SHERIDAN, WY, Jan. 09, 2026 (GLOBE NEWSWIRE) -- Disclaimer: This article is for informational purposes only and does not constitute medical advice. Peptide therapies and NAD+-focused therapies require evaluation by licensed healthcare providers. Individual results vary, and not all individuals qualify for treatment. Consult a qualified healthcare professional before beginning any prescription therapy.  This article contains affiliate links. If you access services through these links, a commission may be ear ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - All the energy - chemical products covered in the report, including crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and PVC, are expected to show an oscillatory trend [1][2][4][5][6]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Tuesday, oil prices fluctuated downward. The WTI February contract closed down $0.13 at $57.95 per barrel, a 0.22% decline; the Brent February contract closed down $0.02 at $61.92 per barrel, a 0.03% decline; the SC2602 contract closed at 437 yuan per barrel at night, down 1.6 yuan per barrel, a 0.36% decline. As of December 30, the total number of oil and gas rigs increased by 1 to 546, the highest since December 12, but still 43 less than the same period last year, a 7.3% decrease. Indian imports of Russian crude oil in December are expected to drop to about 1.1 million barrels per day, but may increase in January. Oil prices have fallen nearly 20% this year and are expected to oscillate weakly [1]. - **Fuel Oil**: On Tuesday, the main fuel oil contract FU2603 on the Shanghai Futures Exchange closed flat at 2473 yuan per ton, and the low - sulfur fuel oil contract LU2603 closed down 0.23% at 2977 yuan per ton. China's first batch of low - sulfur fuel oil export tax - rebate quotas for 2026 is 8 million tons, the same as last year. The low - sulfur fuel oil market will have sufficient supply from January to February, while the high - sulfur fuel oil market has some support. The absolute prices of FU and LU may fluctuate with oil prices, and the increase in FU warehouse receipts may put additional pressure on the market [2]. - **Asphalt**: On Tuesday, the main asphalt contract BU2602 on the Shanghai Futures Exchange closed up 1.47% at 3038 yuan per ton. The arrival of diluted asphalt at ports is currently stable, and refinery raw material supply in January is not affected by the US - Venezuela geopolitical event. Production increased slightly at the end of the year, but the production schedule for January is low. There is still some demand in the south, while the north has more inventory demand. Asphalt prices may fluctuate with oil prices and may be stronger than crude oil and fuel oil [2]. - **Polyester**: TA605 closed up 0.43% at 5144 yuan per ton, EG2605 closed up 0.79% at 3847 yuan per ton, and PX futures contract 603 closed up 0.63% at 7316 yuan per ton. The production and sales of polyester yarn in Jiangsu and Zhejiang are weak. A 200,000 - ton/year synthetic gas - to - ethylene glycol plant in Guangxi has restarted. PX faces a game between reality and expectation, and ethylene glycol is expected to oscillate after a rebound [4]. - **Rubber**: On Tuesday, the main Shanghai rubber contract RU2605 rose 5 yuan per ton to 15670 yuan per ton, the NR main contract rose 25 yuan per ton to 12690 yuan per ton, and the butadiene rubber BR main contract fell 35 yuan per ton to 11565 yuan per ton. With easing precipitation in the production areas and fading downstream tire demand, rubber prices are expected to oscillate [4][5]. - **Methanol**: On Tuesday, the spot price in Taicang was 2182 yuan per ton. Iranian plant shutdowns will lead to a decline in January arrivals, but MTO