国 内 L U | 日期 | LU 01 | LU 05 | LU 09 | LU 01-05 | LU 05-09 | LU 09-01 | | --- | --- | --- | --- | --- | --- | --- | | 2025/07/29 | 3556 | 3510 | 3631 | 46 | -121 | 75 | | 2025/07/30 | 3652 | 3614 | 3692 | 38 | -78 | 40 | | 2025/07/31 | 3628 | 3593 | 3655 | 35 | -62 | 27 | | 2025/08/01 | 3607 | 3553 | 3625 | 54 | - | 18 | | 2025/08/04 | 3523 | 3470 | 3558 | 53 | -88 | 35 | | 变化 | -84 | -83 | -67 | -1 | - | 17 | | | | | 结论观点： 本周新加坡380cst高硫裂解下行，近月月差偏弱运行，历史同期低位，EW价差周五反弹。9-1 0月差小幅反弹至3.75美金/吨，基差低位震荡，FU01内外0。新加坡0. ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The current fundamental market of crude oil is healthy. With low inventories in Cushing, combined with hurricane expectations and Russia - related events, crude oil has upward momentum. However, the seasonal demand decline in mid - August will limit its upside. A short - term target price of $70.4/barrel for WTI is given, suggesting short - term long positions and profit - taking on dips, and left - side trading for Russia's geopolitical expectations in September and the hurricane supply - disruption season when oil prices drop significantly [2]. - Methanol is currently over - valued, with supply pressure increasing as enterprise profits are high and production starts to recover, while demand is weak due to port olefin shutdowns and the traditional off - season. High inventory and weakening supply - demand fundamentals put pressure on prices [4]. - Urea is in a low - valuation and weak - supply - demand pattern. Although the current price is not high and the room for further decline is limited, it is not advisable to be overly bearish. After the cooling of the domestic commodity sentiment, volatility is expected to gradually decline [6]. - For rubber, there are different views from bulls and bears. Bulls focus on potential production cuts in Southeast Asia, seasonal price increases in the second half of the year, and improved demand expectations in China, while bears are concerned about uncertain macro - expectations, seasonal off - season demand, and potential under - performance of production cuts. It is recommended to adopt a neutral approach and trade quickly in the short - term [8][10]. - PVC has a poor fundamental situation with strong supply, weak demand, and high valuations. It is necessary to observe whether exports can reverse the domestic inventory build - up situation. After the anti - involution sentiment fades, prices have dropped significantly in the short - term [10]. - For benzene styrene, the BZN spread is expected to repair, and after the high - level port inventory is reduced, the price is expected to follow the cost side and oscillate upwards [13]. - Polyethylene prices will be determined by the game between the cost side and the supply side in the short - term, with high production capacity release pressure in August. It is recommended to hold short positions [15]. - Polypropylene prices are expected to follow crude oil and oscillate higher in July, with the cost side likely to dominate the market under the background of weak supply and demand in the seasonal off - season [16]. - PX is expected to continue de - stocking. With a neutral valuation, there are short - term opportunities to go long on dips following crude oil [19]. - PTA is expected to continue to accumulate inventory, but due to low inventory levels and the approaching end of the off - season for polyester and terminal production, the negative feedback pressure on PX is small. There are opportunities to go long on dips following PX [20]. - Ethylene glycol's fundamentals are expected to weaken from strong. With high overseas device loads and expected increases in arrivals, there is short - term pressure on valuation decline [21]. Summary by Related Catalogs Crude Oil - **Price:** WTI main crude oil futures fell $1.02, or 1.52%, to $66.24; Brent main crude oil futures fell $0.84, or 1.21%, to $68.68; INE main crude oil futures fell 13.60 yuan, or 2.58%, to 514.3 yuan [1]. - **Data:** China's weekly crude oil data showed that crude oil arrival inventory increased by 1.37 million barrels to 207.19 million barrels, a 0.67% increase; gasoline commercial inventory decreased by 1.07 million barrels to 90.85 million barrels, a 1.17% decrease; diesel commercial inventory increased by 0.72 million barrels to 102.78 million barrels, a 0.70% increase; total refined oil commercial inventory decreased by 0.36 million barrels to 193.64 million barrels, a 0.18% decrease [1]. Methanol - **Price:** On August 4, the 09 contract fell 3 yuan/ton to 2390 yuan/ton, and the spot price fell 15 yuan/ton, with a basis of - 20 [4]. - **Fundamentals:** Affected by overall commodity sentiment, it will gradually return to its own fundamentals. Supply pressure will increase as enterprise profits are high and production starts to