: Disturbed by China - Canada relations, rapeseed meal has risen sharply. Concerns include weather, domestic demand, macro - environment, and China - US and China - Canada trade wars. Short - term judgment is volatile [9]. - **Corn/Starch**: The market has declined again. It is recommended to hold short positions and observe. Concerns include demand, macro - environment, and weather. Short - term judgment is volatile [9]. - **Pigs**: The supply of pigs is abundant, and prices are weak. Concerns include breeding sentiment, epidemics, and policies. Short - term judgment is volatile downward [9]. - **Natural Rubber**: The willingness to sell has increased, and rubber prices have fallen from high levels. Concerns include production - area weather, raw material prices, and macro - changes. Short - term judgment is volatile [9]. - **Synthetic Rubber**: Raw materials have continued to weaken, and the market has temporarily stabilized at a low level. Concerns include significant crude oil fluctuations. Short - term judgment is volatile [9]. - **Cotton**: The expected benefits have been mostly digested, and the upward momentum of cotton prices has weakened in the short term. Concerns include demand and inventory. Short - term judgment is volatile [9]. - **Sugar**: Sugar prices have rebounded, but the upward space is limited. Concerns include imports and Brazilian production. Short - term judgment is volatile downward [9]. - **Pulp**: The spot market is generally weak, and futures are difficult to rise significantly. Concerns include macro - economic changes and US dollar - priced quotes. Short - term judgment is volatile [9]. - **Offset Paper**: Offset paper follows pulp to strengthen. Concerns include production and sales, education policies, and paper - mill production start - up dynamics. Short - term judgment is volatile [9]. - **Logs**: It is difficult to rise or fall, and the market is bottom - fluctuating. Concerns include special port fees, shipment volume, and dispatch volume. Short - term judgment is volatile [9].

Cryptocurrency Market - The cryptocurrency market experienced significant volatility on November 3, with Bitcoin dropping nearly 5% and Ethereum falling close to 9%, breaking the critical support level of $3600 [2][6] - As of the report, Bitcoin was down over 3% at $106,442 million, while Ethereum was down nearly 7% at $3588 million [3] - Other cryptocurrencies such as SOL, XRP, BNB, and Dogecoin also saw declines exceeding 8% [2][3] Federal Reserve and Interest Rates - San Francisco Federal Reserve Bank President Daly indicated that previous support for interest rate cuts was appropriate, suggesting a more favorable position for the Fed after a 50 basis point cut this year [6] - Fed Governor Milan expressed that the current policy is overly restrictive and that the neutral policy rate is significantly lower than current levels [6] - The probability of a 25 basis point rate cut in December is estimated at 67.3%, with a cumulative cut of 50 basis points by January having a probability of 22.3% [6] Ethereum ETF Performance - Matrixport reported that Ethereum ETFs have shown lackluster performance recently, with net inflows dropping from $5.2 billion in July to $600 million in October [6] - A continued lack of new capital inflow could lead to a more significant correction in Ethereum's price [6] Oil Market Dynamics - OPEC+ announced a pause in production increases, contributing to rising international oil prices due to changing supply expectations [11][12] - Analysts noted that potential military actions by the U.S. against Venezuela could disrupt 900,000 barrels per day of oil supply [12] - The decision to pause production aligns with OPEC+'s strategy to adjust capacity based on market conditions, especially as the first quarter of the year is typically a seasonal demand lull [12][13] Geopolitical Factors and Oil Prices - Recent geopolitical risks, including tensions in Venezuela and U.S. sanctions on Russia, have influenced oil price movements, with prices rebounding due to these factors [13][14] - Despite short-term price increases, analysts predict long-term downward pressure on oil prices due to expected oversupply and weakening global economic growth [14]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On November 4, 2025, the Shanghai Rubber Futures 2601 contract showed a trend of shrinking volume, reducing positions, weakening oscillations, and a slight decline. After the weakening of macro - driving factors, the domestic rubber market returned to a situation dominated by supply - demand fundamentals. The 1 - 5 month spread discount widened to 90 yuan/ton [6]. - On the same day, the domestic Methanol Futures 2601 contract presented a pattern of increasing volume, increasing positions, weakening downward movement, and a significant decline. Suppressed by the weak supply - demand fundamentals of domestic methanol, the 2601 contract is expected to maintain a weak pattern [6]. - Also on that day, the domestic Crude Oil Futures 2512 contract showed a trend of increasing volume, increasing positions, strengthening oscillations, and a slight increase. With the rapid escalation of geopolitical risks in South America and OPEC's suspension of capacity expansion in the first quarter of next year, the supply expectation changed, boosting the confidence of oil market bulls [7]. 