s 加安期货 沥青早报 | | 山东基差(+80)(非京博) | -118 | 32 | 22 | -17 | NICE I STATULAR WE LEASE STATE AND AND AND AND AND AND AND AND AND AND AND AND AND AND AND AND AND AND AND AND AND AND AND AND A BREAT AND A BREAT AND A BREAT A STER AND A BR -6 | 日度変化 11 | 用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 1/29 | 2/24 | 2/25 | 2/26 | 2/27 | | | | | | | | | | | -9 | | | | 华东基差(镇江库) | -178 | -18 | -28 | -57 | -66 | | | | 基差&月差 | 华南基差(佛山库) | -158 | -68 | -128 | -157 | -146 | 11 | | | | 03-06 | 13 | -38 ...

| | 指标 | 1/28 | 2/13 | 2/24 | 2/25 | 2/26 | 日度变化 | 팀 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 山东县差(+80)(非京博) | -80 | 0 | 32 | 22 | -17 | -39 | | | | 华东基差(镇江库) | -160 | 50 | -18 | -28 | -57 | -29 | | | 基差&月差 | 华南县差(佛山库) | -110 | 0 | -68 | -128 | -157 | -29 | | | | 03-06 | 21 | -24 | -38 | -45 | -40 | 5 | | | | 04-06 | 19 | -8 | -24 | -22 | -22 | 0 | | | | 06-09 | 26 | 30 | 30 | 36 | 36 | 0 | | | 用 | BU主力合约 | 3410 | 3280 | 3348 | 3358 | 3357 | -1 | | | | 成交量 | 718987 | 266012 | 257381 | 1 ...

10/ -200 -100 -300 -400 -200 -500 华东县差 (镇江库) 山乐县差 (+80) 2022 2021 2023 2024 2020 2025 华南基差(佛山库) 山东县差 安南县 700 700 600 600 500 500 400 400 300 300 200 200 100 100 10/1 11/1 9/1 -100 - -300 -300 研究中心能化团队 2026/2/26 周度变化 82 -15 -୧୮ -24 -17 10 l R -82242 -19797 #N/A 1.7 120 100 0 -50 #N/A 2026 2020 2022 2023 2024 2025 2026 2021 2020 ·2021 -2022 2023 ·2024 2025 ·2026 BU06-09 BU03-06 200 200 150 150 100 100 50 50 0 9/1 8/1 -50 -50 -100 -100 And -150 -150 -200 -200 2020 2024 2020 2026 2021 2022 2023 2025 2026 2021 2 ...

s 加安期货 沥青早报 | | | | | | | | FUARI ABRIAL AND | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 1/26 | | 2/11 | 2/12 | 2/13 | 2/24 | 日度变化 | 팀 | | 基差&月差 | 山东基差(+80)(非京博) | -79 | | -93 | -63 | 0 | 32 | 32 | | | | 华东基差(镇江库) | -79 | | -43 | -13 | 50 | -18 | -68 | | | | 华南基差(佛山库) | -49 | | -93 | -63 | 0 | -68 | -68 | | | | 03-06 | -7 | | -12 | -21 | -24 | -38 | -14 | | | | 04-06 | -7 | | 3 | -5 | -8 | -24 | -16 | | | | 06-09 | 22 | | 31 | 26 | 30 | 30 | 0 | | | | BU主力合约 | 3279 | | 3373 ...