recover. Demand is weak due to port olefin shutdowns and the traditional off - season. Port inventory is increasing rapidly, and the basis and inter - month spread are falling [4]. Urea - **Price:** On August 4, the 09 contract rose 24 yuan/ton to 1733 yuan/ton, and the spot price remained unchanged, with a basis of + 17 [6]. - **Fundamentals:** Supply is slightly decreasing but still at a relatively high level year - on - year. Enterprise profits are poor, and production is expected to increase gradually. Export demand is lower than expected, and domestic agricultural demand is entering the off - season. Compound fertilizer production for autumn is starting, and enterprise inventories are increasing [6]. Rubber - **Price:** NR and RU rebounded after a decline [8]. - **Fundamentals:** Bulls and bears have different views. Bulls expect production cuts and improved demand, while bears are concerned about uncertain macro - expectations and seasonal off - season demand. Tire factory operating rates are decreasing, and natural rubber inventories are increasing [8][9]. - **Operation Suggestion:** Adopt a neutral approach and trade quickly in the short - term. Consider long positions in RU2601 and short positions in RU2509 for opportunistic band trading [10]. PVC - **Price:** The PVC09 contract fell 34 yuan to 4981 yuan, the Changzhou SG - 5 spot price was 4960 (+40) yuan/ton, the basis was - 121 (- 26) yuan/ton, and the 9 - 1 spread was - 137 (- 1) yuan/ton [10]. - **Fundamentals:** Cost is stable, overall production capacity utilization is 76.8%, with an increase of 0.05%. Downstream demand is weak, and inventories are increasing. Enterprises' comprehensive profits are at a high level, and valuations are under pressure [10]. Benzene Styrene - **Price:** The spot price remained unchanged, the futures price fell, and the basis strengthened [12]. - **Fundamentals:** The BZN spread is at a relatively low level and has room for upward repair. Cost support exists, supply is increasing, port inventory is decreasing significantly, and demand is oscillating upwards in the off - season [12][13]. Polyethylene - **Price:** The futures price fell [15]. - **Fundamentals:** Market expects an improvement in China's PMI in July, and cost support exists. Spot prices are falling, and inventory pressure is loosening. Demand is weak in the off - season, and there is high production capacity release pressure in August [15]. - **Operation Suggestion:** Hold short positions [15]. Polypropylene - **Price:** The futures price fell [16]. - **Fundamentals:** Shandong refinery profits are rebounding, and production capacity utilization is expected to increase. Demand is weak in the off - season, and cost is likely to dominate the market. There is limited planned production capacity release in August [16]. PX - **Price:** The PX09 contract fell 58 yuan to 6754 yuan, PX CFR fell 8 dollars to 838 dollars, the basis was 142 (- 18) yuan, and the 9 - 1 spread was 26 (+4) yuan [18]. - **Fundamentals:** PX production capacity utilization is high, downstream PTA short - term maintenance is increasing, and overall production capacity utilization is decreasing, but PTA inventory is low, and polyester and terminal production are approaching the end of the off - season. PX is expected to continue de - stocking [18][19]. PTA - **Price:** The PTA09 contract fell 46 yuan to 4698 yuan, the East China spot price fell 60 yuan to 4690 yuan, the basis was - 15 (- 2) yuan, and the 9 - 1 spread was - 34 (+4) yuan [20]. - **Fundamentals:** PTA production capacity utilization is decreasing, and new devices are being put into operation. Supply is expected to increase, but due to low inventory levels and the approaching end of the off - season, the negative feedback pressure on PX is small [20]. Ethylene Glycol - **Price:** The EG09 contract fell 16 yuan to 4389 yuan, the East China spot price fell 25 yuan to 4455 yuan, the basis was 78 (+5) yuan, and the 9 - 1 spread was - 28 (+6) yuan [21]. - **Fundamentals:** Production capacity utilization is slightly decreasing, overseas device loads are high, and arrivals are expected to increase. Downstream demand is gradually recovering from the off - season, but inventory de - stocking is expected to slow down, and valuations are under pressure [21].

国泰君安期货·能源化工 燃料油、低硫燃料油周度报告 国泰君安期货研究所·梁可方 投资咨询从业资格号：Z0019111 日期：2025年8月3日 Guotai Junan Futures all rights reserved, please do not reprint CONTENTS 本周观点总结 01 供应 02 需求 03 库存 04 价格及价差 05 炼厂开工 全球炼厂检修 国内炼厂产量与商品量 国内外燃料油需求数据 全球燃料油现货库存 亚太区域现货FOB价格 欧洲区域现货FOB价格 美国地区燃料油现货价格 纸货与衍生品价格 燃料油现货价差 全球燃料油裂解价差 全球燃料油纸货月差 进出口 06 国内燃料油进出口数据 全球高硫燃料油进出口数据 全球低硫燃料油进出口数据 Special report on Guotai Junan Futures 2 综述 1 本周燃料油、低硫燃料油观点：LU、FU弱势延续 | 观点 | 本周燃料油价格先涨后跌，LU前期所表现出的强势开始有所减弱。当下，海内外燃料油市场的供应水平总体以宽松为主，中东出口8月还有 增加的趋势，同时俄罗斯的出口数量也开始慢慢恢复。在现货充盈 ...

