Report Industry Investment Rating - No relevant information provided Core Viewpoint - The geopolitical conflict has escalated, and the attacks on Iranian and Saudi facilities will significantly impact China's methanol imports, with imports expected to decrease significantly. Before the Hormuz Strait is fully navigable, methanol prices will remain strong. Once the geopolitical situation eases, Iranian methanol may flood the market [4][5][9] Summary by Directory 1. Iran's South Pars Gas Field Attacked - On the evening of March 18, the South Pars Gas Field in Iran was attacked by the US - Israeli coalition, causing the core projects of phases 3, 4, 5, and 6 to be hit, and the Asaluyeh Gas Processing Plant to be damaged, with multiple blocks shut down. This led to a 40% paralysis of Iran's natural gas processing capacity and shortages in industrial and power - generation gas [1] - Although some methanol plants in Iran had restarted, the attack on the South Pars Gas Field and Asaluyeh oil - industrial facilities may affect the restart progress of local methanol plants. The Asaluyeh area has 13.2 million tons/year of methanol production capacity [2] - The fire at the South Pars Gas Field has been extinguished, and experts and rescue teams are working to restore the damaged units, indicating physical losses [3] 2. Iran's Revolutionary Guards Conducted Counter - Attacks - Iran's Revolutionary Guards attacked Saudi and other facilities in response. The main impact is on the Saudi region, where major methanol - producing enterprises in the Middle East are located, with a total production capacity of about 7.61 million tons/year. China's methanol imports from Iran, Saudi Arabia, and Qatar, which account for about 70% of the total imports, will be greatly affected [4] - There are concerns that after the large - scale damage to wartime oil and gas facilities, it will be difficult to repair or rebuild them in a short time, leading to a continuous and significant reduction in China's methanol imports [5] 3. Impact on Methanol Imports and Price Trends - Due to the physical blockade of the Hormuz Strait, the impact of production - halt expectations is mainly emotional, and the actual operation and damage of the facilities need to be evaluated. The number of incoming ships in the Persian Gulf is decreasing, indicating that shipowners are still worried about war risks [8] - China's methanol imports will continue to decrease at least until April, and methanol will remain strong during this period. Once the geopolitical situation eases, Iranian methanol may flood the market. Attention should be paid to the resumption of navigation in the Hormuz Strait and the actual damage of methanol production facilities in the Middle East [9]

Report Industry Investment Rating - Not provided Core Viewpoints - After nearly two years of continuous decline, polyolefins have started to rise strongly due to the escalation of geopolitical conflicts. The recent geopolitical changes have affected the supply side, and the price of polyolefins is expected to remain high in the short - term [2][15] Summary by Related Content Geopolitical Impact on Supply - Saudi Aramco's Ras Tanura refinery was attacked and shut down. The refinery has a daily output of 550,000 barrels and is an important export terminal for Saudi crude oil [2] - The geopolitical situation is still not optimistic, and most ships are avoiding the Strait of Hormuz. This has led to a sharp decline in ship flow, a sharp increase in freight and insurance premiums, and challenges to the raw material supply of domestic and foreign refining and chemical enterprises [5] Refinery Response and Impact - Some Asian refineries are considering reducing production by 20% - 30%. South Korean refineries have held emergency meetings to assess supply plans, and there are issues with limited naphtha and condensate inventories [6][7] - There are more news of domestic and foreign refinery production cuts and shutdowns, including SK Energy's maintenance of multiple crude distillation units, YNCC's reduction of operating rates, and Chandra Asri Group declaring force majeure [8] Market Situation and Price Forecast - The spot market atmosphere is good, with strong trading volume and a significant strengthening of the basis. Traders and downstream are actively replenishing stocks [15] - In the short - term, due to geopolitical disturbances, both actual cost and supply impacts and emotional disturbances will continue. The price of polyolefins is expected to remain high, especially if the scope of production cuts further expands [15]