gtaxinstitute@essence.com.cn 综合晨报 春节期间国际油价持续走高，Brent原油主力合约最高通近72美元/桶，WTI原油主力合约最高触及 67美元/桶,双双升至2025年8月以来新高。假期期间美伊对诗持续升温,国际油价在地缘风险助推 下录得阶段性新高后，仍维持强势表现。本轮地缘溢价的回归，核心在于霍尔木兹海峡的脆弱性被 再度激活。美伊新一轮谈判定于26日在瑞士日内瓦举行。未来两周将是决定局势走向的关键窗口, 地缘政治脉冲仍将主导原油市场波动。 (责金属) 【锌】 节中伦锌高位震荡，对节后沪锌走势指引性有限。美伊局势牵动市场，贵金属强势反弹，有色板块 仍具抗跌性，节后短期供大于求之下，沪锌反弹动能弱,但tc低位未见明显反弹，成本支撑强，沪 锌也难深跌，暂看2.4-2.5万元/吨高位震荡。年内供大于求判断不改,视tc回升为高位空配介入时 机。 春节期间责金属表现强势。美国最高法院裁定政府大规模关税政策违法,但特朗普将以其他方式维 持贸易高压。美伊谈判无实质性进展,特朗普表示协议达成的时间窗口至多10-15天,消息称美方 可能在未来几天对伊实施初步打击。短期风险事件关键节点，贵金属强势或 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views - During the Spring Festival, international oil prices continued to rise, with Brent and WTI crude oil reaching new highs since August 2025. Geopolitical risks, especially the tense situation between the US and Iran, are the main drivers of the oil price increase. The next two weeks will be a critical window for the situation, and geopolitical factors will continue to dominate the oil market [1]. - Precious metals showed strong performance during the Spring Festival. With the US - Iran negotiation making no substantial progress and the possibility of US strikes on Iran, the strength of precious metals may continue in the short - term [2]. - For most commodities, the market is affected by various factors such as geopolitical risks, supply - demand relationships, and seasonal patterns. Some commodities are expected to have price fluctuations, while others are likely to maintain a range - bound trend [3][4][5]. 3. Summary by Commodity Categories Energy Commodities - **Crude Oil**: During the Spring Festival, international oil prices rose significantly. Geopolitical risks, especially the tense US - Iran situation, are the main factors. The next two weeks are crucial for the situation, and oil prices will be dominated by geopolitical factors [1]. - **Fuel Oil & Low - sulfur Fuel Oil**: Due to the sharp rise in geopolitical risks between the US and Iran during the festival, oil prices soared. Fuel oil is expected to follow the upward trend. High - sulfur fuel oil is strongly supported by geopolitical factors, while low - sulfur fuel oil is relatively weak and mainly follows the trend of crude oil [21]. - **Asphalt**: International oil prices strengthened during the holiday, and asphalt is expected to start a catch - up rise on the first trading day after the festival. The asphalt market has a pattern of weak supply and demand, and its price follows the trend of crude oil [22]. Metal Commodities - **Copper**: LME copper prices were basically the same as before the holiday. During the domestic holiday, investment and physical demand were weak, and copper prices fluctuated. Copper inventories increased, and the copper market may strengthen the positive market structure. There is a risk that the unilateral copper price will adjust to the MA60 moving average to attract buyers [3]. - **Aluminum**: LME aluminum had limited fluctuations and a slight increase during the Spring Festival. After the festival, Shanghai aluminum is expected to have high - level oscillations. Attention should be paid to the inventory accumulation, demand recovery, and the impact of the US - Iran situation on the supply side [4]. - **Zinc**: LME zinc had high - level oscillations during the festival, with limited guidance for Shanghai zinc. After the festival, Shanghai zinc has weak rebound momentum due to short - term oversupply, but strong cost support. It is expected to oscillate between 24,000 - 25,000 yuan/ton. In the long - term, the oversupply situation remains, and the recovery of TC can be regarded as an opportunity for short - selling at high levels [7]. - **Lead**: The decline of LME lead slowed down near the cost line. After the festival, domestic lead prices are at a low level. Downstream purchases may increase, and recycled lead production has decreased. However, due to the opening of the import window, demand lacks an increase expectation. Shanghai lead is expected to have low - level oscillations between 16,500 - 17,500 yuan/ton [8]. - **Nickel & Stainless Steel**: Shanghai nickel is expected to open higher and then oscillate on the first trading day. During the holiday, the external market was generally strong, and factors such as the US tariff policy and economic data affected the market [9]. - **Tin**: LME tin had a slight increase compared to before the holiday and basically oscillated. The internal and external tin prices are supported by the MA60 moving average. LME tin inventories continued to increase slightly during the festival, and the spot discount narrowed. Tin prices are expected to continue to oscillate, and attention should be paid to the resumption of supply in the main production areas [10]. - **Carbonate Lithium**: Carbonate lithium still has optimistic sentiment in the short - term and is expected to have a strong - biased oscillation. The external market was strong during the holiday, and factors such as the US tariff policy and economic data are favorable [11]. - **Industrial Silicon**: Before the holiday, industrial silicon rebounded slightly after breaking through the previous low. After the holiday, it is expected to continue to oscillate. The supply side may see the resumption of production of large factories in Xinjiang, while the downstream demand is weak, and the social inventory is at a high level [12]. - **Polysilicon**: During the Spring Festival, spot trading was stagnant. Before the holiday, polysilicon futures had a slight increase and narrowed fluctuations. Although there is cost support, the market is expected to maintain an oscillating trend due to factors such as production reduction and inventory accumulation [13]. Ferrous Metals - **Steel (Thread & Hot - rolled Coil)**: During the Spring Festival, the external market generally rose, while the domestic spot market was on holiday. The demand for steel decreased, and the inventory accumulated. Due to factors such as poor steel mill profits and weak downstream demand, the iron - water output remained at a relatively low level. With the improvement of the financial market sentiment, the steel price has a certain rebound momentum after the festival [14]. - **Iron Ore**: During the holiday, overseas iron ore swaps weakened. The supply is relatively strong, and the market is worried about oversupply. Although the demand is expected to improve marginally, the supply pressure is greater, and the price is still under pressure [15]. - **Coke & Coking Coal**: During the holiday, the increase in oil prices may have an indirect impact on the black - series commodities. The inventory of coke increased slightly, and the purchasing willingness of traders was average. The carbon element supply is abundant, and the downstream demand is in the off - season. The prices of coke and coking coal are expected to oscillate in a range [16][17]. - **Manganese Silicon**: The increase in oil prices during the holiday may have an indirect impact. The spot price of manganese ore increased slightly, and the downward space of the disk is relatively small. The inventory of manganese ore in ports may start to increase slowly, and the demand side is at a seasonal low level. The price is affected by oversupply and policy expectations [18]. - **Silicon Ferrosilicon**: The increase in oil prices during the holiday may have an indirect impact. Some production areas have a decrease in power costs, and the demand side is at a low level. The export demand is stable, and the supply changes little. The price is affected by oversupply and policy expectations [19]. Chemical Commodities - **Urea**: During the Spring Festival, the supply of urea remained at a high level, and production enterprises are expected to accumulate inventory seasonally. With the increase in temperature, the demand for agricultural fertilizer preparation is expected to start, and the production enterprises are expected to reduce inventory after the festival. The short - term market is likely to oscillate and rebound [23]. - **Methanol**: The overseas methanol plant operating rate remains low, and the import volume is expected to decrease after the Spring Festival. The coastal MTO plant operating rate is low, and attention should be paid to the profit repair and restart expectations after the festival. The traditional downstream will resume work one after another, and the inventory in the inland and ports is expected to decrease [24]. - **Pure Benzene**: The instability of the US - Iran situation provides support for the cost of pure benzene. The supply during the Spring Festival is relatively high, and the inventory in the East China port is expected to remain at a high level. The downstream demand is expected to improve, and the port inventory may decrease slowly [25]. - **Styrene**: The increase in international oil prices during the holiday boosted the cost of styrene, and it may open higher. However, the supply is expected to increase significantly after the festival, while the downstream demand recovery needs time, and the fundamental contradiction is intensified [26]. - **Polypropylene & Plastic**: The increase in international oil prices during the holiday may boost the opening price after the festival. However, due to the inventory accumulation of polyolefin petrochemical enterprises during the Spring Festival and the slow recovery of downstream production enterprises, the fundamental contradiction is intensified [27]. - **PVC & Caustic Soda**: The PVC industry is in the seasonal inventory accumulation stage. The cost support is strengthened, and the demand for export is strong. The price is expected to rise. The profit of caustic soda has declined significantly, and the cost support is strengthened. The supply may decrease, and the price is expected to operate near the cost [28]. - **PX & PTA**: The strong oil price provides cost support. PX has new capacity in the second half of the year, while PTA has none. In the first half of the year, it is advisable to take a long position. Based on the PX maintenance and polyester