Industry Investment Ratings - Crude oil: ★☆☆ [1] - Fuel oil: ☆☆☆ [1] - Low-sulfur fuel oil: ★☆☆ [1] - Asphalt: ★☆☆ [1] - Liquefied petroleum gas: ☆☆☆ [1] Core Views - The short-term view on oil prices is oscillating and bullish, and investors can still focus on the hedging value of out-of-the-money call options on crude oil [2] - The crack spreads of FU and LU are both weak due to the soft fundamentals of the high- and low-sulfur fuel oil markets and the short-term macro and geopolitical support in the crude oil market [2] - The unilateral trend of asphalt follows the direction of crude oil, but the fluctuation range is relatively limited, and the low inventory still provides some support for the price [3] - The LPG market is under pressure overall, with the price running at a low level due to the downward pressure on the overseas market and the increased pressure on the delivery discount of the futures [4] Summary by Category Crude Oil - Overnight international oil prices declined, with the Brent 09 contract falling 1.25%. The trade war suppressed market sentiment, but there were still supporting factors for sanctioned oil [2] - Trump advanced the deadline for sanctions against Russia to August 8. Last week, Indian state-owned refineries suspended purchases of Russian oil, and the US issued a new round of sanctions against Iran [2] Fuel Oil & Low-Sulfur Fuel Oil - The oscillating and bullish pattern of crude oil remains unchanged, but the futures of the fuel oil series have weakened. The LU2509 contract is temporarily supported at around 3,643 yuan/ton, and the FU and LU cracks continue to decline [2] - The arrival volume in the Singapore market increased significantly in July, and the demand for ship bunkering lacked support after the peak season. The ship bunkering volume in Fujairah has been weakening month-on-month since June [2] Asphalt - Asphalt performed strongly among oil product futures today. The domestic production volume in August decreased month-on-month compared to July, and the demand recovery was delayed in the South due to typhoon and rainfall [3] - The shipments of 54 sample refineries remained flat month-on-month, and the cumulative year-on-year increase since July was stable. The commercial inventory of asphalt has been slow to decline [3] Liquefied Petroleum Gas (LPG) - The Middle East CP was significantly reduced, increasing the pressure of oversupply on the overseas market. The chemical profit margin improved after the import cost decreased, and there is still room for an increase in the PDH operating rate [4] - The supply was relatively loose with the overall increase in the arrival volume in July, and the domestic market was under pressure. The strengthening of crude oil recently increased the pressure on the delivery discount of the futures [4]

Report Industry Investment Rating - High-sulfur fuel oil: Volatility [2] - Low-sulfur fuel oil: Volatility [2] Core Viewpoints - The recent strengthening of crude oil prices has driven up energy commodities including FU and LU The market fears that Trump may intensify sanctions on Russia, leading to a decline in market supply However, if the sanction expectations are not fulfilled, there is still resistance above the oil price [1] - The high-sulfur fuel oil market has been weak recently, with its market structure continuously adjusting and crack spreads significantly falling from high levels The supply at the spot end is relatively abundant and the inventory level is high Although the supply of arbitrage cargoes may tighten and the Asia-Pacific market may get short-term support, the market may strengthen again if the crack spreads are fully adjusted and refinery demand rebounds significantly [1] - The overall pressure on the low-sulfur fuel oil market is currently limited, but in the medium term, the market outlook is not optimistic due to abundant surplus production capacity and the trend of carbon neutrality in the shipping industry [1] Strategy Summary - For high-sulfur fuel oil: Consider closing out short positions on the crack spread of FU (FU-Brent or FU-SC) [2] - For low-sulfur fuel oil: No specific strategy mentioned [2] - For cross-variety: Close out short positions on the crack spread of FU (FU-Brent or FU-SC) [2] - For cross-period: Gradually close out reverse arbitrage positions on FU [2] - For spot-futures: No strategy [2] - For options: No strategy [2] Chart Information - The report provides various charts related to fuel oil, including spot prices, swap contracts, futures prices, spreads, and trading volumes of high-sulfur and low-sulfur fuel oil in Singapore and the domestic market [3]

1. Report Industry Investment Rating - All the analyzed energy and chemical products are rated as "volatile" [1][3][5][7][9] 2. Core Views of the Report - For crude oil, due to sanctions concerns leading to unstable supply expectations, the price center has shifted upwards. It should be treated with a rebound mindset in the short - term [1] - For fuel oil, if oil prices stabilize, the absolute prices of FU and LU may follow and rebound. Consider closing out short positions on the LU - FU spread, and wait for opportunities to re - enter short positions later [3] - For asphalt, in the short - term, the market is supported by low supply and inventory, and the spot price is relatively firm. Consider short - term long positions after oil prices stabilize [5] - For polyester, with cost - side support from the traditional oil demand peak season and resilient downstream demand, and low visible inventories of TA and EG, the prices are expected to oscillate strongly [5] - For rubber, short - term prices are expected to have wide - range oscillations. Pay attention to macro events at the end of July and the results of China - US tariff negotiations [7] - For methanol, after capacity utilization in Iran recovers to the peak and arrivals increase, with stable downstream profits and capacity utilization and increasing inventory, it is expected to enter an oscillatory phase after valuation repair [7] - For polyolefins, they will gradually shift to a situation of strong supply and demand, with no prominent fundamental contradictions. If the cost side does not decline significantly, the downside space is limited [7] - For PVC, supply remains at a high - level oscillation, demand is gradually recovering, the supply - demand gap is narrowing, and inventory is slowly decreasing. With the basis and monthly spread widening again, short - selling power in the market will resume [9] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, WTI September contract closed up $0.79 to $70.00/barrel, a 1.14% increase. Brent September contract closed up $0.73 to $73.24/barrel, a 1.01% increase. SC2508 closed at 523.6 yuan/barrel, down 7.4 yuan/barrel, a 1.39% decrease. Trump announced a 25% tariff on Indian imports starting August 1st and unspecified penalties for buying Russian oil. India may cooperate, which could affect Russia's daily oil exports of 2.3 million barrels. The US sanctioned five shipping management companies and one oil wholesaler for dealing with Iranian oil. EIA data showed a 7.7 - million - barrel increase in US crude inventory, a 2.7 - million - barrel decrease in gasoline inventory (expected 0.6 - million - barrel decrease), and a 3.6 - million - barrel increase in distillate inventory (expected 0.3 - million - barrel increase) [1] - **Fuel Oil**: On Wednesday, the main fuel oil contract FU2509 on the SHFE closed up 1.48% at 2,956 yuan/ton, and the low - sulfur fuel oil contract LU2510 closed up 2.49% at 3,710 yuan/ton. The capacity utilization rate of independent refineries in Shandong has been rising for 5 consecutive weeks, reaching 48.16%, but is 0.96% lower year - on - year. The supply of low - sulfur fuel oil in the Singapore market is sufficient, and the high - sulfur fuel oil market in Asia faces supply pressure from stable Middle East shipments [3] - **Asphalt**: On Wednesday, the main asphalt contract BU2509 on the SHFE closed up 1% at 3,650 yuan/ton. The planned asphalt production in August is 2.41 million tons, a 5% increase from July and a 25% increase year - on - year. The social inventory rate this week is 35.33%, down 0.27% from last week, the refinery inventory level is 26.22%, up 1.12%, and the refinery capacity utilization rate is 35.91%, up 3.98% [3][5] - **Polyester**: TA509 closed at 4,856 yuan/ton, up 0.37%. EG2509 closed at 4,450 yuan/ton, down 0.38%. A 1.34 - million - ton PX plant in the Middle East has started production and is ramping up capacity. With cost - side support and resilient downstream demand, and low visible inventories, polyester prices are expected to oscillate strongly [5] - **Rubber**: On Wednesday, the main rubber contract RU2509 closed down 65 yuan/ton at 14,945 yuan/ton, and NR closed down 95 yuan/ton at 12,575 yuan/ton. As of July 27, China's natural rubber social inventory was 1.293 million tons, up 0.46 million tons or 0.4%. With continuous rainfall in domestic producing areas and rising tire production and exports, short - term prices are expected to oscillate widely [7] - **Methanol**: On Wednesday, the spot price in Taicang was 2,407 yuan/ton. With Iranian plants operating at full capacity and increasing arrivals, stable downstream profits and capacity utilization, and increasing inventory, methanol is expected to enter an oscillatory phase after valuation repair [7] - **Polyolefins**: On Wednesday, the mainstream price of PP in East China was 7,120 yuan/ton. Polyolefins will gradually shift to a situation of strong supply and demand, with limited downside space if the cost side does not decline significantly [7] - **PVC**: On Wednesday, the price of PVC in East China increased. Supply remains high, demand is recovering, the supply - demand gap is narrowing, and inventory is slowly decreasing. With the basis and monthly spread widening, short - selling power in the market will resume [9] 3.2 Daily Data Monitoring - The report provides data on the basis, basis rate, spot price, futures price, and their changes for various energy and chemical products including crude oil, LPG, asphalt, etc. on July 30 and 29, 2025 [10] 3.3 Market News - Trump stated that if Russia fails to make progress in ending the Ukraine war within 10 - 12 days, the US will impose measures including 100% secondary tariffs on its trading partners. The US also warned other buyers of Russian oil [13] - EIA data showed a 7.7 - million - barrel increase in US crude inventory (expected 1.3 - million - barrel decrease), a 2.7 - million - barrel decrease in gasoline inventory (expected 0.6 - million - barrel decrease), and a 3.6 - million - barrel increase in distillate inventory (expected 0.3 - million - barrel increase) [13] 3.4 Chart Analysis 3.4.1 Main Contract Prices - The report presents historical price charts of main contracts for various energy and chemical products from 2021 - 2025, including crude oil, fuel oil, low - sulfur fuel oil, etc. [15][17][19] 3.4.2 Main Contract Basis - It includes charts of the basis for various products such as crude oil, fuel oil, etc., showing their historical trends [33][34] 3.4.3 Inter - period Contract Spreads - Charts display the spreads between different contracts of products like fuel oil, asphalt, PTA, etc. [48][49][53] 3.4.4 Inter - product Spreads - The report shows charts of spreads between different products such as crude oil (internal - external market, B - W), fuel oil (high - low sulfur), etc. [64][65][67] 3.4.5 Production Profits - Charts present the production profits of products such as ethylene - based ethylene glycol, PP, LLDPE, etc. [74][75][79] 3.5 Research Team Members Introduction - **Zhong Meiyan**: Assistant Director of the Research Institute and Director of Energy and Chemicals, with rich experience in the futures derivatives market and many awards [81] - **Du Bingqin**: Analyst for crude oil, natural gas, fuel oil, asphalt, and shipping, with multiple industry awards [82] - **Di Yilin**: Analyst for natural rubber and polyester, winning several industry honors [83] - **Peng Haibo**: Analyst for methanol, PE, PP, and PVC, with experience in energy and chemical futures and cash trading [84]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The geopolitical game deadline between Russia and Ukraine has been advanced, and the macro - situation has positive expectations. The short - term market has upward support, and attention should be paid to the realization of benefits from Sino - US