Report Industry Investment Rating - Not provided Core Viewpoints - The caustic soda futures market has shown a strong upward trend recently. The shift in export expectations, mainly due to geopolitical conflicts and energy - related events, is the key factor driving the market. However, there are also risks in the current market, with the rally being driven by strong expectations rather than real - world supply - demand shortages [2][20] Detailed Summaries by Content Market Performance - The caustic soda main contract has ended its previous slump and has risen strongly in the past two days, hitting the daily limit. The technical indicators show a bullish pattern, and the long - position funds continue to drive up the price [2] Factors Affecting Exports Overseas Production Reduction - Geopolitical conflicts have led to reduced production of overseas PVC enterprises in Indonesia, South Korea, etc., resulting in a decrease in the load of their supporting caustic soda production. Meanwhile, the export interruption in the Middle East has increased short - term inventory demand, and the export arbitrage space has opened up, which is expected to improve domestic caustic soda export inquiries [3][5] Energy - related Events - Qatar Energy's production halt and Russia's potential early stop of gas supply to Europe have caused a sharp rise in European natural gas prices. The market anticipates that the increase in energy costs will suppress overseas production and stimulate China's caustic soda exports. If the European chlor - alkali plants' production decreases by a similar margin as in 2022, it will affect about 200,000 tons of monthly supply, accounting for about 5.5% of China's total caustic soda production [8][10][15] Market Risks - The current rally is mainly driven by strong expectations rather than real - world supply - demand shortages. The caustic soda industry's 86.04% operating rate is at a high level in the same period, and the liquid chlorine price is strong, with production profits being restored. The impact on supply reduction is currently weak. The liquid caustic soda inventory is at a historical high of 550,000 tons, and the demand from the alumina industry is expected to decline, posing a risk of inventory over - capacity [20] Trading Suggestions - In the current situation where geopolitical conflicts have not eased, the bullish expectations for domestic caustic soda exports due to overseas production cuts and Middle - East export interruptions are hard to disprove. It is advisable to close out short positions first and then monitor whether the overseas production reduction scale further expands and whether the export orders continue to improve after the price increase of 50% liquid caustic soda [24]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint In the current situation of capital pursuit, the methanol futures price is expected to be strong, and low - position long orders can be held. However, potential negative factors such as the easing of the geopolitical situation, the expansion of the shutdown scope of downstream olefins or the delay of resumption of production cannot be ignored, and attention should be paid to position control when the market fluctuates greatly [13]. 3. Summary by Relevant Catalogs Geopolitical Conflict and Supply Impact - Geopolitical conflict has escalated from a bilateral confrontation between the US - Israel and Iran to a multi - front melee, covering the entire Middle East. The risk premium provides continuous and strong support for methanol [3]. - Some Iranian methanol plants have stopped production or postponed restart plans due to concerns about military conflicts, creating a large expectation gap with the previous market prediction of early resumption. There is a high probability that the US and Israel will attack Iran's oil and gas facilities, which may affect the restart progress of Iranian methanol plants [4]. - Military conflicts may lead to the closure or restriction of major export ports, affecting ship cargo shipments, and increasing logistics costs. Once the geopolitical conflict eases, Iranian methanol plants may restart, and methanol prices may drop rapidly [5]. Spring Maintenance - The scale of methanol spring maintenance has been shrinking in recent years, and its contraction effect on the supply side has been weakening. In 2021 - 2022, the parking capacity involved in spring maintenance was 2300 - 2400 tons/year, reaching a peak of 3200 tons/year in 2023, dropping to 2000 tons/year in 2024, and only 1700 tons/year in 2025 [6]. - Factors such as improved production profits, equipment upgrades, overseas supply uncertainty, and weak downstream demand have led to the reduction of spring - maintenance scale. However, there is still a rigid demand for spring maintenance from the perspective of equipment safety [6][7]. Port Inventory and Olefin Demand - The current main - port inventory of methanol is at a high level of 1.4467 million tons, and the MTO (Methanol - to - Olefins) operating rate of downstream main demand is also at a low level. If the methanol price rises too much, it may lead to a weakening of downstream acceptance, causing the delay of olefin plant restart or the reduction of the operating rate of existing plants, and weakening the upward momentum of methanol prices [9].

