Report Industry Investment Rating - Not provided in the report Core Views - **Rubber**: On Tuesday, the 2605 contract of domestic Shanghai rubber futures showed a trend of shrinking volume, reducing positions, oscillating weakly, and closing slightly lower. The futures price closed 0.82% lower at 16,345 yuan/ton, and the 5 - 9 month spread premium widened to 55 yuan/ton. With the approaching of a new round of rubber - tapping period, the supply of Shanghai rubber is expected to increase, and it is expected that the Shanghai rubber futures will maintain an oscillating and weakening trend in the future [5]. - **Methanol**: On Tuesday, the 2605 contract of domestic methanol futures showed a trend of shrinking volume, reducing positions, oscillating downward, and closing significantly lower. The futures price rose to a maximum of 3,373 yuan/ton and dropped to a minimum of 3,172 yuan/ton, closing 4.69% lower at 3,229 yuan/ton. The 5 - 9 month spread premium widened to 271 yuan/ton. Due to the short - term cooling of geopolitical risks, methanol gave back part of its premium, and it is expected that the methanol futures will maintain a high - level oscillating trend in the future [6]. - **Crude Oil**: On Tuesday, the 2605 contract of domestic crude oil futures showed a trend of shrinking volume, reducing positions, oscillating weakly, and closing significantly lower. The futures price rose to a maximum of 766.8 yuan/barrel and dropped to a minimum of 725.0 yuan/barrel, closing 2.94% lower at 740.6 yuan/barrel. Due to the short - term cooling of geopolitical risks in the Middle East, Iran semi - blocked the Strait of Hormuz, and the US and Iran attacked each other. It is expected that the domestic crude oil futures price will maintain a high - level oscillating trend in the future [6]. Summary by Directory 1. Industry Dynamics Rubber - As of March 29, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 691,400 tons, a month - on - month increase of 5,800 tons or 0.85%. The bonded area inventory was 120,100 tons, a decrease of 1.62%; the general trade inventory was 571,300 tons, an increase of 1.38%. The inbound rate of the bonded warehouse decreased by 1.10 percentage points, and the outbound rate increased by 1.17 percentage points; the inbound rate of the general trade warehouse increased by 0.48 percentage points, and the outbound rate increased by 0.36 percentage points [8]. - As of March 27, 2026, the capacity utilization rate of China's semi - steel tire sample enterprises was 79.37%, a month - on - month increase of 0.05 percentage points and a year - on - year increase of 1.18 percentage points; the capacity utilization rate of full - steel tire sample enterprises was 72.24%, a month - on - month increase of 0.03 percentage points and a year - on - year increase of 3.88 percentage points. It is expected that the capacity utilization rate of sample enterprises will slightly decline in the next cycle [9]. - In February 2026, China's automobile production and sales were 1.672 million and 1.805 million respectively, a month - on - month decrease of 31.7% and 23.1%, and a year - on - year decrease of 20.5% and 15.2%. From January to February 2026, China's automobile production and sales were 4.122 million and 4.152 million respectively, a year - on - year decrease of 9.5% and 8.8%. Although automobile sales in the first two months declined due to multiple factors, exports maintained high growth, with a 52.4% year - on - year increase in February [9]. - In February 2026, China's heavy - truck market sold about 75,000 vehicles, a nearly 30% decrease from January 2025 and an 8% decrease from the 81,400 vehicles in the same period of the previous year. From January to February this year, the cumulative sales of China's heavy - truck industry exceeded 180,000 vehicles, a year - on - year increase of about 17% [10]. Methanol - As of the week of March 27, 2026, the average domestic methanol operating rate was maintained at 87.66%, a week - on - week increase of 2.05%, a month - on - month increase of 0.25%, and a significant year - on - year increase of 11.99%. The average weekly methanol production in China reached 2.0717 million tons, a week - on - week decrease of 320 tons, a month - on - month decrease of 150 tons, and a significant year - on - year increase of 244,800 tons compared with 1.8269 million tons in the same period of the previous year [11]. - As of the week of March 27, 2026, the domestic formaldehyde operating rate was maintained at 34.10%, a week - on - week increase of 0.13%. The dimethyl ether operating rate was maintained at 8.68%, a week - on - week decrease of 1.45%. The acetic acid operating rate was maintained at 86.64%, a week - on - week decrease of 1.66%. The MTBE operating rate was maintained at 57.31%, a week - on - week increase of 0.11%. The average operating load of domestic coal (methanol) to olefin plants was 82.35%, a week - on - week increase of 0.09 percentage points and a month - on - month increase of 1.7%. The futures profit of domestic methanol to olefin was - 532 yuan/ton, a week - on - week decrease of 155 yuan/ton and a month - on - month decrease of 606 yuan/ton [11]. - As of the week of March 27, 2026, the methanol inventory in ports in East and South China was maintained at 755,700 tons, a week - on - week decrease of 71,000 tons, a month - on - month decrease of 219,600 tons, and a significant year - on - year increase of 150,300 tons. As of the week of March 26, 2026, the total inland methanol inventory in China reached 435,000 tons, a week - on - week decrease of 50,400 tons, a month - on - month decrease of 100,300 tons, and a significant year - on - year increase of 107,200 tons compared with 327,800 tons in the same period of the previous year [12]. Crude Oil - As of the week of March 20, 2026, the number of active oil drilling platforms in the United States was 414, a week - on - week increase of 2 and a decrease of 72 compared with the same period of the previous year. The daily average crude oil production in the United States was 13.657 million barrels, a week - on - week decrease of 11,000 barrels per day and a year - on - year increase of 83,000 barrels per day, remaining at a historical high [12]. - As of the week of March 20, 2026, the commercial crude oil inventory in the United States (excluding strategic petroleum reserves) reached 456.2 million barrels, a week - on - week increase of 6.926 million barrels and a year - on - year increase of 22.558 million barrels. The crude oil inventory in Cushing, Oklahoma, reached 30.945 million barrels, a week - on - week increase of 3.421 million barrels; the strategic petroleum reserve (SPR) inventory reached 415.442 million barrels, a week - on - week increase of 100,000 barrels. The refinery operating rate in the United States was maintained at 92.9%, a week - on - week increase of 1.5 percentage points, a month - on - month increase of 4.3 percentage points, and a year - on - year increase of 5.9 percentage points [13]. - As of March 24, 2026, the average non - commercial net long position of WTI crude oil was 223,620 contracts, a week - on - week increase of 14,923 contracts and a significant increase of 84,511 contracts or 60.75% compared with the February average of 139,109 contracts. On the other hand, as of March 24, 2026, the average net long position of Brent crude oil futures funds was 315,830 contracts, a week - on - week decrease of 12,874 contracts and a significant increase of 154,436 contracts or 95.69% compared with the February average of 161,394 contracts [13]. 2. Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 16,350 yuan/ton | - 50 yuan/ton | 16,345 yuan/ton | - 195 yuan/ton | + 5 yuan/ton | + 195 yuan/ton | | Methanol | 3,560 yuan/ton | + 200 yuan/ton | 3,229 yuan/ton | - 90 yuan/ton | + 331 yuan/ton | + 90 yuan/ton | | Crude Oil | 776.5 yuan/barrel | - 0.3 yuan/barrel | 740.6 yuan/barrel | - 22.9 yuan/barrel | + 35.9 yuan/barrel | + 22.6 yuan/barrel | [15] 3. Related Charts - **Rubber**: The report includes charts such as rubber basis, rubber 5 - 9 month spread, Shanghai Futures Exchange rubber futures inventory, Qingdao bonded area rubber inventory, full - steel tire operating rate trend, and semi - steel tire operating rate trend [16][18][20]. - **Methanol**: The report includes charts such as methanol basis, methanol 5 - 9 month spread, methanol domestic port inventory, methanol inland social inventory, methanol to olefin operating rate change, and coal - to - methanol cost accounting [28][30][32]. - **Crude Oil**: The report includes charts such as crude oil basis, Shanghai Futures Exchange crude oil futures inventory, US crude oil commercial inventory, US refinery operating rate, WTI crude oil net position change, and Brent crude oil net position change [40][42][44].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core View - Both Shanghai rubber (RU) and synthetic rubber (BR) are expected to maintain a volatile and bullish trend on Friday, with Shanghai rubber showing a volatile trend in the medium - term and synthetic rubber showing a volatile and bullish trend in the medium - term [1][5][7]. 3. Summary by Related Catalogs Shanghai Rubber (RU) - **Short - term, Medium - term, and Intraday Views**: Short - term: volatile; Medium - term: volatile; Intraday: volatile and bullish. The reference view is volatile and bullish [1]. - **Core Logic**: The US is taking actions in the Middle East. Trump has signaled a peace talk with Iran, which is intended to ease the financial market tension and boost risk appetite. Although the peace - talk signal was refuted by Iran, the international crude oil futures are in adjustment. Supported by a bullish atmosphere, the Shanghai rubber futures contract 2605 maintained a volatile and bullish trend on Thursday night, and it is expected to continue this trend on Friday [5]. Synthetic Rubber (BR) - **Short - term, Medium - term, and Intraday Views**: Short - term: volatile and bullish; Medium - term: volatile and bullish; Intraday: volatile and bullish. The reference view is volatile and bullish [1]. - **Core Logic**: The sharp rise in synthetic rubber futures is mainly driven by the continuous increase in the price of butadiene, an upstream raw material. Due to geopolitical disturbances in Northeast Asia and the centralized reduction of cracking units in Japan and South Korea, the supply of butadiene, a by - product of ethylene cracking, has tightened significantly, and the inventory of butadiene at East China ports has continued to decline. The strong rise in the raw material end has directly affected the synthetic rubber futures market. The tightening supply has further pushed up the futures price. Supported by bullish factors, the domestic synthetic rubber futures maintained a volatile and bullish trend on Thursday night, and it is expected to continue this trend on Friday [7].

Report Industry Investment Rating - No relevant information provided Core Views - The Shanghai rubber futures contract 2605 showed a trend of shrinking volume, reducing positions, oscillating strongly, and slightly rising on Thursday. The closing price increased by 0.55% to 16,460 yuan/ton, and the 5 - 9 month spread discount widened to 45 yuan/ton. With the approaching of the new rubber - tapping season, the supply of Shanghai rubber is expected to increase, and it is predicted that the Shanghai rubber futures may maintain a weak - oscillating trend in the future [6]. - The domestic methanol futures contract 2605 showed a trend of increasing volume, increasing positions, oscillating upward, and rising significantly on Thursday. The futures price reached a maximum of 3,231 yuan/ton and a minimum of 3,078 yuan/ton, and the closing price rose by 4.74% to 3,202 yuan/ton. The 5 - 9 month spread premium widened to 245 yuan/ton. Affected by the short - term cooling of geopolitical risks, the upward momentum of methanol weakened, and it is expected that the methanol futures may maintain a high - level oscillating consolidation trend in the future [7]. - The domestic crude oil futures contract 2605 showed a trend of shrinking volume, reducing positions, oscillating and stabilizing, and slightly rising on Thursday. The futures price reached a maximum of 743.6 yuan/barrel and a minimum of 711.6 yuan/barrel, and the closing price slightly rose by 0.81% to 733.1 yuan/barrel. Due to the short - term signal of peace talks between the US and Iran released by Trump, the geopolitical sentiment has cooled down. However, Iran continues to block the Strait of Hormuz, and there are still geopolitical risks between the US and Iran. It is expected that the domestic crude oil futures price may maintain a high - level oscillating consolidation trend in the future [7]. Summary by Directory 1. Industry Dynamics Rubber - As of March 22, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 685,600 tons, a month - on - month increase of 8,000 tons or 1.18%. The bonded area inventory was 122,100 tons, an increase of 0.66%, and the general trade inventory was 563,500 tons, an increase of 1.29%. The inbound rate of the bonded warehouse increased by 1.41 percentage points, and the outbound rate increased by 1.50 percentage points; the inbound rate of the general trade warehouse increased by 1.62 percentage points, and the outbound rate decreased by 0.41 percentage points [9]. - As of March 20, 2026, the capacity utilization rate of China's semi - steel tire sample enterprises was 79.32%, a month - on - month increase of 0.59 percentage points and a year - on - year increase of 0.05 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 72.21%, a month - on - month increase of 0.41 percentage points and a year - on - year increase of 3.31 percentage points. It is expected that the capacity utilization rate of sample enterprises will remain at the current level in the next cycle, with little overall fluctuation [9]. - In February 2026, China's automobile production and sales were 1.672 million and 1.805 million respectively, a month - on - month decrease of 31.7% and 23.1% and a year - on - year decrease of 20.5% and 15.2% respectively. From January to February 2026, China's automobile production and sales were 4.122 million and 4.152 million respectively, a year - on - year decrease of 9.5% and 8.8% respectively. Although automobile sales in the first two months declined due to multiple factors, exports maintained high growth, with a year - on - year increase of 52.4% in February [10]. - In February 2026, China's heavy - truck market sold about 