economic and trade talks and US sanctions against Russia [2]. - The short - term precious metals are expected to maintain a volatile trend due to the decline in safe - haven demand, and focus on US economic data and the Fed meeting [3]. - For various commodities, different trends and trading strategies are presented based on factors such as supply - demand relationships, policy impacts, and inventory changes. For example, some commodities are expected to rise, some to fall, and some to fluctuate [4][5][6]. Summary by Related Catalogs Energy and Chemicals - **Crude Oil**: Overnight crude oil futures rose sharply. The geopolitical game deadline has been advanced, and the short - term market has upward support. Attention should be paid to the realization of benefits from Sino - US economic and trade talks and US sanctions against Russia [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: Macro and geopolitical game news boost oil prices, but the cracking spread is expected to be under pressure. The fundamentals of high - and low - sulfur fuel oils are weak, and the cracking spread is likely to be volatile and weak [22]. - **Asphalt**: The domestic production volume in August decreased compared with July. Demand recovery was delayed, and the inventory destocking rhythm slowed down. The price follows the direction of crude oil, but the upward space is limited [23]. - **Urea**: The futures main contract is running at a low level. Domestic downstream demand is weak, exports are advancing, and short - term prices are likely to run within a range [24]. - **Methanol**: The unloading speed of foreign vessels in coastal areas is slow, and the port is unexpectedly destocked. Domestic supply is sufficient, and the market is likely to continue to fluctuate within a range [25]. - **Pure Benzene**: Night - time oil prices rose sharply, which is expected to boost the cost of pure benzene. Supply and demand decreased in the week, and the port slightly accumulated inventory. Seasonal supply - demand improvement is expected in the third quarter, and it is recommended to conduct monthly spread band operations [26]. - **PVC & Caustic Soda**: PVC showed strength at night. Supply decreased, domestic demand was weak, and foreign demand was expected to improve. Caustic soda showed a volatile trend, with long - term supply pressure and high - level pressure on prices [27]. - **PX & PTA**: Night - time prices rebounded slightly. The fundamentals of PX had limited driving force, and PTA continued to accumulate inventory. The medium - term processing margin has a repair drive, but it needs to wait for downstream demand to recover [28]. - **Ethylene Glycol**: The supply is shifting, short - term oil prices are strong, and downstream demand is stable. The port inventory fluctuates at a low level. Attention should be paid to external variables [29]. - **Short - Fiber & Bottle - Chip**: Prices rebounded following raw materials. Short - fiber is considered for long - allocation in the medium - term, while bottle - chip has long - term over - capacity pressure [30]. Metals - **Precious Metals**: Overnight precious metals fluctuated. Safe - haven demand declined, and short - term precious metals are expected to maintain a volatile trend. Focus on US economic data and the Fed meeting [3]. - **Copper**: Overnight copper prices fluctuated and closed up. The market focuses on the implementation of US tariff agreements and Fed meetings. Short - term support is at the MA40 moving average, and short positions are held against integer levels [4]. - **Aluminum**: Overnight, Shanghai aluminum had limited fluctuations. Demand declined in the off - season, inventory increased, and it is mainly in short - term shock adjustment with resistance at 21,000 yuan [5]. - **Cast Aluminum Alloy**: It fluctuates with Shanghai aluminum. The scrap aluminum market has tight supply, and the price is under short - term pressure but has certain resilience in the medium - term. Consider long AD and short AL when the price difference expands [6]. - **Alumina**: The price has risen sharply, the industry profit has recovered, and the inventory is in a surplus state. Sell short when the price approaches the recent high of 3,500 yuan [7]. - **Zinc**: The black price rebounded, and the zinc price adjustment rhythm was not smooth. Supply increased and demand was weak, and the inventory continued to rise. In the medium - term, the idea of short - allocation on rebounds is maintained, and wait for clear short signals [8]. - **Lead**: The supply - demand is weak, the rebound rhythm is slow, and there is support at 16,800 yuan/ton. You can try long positions lightly and hold them against this price [9]. - **Nickel & Stainless Steel**: Shanghai nickel fluctuated. The speculation of the "anti - involution" theme cooled down, and nickel may return to fundamentals. Wait patiently for short opportunities [10]. - **Tin**: Overnight tin prices fluctuated. Short - term support is at the MA40 moving average and 265,000 yuan. In the long - term, high - level supply expectations will suppress prices. Hold short positions above 270,000 yuan [11]. - **Carbonate Lithium**: It fluctuated, and the trading was active. The market rumors of mine shutdowns were refuted. The inventory increased, and the mid - stream output decreased slightly. Try long positions lightly in the short - term [12]. - **Polysilicon**: The futures rose sharply. The terminal is waiting and watching, and the supply - demand is in a tight balance. After the previous sharp rise, the market enters a wide - range shock. Choose low - long opportunities and control positions [13]. - **Industrial Silicon**: The futures rose slightly. The fundamentals are weak, but the price is at a historical low. Be cautious about short - selling unilaterally and control risks [14]. - **Iron Ore**: The overnight futures rose. Supply increased globally but decreased in domestic arrivals. The inventory pressure is not large, and the demand is weak and stable. The price is expected to be volatile [16]. - **Coke**: The price rose significantly during the day. The fourth round of price increases was proposed, and the inventory decreased slightly. The downward space is relatively limited [17]. - **Coking Coal**: