Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The Shanghai rubber futures contract 2601 showed a trend of shrinking volume, increasing positions, stabilizing in oscillation, and slightly rising on Tuesday. Driven by macro - sentiment and industrial factors, it is conducive to the valuation repair of the contract [6]. - The methanol futures contract 2601 showed a trend of increasing volume, increasing positions, weakening in oscillation, and slightly falling on Tuesday. Suppressed by the weak supply - demand fundamentals of methanol, it is expected to continue to operate weakly in the future [6]. - The crude oil futures contract 2512 showed a trend of shrinking volume, reducing positions, weakening in oscillation, and slightly closing lower on Tuesday. After the previous rebound of oil prices, differences between bulls and bears emerged. It is expected to maintain a weakly oscillating pattern in the future [6]. 3. Summaries 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 432,200 tons, a decrease of 5,300 tons or 1.20% from the previous period. The inventory in the bonded area was 68,700 tons, a decrease of 1.29%, and the general trade inventory was 363,500 tons, a decrease of 1.18%. In the week of October 24, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 72.84%, a week - on - week increase of 1.77 percentage points and a year - on - year decrease of 6.84 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 65.87%, a week - on - week increase of 1.91 percentage points and a year - on - year increase of 6.95 percentage points. 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 was 53.3%, a rebound of 1 percentage point month - on - month. In September, China's automobile production and sales were 3.276 million and 3.226 million respectively, a year - on - year increase of 17.1% and 14.9%. From January to September 2025, China's automobile production and sales totaled 24.333 million and 24.363 million respectively, a year - on - year increase 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%. From January to September, the cumulative sales volume was about 821,000 vehicles, a year - on - year increase of 20% [8][9]. - **Methanol**: As of the week of October 24, 2025, the average domestic methanol operating rate was 82.71%, a week - on - week decrease of 1.67%, a month - on - month increase of 3.20%, and a year - on - year increase of 2.17%. The average weekly methanol output was 1.9435 million tons, a week - on - week decrease of 40,200 tons, a month - on - month increase of 70,800 tons, and a year - on - year increase of 73,600 tons. The domestic formaldehyde operating rate was 30.97%, a week - on - week slight increase of 0.02%. The dimethyl ether operating rate was 8.34%, a week - on - week increase of 1.66%. The acetic acid operating rate was 73.61%, a week - on - week increase of 2%. The MTBE operating rate was 56.50%, a week - on - week increase of 1.61%. The average operating load of domestic coal (methanol) to olefin plants was 86.45%, a week - on - week decrease of 1.91 percentage points and a month - on - month increase of 3.42%. The futures market profit of domestic methanol to olefin was - 154 yuan/ton, a week - on - week rebound of 111 yuan/ton and a month - on - month rebound of 22 yuan/ton. As of the week of October 24, the port methanol inventory in East and South China was 1.2698 million tons, a week - on - week increase of 10,900 tons, a month - on - month increase of 1,700 tons, and a year - on - year increase of 308,100 tons. As of the week of October 23, the inland methanol inventory was 360,400 tons, a week - on - week increase of 5,000 tons, a month - on - month increase of 40,400 tons, and a year - on - year decrease of 76,500 tons [10][11]. - **Crude Oil**: As of the week of October 17, 2025, the number of active oil drilling platforms in the United States was 418, with no week - on - week change and a decrease of 64 from the same period last year. The average daily crude oil production in the United States was 13.629 million barrels, a week - on - week decrease of 7,000 barrels per day and a year - on - year increase of 129,000 barrels per day. As of the week of October 17, the U.S. commercial crude oil inventory (excluding strategic petroleum reserves) was 423 million barrels, a week - on - week decrease of 961,000 barrels and a year - on - year decrease of 3.2 million barrels. The crude oil inventory in Cushing, Oklahoma was 21.231 million barrels, a week - on - week decrease of 770,000 barrels. The U.S. Strategic Petroleum Reserve (SPR) inventory was 408.56 million barrels, a week - on - week increase of 819,000 barrels. The U.S. refinery operating rate was 88.6%, a week - on - week increase of 2.9 percentage points, a month - on - month decrease of 4.4 percentage points, and a year - on - year decrease of 0.9 percentage points. As of September 23, the average non - commercial net long positions of WTI crude oil were 102,958 contracts, a week - on - week increase of 4,249 contracts and a decrease of 19,105 contracts or 15.65% from the August average. As of October 21, the average net long positions of Brent crude oil futures funds were 51,791 contracts, a week - on - week decrease of 58,520 contracts and a decrease of 164,564 contracts or 76.06% from the September average [11][12]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | |--|--|--|--|--|--|--| | Shanghai Rubber | 14,750 yuan/ton | +0 yuan/ton | 15,350 yuan/ton | - 30 yuan/ton | - 600 yuan/ton | +30 yuan/ton | | Methanol | 2,250 yuan/ton | +0 yuan/ton | 2,254 yuan/ton | - 14 yuan/ton | - 4 yuan/ton | +14 yuan/ton | | Crude Oil | 438.5 yuan/barrel | - 0.2 yuan/barrel | 465.6 yuan/barrel | - 3.3 yuan/barrel | - 27.1 yuan/barrel | +3.1 yuan/barrel | [14] 3.3 Related Charts - **Rubber**: Charts include rubber basis, rubber 1 - 5 month spread, SHFE rubber futures inventory, Qingdao bonded - area rubber inventory, full - steel tire operating rate trend, and semi - steel tire operating rate trend [15][22][25] - **Methanol**: Charts include methanol basis, methanol 1 - 5 month spread, domestic port methanol inventory, inland social methanol inventory, methanol - to - olefin operating rate change, and coal - to - methanol cost accounting [28][30][36] - **Crude Oil**: Charts include crude oil basis, SHFE crude oil futures inventory, U.S. commercial crude oil inventory, U.S. refinery operating rate, WTI crude oil net position change, and Brent crude oil net position change [39][41][43]