投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2026-02-27 美伊和谈导致油价延续⾼波动，化⼯下 游稳步复⼯ 原油价格在亚洲盘时间段下跌，因彭博报道，美伊核谈判的调解方表 示，目前讨论进展积极，谈判将于周四晚些时候继续进行。美伊正在日内 瓦举行第三轮核谈判，距离特朗普总统设定的达成协议最后期限仅剩几 天。作为调解方的阿曼外交大臣表示，双方交流了"富有创意且积极的想 法"。原油市场本身略显疲态，Brent近月价差在周四盘中一度走弱至每 桶-3美分，短暂进入contango结构，同一指标在上周某一时点曾高达每桶 +69美分；这是自2024年以来，该价差首次在非到期日进入contango结 构。（以上信息来自彭博终端） 板块逻辑： 化工跟随原油进入弱势调整格局中，烯烃表现明显弱于芳烃。化工期 货主力合约小幅下跌后，各品种的基差大都开始走强，现货表现强于期 货。从周度开工看，聚酯和织造开工从春节前的77.6%、0分别升至79. 7%、12%，产业链下游稳步复工中（数据来源CCF）。原料开工本身看，PT A和苯乙烯周度开工略有攀升，PP和PE开工周度环比下滑，整体变动不 大，春季 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2026-02-26 原油震荡等待局势明朗，化⼯端本⾝⽭ 盾较⼩横盘整理 随着美伊谈判的临近，原油和金融市场严阵以待，权衡谈判达成的可 能性。美伊下一轮谈判定于周四在日内瓦举行，为形成威慑力，美国已下 令在中东展开2003年第二次海湾战争以来规模最大的军事集结，包括部署 两艘航空母舰。另一个对原油市场至关重要的事件是于周末举行的OPEC+ 会议，该组织在2026年一季度暂停了增产计划，二季度是否恢复增产、增 产幅度如何，都会对原油市场带来影响。与此同时，斯洛伐克表示，从俄 罗斯运送原油经过乌克兰的友谊管道仍处于关停状态。（以上信息来自彭 博终端） 板块逻辑： 原油等待美伊谈判进展，化工进入震荡格局。从化工品各个链条基本 面看，聚酯链条供需较为健康，聚烯烃依旧有较大的供应压力，尤其是P E。纯苯-苯乙烯、氯碱则以震荡为主。聚酯原料普遍因为3-5月份的春季 检修而去库，因为2025年下半年较长时间的亏损，PTA产业链没有因为微 利就加大开工。烯烃的弱势主要在于全球都维持较高产能增速，增速高于 过去五年的均值，当前PE的周产量同比攀升到 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The crude oil market is continuously disturbed by the progress of the US - Iran negotiations, and the price of crude oil is oscillating strongly. The chemical industry has a good start after the Spring Festival. Although there is inventory accumulation, it may continue the oscillating pattern. The overall outlook is that the crude oil will maintain high volatility, and the chemical prices will continue to oscillate and consolidate [2]. 3. Summary According to the Directory 3.1 Market Outlook - **Crude Oil**: API crude oil has a large inventory build - up, and the US - Iran geopolitical situation continuously disturbs the market. The supply is expected to be loose this year, but the geopolitical premium is significant. It is expected to oscillate in the short - term [2][7]. - **Asphalt**: The spot price rises, and the asphalt futures price goes up. The long - term supply of raw materials is expected to be abundant, and the current price is over - valued. It is expected to oscillate, and the long - term valuation is expected to decline [6][7]. - **High - sulfur Fuel Oil**: The fuel oil futures price still has a high geopolitical premium. The increase in Venezuelan oil production is expected to put long - term pressure on it. It is expected to oscillate, and short - term attention should be paid to the geopolitical situation in the Middle East [8]. - **Low - sulfur Fuel Oil**: It follows the crude oil to oscillate upwards. Although it faces some negative factors, its current valuation is low. It is expected to oscillate and follow the crude oil fluctuations [9]. - **PX**: The cost boost and the warm commodity sentiment resonate, and the price center moves up. It is expected to oscillate strongly in the short - term, and the mid - term logic of buying on dips remains [10]. - **PTA**: Supported by cost and tariff policies, it is necessary to pay attention to the resumption rhythm of the polyester industry. It is expected to oscillate strongly in the short - term [11]. - **Pure Benzene**: After the festival, it makes up for the price increase. The fundamentals in Q1 are better than those in Q4, but the inventory pressure is still large. It is expected to oscillate [12][13]. - **Styrene**: After the festival, it makes up for the price increase. The seasonal inventory build - up height in February is adjusted downwards, but the support strength declines. It is expected to oscillate [14][15]. - **Ethylene Glycol**: The price rebound is limited due to supply - demand pressure, and the support below is enhanced. It is expected to maintain range consolidation in the short - term [16][18]. - **Short - fiber**: Supported by cost and tariff reduction, it is beneficial for export. It is expected to oscillate strongly in the short - term [18][19]. - **Bottle Chip**: The cost boost is obvious. It is expected to oscillate strongly in the short - term, and the support for processing fees below is enhanced [20]. - **Methanol**: After the festival, the overseas geopolitical disturbance continues, and it oscillates widely. It is necessary to pay attention to the negotiation progress between the US and Iran [22][23]. - **Urea**: Driven by post - festival demand, it oscillates strongly. Although there is upward momentum, the upward space is limited [24]. - **Plastic (LLDPE)**: The geopolitical disturbance boosts the sentiment, and it rebounds slightly. It is expected to oscillate in the short - term [28]. - **PP**: The basis is weak, and the futures price follows the crude oil to rebound slightly in the short - term. It is expected to oscillate in the short - term [29]. - **PL**: Supported by the spot and the rising oil price, it rebounds. It is expected to oscillate in the short - term [30]. - **PVC**: The geopolitical disturbance still exists, and it may oscillate. The high inventory forms a suppression, and the market sentiment is supported by the geopolitical disturbance and the spring inspection expectation [31]. - **Caustic Soda**: With low valuation and weak expectation, it oscillates. The high inventory suppresses, but the spring inspection and downstream restocking support it [32]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Index Monitoring - **Inter - period Spread**: The inter - period spreads of various varieties such as Brent, Dubai, PX, PTA, etc. have different changes, which reflect the market's expectations for different time periods of each variety [34]. - **Basis and Warehouse Receipts**: The basis and warehouse receipts of each variety also have corresponding changes, which can reflect the relationship between the spot and futures prices and the inventory situation to a certain extent [35]. - **Inter - variety Spread**: The inter - variety spreads between different varieties such as PP - 3MA, TA - EG, etc. have changed, which can help analyze the relative price relationships between different varieties [36]. 3.2.2 Chemical Basis and Spread Monitoring Although the report lists various varieties such as methanol, urea, etc., no specific monitoring data and analysis content are provided. 3.3 Commodity Index - The comprehensive index, characteristic index, and sector index of the commodity index all show different degrees of increase, reflecting the overall upward trend of the market [275][276].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The crude oil market continues to oscillate, with the market awaiting the clarification of geopolitical situations. The IEA predicts a supply surplus of over 370,000 barrels per day in the global crude oil market in 2026 [2]. - The weekly production of the chemical industry generally increased in the week approaching the Spring Festival, and the weekly operating rate of Chinese refineries also showed an upward trend. The probability of significant market fluctuations before the festival is low. It is recommended that investors hold light positions during the holiday [2]. - Overall, coal prices are stabilizing, while crude oil and chemical prices continue to oscillate and consolidate [2]. 3. Summary by Relevant Catalogs 3.1 Market Views - **Crude Oil**: Geopolitical premiums are fluctuating, and risks remain high around the holiday. The fundamentals of the current crude oil market are not optimistic, with high inventory levels. Geopolitical factors dominate the price fluctuations, and the market risks are relatively large during the Spring Festival. The short - term outlook is for oscillation [7]. - **Asphalt**: The tight supply of raw materials is gradually easing, and the futures price is oscillating. The long - term valuation of asphalt is expected to decline as the supply of heavy oil is expected to be abundant in the future, and the inventory accumulation pressure is large [8]. - **High - Sulfur Fuel Oil**: The futures price still has a relatively high geopolitical premium. The long - term supply increase of heavy oil will put pressure on the price, and the short - term focus is on the progress of the US - Iran