production increase expectations in the second quarter, opportunities for long - term PX processing spreads and positive spreads after the decline of the month - spread can be considered [29]. - **Ethylene Glycol**: Ethylene glycol is under long - term pressure due to new capacity, but the supply is expected to shrink, and the downward space is limited. In the second quarter, the supply - demand situation may improve due to centralized maintenance and increased demand [30]. - **Short - fiber & Bottle - grade Chips**: Before the holiday, the production of short - fiber and bottle - grade chips decreased, and the inventory was at a low level. After the holiday, the production is expected to increase. Attention should be paid to the terminal production resumption and inventory preparation rhythm [31]. Agricultural Commodities - **Soybean, Soybean Meal & Rapeseed Meal**: During the Spring Festival, US soybeans continued to be strong. The export and crushing data were good, which boosted the price. The supply - demand balance sheet for the 26/27 US soybean season shows a tightening supply - demand structure [35][37]. - **Soybean Oil, Palm Oil & Rapeseed Oil**: During the Spring Festival, US soybean oil and Malaysian palm oil continued to be strong. The increase in the price of US RIN has a strong driving effect on US soybean oil. The supply - demand balance sheet for the 26/27 US soybean season shows a tightening structure. The short - term upward movement of palm oil has resistance. The export of Canadian rapeseed has improved, and attention should be paid to the policy orientation [36]. - **Corn**: During the Spring Festival, the US is expected to plant less corn in 2026. The US corn futures price oscillated during the holiday. In China, some enterprises in the Northeast started purchasing after the Spring Festival. The trading volume of Dalian corn futures may increase, and attention should be paid to risks [38]. - **Pigs**: After the Spring Festival, the average price of live pigs decreased compared to before the festival. The supply in the spot market is sufficient, and the futures price is expected to continue to weaken. Attention should be paid to the implementation of the pig production capacity reduction logic in the medium - term [39]. - **Eggs**: After the Spring Festival, the egg price decreased slightly. Considering the expected decline in supply in spring, there is a possibility of the futures price continuing to strengthen. It is recommended to go long on the near - month contract at a low price [40]. - **Cotton**: During the Spring Festival, US cotton was strong. The global supply in the 25/26 season is relatively loose, but there is an expectation of supply contraction in the 26/27 season. The domestic cotton market has a good sales situation, and the medium - term Zhengzhou cotton price may be strong [41]. - **Sugar**: During the holiday, US sugar oscillated. In the international market, India's sugar production increased, while Thailand's production was lower than expected. In the domestic market, the market focus is on the expected difference in production. Although the production in Guangxi is currently slow, there is a strong expectation of production increase in the 25/26 season [42]. - **Apples**: The futures price oscillated. The cold - storage trading volume decreased, and the market focus is on the demand side. The high purchase price and the strong reluctance to sell of traders and fruit farmers may affect the inventory reduction speed [43]. - **Wood**: The futures price is at a low level. The supply is expected to decrease in the short - term, and the demand has declined. The low inventory provides certain support, and it is advisable to wait and see for the time being [44]. - **Paper Pulp**: The domestic paper pulp port inventory is still at a high level. The overseas quotation is strong, providing cost support, but the demand is average. The downstream paper mills are cautious about high - price raw material inventory, and attention should be paid to the demand performance after the festival [45]. Financial Products - **Stock Index**: Before the long holiday, A - share major indexes fell by more than 1%, and stock index futures were all at a discount. During the Spring Festival, the Hong Kong stock market was strong, while the overseas stock markets fell. There are uncertainties in trade policies and geopolitical situations. After the festival, the market may maintain a strong - biased oscillation, and attention should be paid to the performance of the technology - growth and cyclical sectors [46]. - **Treasury Bonds**: On February 13, 2026, the treasury bond futures showed a differentiated trend. The long - term contracts are over - priced, and the central bank's bond - buying has not ended, with a strong willingness to maintain the capital market. The TL06 contract has a certain safety margin for long - position trading, and it is appropriate to participate in the unilateral trading of TL or flatten the yield curve [47].

