Coal gasification is a thermochemical process in which coal is subject to heat and pressure in a gasifier to break it down into its chemical constituents. The resulting product, known as syngas, primarily comprises carbon monoxide and hydrogen and, occasionally, other gaseous compounds. Syngas can be used for electricity generation, as a fuel in energy-efficient fuel cell technology, and even as a chemical building block in industrial applications. Moreover, hydrogen can be extracted for use as fuel in a hydrogen economy. Also, syngas can be used to produce transportation fuels that can be a substitute for gasoline in vehicles.

Shale gas is a type of natural gas that is trapped within shale rock formations deep beneath the Earth's surface. It is a fossil fuel, like conventional natural gas, primarily composed of methane with small amounts of other hydrocarbons and trace impurities.

油价回归理性，价格或已探见底部。2023 上半年，在欧美国家持续加息的背景下，原油价格震荡下行，但随着 OPEC 在 5 月开始减产和出行旺季在三季度到 来，原油行业供需缺口显现，油价在美联储加息过程中逆势上涨，并在巴以冲突激化下达到年内高点；四季度，由于淡季需求回落，以及市场对 OPEC+次年的产量政策较为担忧，油价再度下滑。

公司股价自6月23日以来上涨了45.41%。Phillips 66公司股价在6月23日触及88.1美元的 半年内低点后，公司股价走出箱体震荡行情并呈现单边增长的趋势。在9月13日触及124美 元的高点后有所调整，但近期再次快速增长。截至12月1日触及131.26美元的历史高点后， 收于129.70美元，自6月23日以来上涨了45.41%，2023年以来上涨了33.55%。

通过复盘本次（2020—2023）油价波动，我们认为在2020年至2023年上半年间，全球石油市场展现了明显的供需弹性差异，需求弹性在大多数时期超过供给弹性。通过复盘过去40年以来的战争冲突与油价变动，油价短期受到事件性干扰，但油价在是否能在更长时间保持在更高的中枢水平上，取决于经济的潜在增速是否上行。