75,000 vehicles, a month - on - month decrease of nearly 30% compared with January 2025 and a year - on - year decrease of about 8% compared with 81,400 vehicles in the same period last year. From January to February this year, the cumulative sales of China's heavy - truck industry exceeded 180,000 vehicles, a year - on - year increase of about 17% [10]. Methanol - As of the week of March 20, 2026, the average domestic methanol operating rate was maintained at 87.66%, a week - on - week increase of 2.05%, a month - on - month increase of 0.25%, and a significant year - on - year increase of 11.99%. The average weekly methanol production in China reached 2.0749 million tons, a week - on - week increase of 61,000 tons, a month - on - month increase of 170 tons, and a significant year - on - year increase of 221,200 tons compared with 1.8537 million tons last year [11]. - As of the week of March 20, 2026, the domestic formaldehyde operating rate was maintained at 33.97%, a week - on - week increase of 0.30%. The dimethyl ether operating rate was maintained at 10.13%, a week - on - week increase of 1.45%. The acetic acid operating rate was maintained at 88.30%, a week - on - week decrease of 0.39%. The MTBE operating rate was maintained at 57.20%, a week - on - week decrease of 0.11%. The average operating load of domestic coal (methanol) to olefin plants was 82.26%, a week - on - week decrease of 3.82 percentage points and a month - on - month increase of 1.61% [11]. - As of March 20, 2026, the domestic methanol to olefin futures market profit was - 278 yuan/ton, a significant week - on - week decline of 466 yuan/ton and a significant month - on - month decline of 169 yuan/ton [11]. - As of the week of March 20, 2026, the methanol inventory in ports in East and South China was maintained at 826,700 tons, a significant week - on - week decrease of 53,900 tons, a month - on - month decrease of 148,600 tons, and a significant year - on - year increase of 137,000 tons. As of the week of March 26, 2026, the total inland methanol inventory in China reached 435,000 tons, a week - on - week decrease of 50,400 tons, a significant month - on - month decrease of 100,300 tons, and a significant year - on - year increase of 107,200 tons compared with 327,800 tons last year [12]. Crude Oil - As of the week of March 20, 2026, the number of active oil drilling platforms in the US was 414, a week - on - week increase of 2 and a decrease of 72 compared with the same period last year [12]. - As of the week of March 20, 2026, the daily average US crude oil production was 13.657 million barrels, a week - on - week decrease of 11,000 barrels/day and a year - on - year increase of 83,000 barrels/day, at a historical high [12]. - As of the week of March 20, 2026, the US commercial crude oil inventory (excluding strategic petroleum reserves) reached 456.2 million barrels, a significant week - on - week increase of 6.926 million barrels and a slight year - on - year increase of 22.558 million barrels. The crude oil inventory in Cushing, Oklahoma, reached 30.945 million barrels, a significant week - on - week increase of 3.421 million barrels; the US strategic petroleum reserve (SPR) inventory reached 415.442 million barrels, a slight week - on - week increase of 100,000 barrels. The US refinery operating rate was maintained at 92.9%, a week - on - week increase of 1.5 percentage points, a month - on - month increase of 4.3 percentage points, and a year - on - year increase of 5.9 percentage points [13]. - As of March 17, 2026, the average non - commercial net long positions in WTI crude oil were maintained at 218,688 contracts, a significant week - on - week decrease of 9,327 contracts and a significant increase of 79,579 contracts or 57.21% compared with the February average of 139,109 contracts. On the other hand, as of March 17, 2026, the average net long positions of Brent crude oil futures funds were maintained at 328,704 contracts, a significant week - on - week increase of 41,736 contracts and a significant increase of 167,310 contracts or 103.67% compared with the February average of 161,394 contracts [13]. 2. Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Shanghai Rubber | 16,300 yuan/ton | +200 yuan/ton | 16,460 yuan/ton | +30 yuan/ton | - 160 yuan/ton | - 30 yuan/ton | | Methanol | 3,118 yuan/ton | +0 yuan/ton | 3,202 yuan/ton | +113 yuan/ton | - 84 yuan/ton | - 113 yuan/ton | | Crude Oil | 676.3 yuan/barrel | +1.4 yuan/barrel | 733.1 yuan/barrel | +9.2 yuan/barrel | - 56.8 yuan/barrel | - 7.8 yuan/barrel | [15] 3. Related Charts - Rubber: The report provides charts on rubber basis, 5 - 9 month spread, Shanghai Futures Exchange rubber futures inventory, Qingdao bonded area rubber inventory, all - steel tire operating rate trend, and semi - steel tire operating rate trend [16][17][18][20][21][23]. - Methanol: The report provides charts on methanol basis, 5 - 9 month spread, domestic port inventory, inland social inventory, methanol to olefin operating rate change, and coal - to - methanol cost accounting [27][29][31][33][35][37]. - Crude Oil: The report provides charts on crude oil basis, Shanghai Futures Exchange crude oil futures inventory, US crude oil commercial inventory, US refinery operating rate, WTI crude oil net position change, and Brent crude oil net position change [39][41][42][44][46][48].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Both Shanghai rubber and synthetic rubber are expected to maintain a volatile and bullish trend on April 26, 2026 [1][5][7] 3. Summary by Relevant Catalogs Shanghai Rubber (RU) - Short - term view: Volatile [1] - Medium - term view: Volatile [1] - Intraday view: Volatile and bullish [1][5] - Core logic: The US is trying to ease the tense sentiment in the financial market. Although the peace - talk signal released by Trump was refuted by Iran, the Shanghai rubber futures contract 2605 maintained a volatile and bullish trend on the night of Wednesday, and is expected to continue this trend on Thursday [5] Synthetic Rubber (BR) - Short - term view: Volatile and bullish [1] - Medium - term view: Volatile and bullish [1] - Intraday view: Volatile and bullish [1][7] - Core logic: The sharp rise of synthetic rubber futures is driven by the continuous increase in the price of upstream raw material butadiene. Due to geopolitical disturbances in Northeast Asia and the centralized reduction of cracking units in Japan and South Korea, the supply of butadiene has tightened significantly, and the inventory at East China ports has continued to decline, pushing up the futures price [7]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - **Rubber**: On Wednesday, the 2605 contract of domestic Shanghai rubber futures showed a trend of shrinking volume, reducing positions, oscillating strongly, and slightly rising. The closing price increased by 1.42% to 16,430 yuan/ton, and the 5 - 9 month spread discount widened to 45 yuan/ton. As the new rubber tapping season approaches, the supply of Shanghai rubber is expected to increase, and it is predicted that the Shanghai rubber futures may maintain a weak oscillating trend in the future [6]. - **Methanol**: On Wednesday, the 2605 contract of domestic methanol futures showed a trend of shrinking volume, reducing