Investment Rating - The report maintains a "Positive" rating for the chemical industry [4][3]. Core Insights - The macroeconomic outlook for the chemical industry indicates a stable increase in oil demand due to global economic recovery and tariff adjustments, with Brent crude oil expected to remain in the range of $60-75 per barrel [4][5]. - The report highlights a potential spring boom in the chemical sector, driven by the success of domestic robotics showcased during the Spring Festival and favorable export conditions following tariff reductions [4][3]. - Investment opportunities are identified in various chains, including textiles, agricultural chemicals, and overseas real estate, with specific companies recommended for investment [4][3]. Industry Dynamics - Oil supply is tightening due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with improved global economic conditions [5]. - The chemical industry is at a cyclical turning point, with downstream operations gradually resuming post-holiday, indicating a positive demand outlook for the year [4][3]. - The report notes that the Producer Price Index (PPI) for industrial products decreased by 1.4% year-on-year in January, while the manufacturing PMI recorded 49.3, indicating some volatility in manufacturing activity [7][4]. Investment Analysis - The report suggests a diversified investment strategy focusing on four key areas: textiles, agricultural chemicals, export chains, and beneficiaries of "anti-involution" policies [4][3]. - Specific companies to watch include those in the textile chain like Lu Xi Chemical and Tongkun Co., and in the agricultural chain like Hualu Hengsheng and Baofeng Energy [4][3]. - The report emphasizes the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, recommending companies such as Yake Technology and Ruilian New Materials [4][3].

s 加安期货 10/1 11/1 9/1 -100 - -300 沥青早报 | | | | | | | | MIND L'O HOLOGIA EVEV | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 1/23 | 2/9 | 2/10 | 2/11 | 2/12 | 日度变化 | 間 | | | 山东基差(+80)(非京博) 华东基差(镇江库) | -56 -56 | -54 -4 | -63 -13 | -93 -43 | -63 -13 | 30 30 | | | | 华南基差(佛山库) | -56 | -54 | -63 | -93 | -63 | 30 | | | 基差&月差 | 03-06 | -7 | -6 | -8 | -12 | -21 | -9 | | | | 04-06 | -4 | 7 | -1 | 3 | -5 | -8 | | | | 06-09 | 23 | 32 | 31 | 31 | 26 | -5 | | | | BU主力合约 | 3236 | 3334 | 3343 | 3373 | ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - No information provided 3. Summary by Relevant Catalog 3.1 Basis and Calendar Spread - The daily changes in Shandong basis (+80, non - Jingbo), East China basis (Zhenjiang warehouse), and South China basis (Foshan warehouse) are all 30. The daily changes in 03 - 06, 04 - 06, and 06 - 09 are -9, -8, and -5 respectively [2][3]. 3.2 Futures Contract Data - The BU main contract price is 3343, with a daily change of -30. The trading volume is 271643, with a daily change of 37601 and a weekly change of -5. The open interest is 347769, with a daily change of -17689 and a weekly change of -4 [2][3]. 3.3 Spot Price - The prices of Jingbo, Shandong (non - Jingbo), Zhenjiang warehouse, and Foshan warehouse remain unchanged at 3200, 3200, 3330, and 3280 respectively [2][3]. 3.4 Profit - The asphalt - Marey profit is 250, with a daily change of -19 [2][3]. 3.5 Total Inventory - No specific data analysis is provided, but the total inventory (Longzhong) is mentioned in the report [7].