Report Summary 1. Industry Investment Rating No information provided regarding the report's industry investment rating. 2. Core Viewpoint After the Spring Festival, the precious metals market had a strong start with significant increases in gold and silver prices. As of February 25, the weekly increase of the Shanghai Gold main contract was 3.69%, and that of the Shanghai Silver main contract was 16.41%. The reasons include weak US economic data leading to increased expectations of a Fed rate cut, tense US - Iran relations, and fluctuating US tariff policies. Silver had a larger increase due to industrial demand and a smaller market size. The current volatility of gold and silver has significantly decreased compared to before the festival, and the right - side allocation cost - effectiveness is prominent, so it is recommended to buy on dips [3]. 3. Content Summary by Section 3.1 Economic Data Weak, Rate - Cut Expectations Still Exist During the Spring Festival holiday, overseas precious metals trended upward. In February, data showed that the US January CPI unexpectedly slowed, with the year - on - year CPI dropping to 2.4% (below the expected 2.5% and the previous value of 2.7%), and the core CPI dropping to 2.5%. The Q4 2025 GDP growth rate significantly slowed to 1.4%, lower than the previous quarter's 4.4% and the expected 2.8%. The February 2026 US manufacturing PMI and service PMI were both lower than expected and previous values. Weak economic data is conducive to the Fed's subsequent rate - cut operations and the rise of precious metals [4]. 3.2 Tense US - Iran Relations, Frequent Tariff Disturbances On the US - Iran front, on February 23, Iran warned that any attack on it would be considered aggression. The US is carrying out a large - scale military deployment in the Middle East, and the conflict probability has increased, raising market risk - aversion sentiment. However, the probability of a full - scale war is extremely low. On the tariff front, the US Supreme Court ruled that most of Trump's global tariffs were invalid, but Trump quickly announced a 10% tariff on global goods starting February 24 for 150 days and then planned to raise it to 15%. The erratic tariff policy provides strong hedging support for precious metals [7][8]. 3.3 Strong Central Bank Gold Purchases, Silver Inventory Depletion In 2025, global central banks' gold - purchasing demand remained strong. In Q4 2025, central banks' net gold purchases increased by 6% quarter - on - quarter to 230 tons, and the annual total was 863 tons. Poland's central bank was the largest official gold buyer in 2025, and China's central bank has been increasing its gold reserves for 15 consecutive months since November 2024. In 2025, global gold ETF holdings reached a record high of 4025 tons, with significant inflows from North America and Asia. For silver, as of February 24, 2026, COMEX registered silver inventory dropped to 88.19 million ounces, and total inventory decreased by 31% since October 2025. China's export controls and long - term supply shortages support the silver price [13][17][19]. 3.4 Future Outlook: Upward Trend Assured In the long term, factors such as the de - dollarization process, continuous central bank gold purchases, and non - convergent fiscal monetization support the long - term upward trend of precious metals. In the short term, geopolitical and tariff factors support the strong performance of gold and silver. Silver has a larger increase due to industrial demand. It is recommended to focus on the US - Iran situation and US employment and PPI data. Currently, the volatility of gold and silver has decreased, and it is recommended to buy on dips [26].

1. Report's Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The impact logic of the escalation of the Middle East geopolitical conflict on methanol and polyolefins is different. Methanol will face a direct impact on the supply - side, while polyolefins are mainly affected by indirect cost - side transmission [1]. - Due to the conflict, the methanol futures price will experience a pulse - like increase, but a rapid decline after the emotional regression should be watched out for [4][6]. - Polyolefins will rise in line with oil prices, but the increase is expected to be limited [12]. 3. Summaries According to Related Contents Impact on Methanol - Iran is the largest single - source country for China's methanol imports. In 2025, the methanol imported from Iran accounted for about 45% of the total imports, and in the major consumption areas along the East China coast, the proportion of imported methanol was over 80% [1]. - Before the conflict, due to seasonal gas restrictions, most methanol plants in Iran were shut down, and China's imports from Iran dropped sharply. Now, with the warming of the Iranian region, some methanol plants are planning to restart, but the conflict has cast doubt on their restart and operation [1][4]. - The conflict may lead to the closure or restriction of major export ports, and if Iran blocks the Strait of Hormuz, the shipping schedule will be indefinitely delayed, increasing the uncertainty of the recovery of methanol imports from Iran in mid - to late March [4]. - High port inventory and low downstream olefin start - up rates are still factors that may suppress the methanol price [6]. Impact on Polyolefins - The impact on polyolefins is mainly on the cost side (crude oil), and the impact on the import side is relatively low. Iran's impact on China's PE imports is mainly on LDPE, with an import share of about 14% in 2025, while the import share of LLDPE from Iran is only about 3%. For PP, the self - sufficiency rate has increased significantly, and the import volume from Iran is less than 1% in 2025 [10][11]. - The conflict will indirectly affect polyolefins through the cost path. Polyolefins will rise with oil prices, but the increase is limited due to high upstream inventory after seasonal accumulation and a short - term demand vacuum as downstream industries have not started yet [12].