positions, oscillating weakly, and significantly falling. The highest price reached 3,195 yuan/ton, the lowest dropped to 2,913 yuan/ton, and the closing price decreased by 3.04% to 3,089 yuan/ton. The 5 - 9 month spread premium narrowed to 206 yuan/ton. Affected by the short - term cooling of geopolitical risks, the upward momentum of methanol weakened, and it is expected that the methanol futures may maintain a high - level oscillating consolidation trend in the future [7]. - **Crude Oil**: On Wednesday, the 2605 contract of domestic crude oil futures showed a trend of shrinking volume, reducing positions, weakly retracting, and significantly falling. The highest price reached 757.8 yuan/barrel, the lowest dropped to 686.0 yuan/barrel, and the closing price decreased by 3.72% to 723.9 yuan/barrel. Due to the short - term signal of peace talks between the US and Iran released by Trump, the geopolitical sentiment cooled down. However, Iran continued to block the Strait of Hormuz, and the US and Iran attacked each other, so geopolitical risks still exist. It is expected that the domestic crude oil futures price may maintain a high - level oscillating consolidation trend in the future [7]. 3. Summary by Relevant Catalogs 3.1 Industry Dynamics 3.1.1 Rubber - As of March 22, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 685,600 tons, a month - on - month increase of 8,000 tons, or 1.18%. The bonded area inventory was 122,100 tons, an increase of 0.66%; the general trade inventory was 563,500 tons, an increase of 1.29%. The inbound rate of the Qingdao natural rubber sample bonded warehouse increased by 1.41 percentage points, and the outbound rate increased by 1.50 percentage points; the inbound rate of the general trade warehouse increased by 1.62 percentage points, and the outbound rate decreased by 0.41 percentage points [9]. - As of March 20, 2026, the capacity utilization rate of China's semi - steel tire sample enterprises was 79.32%, a month - on - month increase of 0.59 percentage points and a year - on - year increase of 0.05 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 72.21%, a month - on - month increase of 0.41 percentage points and a year - on - year increase of 3.31 percentage points. It is expected that the capacity utilization rate of sample enterprises will remain at the current level in the next cycle, with little overall fluctuation [9]. - In February 2026, China's automobile production and sales were 1.672 million and 1.805 million respectively, a month - on - month decrease of 31.7% and 23.1% respectively, and a year - on - year decrease of 20.5% and 15.2% respectively. From January to February 2026, China's automobile production and sales were 4.122 million and 4.152 million respectively, a year - on - year decrease of 9.5% and 8.8% respectively. Although automobile sales in the first two months declined due to multiple factors, exports maintained high growth, with a year - on - year increase of 52.4% in February [10]. - In February 2026, China's heavy - truck market sold about 75,000 vehicles, a month - on - month decrease of nearly 30% compared with January 2025 and a year - on - year decrease of about 8% compared with 81,400 vehicles in the same period last year. From January to February this year, the cumulative sales of China's heavy - truck industry exceeded 180,000 vehicles, a year - on - year increase of about 17% [10]. 3.1.2 Methanol - As of the week of March 20, 2026, the average domestic methanol operating rate was maintained at 87.66%, a week - on - week slight increase of 2.05%, a month - on - month slight increase of 0.25%, and a significant year - on - year increase of 11.99%. The average weekly methanol production in China reached 2.0749 million tons, a week - on - week slight increase of 61,000 tons, a month - on - month slight increase of 1,700 tons, and a significant year - on - year increase of 221,200 tons compared with 1.8537 million tons last year [11]. - As of the week of March 20, 2026, the domestic formaldehyde operating rate was maintained at 33.97%, a week - on - week slight increase of 0.30%. The dimethyl ether operating rate was maintained at 10.13%, a week - on - week slight increase of 1.45%. The acetic acid operating rate was maintained at 88.30%, a week - on - week slight decrease of 0.39%. The MTBE operating rate was maintained at 57.20%, a week - on - week slight decrease of 0.11%. The average operating load of domestic coal (methanol) to olefin plants was 82.26%, a week - on - week slight decrease of 3.82 percentage points and a month - on - month slight increase of 1.61% [11]. - As of March 20, 2026, the domestic methanol to olefin futures disk profit was - 278 yuan/ton, a week - on - week significant decline of 466 yuan/ton and a month - on - month significant decline of 169 yuan/ton [11]. - As of the week of March 20, 2026, the port methanol inventory in East and South China was maintained at 826,700 tons, a week - on - week significant decrease of 53,900 tons, a month - on - month slight decrease of 148,600 tons, and a significant year - on - year increase of 137,000 tons. As of the week of March 19, 2026, the total inland methanol inventory in China reached 485,400 tons, a week - on - week slight decrease of 37,700 tons, a month - on - month significant increase of 145,100 tons, and a significant year - on - year increase of 140,000 tons compared with 345,400 tons last year [12]. 3.1.3 Crude Oil - As of the week of March 13, 2026, the number of active oil drilling platforms in the US was 412, a week - on - week slight increase of 1 and a year - on - year decrease of 75 [12]. - As of the week of March 13, 2026, the daily average US crude oil production was 13.668 million barrels, a week - on - week slight decrease of 10,000 barrels/day and a year - on - year slight increase of 95,000 barrels/day, remaining at a historical high [12]. - As of the week of March 13, 2026, the US commercial crude oil inventory (excluding strategic petroleum reserves) reached 449.3 million barrels, a week - on - week significant increase of 6.156 million barrels and a year - on - year slight increase of 12.291 million barrels. The crude oil inventory in Cushing, Oklahoma, reached 27.524 million barrels, a week - on - week slight increase of 944,000 barrels; the US strategic petroleum reserve (SPR) inventory reached 415.442 million barrels, a week - on - week slight increase of 100,000 barrels. The US refinery operating rate was maintained at 91.4%, a week - on - week slight increase of 0.6 percentage points, a month - on - month slight increase of 0.4 percentage points, and a year - on - year slight increase of 4.5 percentage points [13]. - As of March 17, 2026, the average non - commercial net long positions of WTI crude oil were maintained at 218,688 contracts, a week - on - week significant decrease of 9,327 contracts and a significant increase of 79,579 contracts compared with the February average of 139,109 contracts, with an increase of 57.21%. As of March 17, 2026, the average net long positions of Brent crude oil futures funds were maintained at 328,704 contracts, a week - on - week significant increase of 41,736 contracts and a significant increase of 167,310 contracts compared with the February average of 161,394 contracts, with an increase of 103.67% [13]. 