纯碱 (SodaAsh) 加自选

天然气价格展望——周一早些时候天然气价格漂移。天然气市场继续出现很多噪音，因为我们正试图找出一个基础模式，以便在未来几个月更冷的情况下最终向上移动。在这一点上，市场看起来噪音仍然是常态。

Natural Gas Price Outlook – Natural Gas Drifts Early on Monday.The natural gas market continues to see a lot of noise, as we are trying to sort out a basing pattern for the eventual move to the upside based on colder months coming. At this point, the market still looks like noise is the norm.

原油价格展望——目前原油价格走势不佳。原油市场继续出现大量横盘整理，因为我们正在等待美联储周四的公告，也许更重要的是，等待那场至关重要的新闻发布会。

Crude Oil Price Outlook – Crude Looks Sideways at the Moment.The crude oil market continues to see a lot of sideways action, as we are waiting for the Federal Reserve announcement on Thursday, and perhaps more importantly, waiting for that all-important press conference.

受液化天然气大量流入和温和多风天气抑制需求的支撑，欧洲天然气期货跌至每兆瓦时32欧元。欧盟的存储量目前占容量的80.4%，而去年同期为93.2%，德国为75.1%，法国为89.9%，意大利为90.1%。尽管如此，德国埃姆登天然气终端将于周四开始计划维护，这可能会暂时收紧供应。与此同时，地缘政治风险仍然是一个上行因素。俄罗斯受制裁的北极液化天然气2号项目继续向中国运送货物，间接给全球价格带来压力，而美国总统唐纳德·特朗普警告说，如果北约盟国也停止进口并采取类似的限制措施，可能会对俄罗斯能源实施新的制裁。

European natural gas futures slipped toward €32 per megawatt-hour, supported by abundant LNG inflows and mild, windy weather that curbed demand. EU storage now stands at 80.4% of capacity, compared with 93.2% a year earlier, with Germany at 75.1%, France at 89.9%, and Italy at 90.1%. Still, Germany’s Emden gas terminal will begin planned maintenance on Thursday, which could temporarily tighten supply. Meanwhile, geopolitical risks remain an upside factor. Russia’s sanctioned Arctic LNG 2 project continues to deliver cargoes to China, indirectly pressuring global prices, while US President Donald Trump warned that new sanctions on Russian energy could be imposed, if NATO allies also halt imports and adopt similar restrictions.

美国取暖油期货价格上涨至每加仑2.30美元以上，因为供应压力已经开始超过短期的库存增长，对中间馏分油的需求在北方冬季月份趋于稳定。9月初，美国原油库存增加了约390万桶，但这并没有转化为更多的馏分油产量。炼油厂已接近满负荷运行，而季节性维护和原油产量的变化限制了馏分油产量。与此同时，由于俄罗斯和中东炼油和航运中断，欧洲和拉丁美洲部分地区依赖美国供应，取暖油和柴油的出口有所增加。与此同时，在乌克兰加强对主要能源基地的打击后，对俄罗斯原油流动的新担忧导致原油原料成本上涨，华盛顿要求欧洲停止购买俄罗斯石油的政治压力增加了进一步制裁的可能性，这将限制可用的海运原油。

Heating oil futures in the US rose past $2.30 per gallon, as supply strains have started to outweigh a short lived stock build and demand for middle distillates is firming into the northern winter months. US crude inventories rose by roughly 3.9 million barrels in early September but that build did not translate into more distillate output. Refineries are running near capacity while a combination of seasonal maintenance and shifts in crude slates has limited distillate yields. At the same time exports of heating oil and diesel have increased as Europe and parts of Latin America draw on US supplies following disruptions to Russian and Middle Eastern refining and shipping. At the same time crude oil feedstock costs rose on fresh worries over Russian crude flows after intensified Ukrainian strikes hit major energy sites, and political pressure from Washington to stop Europe buying Russian oil has raised the prospect of further sanctions that would constrain available seaborne crude.