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Core View of the Report - As of the close on February 27th, the main contract of caustic soda closed at 2,125 yuan/ton, a decrease of 118 yuan/ton or 5.26% compared to the previous week [9] - The inventory of liquid caustic soda reached a new high, with a 100,000 - ton increase in inventory compared to before the Spring Festival, and the fundamental pressure still exists [9] - After the Spring Festival, the annual collection volume of liquid chlorine has improved, and the profit of the downstream of liquid chlorine has also shown signs of recovery. The price of liquid chlorine rebounded to 100 yuan/ton last weekend. The condition for reducing caustic soda supply through the decline of liquid chlorine price is still not met [9] - Shandong released the State Grid agency electricity price list last week, which was reduced by 0.048 yuan/kWh compared to February, corresponding to a decrease in caustic soda cost and a corresponding downward adjustment of the disk valuation [9] - For the caustic soda 05 contract, it has short - selling value in terms of driving force and safety margin in terms of valuation. Short positions can be entered near the current integer - point level [9] Group 3: Summary by Directory 1. Price, Spread, and Warehouse Receipts - Relevant data charts are presented, including the closing price of the main caustic soda contract, the spread between caustic soda 05 - 09, the basis of the main caustic soda contract, and the number of caustic soda warehouse receipts, but specific numerical analysis is not provided [12][14][15][16] 2. Supply - Demand Fundamental Data - Some data charts are presented, including capacity utilization rates and production volumes in different industries such as the broad - leaf pulp, viscose staple fiber, chemical mechanical pulp, and paper pulp, but specific numerical analysis is not provided [35]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The report maintains the view that oil prices will decline throughout the year. It is expected that the supply - demand balance in the oil market will gradually break by the end of the year, and Brent crude oil prices are likely to challenge the $60/barrel mark again. The expected price range for the second half of the year is $57 - 86/barrel, with an average of $67/barrel. In the fourth quarter, supply is increasing while demand is seasonally decreasing, making oil prices prone to decline. The reference price range for Brent crude is $59 - 74/barrel, with an average of $64/barrel [1][2]. Summary by Directory 1. 2025 Fourth - Quarter Outlook - The report maintains previous views that oil prices will decline throughout the year. Non - OPEC+ supply will significantly increase in the second half of the year, and seasonal peak consumption will end in the third quarter, leading to a break in the oil market balance. Considering additional negative factors, the oil market remains difficult. The expected price range for the second half of the year is $57 - 86/barrel, with an average of $67/barrel. In the fourth quarter, supply increases while demand seasonally decreases, and the reference price range for Brent crude is $59 - 74/barrel, with an average of $64/barrel [1][2]. 2. Third - Quarter Market Review - In the third quarter, the trading center of oil prices gradually declined. The increase in early July was driven by strong demand, and subsequent increases were mostly due to geopolitical situations. Declines were driven by the disappearance of supply - risk - driven increases, high tariffs, poor non - farm employment reports, and OPEC+'s decision to gradually exit production - cut agreements. Excluding short - term disturbances, oil prices showed weakness after August, which was due to the market's consensus on supply surplus. The height of price rebounds also showed a decreasing trend [5]. 3. Crude Oil Balance Sheet (1) Supply Surplus Remains the Consensus - IEA and EIA have continuously raised supply expectations for three consecutive months, with non - OPEC+ supply growth far exceeding global demand growth. OPEC maintains an optimistic demand forecast and implies that OPEC+ needs to increase production to balance supply and demand. Overall, IEA and EIA expect future supply to far exceed demand and inventory to increase significantly, while OPEC is endorsing potential future production increases [7][8]. (2) The Balance Sheet Shows a Gradual Increase in Supply - Demand Surplus - According to the EIA balance sheet, supply exceeds demand in all quarters of this year and next year. After the summer peak consumption season, the supply - surplus pattern will expand. The surplus in the third and fourth quarters of this year and the first quarter of next year will exceed 2 million barrels per day, and the situation will improve in the second quarter of 2026 [10]. (3) The Narrative of Large - Scale Supply is Further Strengthened - IEA and EIA have continuously raised supply growth expectations. Compared with three months ago, their global supply growth expectations have increased by 900,000 and 790,000 barrels per day respectively. IEA attributes all the 900,000 - barrel - per - day increase to OPEC+, while EIA attributes most of the supply increase to non - OPEC+. OPEC has raised its 2026 Call On OPEC+ forecast to justify future production increases [14][15]. 