plant loads are also decreasing. Port inventories have rebounded, and methanol is expected to maintain a bottom - oscillating trend [5]. - **Polyolefins**: On Tuesday, the mainstream price of East China拉丝 was 6150 - 6300 yuan per ton. Polyolefin production will remain high, while downstream orders and starts are weakening. Polyolefins are expected to oscillate at a low level [5]. - **PVC**: On Tuesday, the PVC market prices in East China were mixed, with some prices in North China rising and those in South China stable. PVC supply remains high, domestic demand is slowing, and it is expected to oscillate at the bottom [6]. 3.2 Daily Data Monitoring - The report provides the basis price, basis rate, spot price change rate, futures price change rate, basis change, and the percentile of the latest basis rate in historical data for various energy - chemical products such as crude oil, liquefied petroleum gas, asphalt, etc. on December 31, 2025 [7]. 3.3 Market News - The US EIA inventory report shows that last week, US crude oil, gasoline, and distillate inventories all increased. As of the week of December 19, US crude oil inventories increased by 405,000 barrels to 424.822 million barrels, and Cushing crude oil inventories increased by 707,000 barrels to 21.57 million barrels. Refinery crude oil processing volume decreased by 212,000 barrels per day, and the refinery utilization rate decreased by 0.2 percentage points to 94.6%. US crude oil production decreased by 18,000 barrels per day to 13.83 million barrels per day [10]. - Under US sanctions, Indian imports of Russian crude oil in December are expected to drop to about 1.1 million barrels per day, reaching a three - year low in 2025, but are expected to increase in January [10]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents historical price trends of main contracts for multiple energy - chemical products from 2021 to 2025 through various charts, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, etc. [12][13][14][15][17][18][20][21][22][23][25][26][27][28][29]. - **4.2 Main Contract Basis**: It shows the historical basis trends of main contracts for different energy - chemical products, such as crude oil, fuel oil, low - sulfur fuel oil, etc. [30][31][32][35][36][37][39][40][41][42]. - **4.3 Inter - period Contract Spreads**: The report analyzes the historical spreads between different contracts for energy - chemical products, including fuel oil, asphalt, PTA, ethylene glycol, etc. [44][45][46][47][49][50][52][53][54][55][56][57][58][59]. - **4.4 Inter - variety Spreads**: It includes historical spreads and ratios between different energy - chemical products, such as crude oil internal and external spreads, fuel oil high - low sulfur spreads, fuel oil/asphalt ratio, etc. [60][61][62][63][64][65][68]. - **4.5 Production Profits**: The report shows the historical production profit trends of LLDPE and PP [69][70]. 3.5 Team Member Introduction - **Zhong Meiyan**: Serves as the assistant director of the research institute and director of energy - chemical research. With more than ten years of research experience in the futures derivatives market, she has won many awards and has rich experience in serving enterprises [74]. - **Du Bingqin**: Analyzes crude oil, natural gas, fuel oil, asphalt, and shipping. With in - depth industry research and many awards, she often publishes views in the media [75]. - **Di Yilin**: Focuses on natural rubber and polyester research. She has won several awards and is good at data analysis [76]. - **Peng Haibo**: Analyzes methanol, propylene, pure benzene, polyolefins, and PVC. With a background in energy - chemical spot - futures trading, he holds a CFA Level 3 certificate [77].