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - **Rubber**: On Friday, the domestic Shanghai rubber futures contract 2605 showed a trend of shrinking volume, reducing positions, fluctuating weakly, and closing slightly lower. The futures price closed 1.42% lower at 16,315 yuan/ton, and the premium of the 5 - 9 month spread widened to 120 yuan/ton. The rubber market has entered a stage of divergence between bulls and bears. As the Spring Festival holiday approaches, trading between bulls and bears has become cautious. It is expected that the Shanghai rubber futures will maintain a volatile consolidation trend in the future [6]. - **Methanol**: On Friday, the domestic methanol futures contract 2605 showed a trend of increasing volume, reducing positions, fluctuating weakly, and closing significantly lower. The futures price rose to a maximum of 2,248 yuan/ton and dropped to a minimum of 2,187 yuan/ton, closing 2.45% lower at 2,188 yuan/ton. The discount of the 5 - 9 month spread narrowed to 32 yuan/ton. Dominated by a weak supply - demand fundamental, trading between bulls and bears has become cautious, and methanol futures may maintain a weakly volatile trend [7]. - **Crude Oil**: On Friday, the domestic crude oil futures contract 2604 showed a trend of increasing volume, reducing positions, fluctuating weakly, and falling significantly. The futures price rose to a maximum of 475.7 yuan/barrel and dropped to a minimum of 454.4 yuan/barrel, closing 4.22% lower at 460.7 yuan/barrel. As the geopolitical risk in the Middle East cools down and the peak season for crude oil demand comes to an end, crude oil has gradually weakened. Attention should be paid to the dynamics of the external market during the Spring Festival holiday and the geopolitical risk situation in the Middle East [7]. Summary by Directory 1. Industry Dynamics Rubber - As of February 8, 2026, the total inventory of natural rubber in bonded and general trade in Qingdao was 606,800 tons, with a month - on - month increase of 15,100 tons and a growth rate of 2.55%. The bonded area inventory was 99,000 tons, with a growth rate of 1.38%, and the general trade inventory was 507,800 tons, with a growth rate of 2.78%. The inbound rate of the sample bonded warehouses of natural rubber in Qingdao decreased by 0.58 percentage points, and the outbound rate increased by 0.15 percentage points. The inbound rate of general trade warehouses increased by 1.24 percentage points, and the outbound rate decreased by 0.47 percentage points [9]. - As of February 13, 2026, the capacity utilization rate of China's semi - steel tire sample enterprises was 56.40%, with a month - on - month decrease of 15.69 percentage points and a year - on - year decrease of 8.88 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 40.55%, with a month - on - month decrease of 19.90 percentage points and a year - on - year decrease of 13.74 percentage points. During the Spring Festival, most tire enterprises stopped work, and the overall capacity utilization rate of sample enterprises will be at a low point for the year [9]. - In January 2026, China's automobile production and sales reached 2.45 million and 2.346 million respectively. The production increased by 0.01% year - on - year, and the sales decreased by 3.2% year - on - year. Compared with the previous month, they decreased by 25.7% and 28.3% respectively. The passenger car market declined, while the commercial vehicle market continued to improve. The China Logistics Prosperity Index (LPI) in January 2026 was 51.2%, slightly down 1.2 percentage points month - on - month but still in the expansion range above 50%. In January 2026, China's heavy - truck market sold about 100,000 vehicles, a significant increase of about 39% compared with the same period last year. It is expected that the wholesale sales of the heavy - truck industry in the first quarter of this year will increase slightly year - on - year [10]. Methanol - As of the week of February 13, 2026, the average domestic methanol operating rate was maintained at 87.30%, with a week - on - week slight decrease of 0.68%, a month - on - month slight increase of 0.50%, and a significant increase of 6.11% compared with the same period last year. The average weekly methanol output in China reached 2.0568 million tons, with a week - on - week slight decrease of 4,300 tons, a month - on - month small increase of 21,400 tons, and a small increase of 80,600 tons compared with 1.9762 million tons in the same