4. Macroeconomics and Its Marginal Changes (1) The Essence of the Fed's Shift to Rate Cuts is the Increasing Risk in the Employment Market - The Fed has been hesitant about rate cuts this year due to signs of stagflation in the US economy. Traditional monetary policies are ineffective in stagflation. Currently, US core inflation is stubborn, and employment indicators have been disappointing for two consecutive months, indicating increasing employment market risks. The Fed's shift to preventive rate cuts is to prioritize economic stability [16][17]. (2) The Contradictory September Fed Meeting - The Fed cut rates by 25BP to 4% - 4.25% in September, in line with market expectations. The September dot - plot shows a significant downward shift, indicating that doves are gaining the upper hand. The median and average both decreased by 25BP. The meeting content is contradictory, with the policy statement highlighting employment risks while the economic forecast shows a decline in the unemployment rate. The report predicts that the Fed will cut rates twice in the second half of the year [20][21][22]. 5. Microeconomics and Its Marginal Changes (1) The Month - Spread Indicates a Weakening of Supply - Demand Fundamentals - The month - spread reflecting immediate supply - demand relations has weakened since August but rebounded slightly due to geopolitical situations. Global supply increases and seasonal demand decline will continue to pressure the oil market. The month - spread in the Middle East is relatively strong, supported by China's strategic oil reserves. China's implied inventory increase from March to August this year reached a monthly average of 1.33 million barrels per day, the highest since 2020 [24]. (2) Crack Spreads Still Provide Support - Crack spreads remain supported, mainly due to diesel. OPEC+'s production cuts since 2022 have reduced the supply of intermediate components, and sanctions on Russia have further decreased the supply of middle - distillates. Diesel crack spreads are the main support for the market, and the performance of US distillate oil consumption is a key signal [29][31]. (3) Production Will Continue to Rise in the Fourth Quarter - OPEC+ will gradually exit a 1.65 - million - barrel - per - day production - cut agreement in October and increased production by 137,000 barrels per day in that month. Except for Kazakhstan, other OPEC+ countries have closely followed their production targets. If calculated according to the IEA's report, OPEC+'s production - increase capacity will far exceed market expectations. Non - OPEC+ production is also increasing, with countries like Canada, Brazil, and others contributing to the growth. The current oil supply pattern fits the narrative of large - scale supply, and $55 - 60/barrel is considered a balance point for various stakeholders [33][39][40]. (4) Demand Gradually Moves Out of the Peak Season - Although crack spreads are temporarily strong, seasonal demand decline exists. After the peak travel season and summer power - generation demand in the Northern Hemisphere end, refinery maintenance will increase, and demand will decline. The fourth - quarter demand boost will be limited, and the market will focus on the weak demand in the first quarter [41][42]. (5) Pay Attention to Geopolitical and Sanction Disturbances - Geopolitical and sanction factors are the only things that can change the current large - scale supply situation. Russia will partially restrict diesel exports and extend the gasoline export ban due to attacks on its refineries. EU and US sanctions on Russia have had limited long - term impacts on oil supply [43].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Last week, refinery shipments increased significantly due to pre - holiday stocking, but asphalt prices were not significantly boosted. High social inventories restricted the upside space of asphalt, and high - priced supplies in some regions began to face pressure. It was expected that refinery operations would slowly pick up, but demand was restricted by capital and had limited upside potential, following the cost side weakly [6]. - This week, asphalt followed the rise of crude oil, but its performance was weaker than that of crude oil and other heavy oils. The refinery's supply and demand were both strong, with the refinery operating rate rising above 40% for the first time in two years, and shipments remaining strong due to pre - holiday stocking. Factory inventories rebounded from a low level, while social inventories continued to decline, and the curve remained significantly behind the same period in previous years, which would limit the upside space of asphalt as the peak season deepened [6]. - Currently, refinery shipments have been at a high level for two consecutive weeks due to pre - holiday stocking, but asphalt prices are still significantly weaker than oil prices. High social inventories and the rising operating rate are dragging down the market. Demand is restricted by capital and is expected to have