The price rose significantly during the day, and the far - month contract hit the daily limit. The inventory decreased in the production end, and the downward space is relatively limited [18]. - **Silicon Manganese**: The price followed the rise. The long - term inventory accumulation expectation of manganese ore has improved, and there is an upward driving force in the short - term [19]. - **Silicon Iron**: The price followed the rise. The demand is acceptable, and the price may have an upward driving force in the short - term [20]. Agricultural Products - **Soybean & Soybean Meal**: Sino - US economic and trade negotiations are ongoing, and the US soybean growing conditions are good. The price is treated as volatile for now [34]. - **Soybean Oil & Palm Oil**: The US market shows oil - strong and meal - weak. Domestic soybean oil is strong, and the EU policy is positive for palm oil. Maintain the idea of long - allocation on dips [35]. - **Rapeseed & Rapeseed Oil**: Canadian rapeseed rose overnight. The rapeseed meal price stabilized slightly, and the rapeseed oil inventory decreased slowly. Take a short - term neutral attitude towards rapeseed products [36]. - **Domestic Soybean**: After a sharp reduction in positions and a callback, the price stabilized. Pay attention to Sino - US trade negotiations and weather conditions [37]. - **Corn**: The US corn is growing well. The domestic corn market has no major contradictions, and the Dalian corn futures may continue to be weak and volatile at the bottom [38]. - **Live Pigs**: The spot price continued to fall, and the futures are likely to have peaked. Suggest hedging on rallies [39]. - **Eggs**: The futures price fluctuated little. The spot price was stable in most areas. The 09 contract focuses on the seasonal rebound of the spot price, and long positions are more inclined to far - month contracts [40]. - **Cotton**: US cotton's excellent - good rate decreased, and Brazil's harvest progress was slow. Zheng cotton maintained a high - level shock. Temporarily wait and see [41]. - **Sugar**: US sugar is under pressure, and the uncertainty of China's sugar production in the 25/26 season has increased. The short - term sugar price is expected to be volatile [42]. - **Apple**: The futures price fluctuated. New - season early - maturing apples are on the market, and the market focuses on the new - season output estimate. Temporarily wait and see [43]. - **Timber**: The demand is good during the off - season, and the inventory pressure is small. The futures price is expected to continue to rise [44]. - **Pulp**: The price fell slightly. The domestic port inventory is relatively high, the demand is weak, and the price may return to low - level volatility. Temporarily wait and see [45]. Others - **Container Freight Index (European Line)**: The market freight rate inflection point is becoming clear, and the price is expected to decline further. The extension of tariff exemptions may boost market sentiment [21]. - **Stock Index**: A - shares rose steadily in the afternoon, and the futures index rose. The risk preference of the global market is oscillating strongly. Increase the allocation of technology - growth sectors [46]. - **Treasury Bonds**: Treasury bond futures closed down. The global trade sentiment has improved, and the bond market may have increased volatility in the short - term. The probability of a steeper yield curve increases [47].

Report Industry Investment Rating - High-sulfur fuel oil: Oscillating [3] - Low-sulfur fuel oil: Oscillating [3] Core View of the Report - Recently, the fundamentals and market trends of low-sulfur fuel oil are slightly stronger than those of high-sulfur fuel oil, and the high-low sulfur spread is rising, but there is no significant upward space under the current industrial trends [2] Summary by Related Catalogs Market Analysis - The main contract of SHFE fuel oil futures closed up 1.99% at 2,917 yuan/ton, and the main contract of INE low-sulfur fuel oil futures closed up 2.59% at 3,640 yuan/ton [1] - Yesterday, the crude oil price strengthened again, driving up energy commodities including FU and LU, but the oil market still faces the expectation of a looser balance sheet in the medium term, and there is still resistance above [1] - The fundamentals of the high-sulfur fuel oil market have been weak recently, the market structure has been continuously adjusted, the crack spread has significantly declined from its high level, the spot supply is relatively abundant, and the inventory level is high. Supply from the Middle East and Russia has increased, and there are few bright spots on the demand side except for peak-season purchases by power plants. There are no signs of large-scale improvement in refinery demand. As the East-West spread of high-sulfur fuel oil shrinks to a low level, the supply of arbitrage cargoes may tighten, and the Asia-Pacific market is expected to receive some support in the short term. Structurally favorable factors have not completely disappeared in the medium term. If the crack spread is fully adjusted to attract a significant recovery in refinery demand, opportunities for the market structure to strengthen again can be observed [1] - The fundamentals of low-sulfur fuel oil have marginally loosened recently. Brazilian shipments to port have increased, and Kuwait's exports have also resumed, but the overall supply increase is limited. In particular, Kuwait's exports are still some distance from their peak. There are no obvious contradictions in the Asia-Pacific spot market. In the medium term, the remaining production capacity of low-sulfur fuel oil is relatively abundant, and the trend of carbon neutrality in the shipping industry will gradually replace the market share of low-sulfur fuel oil, suppressing the market outlook [1] Strategy - High-sulfur: Oscillating [3] - Low-sulfur: Oscillating [3] - Cross-variety: Positions in the previous short FU crack spread (FU-Brent or FU-SC) can be appropriately stopped for profit [3] - Cross-period: Positions in the previous FU reverse spread can be gradually stopped for profit [3] - Spot-futures: None [3] - Options: None [3]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report analyzes the market conditions of