3.2 Spot Price Table | Variety | Spot Price | Change Compared with the Previous Day | Futures Main Contract | Change Compared with the Previous Day | Basis | Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Shanghai Rubber | 16,100 yuan/ton | +0 yuan/ton | 16,430 yuan/ton | +205 yuan/ton | - 330 yuan/ton | - 205 yuan/ton | | Methanol | 3,235 yuan/ton | - 120 yuan/ton | 3,089 yuan/ton | - 50 yuan/ton | +146 yuan/ton | +50 yuan/ton | | Crude Oil | 700.2 yuan/barrel | - 0.3 yuan/barrel | 723.9 yuan/barrel | - 15.2 yuan/barrel | - 23.7 yuan/barrel | +14.9 yuan/barrel | [15] 3.3 Relevant Charts - **Rubber**: Includes charts such as rubber basis, rubber 5 - 9 month spread, Shanghai Futures Exchange rubber futures inventory, Qingdao bonded area rubber inventory, all - steel tire operating rate trend, and semi - steel tire operating rate trend [16][18][20][23][25][27] - **Methanol**: Includes charts such as methanol basis, methanol 5 - 9 month spread, methanol domestic port inventory, methanol inland social inventory, methanol to olefin operating rate change, and coal - to - methanol cost accounting [28][30][32][34][36][38] - **Crude Oil**: Includes charts such as crude oil basis, Shanghai Futures Exchange crude oil futures inventory, US crude oil commercial inventory, US refinery operating rate, WTI crude oil net position holding change, and Brent crude oil net position holding change [40][42][44][46][48][50]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The overall view of Shanghai rubber (RU) is oscillating weakly, with short - term and medium - term oscillations and an intraday oscillating weak trend [1][5] - The overall view of synthetic rubber (BR) is oscillating weakly, with short - term and medium - term oscillating strong trends and an intraday oscillating weak trend [1][7] 3. Summary by Related Catalogs 3.1 Shanghai Rubber (RU) - **Time - period Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [1][5] - **Core Logic**: The US is taking actions in the Middle East and Trump has sent a signal of peace talks with Iran, but it was refuted by Iran. International crude oil futures are adjusting. In a bearish atmosphere, the Shanghai rubber futures contract 2605 maintained an oscillating trend on Tuesday night and is expected to oscillate weakly on Wednesday [5] 3.2 Synthetic Rubber (BR) - **Time - period Views**: Short - term: oscillating strongly; Medium - term: oscillating strongly; Intraday: oscillating weakly; Reference view: oscillating weakly [1][7] - **Core Logic**: Similar to Shanghai rubber, due to the situation in the Middle East and the adjustment of international crude oil futures, the synthetic rubber futures maintained an oscillating strong trend on Monday night and are expected to oscillate weakly on Wednesday [7]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core Views - **Rubber**: On Tuesday, the domestic Shanghai Rubber Futures 2605 contract showed a trend of shrinking volume, reducing positions, stabilizing in shock, and slightly closing up. The closing price rose 0.37% to CNY 16,225/ton, and the 5 - 9 month spread discount widened to CNY 10/ton. As the new rubber tapping season approaches, the supply of Shanghai rubber is expected to increase, and it is predicted that the Shanghai rubber futures may maintain a weak - oscillating trend in the future [6]. - **Methanol**: On Tuesday, the domestic methanol futures 2605 contract showed a trend of shrinking volume, reducing positions, weakening in shock, and significantly closing down. The futures price reached a maximum of CNY 3,273/ton and a minimum of CNY 3,104/ton, closing down 2.97% to CNY 3,139/ton. The 5 - 9 month spread premium narrowed to CNY 200/ton. Affected by the short - term cooling of geopolitical risks, the upward momentum of methanol weakened, and it is expected that the methanol futures may maintain a high - level oscillating consolidation trend in the future [7]. - **Crude Oil**: On Tuesday, the domestic crude oil futures 2605 contract showed a trend of increasing volume, reducing positions, weakly correcting, and significantly falling. The futures price reached a maximum of CNY 799.0/barrel and a minimum of CNY 715.0/barrel, closing down 8.20% to CNY 739.1/barrel. Due to the short - term signal from Trump in the US to negotiate peace with Iran, the geopolitical sentiment has cooled down. However, Iran continues to block the Strait of Hormuz, and the US and Iran are attacking each other, so geopolitical risks still exist. It is expected that the domestic crude oil futures price may maintain a high - level oscillating consolidation trend in the future [7]. 3. Summary by Directory 3.1 Industry Dynamics - **Rubber**: As of March 22, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 685,600 tons, a month - on - month increase of 8,000 tons or 1.18%. The bonded area inventory was 122,100 tons, an increase of 0.66%, and the general trade inventory was 563,500 tons, an increase of 1.29%. The inbound rate of the bonded warehouse increased by 1.41 percentage points, and the outbound rate increased by 1.50 percentage points; the inbound rate of the general trade warehouse increased by 1.62 percentage points, and the outbound rate decreased by 0.41 percentage points. As of March 20, 2026, the capacity utilization rate of China's semi - steel tire sample enterprises was 79.32%, a month - on - month increase of 0.59 percentage points and a year - on - year increase of 0.05 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 72.21%, a month - on - month increase of 0.41 percentage points and a year - on - year increase of 3.31 percentage points. In February 2026, China's automobile production and sales were 1.672 million and 1.805 million respectively, a month - on - month decrease of 31.7% and 23.1%, and a year - on - year decrease of 20.5% and 15.2%. From January to February 2026, China's automobile production and sales were 4.122 million and 4.152 million respectively, a year - on - year decrease of 9.5% and 8.8%. Although automobile sales declined in the first two months due to multiple factors, exports maintained high growth, with a year - on - year increase of 52.4% in February. In February 2026, the domestic heavy - truck market sold about 75,000 vehicles, a month - on - month decrease of nearly 30% compared with January 2025 and a year - on - year decrease of about 8% compared with 81,400 vehicles in the same period last year. From January to February this year, the cumulative sales of the domestic heavy - truck industry exceeded 180,000 vehicles, a year - on - year increase of about 17% [9][10]. - **Methanol**: As of the week of March 20, 2026, the average domestic methanol operating rate was maintained at 87.66%, a week - on - week slight increase of 2.05%, a month - on - month slight increase of 0.25%, and a significant year - on - year increase of 11.99%. The average weekly methanol production in China reached 2.0749 million tons, a week - on - week slight increase of 61,000 tons, a month - on - month slight increase of 1,700 tons, and a significant year - on - year increase of 221,200 tons compared with 1.8537 million tons in the same period last year. As of the week of March 20, 2026, the domestic formaldehyde operating rate was maintained