1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall performance of the crude oil market is weak, and concerns about increased supply are pressuring oil prices, which are expected to move in a volatile manner [1][3]. - The high - sulfur fuel oil market is supported by relatively healthy downstream bunker fuel demand, and the LU - FU spread is expected to remain at a relatively high level in the near term [3]. - The asphalt price is currently viewed with a bearish outlook due to a decrease in both supply and demand, with the supply decline being smaller than the demand decline [3]. - The PTA price is expected to be strongly volatile due to the implementation of TA device maintenance and the resilience of downstream demand [5]. - The ethylene glycol price is expected to have a wide - range adjustment, with short - term supply improvement but medium - term inventory accumulation pressure [5]. - The rubber price is expected to move in a volatile manner due to increased supply pressure and a combination of stable domestic and weak overseas demand [7]. - The methanol price is expected to maintain a bottom - level volatile trend, with supply expected to decline if Iranian devices stop due to gas restrictions [7]. - The polyolefin price is expected to be weakly volatile at the bottom, gradually shifting to a situation of strong supply and weak demand [9]. - The PVC price is expected to show a weakly volatile performance due to high supply - demand pressure and high inventory [9]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Wednesday, oil prices dropped significantly. The EIA inventory report showed a decrease in US commercial crude oil inventory but an increase in gasoline and distillate inventories. There are developments in the Russia - Ukraine conflict, and Russia's oil production is approaching the OPEC+ quota. The market is worried about increased supply, and oil prices are volatile [1][3]. - **Fuel Oil**: On Wednesday, fuel oil futures prices declined. The Chinese refinery's operating rate increased, and Singapore is expected to receive more low - sulfur fuel oil. The high - sulfur fuel oil market is supported by demand, and the LU - FU spread is expected to remain high [3]. - **Asphalt**: On Wednesday, the asphalt futures price fell slightly. The December production plan decreased compared to November, and inventory and operating rates declined. The price is under pressure due to supply - demand factors [3]. - **Polyester**: TA prices rose, EG prices fell slightly, and PX prices rose. There are new device startups and overhauls, and the cancellation of the BIS certification in India is beneficial for exports. TA prices are expected to be strongly volatile, and ethylene glycol prices will have a wide - range adjustment [5]. - **Rubber**: On Wednesday, rubber futures prices rose. Rubber inventory increased, production increased seasonally, and overseas demand declined. The price is expected to be volatile due to supply - demand factors [7]. - **Methanol**: The spot price is stable, and downstream product prices vary. Domestic maintenance devices are resuming production, and Iranian devices may stop. The price is expected to be volatile at the bottom [7]. - **Polyolefins**: The price of polyolefins has a negative profit margin. It is gradually shifting to a situation of strong supply and weak demand, and the price is expected to be weakly volatile at the bottom [9]. - **Polyvinyl Chloride**: The PVC market price decreased in different regions. Supply remains high, and demand is expected to decline. The price is expected to be weakly volatile [9]. 3.2 Daily Data Monitoring - The table provides data on the basis of various energy - chemical products on November 20, 2025, including spot prices, futures prices, basis, basis rates, and their changes and historical quantiles [10]. 3.3 Market News - The EIA inventory report shows that US commercial crude oil inventory decreased by 340 million barrels to 424.2 million barrels in the week ending November 14, while gasoline and distillate inventories increased. The US strategic petroleum reserve increased by 50 million barrels to 410.9 million barrels [15]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: There are charts showing the closing prices of main contracts for various energy - chemical products from 2021 - 2025, including crude oil, fuel oil, asphalt, etc. [17][18][19]. - **4.2 Main Contract Basis**: Charts display the basis of main contracts for different products over the years, such as crude oil, fuel oil, etc. [35][40][41]. - **4.3 Inter - period Contract Spreads**: There are charts showing the spreads between different contracts for various products, including fuel oil, asphalt, etc. [48][50][54]. - **4.4 Inter - variety Spreads**: Charts present the spreads and ratios between different varieties, such as crude oil internal - external spreads, fuel oil high - low sulfur spreads, etc. [65][67][70]. - **4.5 Production Profits**: There are charts showing the production profits of LLDPE and PP [73]. 3.5 Team Member Introduction - The team includes members such as Zhong Meiyan (Assistant Director and Energy - Chemical Director), Du Bingqin (Crude Oil, Gas, etc. Analyst), Di Yilin (Natural Rubber/Polyester Analyst), and Peng Haibo (Methanol/Propylene, etc. Analyst), each with rich experience and achievements [78][79][80]. 3.6 Contact Information - The company's address is in China (Shanghai) Free Trade Pilot Zone, with a phone number, fax, and customer service hotline provided [83].