period last year [11]. - As of the week of February 13, 2026, the operating rates of domestic formaldehyde, dimethyl ether, acetic acid, and MTBE all decreased slightly week - on - week. The average operating load of domestic coal (methanol) to olefin plants was 80.21%, with a week - on - week small increase of 1.21 percentage points and a month - on - month small increase of 1.62%. As of February 13, 2026, the futures market profit of domestic methanol to olefin was - 71 yuan/ton, with a week - on - week slight decline of 30 yuan/ton and a month - on - month significant recovery of 173 yuan/ton [11]. - As of the week of February 13, 2026, the methanol inventory at ports in East and South China was maintained at 942,700 tons, with a week - on - week small decrease of 18,700 tons, a month - on - month significant decrease of 101,800 tons, and a small increase of 43,600 tons compared with the same period last year. As of the week of February 12, 2026, the total domestic inland methanol inventory reached 340,300 tons, with a week - on - week small decrease of 28,100 tons, a month - on - month significant decrease of 110,600 tons, and a significant decrease of 159,800 tons compared with 500,100 tons in the same period last year [12]. Crude Oil - As of the week of February 6, 2026, the number of active US oil drilling rigs was 412, a small week - on - week increase of 1 and a decrease of 68 compared with the same period last year. The average daily US crude oil production was 13.713 million barrels, with a significant week - on - week increase of 498,000 barrels/day and a small year - on - year increase of 219,000 barrels/day, at a historical high [12]. - As of the week of February 6, 2026, the US commercial crude oil inventory (excluding strategic petroleum reserves) reached 428.8 million barrels, a significant week - on - week increase of 8.53 million barrels and a small increase of 969,000 barrels compared with the same period last year. The crude oil inventory in Cushing, Oklahoma reached 25.113 million barrels, a small week - on - week increase of 1.071 million barrels. The US Strategic Petroleum Reserve (SPR) inventory reached 415.212 million barrels, a slight week - on - week decrease of 1,000 barrels. The US refinery operating rate was maintained at 89.4%, a small week - on - week decrease of 1.1 percentage points, a small month - on - month decrease of 5.9 percentage points, and a small year - on - year increase of 4.4 percentage points [13]. - As of February 3, 2026, the average non - commercial net long positions in WTI crude oil were maintained at 124,565 contracts, a significant week - on - week increase of 27,583 contracts and a significant increase of 51,751 contracts compared with the January average of 72,814 contracts, with a growth rate of 71.07%. As of February 3, 2026, the average net long positions of Brent crude oil futures funds were maintained at 244,306 contracts, a significant week - on - week increase of 26,344 contracts and a significant increase of 59,860 contracts compared with the January average of 184,446 contracts, with a growth rate of 32.45% [13]. 2. Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 16,250 yuan/ton | - 150 yuan/ton | 16,315 yuan/ton | - 135 yuan/ton | - 65 yuan/ton | - 15 yuan/ton | | Methanol | 2,222 yuan/ton | - 8 yuan/ton | 2,188 yuan/ton | - 43 yuan/ton | + 34 yuan/ton | + 43 yuan/ton | | Crude Oil | 456.9 yuan/barrel | - 0.3 yuan/barrel | 460.7 yuan/barrel | - 16.1 yuan/barrel | - 3.9 yuan/barrel | + 15.7 yuan/barrel | [15] 3. Related Charts - The report provides various charts related to rubber (including rubber basis, 5 - 9 month spread, Shanghai Futures Exchange rubber futures inventory, etc.), methanol (including methanol basis, 5 - 9 month spread, domestic port inventory, etc.), and crude oil (including crude oil basis, Shanghai Futures Exchange crude oil futures inventory, US crude oil commercial inventory, etc.) [16][29][44]