at 33.97%, a week - on - week slight increase of 0.30%. The dimethyl ether operating rate was maintained at 10.13%, a week - on - week slight increase of 1.45%. The acetic acid operating rate was maintained at 88.30%, a week - on - week slight decrease of 0.39%. The MTBE operating rate was maintained at 57.20%, a week - on - week slight decrease of 0.11%. As of the week of March 20, 2026, the average operating load of domestic coal (methanol) to olefin plants was 82.26%, a week - on - week slight decrease of 3.82 percentage points and a month - on - month slight increase of 1.61%. As of March 20, 2026, the futures market profit of domestic methanol to olefins was - CNY 278/ton, a week - on - week significant decline of CNY 466/ton and a month - on - month significant decline of CNY 169/ton. As of the week of March 20, 2026, the methanol inventory in ports in East and South China was maintained at 826,700 tons, a week - on - week significant decrease of 53,900 tons, a month - on - month slight decrease of 148,600 tons, and a significant year - on - year increase of 137,000 tons. As of the week of March 19, 2026, the total inland methanol inventory in China reached 485,400 tons, a week - on - week slight decrease of 37,700 tons, a month - on - month significant increase of 145,100 tons, and a significant year - on - year increase of 140,000 tons compared with 345,400 tons in the same period last year [11][12]. - **Crude Oil**: As of the week of March 13, 2026, the number of active US oil drilling rigs was 412, a week - on - week slight increase of 1, and a decrease of 75 compared with the same period last year. As of the week of March 13, 2026, the average daily US crude oil production was 13.668 million barrels, a week - on - week slight decrease of 10,000 barrels/day and a year - on - year slight increase of 95,000 barrels/day, remaining at a historical high. As of the week of March 13, 2026, the US commercial crude oil inventory (excluding strategic petroleum reserves) reached 449.3 million barrels, a week - on - week significant increase of 6.156 million barrels and a year - on - year slight increase of 12.291 million barrels. The crude oil inventory in Cushing, Oklahoma, USA reached 27.524 million barrels, a week - on - week slight increase of 944,000 barrels; the US Strategic Petroleum Reserve (SPR) inventory reached 415.442 million barrels, a week - on - week slight increase of 100,000 barrels. The US refinery operating rate was maintained at 91.4%, a week - on - week slight increase of 0.6 percentage points, a month - on - month slight increase of 0.4 percentage points, and a year - on - year slight increase of 4.5 percentage points. As of March 17, 2026, the average net non - commercial long position of WTI crude oil was maintained at 218,688 contracts, a week - on - week significant decrease of 9,327 contracts and a significant increase of 79,579 contracts or 57.21% compared with the February average of 139,109 contracts. On the other hand, as of March 17, 2026, the average net long position of Brent crude oil futures funds was maintained at 328,704 contracts, a week - on - week significant increase of 41,736 contracts and a significant increase of 167,310 contracts or 103.67% compared with the February average of 161,394 contracts [12][13]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Shanghai Rubber | CNY 16,100/ton | + CNY 100/ton | CNY 16,225/ton | + CNY 80/ton | - CNY 125/ton | + CNY 20/ton | | Methanol | CNY 3,120/ton | - CNY 235/ton | CNY 3,139/ton | - CNY 212/ton | - CNY 19/ton | - CNY 23/ton | | Crude Oil | CNY 778.9/barrel | + CNY 34.4/barrel | CNY 739.1/barrel | - CNY 95.5/barrel | + CNY 39.8/barrel | + CNY 129.9/barrel | [15] 3.3 Related Charts - The report provides various charts for rubber, methanol, and crude oil, including basis charts, month - to - month spread charts, inventory charts, operating rate charts, and net position holding change charts. The data sources for these charts are Wind and Baocheng Futures Financial Research Institute [16][18][20]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - **Rubber**: On Monday, the domestic Shanghai rubber futures contract 2605 showed a trend of increasing volume and positions, oscillating strongly, and slightly closing up. The closing price rose 0.84% to 16,145 yuan/ton, and the premium of the May - September spread narrowed to 30 yuan/ton. As the new rubber tapping season approaches, the supply of Shanghai rubber is expected to increase, and it is predicted that the Shanghai rubber futures may maintain an oscillating and weakening trend in the future [6]. - **Methanol**: On Monday, the domestic methanol futures contract 2605 showed a trend of decreasing volume and positions, strongly rising, and significantly closing up. The futures price reached a maximum of 3,363 yuan/ton and a minimum of 3,092 yuan/ton, and closed up 8.80% to 3,351 yuan/ton. The premium of the May - September spread widened to 241 yuan/ton. Affected by the short - term geopolitical risk sentiment, methanol continued to rise, and it is expected that the methanol futures may maintain an oscillating and strengthening trend in the future [7]. - **Crude Oil**: On Monday, the domestic crude oil futures contract 2605 showed a trend of decreasing volume and positions, strongly rising, and significantly closing up. The futures price reached a maximum of 838.4 yuan/barrel and a minimum of 776.6 yuan/barrel, and closed up 7.50% to 834.6 yuan/barrel. As Iran continues to block the Strait of Hormuz and the US and Iran attack each other's oil production facilities, geopolitical risks have increased again, and the crude oil premium has rebounded. It is expected that the domestic crude oil futures price may maintain an oscillating and strengthening trend in the future [7]. Summary by Directory 1. Industry Dynamics Rubber - As of March 15, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 677,600 tons, a decrease of 2,800 tons or 0.42% from the previous period. The bonded area inventory was 121,300 tons, an increase of 1.43%; the general trade inventory was 556,300 tons, a decrease of 0.81%. The inbound rate of the sample bonded warehouses for natural rubber in Qingdao increased by 1.71 percentage points, and the outbound rate increased by 1.71 percentage points; the inbound rate of general trade warehouses increased by 1.37 percentage points, and the outbound rate increased by 2.22 percentage points [9]. - As of March 20, 2026, the capacity utilization rate of China's semi - steel tire sample enterprises was 79.32%, a month - on - month increase of 0.59 percentage points and a year - on - year increase of 0.05 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 72.21%, a month - on - month increase of 0.41 percentage points and a year - on - year increase of 3.31 percentage points. It is expected that the capacity utilization rate of sample enterprises will remain at the current level in the next cycle, with little overall fluctuation [9]. - In February 2026, China's automobile production and sales were 1.672 million and 1.805 million vehicles respectively, a month - on - month decrease of 31.7% and 23.1%, and a year - on - year decrease of 20.5% and 15.2%. From January to February 2026, China's automobile production and sales were 