Report Industry Investment Rating - All varieties are rated as "oscillating" [1][2][4][5][6] Core Viewpoints - The oil price is oscillating due to factors such as inventory changes, OPEC+ production decisions, and market expectations [1] - The prices of fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and PVC are also expected to oscillate, with their trends depending on various factors including cost, supply, demand, and market sentiment [2][4][5][6] Summary by Directory Research Views - **Crude Oil**: On Thursday, oil prices fell. The EIA inventory report showed an increase in US commercial crude and SPR inventories, a decrease in gasoline inventory, and an increase in distillate inventory. US domestic crude production and refinery processing volume decreased. OPEC+ meeting agenda is yet to be set, and some members may increase production. The oil price is expected to oscillate [1] - **Fuel Oil**: On Thursday, the fuel oil futures prices fell. The Chinese refinery operating rate increased. The inflow of low-sulfur fuel oil from the West is expected to decrease, and the high-sulfur shipments from Iran and Russia may also decline. However, the overall demand for high and low sulfur fuel oil remains weak. The prices of FU and LU have some upward momentum but depend on the oil price [2] - **Asphalt**: On Thursday, the asphalt futures price fell. The domestic asphalt shipments increased, and the capacity utilization rate of modified asphalt decreased. In September, the demand in the north may increase, but the supply in North and Northeast China may limit the price increase. The overall supply pressure is limited, and the price may rise further [2] - **Polyester**: On Thursday, the TA futures price fell, and the EG futures price rose. PX supply is high, and downstream TA maintenance volume increases. The terminal demand is weak, and the demand in the peak season is under test. The EG spot liquidity is tight, but the inventory may increase in the future [4] - **Rubber**: On Thursday, the RU and NR futures prices rose, and the BR futures price fell. The weather in the producing areas may be affected by La Nina. The raw material prices fluctuate slightly, and the demand is stable domestically and weak externally. The heavy truck sales are good, and the inventory is slightly reduced. The rubber price is expected to oscillate [4][5] - **Methanol**: On Thursday, the methanol spot price is stable. The MTO device may resume production due to improved profits, and the demand in September is expected to pick up. The supply increment is limited, and the price is expected to enter a bottom area [5] - **Polyolefin**: On Thursday, the polyolefin prices are stable. In September, the supply and demand are both strong, and the inventory is gradually transferred to the downstream. The price is expected to fluctuate slightly [5] - **PVC**: On Thursday, the PVC market prices are adjusted. The real estate construction is weak, and the demand for PVC downstream products is limited. The export is expected to decline due to the anti-dumping tax. The PVC price in September is expected to oscillate weakly [6] Daily Data Monitoring - The report provides the spot price, futures price, basis, basis rate, and their changes of various energy and chemical products on September 4th and 5th, 2025 [7] Market News - The EIA inventory report shows the changes in US crude oil, gasoline, and distillate inventories, as well as domestic production and refinery processing volume [9] - OPEC's oil production in August may increase, mainly due to the output growth of the UAE and Saudi Arabia. OPEC+ is accelerating the relaxation of production cuts, while some members are required to make additional cuts [9] Chart Analysis - **4.1 Main Contract Price**: The report presents the closing price trends of main contracts of various energy and chemical products from 2021 to 2025 [11][13][15][17][19][21] - **4.2 Main Contract Basis**: The report shows the basis trends of main contracts of various energy and chemical products from 2021 to 2025 [23][25][29][31][33][35] - **4.3 Inter - period Contract Spread**: The report provides the spread trends of different contracts of various energy and chemical products, such as fuel oil, asphalt, etc. [37][39][42][45][48][49][52] - **4.4 Inter - variety Spread**: The report shows the spread and ratio trends between different varieties, such as crude oil, fuel oil, etc. [54][59] - **4.5 Production Profit**: The report presents the cash flow and production profit trends of some energy and chemical products, such as ethylene - based ethylene glycol, PP, etc. [62][64] Team Member Introduction - The report introduces the members of the energy and chemical research team, including their positions, educational backgrounds, honors, research areas, and professional qualifications [67][68][69][70]