various energy and chemical products, including crude oil, methanol, urea, rubber, PVC, styrene, polyolefins, and polyester. It believes that in the context of low Cushing inventories, combined with hurricane expectations and Russia - related events, crude oil has upward momentum, but the seasonal demand decline in mid - August will limit its upside. For other products, it provides specific analyses based on factors such as supply, demand, cost, and inventory, and gives corresponding investment suggestions [2]. Summary by Related Catalogs Crude Oil - **Market Quotes**: WTI main crude oil futures rose $0.74, or 1.13%, to $66.16; Brent main crude oil futures rose $0.69, or 1.00%, to $69.36; INE main crude oil futures rose 6.60 yuan, or 1.27%, to 527 yuan [1]. - **Data**: Singapore ESG weekly oil product data showed that gasoline inventories increased by 0.74 million barrels to 12.97 million barrels, a 6.02% increase; diesel inventories decreased by 1.19 million barrels to 7.87 million barrels, a 13.15% decrease; fuel oil inventories increased by 0.31 million barrels to 23.70 million barrels, a 1.34% increase; total refined oil inventories decreased by 0.14 million barrels to 44.54 million barrels, a 0.32% decrease [1]. - **Investment Suggestion**: Given the low Cushing inventories, hurricane expectations, and Russia - related events, crude oil has upward momentum. However, the seasonal demand decline in mid - August will limit its upside. A target price of $70/barrel for WTI in the September hurricane season is set, and it is recommended to buy on dips and take profits [2]. Methanol - **Market Quotes**: On July 24, the 09 contract rose 69 yuan/ton to 2480 yuan/ton, and the spot price rose 48 yuan/ton, with a basis of - 15 [4]. - **Analysis**: The market is significantly driven by news, with increased volatility and operational difficulty. The upstream operating rate continues to decline, and profits have slightly decreased but remain at a relatively high level. Overseas plant operating rates have returned to medium - high levels, and market fluctuations have narrowed. The port olefin load has increased this week, while traditional demand is in the off - season, with the operating rates of formaldehyde and acetic acid decreasing and those of chlorides and MTBE increasing. The overall demand is weak. After the methanol price decline, downstream profits have been repaired but remain at a low level, and the methanol spot valuation is still high. In the off - season, the upside is expected to be limited. The domestic market is likely to show a pattern of weak supply and demand in the future, and it is recommended to wait and see after a sharp rise [4]. Urea - **Market Quotes**: On July 24, the 09 contract rose 12 yuan/ton to 1785 yuan/ton, and the spot price fell 20 yuan/ton, with a basis of + 15 [6]. - **Analysis**: Affected by the deepening of the domestic anti - involution policy, the domestic industrial products have risen sharply, and urea has also increased significantly. However, most fixed - bed plants have completed technological upgrades, and it is mainly affected by short - term sentiment. The domestic operating rate has slightly decreased, and the overall corporate profit is at a medium - low level, with cost support expected to gradually strengthen. The compound fertilizer operating rate has bottomed out and rebounded, and the subsequent operating rate will continue to increase, which will support the demand for urea. Export containerization continues, and port inventories continue to rise. The domestic urea supply and demand are acceptable, and the price has support at the bottom, but the upside is also restricted by high supply. Currently, the urea valuation is neutral to low, and the supply - demand margin is expected to improve. It is more advisable to pay attention to long - position opportunities on dips and not to chase the market when the price rises [6]. Rubber - **Market Quotes**: After continuous rises, NR and RU showed volatile trends, and the bullish sentiment in the commodity market has weakened [8]. - **Analysis**: Bulls believe that the weather and rubber forest conditions in Southeast Asia, especially Thailand, may contribute to rubber production cuts, the seasonal trend usually turns upward in the second half of the year, and China's demand is expected to improve. Bears believe that the macro - economic outlook is uncertain, demand is in the seasonal off - season, and the production cut may be less than expected [15]. - **Investment Suggestion**: Rubber prices are likely to rise rather than fall in the second half of the year. A long - term bullish view should be maintained, and positions should be built at appropriate times. In the short term, due to the large increase, the risk of a pullback should be guarded against. A neutral approach is recommended, with quick entry and exit. There is an opportunity to increase positions in the spread operation of going long on RU2601 and shorting on RU2509 [11]. PVC - **Market Quotes**: The PVC09 contract rose 87 yuan to 5238 yuan, the Changzhou SG - 5 spot price was 5090 (+20) yuan/ton, the basis was - 148 (-67) yuan/ton, and the 9 - 1 spread was - 114 (+4) yuan/ton [13]. - **Analysis**: The cost side remains stable, the overall PVC operating rate has increased, the downstream operating rate has decreased, factory inventories have decreased, and social inventories have increased. Corporate profits have continued to improve, the number of maintenance operations has gradually decreased, and production is at a five - year high. In the short term, multiple sets of plants will be put into operation. The domestic downstream operating rate is at a five - year low and is still in the off - season. The anti - dumping extension in India has marginally improved the pessimistic expectations, and the cost support has weakened. The pessimistic expectations in the fundamentals have improved due to the extension of the anti - dumping in India, but there are still pressures in supply - demand and valuation. In the short term, the price is strong under the stimulation of the anti - dumping extension and anti - involution sentiment, and the risk of sentiment fading should be guarded against [13]. Styrene - **Market