4.122 million and 4.152 million vehicles respectively, a year - on - year decrease of 9.5% and 8.8%. Although automobile sales in the first two months declined due to multiple factors, exports maintained high growth, with a year - on - year increase of 52.4% in February [10]. - In February 2026, China's heavy - truck market sold about 75,000 vehicles, a decrease of nearly 30% from January 2025 and a decrease of about 8% from the 81,400 vehicles in the same period last year. From January to February this year, the cumulative sales of China's heavy - truck industry exceeded 180,000 vehicles, a year - on - year increase of about 17% [10]. Methanol - As of the week of March 20, 2026, the average domestic methanol operating rate was maintained at 87.66%, a week - on - week increase of 2.05%, a month - on - month increase of 0.25%, and a significant year - on - year increase of 11.99%. The average weekly methanol output in China reached 2.0749 million tons, a week - on - week increase of 61,000 tons, a month - on - month increase of 170 tons, and a significant year - on - year increase of 221,200 tons compared with 1.8537 million tons last year [11]. - As of the week of March 20, 2026, the domestic formaldehyde operating rate was maintained at 33.97%, a week - on - week increase of 0.30%. The dimethyl ether operating rate was maintained at 10.13%, a week - on - week increase of 1.45%. The acetic acid operating rate was maintained at 88.30%, a week - on - week decrease of 0.39%. The MTBE operating rate was maintained at 57.20%, a week - on - week decrease of 0.11%. The average operating load of domestic coal (methanol) to olefin plants was 82.26%, a week - on - week decrease of 3.82 percentage points and a month - on - month increase of 1.61% [11]. - As of the week of March 20, 2026, the domestic methanol - to - olefin futures disk profit was - 278 yuan/ton, a week - on - week decrease of 466 yuan/ton and a month - on - month decrease of 169 yuan/ton [11]. - As of the week of March 20, 2026, the methanol inventory in ports in East and South China was maintained at 826,700 tons, a week - on - week decrease of 53,900 tons, a month - on - month decrease of 148,600 tons, and a significant year - on - year increase of 137,000 tons. As of the week of March 19, 2026, the total inland methanol inventory in China reached 485,400 tons, a week - on - week decrease of 37,700 tons, a month - on - month increase of 145,100 tons, and a significant year - on - year increase of 140,000 tons compared with 345,400 tons last year [12]. Crude Oil - As of the week of March 13, 2026, the number of active oil drilling rigs in the United States was 412, a week - on - week increase of 1 and a decrease of 75 compared with the same period last year [12]. - As of the week of March 13, 2026, the average daily crude oil production in the United States was 13.668 million barrels, a week - on - week decrease of 10,000 barrels per day and a year - on - year increase of 95,000 barrels per day, at a historical high [12]. - As of the week of March 13, 2026, the US commercial crude oil inventory (excluding strategic petroleum reserves) reached 449.3 million barrels, a week - on - week increase of 6.156 million barrels and a year - on - year increase of 12.291 million barrels. The crude oil inventory in Cushing, Oklahoma, USA reached 27.524 million barrels, a week - on - week increase of 944,000 barrels; the US strategic petroleum reserve (SPR) inventory reached 415.442 million barrels, a week - on - week increase of 100,000 barrels. The US refinery operating rate was maintained at 91.4%, a week - on - week increase of 0.6 percentage points, a month - on - month increase of 0.4 percentage points, and a year - on - year increase of 4.5 percentage points [13]. - As of March 17, 2026, the average non - commercial net long positions in WTI crude oil were maintained at 218,688 contracts, a week - on - week decrease of 9,327 contracts and a significant increase of 79,579 contracts or 57.21% compared with the February average of 139,109 contracts. On the other hand, as of March 17, 2026, the average net long positions of Brent crude oil futures funds were maintained at 328,704 contracts, a week - on - week increase of 41,736 contracts and a significant increase of 167,310 contracts or 103.67% compared with the February average of 161,394 contracts [13]. 2. Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Shanghai Rubber | 16,000 yuan/ton | +0 yuan/ton | 16,145 yuan/ton | +145 yuan/ton | - 145 yuan/ton | - 145 yuan/ton | | Methanol | 3,310 yuan/ton | +200 yuan/ton | 3,351 yuan/ton | +219 yuan/ton | - 41 yuan/ton | - 19 yuan/ton | | Crude Oil | 744.5 yuan/barrel | +1.5 yuan/barrel | 834.6 yuan/barrel | +61.0 yuan/barrel | - 90.1 yuan/barrel | - 59.9 yuan/barrel | [15] 3. Related Charts - **Rubber**: Rubber basis, rubber May - September spread, Shanghai Futures Exchange rubber futures inventory, Qingdao bonded area rubber inventory, all - steel tire operating rate trend, semi - steel tire operating rate trend [16][18][20][22][24][26] - **Methanol**: Methanol basis, methanol May - September spread, methanol domestic port inventory, methanol inland social inventory, methanol - to - olefin operating rate change, coal - to - methanol cost accounting [27][29][31][33][35][37] - **Crude Oil**: Crude oil basis, Shanghai Futures Exchange crude oil futures inventory, US crude oil commercial inventory, US refinery operating rate, WTI crude oil net position change, Brent crude oil net position change [39][41][43][45][47][49]

1. Report Industry Investment Rating - There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints - **Rubber**: The Shanghai rubber futures contract 2605 showed a weakening trend on Friday. As the new rubber tapping season approaches, the supply of Shanghai rubber is expected to increase, and the futures are likely to maintain a weakening trend [6]. - **Methanol**: The domestic methanol futures contract 2605 also showed a weakening trend on Friday. With the weakening of short - term geopolitical sentiment, methanol has adjusted, and it is expected to maintain a high - level oscillation [7]. - **Crude Oil**: The domestic crude oil futures contract 2605 had a weakening trend on Friday. As short - term geopolitical sentiment weakens, the premium of crude oil has partially retreated. It is expected that the domestic crude oil futures price will maintain a high - level oscillation [7]. 