Core Insights - Domestic commodity futures closed with mixed results on December 12, with notable performances in certain metals and agricultural products [1] Group 1: Price Movements - Shanghai tin (沪锡) increased by over 4%, while Shanghai silver (沪银) rose more than 3% and reached a new high [1] - International copper and Shanghai zinc both saw increases of over 2%, while gold and industrial silicon rose by more than 1% [1] Group 2: Declines in Other Commodities - Coking coal and liquefied gas experienced declines of over 4%, with coking coal and red dates dropping more than 3% [1] - Eggs and PVC fell by over 2%, while palm oil and polypropylene (PP) decreased by more than 1% [1] - PX and SS saw slight declines [1]

Core Viewpoint - Domestic commodity futures closed with mixed results, with some contracts experiencing significant gains while others faced notable declines [2] Price Movements - The main contracts showed varied performance, with notable increases in: - Shanghai tin rising over 4% - Shanghai silver increasing over 3%, reaching a new high - International copper and Shanghai zinc both rising over 2% - Shanghai gold and industrial silicon increasing over 1% - Live pigs and natural rubber showing slight increases [2] - Conversely, the following contracts experienced declines: - Coking coal and liquefied gas both falling over 4% - Coking coal and red dates dropping over 3% - Eggs and PVC decreasing over 2% - Palm oil and polypropylene (PP) declining over 1% - PX and stainless steel (SS) showing slight decreases [2]

Group 1 - Domestic commodity futures closed with mixed results, with notable increases in certain metals and declines in others [1] - Tin on the Shanghai Futures Exchange rose over 4%, while silver increased by more than 3%, both reaching new highs [1] - International copper and Shanghai zinc saw increases of over 2%, while gold and industrial silicon rose by more than 1% [1] Group 2 - On the downside, coking coal and liquefied gas fell by more than 4%, with coking coal and red dates dropping over 3% [1] - Eggs and PVC experienced declines of over 2%, while palm oil and polypropylene fell by more than 1% [1] - PX and SS saw slight decreases [1]

1. Report Industry Investment Rating - All the analyzed energy and chemical products, including crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and polyvinyl chloride, are rated as "oscillating" [1][2][3][5][7] 2. Core Views of the Report - **Crude Oil**: On Wednesday, oil prices fluctuated and closed higher. The EIA inventory report showed an increase in US crude, gasoline, and distillate inventories last week. Geopolitical conflicts have limited impact on oil prices, and the overall oil price continues to oscillate [1]. - **Fuel Oil**: On Wednesday, the main fuel oil contracts on the SHFE closed down. The east - west arbitrage window closure may reduce the inflow of low - sulfur arbitrage cargoes to Singapore in December, but the inventory in Singapore remains sufficient. The high - sulfur fuel oil market in December is also expected to have sufficient supply. The price of fuel oil is expected to remain weak due to the relatively pessimistic view on oil prices in December [2]. - **Asphalt**: On Wednesday, the main asphalt contract on the SHFE closed up. In November, the supply and demand of asphalt were both weak. In December, supply will further decrease, and winter storage demand will gradually start. The asphalt price is expected to oscillate at a low level in the short term [2][3]. - **Polyester**: The prices of TA, EG, and PX closed down on Wednesday. At the end of the year, downstream demand is gradually weakening, and the cost of PX is under pressure. TA prices are expected to oscillate with costs, and ethylene glycol prices are expected to adjust widely [3]. - **Rubber**: On Wednesday, the main rubber contracts closed down. The rubber market has a weak supply - demand situation, and the rubber price is expected to oscillate. The price of butadiene rubber is expected to be strong in the short term and return to normal in the medium term [3][5]. - **Methanol**: On Wednesday, the spot price of methanol in Taicang was 2122 yuan/ton. In December, domestic production is expected to decline slightly, and imports will fall from a high level. The overall demand for olefins is expected to increase. Methanol prices are expected to oscillate strongly in the short term [5]. - **Polyolefins**: On Wednesday, the prices of polyolefins were at a low level. In December, supply will increase, and demand will weaken. If the crude oil price remains stable, polyolefins will tend to oscillate at the bottom [5][7]. - **Polyvinyl Chloride**: On Wednesday, the PVC market price oscillated weakly. In December, production will continue to increase, and downstream demand is expected to decline. However, due to factors such as the narrowing