limited upside potential, following the cost side weakly [6]. Group 3: Summary by Directory 01 Weekly View - **Last week's situation**: Refinery shipments increased due to pre - holiday stocking, but prices were not boosted. High social inventories restricted the upside, and some high - priced supplies faced pressure. Expected slow increase in refinery operations and limited demand upside due to capital constraints [6]. - **This week's analysis**: Asphalt followed the rise of crude oil, but was weaker. Refinery supply and demand were strong, with the operating rate above 40% for the first time in two years, and shipments remaining strong. Factory inventories rebounded, and social inventories declined, restricting the upside [6]. - **This week's view**: Shipments remained high for two weeks, but prices were weak. High social inventories and rising operating rates were drags. Demand was restricted by capital and would follow the cost side weakly [6]. 02 Data Overview - **2.1 Asphalt Futures Trends, Spreads, and Basis**: Presented historical data on asphalt futures prices, spreads between different contract months, and basis in East China and Shandong regions from 2022 - 2025 [8][9]. - **2.2 Asphalt Supply**: Showed data on asphalt plant operating rates, weekly production, refinery asphalt profits, and the profit difference between asphalt and fuel oil multiplied by the asphalt operating rate from 2021 - 2025 [11][12]. - **2.3 Asphalt Demand**: Included data on asphalt shipments, apparent consumption, paver sales, and related moving averages from 2020 - 2025 [14][15]. - **2.4 Asphalt Imports and Exports**: Displayed data on asphalt imports, exports, and import windows in East China and South China from 2021 - 2025 [17][18]. - **2.5 Asphalt Inventories**: Presented data on factory inventories, social inventories, futures inventories, and monthly futures delivery volumes from 2021 - 2025 [20][21]. - **2.6 Shandong Asphalt Supply, Demand, and Inventory**: Showed data on Shandong's asphalt operating rates, shipments, factory inventories, and social inventories from 2021 - 2025 [23][24]. - **2.7 East China Asphalt Supply, Demand, and Inventory**: Included data on East China's asphalt operating rates, shipments, factory inventories, and social inventories from 2020 - 2025 [26][27]. - **2.8 South China Asphalt Supply, Demand, and Inventory**: Presented data on South China's asphalt operating rates, shipments, factory inventories, and social inventories from 2020 - 2025 [29][30]. - **2.9 Refinery Maintenance Schedule**: Listed several refineries' maintenance information, including production enterprises, maintenance devices, capacities, maintenance start times, and end times (most end times are undetermined). The total annual capacity of the refineries under maintenance is 1786 tons/year, and the maintenance loss is 60.10 million tons [32].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The EIA report is a mixed bag. Real - time indicators are relatively positive, with inventories of crude oil and refined products all decreasing and the decline in refinery operating rate being limited. However, leading indicators are persistently weak, with terminal demand remaining poor. The lackluster performance of distillates during the peak season may speed up autumn maintenance, offsetting the positive impact of inventory data. Despite the short - term upward trend in oil prices after the report release, the upward potential of oil prices is limited due to weak forward - looking indicators [12] Group 3: Summary by Relevant Catalog Inventory Data - As of September 19, U.S. commercial crude oil inventory was 414.754 million barrels, a week - on - week decrease of 607,000 barrels, contrary to the expected increase of 235,000 barrels. Cushing inventory increased by 177,000 barrels, and strategic reserve inventory increased by 230,000 barrels. Gasoline inventory decreased by 1.081 million barrels, contrary to the expected increase of 200,000 barrels, and distillate inventory decreased by 1.685 million barrels, exceeding the expected decrease of 500,000 barrels. The total inventory of the U.S. crude oil chain decreased by 244,000 barrels [2][3] Production, Import, and Processing Data - U.S. crude oil production increased by 19,000 barrels per day to 13.501 million barrels per day. Crude oil net imports increased by 1.596 million barrels per day to 2.011 million barrels per day. Crude oil processing volume increased by 52,000 barrels per day to 16.476 million barrels per day. The refinery operating rate decreased by 0.3% week - on - week to 93.0% [3] Terminal Demand Data - The four - week smoothed terminal apparent demand for U.S. crude oil decreased by 205,250 barrels per day to 20.46575 million barrels per day. The four - week smoothed apparent demand for gasoline decreased by 70,250 barrels per day to 8.8485 million barrels per day. The four - week smoothed apparent demand for distillates decreased by 100,750 barrels per day to 3.626 million barrels per day. The four - week smoothed apparent demand for jet fuel decreased by 57,500 barrels per day to 1.64525 million barrels per day. Terminal demand for refined products remains poor [3][8]