Quotes**: The spot price remained unchanged, the futures price rose, and the basis weakened [15]. - **Analysis**: After the Ministry of Industry and Information Technology and the China Iron and Steel Association issued statements on the anti - involution policy, the coal sector rose and then stabilized, and the cost side still has support. The BZN spread is at a relatively low level compared to the same period. The bullish view is based on demand expectations and production cut expectations, while the bearish view is based on the falsification of demand. The cost side of pure benzene has increased its operating rate, and the supply is relatively abundant. The supply - side profit of ethylbenzene dehydrogenation has decreased, but the styrene operating rate has continued to rise. Styrene port inventories have increased significantly. In the seasonal off - season, the overall operating rate of the three S products has fluctuated and increased. In the short term, the BZN spread may be repaired, and the styrene price is expected to follow the cost side [15][17]. Polyolefins Polyethylene - **Market Quotes**: The futures price rose [19]. - **Analysis**: The black sector rose and then stabilized, and the cost side still has support. The polyethylene spot price remained unchanged, and the PE valuation has limited downward space. Trader inventories are fluctuating at a high level, and the support for prices has weakened. In the seasonal off - season, the demand - side agricultural film orders are fluctuating at a low level, and the overall operating rate is declining. The short - term contradiction has shifted from the cost - driven downward trend to the high - maintenance - driven inventory reduction. With the commissioning of the Huizhou ExxonMobil ethylene plant in July, the polyethylene price is expected to fluctuate downward. It is recommended to hold short positions [19]. Polypropylene - **Market Quotes**: The futures price rose [20]. - **Analysis**: The profit of Shandong refineries has stopped falling and rebounded, and the operating rate is expected to gradually recover, with the marginal return of propylene supply. On the demand side, the downstream operating rate is seasonally declining. In the seasonal off - season, under the background of weak supply and demand, the polypropylene price is expected to be bearish in July [20]. Polyester PX - **Market Quotes**: The PX09 contract rose 96 yuan to 6956 yuan, the PX CFR rose 14 dollars to 856 dollars, the basis was 87 (+16) yuan, and the 9 - 1 spread was 108 (+24) yuan [22]. - **Analysis**: The PX maintenance season is over, and the load remains high. The downstream PTA maintenance season is also over, and the load level is high. The processing fee has been repaired, and the inventory level is low. Even though the polyester and terminal sectors are in the off - season, the short - term negative feedback pressure on PX is still small. In the third quarter, due to the commissioning of new PTA plants, PX is expected to continue to reduce inventories. The current valuation is at a neutral level, and it is recommended to pay attention to the opportunity to go long on dips following the crude oil price [22][23]. PTA - **Market Quotes**: The PTA09 contract rose 66 yuan to 4850 yuan, the East China spot price rose 5 yuan to 4815 yuan, the basis was 0 (-2) yuan, and the 9 - 1 spread was 26 (+22) yuan [24]. - **Analysis**: The PTA load remains unchanged. The downstream load has increased. The social inventory has increased. The spot processing fee has decreased, and the futures processing fee has increased. In the future, the supply - side maintenance volume in July is small, and new plants will be put into operation, with expected continuous inventory accumulation. The PTA processing fee repair space is limited. The demand side is under pressure in the off - season. Due to the low inventory level and the repair of the processing fee, the upward negative feedback pressure is expected to be small. The PXN has support under the pattern improvement brought about by PTA commissioning. It is recommended to pay attention to the opportunity to go long on dips following PX [24]. Ethylene Glycol (EG) - **Market Quotes**: The EG09 contract rose 49 yuan to 4485 yuan, the East China spot price rose 29 yuan to 4530 yuan, the basis was 58 (-4) yuan, and the 9 - 1 spread was - 3 (-3) yuan [25]. - **Analysis**: The supply - side load has increased, the downstream load has increased, the import arrival forecast is 15.7 million tons, the East China departure volume on July 23 was 0.8 million tons, and the warehouse - out volume has increased. The port inventory has decreased by 2 million tons. The naphtha - based production profit is - 279 yuan, the domestic ethylene - based production profit is - 556 yuan, and the coal - based production profit is 955 yuan. The cost side of ethylene remains unchanged, and the price of Yulin pit - mouth steam coal fines has increased. The overseas and domestic maintenance plants are gradually starting, and the downstream operating rate is continuously declining due to the off - season. The port inventory reduction is expected to gradually slow down. The valuation is relatively high compared to the same period. The maintenance season is gradually ending, and the fundamentals are changing from strong to weak. However, recently, under the consistent weak expectations, the actual operating rate has exceeded expectations. The unexpected situation of Saudi plants has led to a decrease in import expectations, and multiple domestic plants have had unexpected situations, combined with the low arrival volume, resulting in a reduction in low - level inventories. The short - term valuation has upward support [25].

光大期货：从基本面看，低硫燃料油市场结构进一步走弱，高硫燃料油市场继续承压。尽管近几周东西 方套利窗口持续关闭，但贸易商预计7月来自欧洲市场整体的到货量环比将增加30-40万吨，部分原因在 于南美和西非地区的套利货物流入量增多。预计新加坡7月接收西方低硫燃料油约210-220万吨，高于6 月的170-180万吨。高硫方面，亚洲高硫燃料油市场继续面临中东稳定船货带来的供应压力。近期LU- FU价差有所收窄，整体符合我们之前判断，在低硫供需双重压力之下，仍可考虑继续持有价差空头。 库存方面，新加坡库存减少5.4%，ARA库存增加0.5%，富查伊拉库存减少6.7%，美国残渣燃料油库存 减少7.8%。 机构观点 瑞达期货（002961）：OPEC+9月大概率将维持较大增产力度；特朗普将8月1日定为各国达成贸易协议 或面临高额关税的最后期限，据欧盟外交官称，欧盟正在探索一套更广泛的可能反制美国的措施，同时 美国威胁称，如果不能达成协议，将对欧盟进口商品征收30%的关税，美欧贸易博弈延续，市场关注关 税对需求前景的影响；国际油价弱势调整。国内方面，国产燃料油销量7.37万吨，环比跌1.07%；国产 燃料油库存率9.6%， ...