of the hedging space and the removal of export restrictions, the PVC price may tend to oscillate at the bottom [7]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: WTI January contract closed up 0.31 dollars to 58.95 dollars/barrel, a 0.53% increase; Brent February contract closed up 0.22 dollars to 62.67 dollars/barrel, a 0.35% increase; SC2601 closed at 450.9 yuan/barrel, up 1.6 yuan/barrel, a 0.36% increase. US crude, gasoline, and distillate inventories increased last week, while the Cushing crude inventory decreased. Refinery processing volume and capacity utilization increased. Geopolitical conflicts have limited impact on oil prices [1]. - **Fuel Oil**: The main fuel oil contracts on the SHFE closed down. The east - west arbitrage window closure may reduce the inflow of low - sulfur arbitrage cargoes to Singapore in December, but the inventory in Singapore remains sufficient. The high - sulfur fuel oil market in December is also expected to have sufficient supply [2]. - **Asphalt**: The main asphalt contract on the SHFE closed up. In November, the supply and demand of asphalt were both weak. In December, supply will further decrease, and winter storage demand will gradually start [2][3]. - **Polyester**: The prices of TA, EG, and PX closed down on Wednesday. At the end of the year, downstream demand is gradually weakening, and the cost of PX is under pressure. TA prices are expected to oscillate with costs, and ethylene glycol prices are expected to adjust widely [3]. - **Rubber**: The main rubber contracts closed down. The rubber market has a weak supply - demand situation, and the rubber price is expected to oscillate. The price of butadiene rubber is expected to be strong in the short term and return to normal in the medium term [3][5]. - **Methanol**: The spot price of methanol in Taicang was 2122 yuan/ton. In December, domestic production is expected to decline slightly, and imports will fall from a high level. The overall demand for olefins is expected to increase. Methanol prices are expected to oscillate strongly in the short term [5]. - **Polyolefins**: The prices of polyolefins were at a low level. In December, supply will increase, and demand will weaken. If the crude oil price remains stable, polyolefins will tend to oscillate at the bottom [5][7]. - **Polyvinyl Chloride**: The PVC market price oscillated weakly. In December, production will continue to increase, and downstream demand is expected to decline. However, due to factors such as the narrowing of the hedging space and the removal of export restrictions, the PVC price may tend to oscillate at the bottom [7]. 3.2 Daily Data Monitoring - The report provides the basis data of various energy and chemical products on December 3, 2025, including spot prices, futures prices, basis, basis rates, price changes, and the position of the latest basis rate in historical data [8]. 3.3 Market News - The expectation that US and Western sanctions on Russian crude oil exports cannot be lifted in the short term has supported oil prices. The EIA inventory report showed an increase in US crude, gasoline, and distillate inventories last week [10]. 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of main contracts for various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, short - fiber, LLDPE, polypropylene, PVC, methanol, styrene, 20 - grade rubber, natural rubber, synthetic rubber, European line container shipping, p - xylene, and bottle chips [12][13][14][15][17][18][20][22][25][26][28]. - **4.2 Main Contract Basis**: The report shows the basis charts of main contracts for various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, PP, LLDPE, natural rubber, 20 - grade rubber, p - xylene, synthetic rubber, and bottle chips [29][33][34][36][37][38]. - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of inter - period contracts for various energy and chemical products, including fuel oil, asphalt, European line container shipping index, PTA, ethylene glycol, PP, LLDPE, and natural rubber [42][44][47][50][52][54][56]. - **4.4 Inter - commodity Spreads**: The report shows the spread and ratio charts of inter - commodity contracts for various energy and chemical products, including crude oil (internal - external spread, B - W spread), fuel oil (high - low sulfur spread, fuel oil/asphalt ratio), BU/SC ratio, ethylene glycol - PTA spread, PP - LLDPE spread, and natural rubber - 20 - grade rubber spread [58][60][63]. - **4.5 Production Profits**: The report presents the production profit charts of LLDPE and PP [66]. 3.5 Team Member Introduction - The report introduces the members of the energy and chemical research team of Everbright Futures, including Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, along with their positions, educational backgrounds, honors, and professional experiences [71][72][73][74].

