Oil Market - Oil prices fell on Thursday, with WTI March contract closing down $1.26 at $59.36 per barrel, a decline of 2.08% [2] - Brent March contract closed down $1.18 at $64.06 per barrel, a decline of 1.81% [2] - EIA report indicated an increase in crude oil inventory by 3.6 million barrels, significantly exceeding analysts' expectations of a 1.1 million barrel increase [2] - Gasoline inventory reached its highest level since 2021, with exports dropping by over 500,000 barrels per day [2] - Geopolitical tensions, particularly the drone attack on a major Russian oil terminal, continue to impact oil prices [2] Fuel Oil - The main fuel oil contract FU2603 rose by 1.89% to 2592 yuan/ton, while low-sulfur fuel oil contract LU2603 increased by 1.65% to 3135 yuan/ton [3] - Singapore's onshore fuel oil inventory decreased by 2.08 million barrels (8.22%) week-on-week, while Fujairah's inventory increased by 13,600 barrels (1.35%) [3] - The market structure for high-sulfur fuel oil is expected to face downward pressure due to potential supply from Venezuela [3][4] Asphalt - The main asphalt contract BU2602 rose by 0.45% to 3157 yuan/ton, with domestic asphalt shipments increasing by 15.1% week-on-week [5] - The capacity utilization rate for modified asphalt producers decreased by 0.5% week-on-week but increased by 3.5% year-on-year [5] - The market is currently balancing weak demand with strong cost expectations, influenced by geopolitical tensions [5] Rubber - The main rubber contract RU2605 increased by 105 yuan/ton to 15850 yuan/ton, with NR and BR contracts also showing gains [6] - China's rubber tire production is projected to increase by 0.3% year-on-year, while synthetic rubber production is expected to decline by 20.2% [6] - The rise in butadiene rubber prices is attributed to supply shortages and increased demand from tire manufacturers [6] PX, PTA, and MEG - TA605 closed at 5298 yuan/ton, up 2.79%, while EG2605 closed at 3847 yuan/ton, up 4.28% [7] - PX futures closed at 7390 yuan/ton, reflecting a 2.55% increase [7] - The overall operating rate for ethylene glycol in mainland China is at 73.04%, down 1.39% week-on-week [7] Methanol - Methanol prices in Taicang were reported at 2238 yuan/ton, with CFR China prices ranging from $260 to $264 per ton [8] - Domestic supply remains stable, while demand is weakening due to reduced operating rates in MTO facilities [8] - The market is expected to maintain a bottoming trend due to pressure from port inventory [8] Polyolefins - Mainstream prices for polypropylene in East China range from 6320 to 6500 yuan/ton, with various production margins reported [9] - HDPE and LDPE prices have increased compared to last week, indicating a recovery in demand [9] - Inventory levels are expected to rise as factories prepare for the upcoming holiday [9] PVC - PVC prices have increased across various regions, with electric stone method prices ranging from 4530 to 4630 yuan/ton [10] - Supply remains high, but domestic demand is slowing down, leading to a bearish outlook [10] - The market is expected to experience bottoming trends due to changes in export tax policies [10] Urea - Urea futures prices showed a slight increase, with the main contract closing at 1776 yuan/ton [11] - Demand is expected to remain strong due to pre-spring planting preparations, although market acceptance of prices will be crucial [11] - Urea inventory has decreased by 4.07%, supporting manufacturers' pricing strategies [11] Soda Ash - Soda ash futures prices increased to 1185 yuan/ton, with stable pricing in the market [12] - Recent production rates have shown slight fluctuations, with a decrease in output [12] - The market is expected to face pressure from rising supply and stable demand [12] Glass - Glass futures prices showed a slight increase, closing at 1057 yuan/ton, with stable demand observed [14] - The industry is preparing for potential production increases, but seasonal demand may decline as the holiday approaches [14] - Overall supply-demand dynamics remain challenging, with expectations of inventory accumulation [14]

截至格林尼治标准时间 4 时 12 分，布伦特原油期货合约（交易代码 LCOc1）的交易价格在每桶 63 美 元左右，而美国西德克萨斯中质原油期货合约（交易代码 CLc1）则稳定在每桶 59 美元。去年，这两大 原油基准价格均创下 2020 年以来的最差年度表现，跌幅近 20%。 高盛分析师指出，美国政策制定者聚焦于保障充足的能源供应与维持相对低油价，这将在中期选举前抑 制油价持续走高的势头。 高盛分析师在报告中称，预计油价将在 2027 年逐步回升。届时，随着非欧佩克产油国供应增速放缓， 且需求保持强劲增长，原油市场将重回供不应求的状态。 来源：环球市场播报 高盛集团在周日发布的一份报告中指出，尽管与俄罗斯、委内瑞拉和伊朗相关的地缘政治风险将持续引 发市场波动，但受一波供应增长造成市场过剩的影响，今年油价或将缓步走低。 这家投行维持其对 2026 年布伦特原油 / 西德克萨斯中质原油（WTI）的均价预测，即每桶 56 美元 / 52 美元，并预计随着经济合作与发展组织（OECD）原油库存增加，布伦特原油 / WTI 原油价格将在第四 季度跌至每桶 54 美元 / 50 美元的谷底。 高盛表示："全球原油库存 ...

