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[Caixin Futures: Energy and Chemical Sector Under Pressure, Short Selling Most Commodities on Rallies Recommended] ⑴ Crude Oil: The ongoing tariff war, coupled with Trump's push to reduce Russian oil purchases, has fueled risk aversion, leading to a sharp decline in prices. Despite the Ukrainian attack on Russian energy facilities, geopolitical influences have given way to macroeconomic pressures, and API and EIA crude oil inventories have accumulated significantly. Weak fundamentals predict prices will remain weak, and shorting is recommended on rallies. ⑵ Fuel Oil: Despite the expected reduction in high-sulfur fuel oil supply caused by the Ukrainian attack, escalating trade frictions and weaker crude oil prices are putting pressure on prices, and unilateral price pressure is expected to continue, with volatile and weak trends. ⑶ Glass: Market supply is selling at low prices, with upstream suppliers shifting from holding prices to lowering them, and downstream purchasing enthusiasm is weak. Although expectations of the "coal-to-gas" policy will provide a temporary boost to the market, medium-term supply will turn positive year-on-year, while demand will decline sharply. Sustained inventory reduction will be difficult without production cuts during a sluggish peak season, resulting in significant pressure. Shorting on rallies is recommended. ⑷ Soda Ash: The market is weak and stable, with a slight decrease in the operating rate to 84.47%, and an increase in factory inventories by 10,200 tons. Although the Alxa Phase II production launch may be delayed, the simultaneous surge in supply is driving weak demand. Strategically, we recommend shorting on rallies. (5) Caustic soda: The Shandong market saw mixed gains and losses. Declining inventories in the east led to a price rebound, while increased supply in the west and southwest led to price declines. Rumors of loss-making production cuts in central China triggered a decline in the alumina market. While maintenance in Shandong provides short-term support, the decline in non-aluminum demand undermines stockpiling demand. The market is fluctuating at high levels with a weak trend. Watch for the realization of expected inventory replenishment in the second half of the month.