3. Summary by Directory 3.1 Industry Dynamics Rubber - As of March 15, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 67.76 million tons, a decrease of 0.28 million tons (0.42% decline) from the previous period. The bonded area inventory increased by 1.43% to 12.13 million tons, and the general trade inventory decreased by 0.81% to 55.63 million tons. The inbound and outbound rates of bonded and general trade warehouses increased [9]. - As of March 20, 2026, the capacity utilization rate of China's semi - steel tire sample enterprises was 79.32%, a 0.59 - percentage - point increase from the previous period and a 0.05 - percentage - point increase year - on - year. The capacity utilization rate of all - steel tire sample enterprises was 72.21%, a 0.41 - percentage - point increase from the previous period and a 3.31 - percentage - point increase year - on - year. It is expected that the capacity utilization rate will remain stable in the next period [9]. - In February 2026, China's automobile production and sales were 1.672 million and 1.805 million respectively, a month - on - month decrease of 31.7% and 23.1%, and a year - on - year decrease of 20.5% and 15.2%. From January to February 2026, the production and sales of automobiles were 4.122 million and 4.152 million respectively, a year - on - year decrease of 9.5% and 8.8%. However, automobile exports in February increased by 52.4% year - on - year [10]. - In February 2026, China's heavy - truck market sold about 75,000 vehicles, a nearly 30% decrease from January 2025 and an 8% decrease from the same period last year. From January to February 2026, the cumulative sales of the heavy - truck industry exceeded 180,000 vehicles, a year - on - year increase of about 17% [10]. Methanol - As of the week of March 20, 2026, the average domestic methanol operating rate was 87.66%, a 2.05% increase from the previous week, a 0.25% increase from the previous month, and an 11.99% increase from the same period last year. The average weekly methanol output was 2.0749 billion tons, a 61,000 - ton increase from the previous week, a 170,000 - ton increase from the previous month, and a 221,200 - ton increase from the same period last year [11]. - As of the week of March 20, 2026, the domestic formaldehyde operating rate was 33.97%, a 0.30% increase from the previous week; the dimethyl ether operating rate was 10.13%, a 1.45% increase from the previous week; the acetic acid operating rate was 88.30%, a 0.39% decrease from the previous week; the MTBE operating rate was 57.20%, a 0.11% decrease from the previous week. The average operating load of domestic coal (methanol) to olefin plants was 82.26%, a 3.82 - percentage - point decrease from the previous week and a 1.61% increase from the previous month [11]. - As of March 20, 2026, the domestic methanol - to - olefin futures contract profit was - 278 yuan/ton, a 466 - yuan/ton decrease from the previous week and a 169 - yuan/ton decrease from the previous month [11]. - As of the week of March 20, 2026, the methanol inventory in ports in East and South China was 826,700 tons, a 53,900 - ton decrease from the previous week, a 148,600 - ton decrease from the previous month, and a 137,000 - ton increase from the same period last year. As of the week of March 19, 2026, the inland methanol inventory was 485,400 tons, a 37,700 - ton decrease from the previous week, a 145,100 - ton increase from the previous month, and a 140,000 - ton increase from the same period last year [12]. Crude Oil - As of the week of March 13, 2026, the number of active oil drilling platforms in the United States was 412, a 1 - unit increase from the previous week and a 75 - unit decrease from the same period last year [12]. - As of the week of March 13, 2026, the daily average crude oil production in the United States was 13.668 million barrels, a 10,000 - barrel - per - day decrease from the previous week and a 95,000 - barrel - per - day increase year - on - year, at a historical high [12]. - As of the week of March 13, 2026, the U.S. commercial crude oil inventory (excluding strategic petroleum reserves) was 449.3 million barrels, a 6.156 - million - barrel increase from the previous week and a 12.291 - million - barrel increase from the same period last year. The crude oil inventory in Cushing, Oklahoma was 27.524 million barrels, a 944,000 - barrel increase from the previous week; the U.S. strategic petroleum reserve (SPR) inventory was 415.442 million barrels, a 100,000 - barrel increase from the previous week. The U.S. refinery operating rate was 91.4%, a 0.6 - percentage - point increase from the previous week, a 0.4 - percentage - point increase from the previous month, and a 4.5 - percentage - point increase year - on - year [13]. - As of March 10, 2026, the average non - commercial net long positions in WTI crude oil were 228,015 contracts, a 55,865 - contract increase from the previous week and an 88,906 - contract increase (63.91% increase) from the February average. As of March 10, 2026, the average net long positions of Brent crude oil futures funds were 286,968 contracts, a 40,454 - contract increase from the previous week and a 125,574 - contract increase (77.81% increase) from the February average [13]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | ---- | ---- | ---- | ---- | ---- | ---- | ---- | | Shanghai Rubber | 16,000 yuan/ton | - 250 yuan/ton | 16,055 yuan/ton | - 35 yuan/ton | - 55 yuan/ton | + 35 yuan/ton | | Methanol | 3,217 yuan/ton | + 272 yuan/ton | 3,084 yuan/ton | - 98 yuan/ton | + 133 yuan/ton | + 98 yuan/ton | | Crude Oil | 762.2 yuan/barrel | - 1.0 yuan/barrel | 764.7 yuan/barrel | - 50.2 yuan/barrel | - 2.5 yuan/barrel | + 49.2 yuan/barrel | [15] 3.3 Related Charts - **Rubber**: The report includes charts such as rubber basis, rubber 5 - 9 month spread, Shanghai Futures Exchange rubber futures inventory, Qingdao bonded area rubber inventory, all - steel tire operating rate trend, and semi - steel tire operating rate trend [16][18][20][22][24][26]. - **Methanol**: The report includes charts such as methanol basis, methanol 5 - 9 month spread, methanol domestic port inventory, methanol inland social inventory, methanol - to - olefin operating rate change, and coal - to - methanol cost accounting [27][29][31][33][35][37]. - **Crude Oil**: The report includes charts such as crude oil basis, Shanghai Futures Exchange crude oil futures inventory, U.S. crude oil commercial inventory, U.S. refinery operating rate, WTI crude oil net position change, and Brent crude oil net position change [39][41][43][45][47][49].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The short - term, medium - term, and intraday views of Shanghai rubber (RU) 2605 are "oscillation", "oscillation", and "oscillation and weakening" respectively, with a reference view of "oscillation and weakening" [1][5] - The short - term, medium - term, and intraday views of synthetic rubber (BR) 2605 are "oscillation and strengthening", "oscillation and strengthening", and "oscillation and weakening" respectively, with a reference view of "oscillation and weakening" [1][7] Group 3: Summary According to Related Catalogs Shanghai Rubber (RU) - **Core Logic**: The US has increased military pressure on Iran, escalating the US - Iran conflict and keeping international crude oil futures prices strong, which boosts domestic energy - chemical commodity futures prices. Trump's remarks have cooled geopolitical sentiment. With the new tapping season approaching, the supply of natural rubber is expected to increase. The 2605 contract of domestic Shanghai rubber futures showed an oscillating and weakening trend on Thursday night, and it is expected to maintain this trend on Friday [5] Synthetic Rubber (BR) - **Core Logic**: The US - Iran conflict has further escalated, and the Middle East geopolitical risk remains. Drone attacks and counter - attacks have occurred. Trump's warning has cooled geopolitical sentiment. The domestic synthetic rubber futures maintained an oscillating and weakening trend on Thursday night and are expected to maintain this trend on Friday [7]