3. Summary by Related Catalogs 3.1 Industry Dynamics Rubber - As of October 26, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 43.22 million tons, a decrease of 0.53 million tons or 1.20% from the previous period. The bonded area inventory decreased by 1.29% to 6.87 million tons, and the general trade inventory decreased by 1.18% to 36.35 million tons. The inbound rate of bonded warehouses decreased by 3.05 percentage points, and the outbound rate decreased by 2.61 percentage points. The inbound rate of general trade warehouses increased by 2.89 percentage points, and the outbound rate decreased by 0.54 percentage points [9]. - In the week of October 31, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 73.4%, a slight increase of 0.56 percentage points week - on - week but a significant decline of 5.90 percentage points year - on - year. The capacity utilization rate of China's full - steel tire sample enterprises was 65.30%, a slight decrease of 0.57 percentage points week - on - week and a slight decrease of 3.20 percentage points year - on - year [9]. - In September 2025, China's logistics industry prosperity index was 51.2%, a rebound of 0.3 percentage points from the previous month. The new order index showed stable expansion. In September, China's automobile production and sales were 3.276 million and 3.226 million respectively, with year - on - year increases of 17.1% and 14.9%. From January to September 2025, China's cumulative automobile production and sales were 24.333 million and 24.363 million respectively, with year - on - year increases of 13.3% and 12.9%. In September 2025, the sales volume of China's heavy - truck market was 105,000 vehicles, a year - on - year increase of about 82% and a month - on - month increase of 15%, achieving six consecutive months of growth. From January to September 2025, the cumulative sales volume of the heavy - truck market was about 821,000 vehicles, a year - on - year increase of 20% [10]. Methanol - As of the week of October 31, 2025, the average domestic methanol operating rate was maintained at 83.88%, a slight increase of 1.67% week - on - week, 1.17% month - on - month, and 1.78% compared with the same period last year. The average weekly methanol production in China reached 1.9681 million tons, a slight increase of 24,600 tons week - on - week, a significant increase of 95,400 tons month - on - month, and a significant increase of 85,100 tons compared with 1.883 million tons in the same period last year [11]. - As of the same week, the domestic formaldehyde operating rate was maintained at 30.98%, a slight increase of 0.01% week - on - week. The dimethyl ether operating rate was maintained at 9.79%, a slight increase of 1.45% week - on - week. The acetic acid operating rate was maintained at 72.32%, a slight decrease of 1.29% week - on - week. The MTBE operating rate was maintained at 56.50%, a slight increase of 0.01% week - on - week. The average operating load of domestic coal (methanol) to olefin plants was 84.18%, a slight decrease of 2.27 percentage points week - on - week and a slight increase of 1.15% month - on - month. As of October 31, 2025, the futures profit of domestic methanol - to - olefin was 10 yuan/ton, a slight recovery of 164 yuan/ton week - on - week and a slight rebound of 142 yuan/ton month - on - month [11]. - As of the week of October 31, 2025, the port methanol inventory in East and South China was maintained at 1.2829 million tons, a slight increase of 13,100 tons week - on - week, 14,800 tons month - on - month, and a significant increase of 261,900 tons compared with the same period last year. As of the week of October 23, 2025, the total inland methanol inventory reached 360,400 tons, a slight increase of 5,000 tons week - on - week, 40,400 tons month - on - month, and a significant decrease of 76,500 tons compared with 436,900 tons in the same period last year [12][14]. Crude Oil - As of the week of October 24, 2025, the number of active US oil drilling platforms was 420, a slight increase of 2 compared with the previous week and a decrease of 60 compared with the same period last year. The average daily US crude oil production was 13.644 million barrels, a slight increase of 15,000 barrels/day week - on - week and a significant increase of 144,000 barrels/day year - on - year, reaching a historical high [15]. - As of the same week, the US commercial crude oil inventory (excluding strategic petroleum reserves) reached 416 million barrels, a significant decrease of 6.858 million barrels week - on - week and 9.543 million barrels compared with the same period last year. The crude oil inventory in Cushing, Oklahoma, reached 22.565 million barrels, a slight increase of 1.334 million barrels week - on - week. The US Strategic Petroleum Reserve (SPR) inventory reached 409.1 million barrels, a slight increase of 533,000 barrels week - on - week. The US refinery operating rate was maintained at 86.6%, a slight decline of 2.0 percentage points week - on - week, a significant decrease of 4.8 percentage points month - on - month, and a slight decline of 2.5 percentage points year - on - year [15]. - As of September 23, 2025, the average non - commercial net long positions in WTI crude oil were maintained at 102,958 contracts, a significant increase of 4,249 contracts week - on - week and a significant decrease of 19,105 contracts or 15.65% compared with the average in August. As of October 28, 2025, the average net long positions of Brent crude oil futures funds were maintained at 173,887 contracts, a significant increase of 122,096 contracts week - on - week and a significant decrease of 42,468 contracts or 19.63% compared with the average in September [16]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 14,800 yuan/ton | +0 yuan/ton | 15,095 yuan/ton | +10 yuan/ton | - 295 yuan/ton | - 10 yuan/ton | | Methanol | 2,175 yuan/ton | - 37 yuan/ton | 2,143 yuan/ton | - 37 yuan/ton | +32 yuan/ton | +37 yuan/ton | | Crude Oil | 435.8 yuan/barrel | - 0.1 yuan/barrel | 467.9 yuan/barrel | +9.2 yuan/barrel | - 32.1 yuan/barrel | - 9.3 yuan/barrel | [17] 3.3 Related Charts - Rubber - related charts include the rubber basis chart, the Shanghai Futures Exchange rubber futures inventory chart, the Qingdao Free Trade Zone rubber inventory chart, the full - steel tire operating rate trend chart, and the semi - steel tire operating rate trend chart [18][20][26]. - Methanol - related charts include the methanol basis chart, the methanol 1 - 5 month spread chart, the methanol domestic port inventory chart, the methanol inland social inventory chart, the methanol - to - olefin operating rate change chart, and the coal - to - methanol cost accounting chart [31][33][35]. - Crude - oil - related charts include the crude oil basis chart, the Shanghai Futures Exchange crude oil futures inventory chart, the US crude oil commercial inventory chart, the US refinery operating rate chart, the WTI crude oil net position holding change chart, and the Brent crude oil net position holding change chart [44][46][48].