Group 1 - Major financial markets and futures trading platforms globally are suspended due to the Christmas holiday on December 25 [1] - The US stock market is closed for the day, and the Intercontinental Exchange has halted trading for Brent crude oil futures contracts [1] - Various contracts including precious metals, US crude oil, foreign exchange, and stock index futures on the Chicago Mercantile Exchange are also suspended for the entire day [1] Group 2 - Most major stock markets in Europe, including Germany, France, the UK, Italy, and Spain, are closed for the Christmas holiday [1] - Financial markets in Australia and South Korea are also closed for the day [1]

Market Closure - On December 25, the US stock market is closed for Christmas Day [1] - Trading for Brent crude oil futures on the Intercontinental Exchange is suspended for the entire day [1] - Trading for precious metals, WTI crude oil, foreign exchange, and stock index futures on the Chicago Mercantile Exchange is also suspended for the entire day [1] - Most major European stock markets are closed due to the Christmas holiday, including Germany, France, the UK, Italy, and Spain [1] - Additionally, markets in Australia and South Korea are closed on the same day [1]

Group 1 - The US stock market is closed for one day due to Christmas holiday [1] - Trading for Brent crude oil futures contracts on the Intercontinental Exchange is suspended for the entire day [1] - Trading for precious metals, WTI crude oil, foreign exchange, and stock index futures on the Chicago Mercantile Exchange is also suspended for the entire day [1] Group 2 - Most major European stock markets are closed for the Christmas holiday, including Germany, France, the UK, Italy, and Spain [1] - The Australian and South Korean markets are also closed for the day [1]

Group 1 - The U.S. stock market is closed for one day due to the Christmas holiday [1] - Trading for Brent crude oil futures on the Intercontinental Exchange is suspended for the entire day [1] - Major European stock markets, including Germany, France, the UK, Italy, and Spain, are also closed for the Christmas holiday [1] Group 2 - The Australian and South Korean markets are closed today as well [1]

Group 1 - The US stock market will close three hours early on December 24 due to the Christmas holiday [1] - Trading for US Treasury futures at CME will end early at 03:30 Beijing time on December 25 [1] - Trading for CME's precious metals, energy, and foreign exchange futures will conclude early at 02:45 Beijing time on December 25 [1] Group 2 - US stock market will be closed for the entire day on December 25 [1] - All trading for US Treasury futures at CME will be suspended for the day [1] - Trading for CME's precious metals, crude oil, foreign exchange, and stock index futures will also be suspended for the entire day [1] - Trading for Brent crude oil futures at ICE will be halted for the entire day [1]

Market Closure - The US stock market will be closed on December 25 for Christmas, with early closure on December 24 at 2:00 AM Beijing time [1][6] - Major overseas markets, including those in Canada, the UK, Germany, France, Italy, Spain, Australia, New Zealand, India, and South Korea, will also be closed on Christmas [3][8] Trading Schedule Adjustments - Trading for Brent crude oil futures will end early on December 24 at 3:00 AM Beijing time [1][6] - Trading for precious metals, US crude oil, and foreign exchange futures will conclude at 2:45 AM Beijing time, while index futures will close at 2:15 AM [1][6] Christmas Significance - Christmas, originally a Christian holiday celebrating the birth of Jesus Christ, is now a significant public holiday in many countries [3][8] - The holiday is associated with various customs and traditions, including gift-giving, which has become a global practice [4][9] - In the retail sector, the Christmas shopping season is crucial, with sales significantly increasing due to gift purchases and holiday preparations [4][9]

Group 1 - As of the report date, Brent crude oil futures for February 2026 are priced at $63.23 per barrel, while WTI crude oil futures for January 2026 are priced at $59.55 per barrel [1][5] - Both crude oil and refined product inventories have increased this week, currently well above seasonal highs, with the surplus primarily due to rising inventories of other oil products in the U.S. [1][5] - The total inventory of refined products has increased, with gasoline and diesel inventories remaining within seasonal fluctuation ranges [1][5] Group 2 - As of the week ending November 28, crude oil inventories in the U.S., Japan, and the ARA region increased by 1.2% to 549.6 million barrels, with the inventory surplus narrowing from 21.2 million barrels to 10.3 million barrels compared to the five-year average [2][6] - Including global offshore crude oil inventories, total crude oil inventories rose by 4.1% to 681.2 million barrels, with the surplus expanding from 20.7 million barrels to 59.1 million barrels [2][6] - Refined product inventories in tracked regions increased by 0.7% to 1.0177 billion barrels, with the surplus expanding from 39.2 million barrels to 44.9 million barrels [2][6] Group 3 - The four-week average of U.S. refined product supply decreased by 42,000 barrels per day to 2.03 million barrels per day, down 109,000 barrels per day year-over-year [3][7] - The average dollar index reported at 99.1, down 0.56% from the previous week [4][8] - The net position of managed funds in ICE products increased by 7.6 million barrels week-over-week to 189.7 million barrels, ranking in the 27th percentile over the past five years [4][8]

Group 1 - The US stock market will be closed on November 27 due to the Thanksgiving holiday [1] - Trading for Brent crude oil futures on the Intercontinental Exchange (ICE) will end early at 02:30 Beijing time on the following day [1] - The Chicago Mercantile Exchange (CME) will also have early closures for precious metals and US crude oil contracts, ending at 03:30 Beijing time [1] Group 2 - On November 28, the US stock market will close three hours early at 02:00 Beijing time [1] - Brent crude oil futures trading on ICE will conclude at 03:00 Beijing time [1] - CME will have early closures for precious metals and US crude oil contracts at 02:45 Beijing time, and the US Treasury market will close at 03:30 Beijing time [1]