Commodity Futures Close: Domestic Futures Contracts Mostly Down, Fuel Oil Up Over 12%
Most domestic commodity futures contracts closed lower on Monday, March 9, 2026, while fuel oil saw a significant increase, rising more than 12%, according to market data. The gains in fuel oil and other energy commodities come amid heightened geopolitical tensions in the Middle East and concerns over potential supply disruptions.
The surge in energy prices extended into the night session, with styrene butadiene rising by the daily limit, liquefied gas increasing by over 10%, and dimethyl ether and plastics also hitting their upper trading limits. Crude oil prices climbed 7.8%, and ethylene glycol rose 3.5%. This broad-based rally reflects growing anxieties about the stability of energy supplies, particularly in light of escalating conflict in the region.
According to reports, the ongoing conflict in the Middle East is triggering an energy crisis with the potential to spread globally. Analysts at Guoxin Futures noted that the price increases in domestic crude oil futures have significantly outpaced those in international markets. What we have is primarily due to the fact that 84% of the oil transported through the Strait of Hormuz is destined for Asia, making the region particularly vulnerable to supply shortages. Increased speculative buying and concerns among downstream petrochemical companies about rising raw material costs are contributing to the upward pressure on prices.
The National Development and Reform Commission (NDRC) announced late Monday that gasoline and diesel prices would increase by 695 yuan/ton and 670 yuan/ton respectively, effective immediately. This translates to an increase of 0.55 yuan, 0.58 yuan, and 0.57 yuan per liter for 92#, 95# gasoline, and 0# diesel, respectively. The price adjustment is expected to increase fuel costs for both private vehicle owners and the logistics industry.
In addition to fuel oil and crude oil, other commodity futures also experienced significant movements. The European line shipping index surged by 20.0%, driven by disruptions to key shipping lanes due to geopolitical conflicts, which have reduced effective transport capacity and increased operating costs. The situation at the Strait of Hormuz, a critical choke point for global oil transport, is particularly concerning, with new passage rules restricting access for larger vessels. Methanol futures rose by over 11%, approaching the 3000 yuan mark, indicating a sustained upward trend in the market. Fuel oil demand remains closely linked to economic growth and industrial production.
The broader commodity market saw mixed results, with Shanghai tin and palladium falling by more than 2%. However, the overall trend remains positive for the energy sector, as investors react to the evolving geopolitical landscape and potential supply constraints. Speculative buying and hedging activity by downstream companies are further exacerbating the price increases.
