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[Caixin Futures: Divergent Trends in the Energy and Chemical Sector] ⑴ The Trump administration recently canceled the summit in Budapest and imposed sanctions on Russian oil companies, while the EU formally passed its 19th round of sanctions against Russia. ⑵ This may lead to countries like India reducing their purchases of Russian oil. ⑶ The macro environment is bullish, but considering that OPEC+ may implement a slight production increase at its meeting this Sunday, sentiment has turned neutral. ⑷ The US and EU announced a new round of sanctions against Russia, with the US sanctions against Russia's two largest oil companies triggering a strong reaction. ⑸ Expectations of reduced high-sulfur fuel oil supply remain, and prices have rebounded following crude oil. ⑹ OPEC+ may implement a slight production increase at its meeting this Sunday, but with positive macroeconomic expectations, the downside for fuel oil may be limited. ⑺ Market sentiment in Shahe has improved recently, with inventories declining and some mid-to-downstream businesses restocking. ⑻ Some manufacturers are selling well, and market transactions are acceptable; glass supply is gradually turning positive year-on-year. ⑼ However, demand is still declining significantly year-on-year, resulting in considerable pressure. (10) The market showed resilience; considering the rising costs, the downside potential for glass futures may be limited. (11) A slightly bullish outlook is recommended; the domestic soda ash market is stable with prices fluctuating within a narrow range. (12) Total inventory of domestic soda ash manufacturers reached 1.702 million tons this week, an increase of 9,600 tons from Monday. (13) Production from the Alashan Phase II project may be delayed; short-term coal costs have limited the decline. (14) A slightly bullish outlook is recommended; the Shandong liquid soda ash market is performing poorly, with most companies increasing their inventory at the end of the month. (15) Sales are weak, but some companies have slightly increased their prices due to maintenance shutdowns. (16) Supply remains ample, while downstream demand has increased slightly. (17) However, there is no peak season restocking demand for non-aluminum products; inventory remains high, and there are no signs of improvement in fundamentals. (18) A slightly bearish outlook is recommended; the Taicang spot price fell by 20 yuan to 2190 yuan, while the Inner Mongolia North Line price remained unchanged at 2020 yuan. 18. Futures prices fell sharply today with increased open interest, while coal costs remained relatively strong. 20. However, methanol's profitability was rapidly squeezed due to persistently high port inventories.