negotiations [8]. - **Low - Sulfur Fuel Oil**: It follows the upward oscillation of crude oil. Although it faces some negative factors, its current valuation is low, and it will fluctuate with crude oil [10]. - **PX**: The demand support before the festival is insufficient. The supply has increased while the demand has decreased, and the price has回调 in the short term. It is expected to oscillate in the short term [11]. - **PTA**: The cost support is insufficient, and the price is in a range - bound consolidation. The seasonal inventory accumulation pressure is large, but the processing fee still has some support in the short term [12]. - **Pure Benzene**: The price oscillation is mainly affected by crude oil prices and market sentiment. There is a risk of inventory accumulation in the short term, and the market has a large divergence in the Q2 fundamentals [13]. - **Styrene**: The supply - demand situation has become marginally looser. The upward momentum has decreased, and the price is expected to oscillate [16]. - **Ethylene Glycol (MEG)**: The import volume in the second quarter has been revised downwards, and there is a weak repair expectation for supply - demand. The price has limited downside [17]. - **Polyester Staple Fiber**: Both supply and demand have decreased, and the trading is light. The price will follow the movement of upstream products [21]. - **Polyester Bottle Chips**: The volatility has narrowed, and the trading atmosphere has declined. The price will follow the cost fluctuations [22]. - **Methanol**: The coastal trading has been suspended before the festival, and the inventory discharge in the inland is coming to an end. It is expected to oscillate and consolidate [23]. - **Urea**: The pre - festival orders are coming to an end, and the sustainability of sentiment boost may be limited. The supply is stable at a high level, and the demand has the expectation of a peak season after the Spring Festival [25]. - **LLDPE**: Both long and short positions are cautious before the long holiday. The price is expected to oscillate in the short term, and the focus is on the return of demand after the festival [27]. - **PP**: Both long and short positions are cautious before the festival. It is advisable to hold light positions. The price is expected to oscillate in the short term [28]. - **PL**: Supported by the spot market, it oscillates. The supply increase is limited, and the downstream demand in the off - season has limited support [29]. - **PVC**: With low valuation and weak expectations, it oscillates. The market sentiment has weakened, and the support from "export rush" has diminished [31]. - **Caustic Soda**: The comprehensive profit is poor, and it weakly stabilizes. The chlorine - alkali profit is poor, but the futures price has a high premium, and it is expected to oscillate before the festival [32]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Indicator Monitoring - **Inter - period Spreads**: Data on the inter - period spreads of various varieties such as Brent, Dubai, PX, PTA, etc. are provided, showing the latest values and changes [34]. - **Basis and Warehouse Receipts**: Information on the basis and warehouse receipts of varieties like asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. is presented, including the latest values and changes [35]. - **Inter - variety Spreads**: Data on the inter - variety spreads of different varieties are given, such as the spreads between PP and 3MA, TA and EG, etc., along with their changes [36]. 3.2.2 Chemical Basis and Spread Monitoring Although the catalog mentions monitoring for multiple varieties, no specific data or analysis content is provided in the given text. 3.3 Commodity Index - **Comprehensive Index**: The comprehensive index, featured index, and plate index are presented. The comprehensive index shows an upward trend, with the energy index having a daily increase of 1.19%, a 5 - day increase of 2.79%, a 1 - month increase of 4.56%, and a year - to - date increase of 8.50% [276][277].

