At the close of trading on July 30, domestic futures contracts showed a mixed performance. Energy and chemical products led the gains, with crude oil rising over 6%, ethylene glycol and fuel oil up more than 4%, and PX, paraxylene, bottle-grade PET, and low-sulfur fuel oil gaining over 3%. PTA, staple fiber, propylene, and polypropylene each advanced more than 2%. On the downside, lithium carbonate and iron ore fell over 3%, while the CSI 500, CSI 1000, soda ash, and rapeseed meal dropped more than 2%.

Analysts attributed the rebound in oil prices to escalating tensions in the Middle East and a significant drawdown in U.S. inventories, suggesting that prices may continue to fluctuate within a range in the near term. Following the escalation of related actions, the market has maintained a high level of vigilance regarding risks to regional crude oil transportation. Additionally, shipping security issues in the Red Sea continue to weigh on energy market sentiment. Market attention is focused on potential plans by Yemen's Houthi forces to further raise the cost of commercial vessel passage through the Bab el-Mandeb Strait. This strait, connecting the southern Red Sea to the Gulf of Aden, is a critical global shipping route. An increase in shipping risks could drive up energy transportation costs and affect supply expectations.

Beyond geopolitical factors, U.S. inventory data provided substantial support for oil prices. The Energy Information Administration (EIA) reported that for the week ending July 24, U.S. crude oil inventories fell by 7.167 million barrels, far exceeding the market's expected decline of approximately 2.5 million barrels. This sharp drop in inventories, following a surprise increase of about 2.011 million barrels the previous week, indicates some easing of domestic supply pressure in the United States.

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