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 0.65%, the Shenzhen Component Index by 1.25%, and the ChiNext Index by 1.31% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 1,873.94 billion yuan, an increase of about 288.14 billion yuan compared to the previous trading day [1] - A total of 3,398 stocks rose while 1,872 stocks fell, with 76 stocks hitting the daily limit up and 7 stocks hitting the daily limit down [1] Commodity Futures - Domestic commodity futures showed a mixed performance, with silver rising nearly 6% to reach a new closing high, while platinum and polysilicon increased by over 3% [1] - Copper, both domestic and international, rose by over 2%, and gold and silicon iron saw increases of over 1% [1] - Conversely, eggs fell by over 2%, and glass and aluminum oxide dropped by over 1% [1] Regional Performance - The Shanxi sector performed steadily on December 1, with an overall increase of 0.78% and a trading volume of 10.517 billion yuan, up from 7.917 billion yuan on November 28, indicating higher market activity within the sector [1] - Approximately 70% of stocks in the Shanxi sector showed gains, although 9 stocks experienced declines, highlighting some industry differentiation [1] Individual Stock Performance - Among the rising stocks, Northern Copper was the top performer with a gain of 4.56%, reflecting a significant increase in the industrial metals sector, which rose by 2.76% and copper by 3.76% [2] - Other notable gainers included Kexin Development, Jinkong Coal Industry, Tai Steel Stainless, Huayang Co., and Dayu Biology, with respective increases of 3.45%, 2.96%, 2.75%, 2.48%, and 2.10% [2] - On the downside, Yongdong Co. led the declines with a drop of 1.74%, followed by Antai Group, Luohua Technology, Shitou Co., and Dongjie Intelligent, which fell by 1.07%, 0.95%, 0.73%, and 0.71% respectively [2]

Core Viewpoint - Domestic commodity futures closed with more gains than losses on December 1, with significant increases in various metals and materials, indicating a positive market trend for certain commodities [1]. Group 1: Price Movements - Silver on the Shanghai market rose nearly 6%, reaching a new closing high [1]. - Platinum and polysilicon saw increases of over 3% [1]. - Copper on both the Shanghai and international markets increased by more than 2% [1]. - Gold and silicon iron rose by over 1% [1]. - Egg prices fell by more than 2%, while glass and alumina dropped over 1% [1]. - Natural rubber and soda ash experienced slight declines [1].

1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The rubber market shows a volatile performance. With the supply side presenting stable raw - material prices in Thailand, and specific price levels in Yunnan and Hainan. The mid - stream inventory in Qingdao has increased, and the downstream tire factory capacity utilization has decreased. After the RU warehouse receipt cancellation, the current number of warehouse receipts on the disk is at a low level. Considering the end - of - year period and the main contract roll - over stage in the commodity market, the overall market lacks driving forces, and the rubber is expected to continue to fluctuate in the short term. The trading strategy is to temporarily hold off on unilateral positions and focus on the arbitrage of going long on NR and short on RU [3][4] 3. Summary by Relevant Catalogs 3.1 Futures Disk - **Domestic Futures**: RU main contract is at 15195, up 70; NR main contract is at 12165, up 15; BR main contract is at 10360, up 90 [3] - **Foreign Futures**: Tocom RSS3 is at 334.1 yen/kg, down 1.5; Sicom TF is at 170.5 cents/kg, unchanged [3] - **Inter - period Spreads**: RU2605 - RU2601 is 60, down 15; RU2609 - RU2605 is 35, up 5; NR main - second main is - 25, up 5; BR main - second main is 5, down 10 [3] - **Inter - variety Spreads**: RU - NR is 3030, up 55; RU - BR is 4835, down 20; NR - BR is 1805, down 75 [3] - **Inter - market Spreads**: RU - Tocom RSS3 ($) is 5, up 24; NR - Sicom TF ($) is 13, up 5 [3] 3.2 Raw Material Prices - **Thailand (Baht/kg)**: Glue is 57.00, unchanged; cup - lump price is not available [3] - **Hainan and Yunnan (Yuan/ton)**: Hainan glue for concentrated latex is 14300, unchanged; Hainan glue for whole milk is 13100 - 14200, unchanged; Yunnan glue for concentrated latex is 13900, unchanged; Yunnan rubber block for whole milk is 13900, unchanged [3] 3.3 Factory Costs and Profits - **Whole - latex Delivery Profits**: Hainan is - 2548, down 29; Yunnan is - 428, up 71; Thailand is 346, down 10 [3] - **Concentrated Latex Production Profits**: Hainan is - 364, down 65 [3] - **Smoked Sheet and 20 - grade Rubber Gross Profits**: Thai smoked sheet is 1370, down 14; Thai 20 - grade rubber is - 515, up 270 [3] 3.4 Domestic Spot - **Light - colored Rubber**: Old whole milk is 14800, up 50; Vietnamese 3L is 15150, down 100; Thai mixed rubber is 14550, unchanged; Malaysian mixed rubber is 14500, unchanged [3] - **Dark - colored Rubber**: Thai standard is 12991, up 30; domestic standard II is 13750, unchanged [3] - **Latex**: Shanghai: Huangchunfa bulk is 11450, down 50; Shanghai: Hainan bulk is 11200, unchanged [3] - **Synthetic Rubber**: Cis - butadiene BR9000 is 10400, down 100; Styrene - butadiene SBR1502 is 10850, down 100; Styrene - butadiene SBR1712 is 9850, down 50 [3] - **Mixed Rubber**: Thai mixed CIF is 1815, unchanged; Malaysian frost CIF is 1805, unchanged [3] 3.5 Overseas Spot - **Standard Rubber**: Thai standard CIF is 1815, unchanged; Malaysian standard CIF is 1805, unchanged; Indian standard CIF is 1730, unchanged [3] 3.6 Futures - Spot Spreads - **RU Spreads**: RU - Thai mixed is 645, up 70; RU - old whole milk is 395, up 20; RU - Vietnamese 3L is 45, up 170 [3] - **NR Spreads**: NR - Thai standard delivery profit is - 835, up 15; NR - Indian standard delivery profit is - 198, up 15; NR - Malaysian standard delivery profit is - 765, up 15 [3] - **Spot Spreads - Variety Spreads**: Thai standard - Thai mixed ($) is 10, unchanged; Vietnamese 3L - Thai mixed is 600, down 100; domestic standard II - Thai mixed is - 800, unchanged; old whole milk - Vietnamese 3L is - 350, up 150; domestic 9710 - Thai mixed is - 350, unchanged; Thai standard - African 10 - grade ($) is 110, unchanged [3] 3.7 Exchange Rates and Interest Rates - **Exchange Rates**: US dollar index is 99.8123, US dollar/Chinese yuan is 7.0796, down 0.003; US dollar/Japanese yen is 156.0730, unchanged; US dollar/Thai baht is 32.2675, unchanged [3] - **Interest Rates**: SHIBOR - overnight is 1.316, unchanged; SHIBOR - seven - day is 1.453, up 0.020 [3] 3.8 Supply, Demand and Market Analysis - **Supply Side**: Thai raw - material glue price is 57 baht/kg, unchanged; cup - lump price is not available. Yunnan glue for whole - milk production is 13900 yuan/ton, unchanged; for concentrated latex is 14200 yuan/ton, unchanged. Hainan glue for whole - milk production is 16200 yuan/ton, up 0.62%; for concentrated latex is 16200 yuan/ton, up 0.62% [3] - **Mid - stream Inventory**: As of November 23, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao is 46.89 tons, a 3.60% increase from the previous period. The bonded - area inventory is 7.19 tons, with a 7.97% increase; the general - trade inventory is 39.7 tons, with a 2.84% increase [3] - **Downstream Tire Factories**: The capacity utilization rate of all - steel tire sample enterprises is 62.04%, a 2.25 - percentage - point decrease from the previous week and a 1.56 - percentage - point increase year - on - year. The capacity utilization rate of semi - steel tire sample enterprises is 69.36%, a 3.63 - percentage - point decrease from the previous week and a 10.40 - percentage - point decrease year - on - year [3]

11月21日，国内商品期货夜盘开盘，沪银、NR跌超1%，焦炭、PP等小幅下跌；玉米、玻璃等小幅上 涨。 ...