投资咨询业务资格：证监许可【2012】669号 板块逻辑： 中信期货研究|能源化⼯策略⽇报 2026-02-10 全国动⼒煤普遍去库，化⼯延续震荡整 理 原油期货价格延续震荡整理态势，市场焦点依旧在于美伊和谈。彭博 报道，2月6日美伊双方在阿曼进行了初次谈判，美国总统表示会谈进行得 非常好，双方会谈将于本周继续进行。在地缘局势平息前，原油将延续震 荡整理。隆众数据显示，当前煤炭市场价格则受到低库存的支撑，周度看 全国各区域均环比去库，发运倒挂，煤炭价格春节前后维持坚挺的概率较 大。彭博报道，美国天然气期货周一延续跌势，天然气钻机数持续回升为 期价带来压力。 三大一次能源的震荡格局为化工带来一些支撑，化工产业链自身当前 矛盾并不很大。周一液体化工库存公布，隆众数据显示，2月9日当周苯乙 烯华东港口库存环比下滑11.18%，库存绝对值位于五年同期最低；纯苯港 口库存周度环比略增0.34%，纯苯当前依旧是五年同期最高的库存水平；C CF公布数据显示，乙二醇华东港口库存环比增加4.24%。乙二醇和纯苯的 累库属于季节性，苯乙烯的反季节性去库更凸显当前产业格局的健康，高 利润带来的远期开工的回升是隐忧。 原油：地缘溢价 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2026-02-06 美伊谈判前后油价延续⾼波动，烧碱下 ⾏持续性待观察 央视新闻报道，美伊谈判将于2月6日在阿曼举行，谈判前油价高波动 仍在延续，本轮核问题谈判结果将对短期油价形成方向性指引。路透显示 海外柴油裂解价差重回弱势，炼厂毛利相对承压。路透报道俄罗斯对中国 出口的原油折扣幅度继续加大，市场存在对印度购买减量的担忧。伊朗及 俄罗斯地缘局势、OPEC+二季度产量预期等供应端因素仍是2月原油市场关 注的核心，目前地缘溢价仍存，短期重点关注美伊谈判动向及印度对俄罗 斯石油购买进展。 板块逻辑： 油价高波动下化工品市场有所分化，PX及PTA存在终端需求支撑不足 的阶段性压力，纯苯及苯乙烯在3月后的去库预期支撑下价格震荡偏强。 近期液氯价格上调，烧碱下行空间打开，但考虑节前液氯价格可能向下调 整，烧碱以震荡看待。 原油：供应压力仍在，地缘主导节奏 沥青：沥青原料供应扰动有望缓解 高硫燃油：燃油期价等待美伊谈判进展 低硫燃油：低硫燃油跟随原油震荡 甲醇：沿海利空显著，甲醇区间震荡 尿素：预售订单支撑，尿素震荡整理 乙二醇：近端到货偏 ...

板块逻辑： 路透数据显示原油仍处于库存压力显现、供应仍偏过剩格局下的地缘 溢价摇摆阶段。强预期对纯苯、苯乙烯持续形成支撑，在化工品中表现偏 强。短期PVC存"抢出口"、国内供应端政策预期提振，财联社报道称印 尼煤炭出口扰动，亦对PVC形成支撑，但基本面压力未扭转，盘面或先扬 后抑，整体偏震荡。 原油：供应压力仍在，地缘主导节奏 沥青：沥青原料供应扰动有望缓解 高硫燃油：燃油期价跟随原油走强 低硫燃油：低硫燃油跟随原油震荡 甲醇：港口库存重回去库，海外局势偶有波折，甲醇区间震荡 尿素：收单好转情绪升温，尿素震荡整理 乙二醇：近端到货偏多，价格承压运行 PX：价格止跌企稳，商谈回暖，PX短期震荡整理 PTA：强预期弱现实，价格区间整理 短纤：下游放假停车，需求清淡 瓶片：库存结构优化，瓶片效益维持强势 丙烯：现货压力不大，PL震荡 PP：节前下游心态谨慎，PP回落后震荡 塑料：上游开工小幅提升，塑料回落后震荡 苯乙烯：季节性累库或开启，但苯乙烯利润不易压缩 PVC：煤炭进口扰动，PVC反弹谨慎 烧碱：需求阶段改善，烧碱暂观望 展望：美伊关系动向支撑原油价格，化工震荡思路对待。 风险提示：中美贸易摩擦升级，互相大幅 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2026-02-04 地缘扰动油价延续⾼波动，烧碱价格趋 弱关注上游减产⻛险 路透数据显示，美国上周API原油库存大幅下降1107.9万桶，此外汽 油累库柴油去库，寒潮影响有所显现。地缘局势对油价持续形成扰动，路 透报道2月3日美籍油轮遭伊朗武装船只逼近，美国击落一架靠近"林肯 号"航母的伊朗无人机，地缘担忧再度升级，路透报道特朗普表示美国将 对印度关税降至18%，以换取印度停止购买俄罗斯石油，对俄油后期供应 形成威胁。总体来看，俄罗斯及伊朗因素导致原油地缘溢价持续摇摆，关 注后续美伊谈判动向及印度对俄罗斯石油购买进展。 板块逻辑： 路透及阿格斯报道国内地炼购买伊朗及加拿大原油以替代委内瑞拉原 油，重质原料重构过程中沥青成本提升的预期迎来兑现期，路透显示美国 已批准向委内瑞拉供应稀释剂，全球重油供应有望逐步宽松。纯苯及苯乙 烯受后期春检去库预期支撑震荡偏强，隆众资讯显示伊朗甲醇装置重启， 但路透显示美伊局势仍存利多风险，烧碱价格趋弱后上游减产风险增大， 大多数能化品存在预期层面的阶段性支撑。 原油：供应压力仍在，地缘主导节奏 沥青 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|能源化⼯策略⽇报 2026-02-03 油⽓价格回落，化⼯成本⽀撑减弱 据路透，特朗普表示伊朗正与华盛顿进行对话，美伊局势缓和预期带 动原油地缘溢价快速回落。另一方面，路透显示美国气温趋缓带动天然气 高位回落，前期取暖需求及油气替代的利多因素同步消退。Kpler数据显 示2月1日当周全球原油库存自低点大幅回升，随着CPC发运量底部回升， 俄罗斯港口原油发运量已回升至同期高位，路透显示目前哈萨克斯坦油田 仍处复产期，2月1日前已恢复20%产能。原油现实层面的供应压力仍在， 美伊局势主导短线波动，若地缘担忧持续缓和，仍存向下压力，对油化工 可能形成阶段性拖累。 板块逻辑： 原油价格下挫，2月2日能化板块中油品系跌幅居首。聚酯开工快速回 落，PTA加工费阶段性承压，纯苯及苯乙烯后续存去库预期，价格预计震 荡偏强。伊朗担忧减弱后，甲醇、燃料油均有地缘溢价消退，烯烃端虽年 内仍面临供应增量，但短期存在检修支撑。整体来看，化工预计表现震 荡，持续关注成本端指引。（以上数据及信息来源为路透、隆众及CCF） 原油：供应压力仍在，地缘主导节奏 沥青：原油重挫，沥青期 ...

1. Report Industry Investment Rating The report does not explicitly provide a comprehensive industry - wide investment rating. However, for individual products, the general outlooks are mostly "震荡" (oscillating), which implies a neutral stance in the short - to - medium term for most energy and chemical products. 2. Core Viewpoints - The confrontation between the US and Iran has intensified, driving up Brent crude oil futures prices to $70 per barrel for the first time since September, and SC crude oil futures almost hit the daily limit. This has led to an increase in the cost of oil - based chemical products. Meanwhile, the chemical industry chain is entering the off - season, with开工率 (operating rates) of many downstream sectors such as textile and polyester declining [2]. - The overall view is that the situation in the Middle East, especially the US - Iran relationship, will support crude oil prices, and the chemical industry should be treated with an oscillating mindset [2]. 