As far as I know alcohol increases aromatization, but I could be wrong.
Amazing that your E2 is that low with Free T that high and some hCG on top. With that Free T number and the hCG my E2 would probably be around 60-70pg/mL and I'd be a walking bloated panic attack.
@madman will almost certainly drop by in a bit to trash the
Direct Free T method. I'm honestly not sure how inaccurate it is; personally the few times I used it before I knew about equilibrium dialysis, the numbers came out as expected if you used all the equilibrium dialysis results as data points and built a predictive model off of those, so at least in my case I didn't see a difference in accuracy.
Is the hCG pharma grade? there was a thread recently about indian pharma hCG being severely underdosed. That would be one thing to look at.
If your hCG is actual pharma (Pregnyl, for ex) then increasing the dose should increase aromatization. You could lower your Test dose and increase hCG; in my experience that should skew the T:E ratio slightly towards E.
Oxandrolone being a DHT derivative could possibly antagonize E2. Most DHT derivatives do to a significant degree, but Oxandrolone is the one DHT-derivative I've never heard mentioned as having that effect on e2. Doesn't mean it's not doing it though.
One thing you could try is switch to a shorter ester, Test Propionate or Phenylpropionate (you'd have to go UGL for the latter).
Even though a lot of guys say shorter esters aromatize less for them, it had the opposite effect on me and I think those guys don't actually do labs to confirm; they feel better on Prop and assume it aromatizes less but I'm not sure labs would confirm that.
In my case, Test Prop significantly increased aromatization and skewed my T:E ratio towards E. For example on 15mg/day Test C I would be at 25ng/dL Free T and 40pg/mL E2. When I tried 15mg/day Test P, my trough was 17ng/dL and 70pg/mL E2.
@Gman86 had a similar experience I'm pretty sure, and I've read many anecdotes from guys actually doing labs on Test Prop reporting the same effects, so that might be a good thing to try for you.