3. Summary by Product Categories 3.1 Crude Oil - **View**: Supply pressure remains, and geopolitical factors dominate the market rhythm. The situation in Iran is expected to increase supply concerns, and short - term support comes from a weak US dollar and geopolitical uncertainties. The outlook is oscillating as the fundamental supply is in surplus, but geopolitical premiums may fluctuate [8]. 3.2 Asphalt - **View**: Geopolitical premiums and rising spot prices have led to a significant increase in asphalt futures prices. Although the current price is in an over - valued range, the cost of crude oil supports the price. The outlook is oscillating, and the long - term valuation is expected to decline. The inventory accumulation pressure is high due to the off - season demand [9]. 3.3 High - Sulfur Fuel Oil - **View**: Geopolitical premiums support high - sulfur fuel oil. However, the expected increase in heavy - oil supply from Venezuela and the substitution of fuel oil in the Middle East's power - generation sector are long - term negative factors. The outlook is oscillating, with short - term focus on geopolitical trends in the Middle East [9]. 3.4 Low - Sulfur Fuel Oil - **View**: It follows the upward trend of crude oil and oscillates strongly. Although it faces challenges such as a decline in shipping demand and substitution by green energy, its current low valuation may lead it to follow the movement of crude oil. The outlook is oscillating [12]. 3.5 PX - **View**: The valuation of chemical products is relatively high, and the price increase is less than that of crude oil. The short - term supply and demand pattern is prone to inventory accumulation, but the market has expectations for future supply reduction due to maintenance. The outlook is oscillating and slightly strengthening, with short - term price support at around 7,250 yuan/ton for the PX05 contract [13]. 3.6 PTA - **View**: Supply has increased, the supply - demand relationship has weakened, and profits have been compressed. The cost support from rising international oil prices remains, but the high valuation of the chemical industry limits the price increase. The outlook is oscillating and slightly strengthening, with support at around 5,200 yuan/ton for the TA05 contract [13]. 3.7 Pure Benzene - **View**: It oscillates due to the game between expectations and reality. Short - term high inventory may limit the price increase, but the fundamentals are expected to improve in the first quarter. The outlook is oscillating [15]. 3.8 Styrene - **View**: Recent price increases are due to capital behavior and export expectations. The short - term supply is tight, but seasonal inventory accumulation may lead to a profit reduction. The outlook is oscillating, and the reduction amplitude is expected to be limited [18]. 3.9 Ethylene Glycol - **View**: The driving force is general, and it is more affected by the commodity market atmosphere and device disturbances. The short - term supply is increasing, and the price is expected to adjust within a range. The outlook is for short - term price consolidation within the range of [3800 - 4050] yuan/ton for the EG05 contract [19]. 3.10 Short - Fiber - **View**: Spot trading is weak, and the driving force is general. The cost has a certain supporting effect, but the demand is seasonally weak. The outlook is that the price will follow the upstream market, and the processing fee will have stronger support at the lower end [22]. 3.11 Polyester Bottle Chips - **View**: It follows the cost fluctuations, and the support at the lower end of the profit is strengthening. The price is mainly anchored to the cost of upstream raw materials and has no obvious trend. The outlook is that the absolute price will follow the raw material price, the processing fee will have stronger support at the lower end, and attention should be paid to the long - PR and short - TA position [24]. 3.12 Methanol - **View**: There is a long - short game in the coastal area, and it oscillates within a range. The domestic production area is reducing prices to clear inventory, while the consumer market is relatively strong. The coastal market is affected by the low - start of downstream MTO devices and high inventory. The outlook is oscillating, and the short - term trading may be mainly affected by overseas situations [26]. 3.13 Urea - **View**: The pre - holiday factory order collection is smooth, and the price is slightly strengthening. The supply is sufficient, and the demand from the agricultural sector has a certain increase, while the industrial demand is cautious. The outlook is oscillating, and in the short - term, the price may fluctuate slightly and may be slightly strengthening [27]. 3.14 LLDPE - **View**: Supported by raw materials, it follows the upward trend. The increase in oil prices and natural gas prices has a positive impact, but the demand is in the off - season, and the follow - up of spot prices is limited. The outlook is short - term oscillation [32]. 3.15 PP - **View**: It follows the upward trend of oil prices in the short - term. The increase in oil prices and the repair of production profits are positive factors, but the demand is in the off - season, and the trading volume has decreased recently. The outlook is short - term oscillation [33]. 3.16 PL - **View**: The inventory pressure is not large, and it oscillates. The PDH maintenance has a positive impact, but the downstream demand is in the off - season. The outlook is short - term oscillation [34]. 3.17 PVC - **View**: Supported by low valuation, it oscillates. Geopolitical factors and the "export at low prices" strategy provide certain support, but the downstream demand is weakening seasonally. The outlook is oscillating, and the short - term "export at low prices" and low valuation support the market, but the fundamental pressure has not been reversed [37]. 3.18 Caustic Soda - **View**: The electricity price has been slightly reduced, and the cost is decreasing. The high production and weak demand lead to inventory accumulation, and the spot price is under pressure. The outlook is oscillating and slightly weakening, and short positions should stop losses at low prices before the Spring Festival [39]. 4. Variety Data Monitoring 4.1 Energy and Chemical Daily Indicator Monitoring - **Inter - period Spread**: The report provides detailed inter - period spread data for various products such as Brent, Dubai, PX, PTA, etc., showing the changes in different contract spreads [41]. - **Basis and Warehouse Receipts**: It includes basis and warehouse receipt data for multiple products, reflecting the relationship between spot and futures prices and the quantity of warehouse receipts [42]. - **Inter - variety Spread**: The report presents inter - variety spread data, such as the spread between PP and methanol, and between PTA and ethylene glycol, which helps in analyzing the relative price relationships between different products [43]. 4.2 Chemical Basis and Spread Monitoring Although the sub - sections for each product are listed, the specific data and analysis content are not fully filled in the report. 5. Commodity Index - **Comprehensive Index**: The comprehensive index, specialty index, and sector index all show an upward trend. For example, the commodity 20 index increased by + 2.61% to 2995.74, and the energy index rose by + 2.48% to 1195.87 on January 29, 2026 [283][284].