Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The peak of the northern hemisphere's consumption season can still support the market to some extent, resisting the pressure of increased supply. Coupled with many short - term supply disturbances in the market, oil prices are expected to fluctuate slightly stronger. However, the consumption season has reached its peak, and attention should be paid to the subsequent performance of US gasoline demand. After that, the supply pressure will gradually increase, and the upside space is limited [7]. Summary by Relevant Catalogs 1. Weekly Views - **Last week's view**: The northern hemisphere's consumption season can support the market to resist supply pressure, but the upside space is limited as the consumption season is at its peak [7]. - **This week's trend analysis**: At the beginning of the week, potential Russian supply disturbances briefly strengthened oil prices, but Trump's statement dispelled short - term risks, and prices gave back previous gains. Despite poor US gasoline data, traditional consumption seasons and Iraqi supply disturbances kept weekly oil prices in a relatively strong oscillation [7]. - **Analysis of fundamentals**: The month - spread is firm, diesel leads the crack spread, and US gasoline demand data is cold. Major institutions' monthly reports maintain the expectation of increased inventory but have differences on future demand trends. There are multiple supply disturbances such as EU sanctions on Russia, Trump promoting a Russian agreement, and damaged production in the Iraqi Kurdish region [7]. 2. Weekly Highlights - **Near - month spreads**: After the disturbance of the Middle - East conflict ended, the month - spreads remained firm, indicating tight physical supply and demand. The month - spread of Middle - East Oman crude was stronger and affected the internal SC month - spread [9][11]. - **Diesel crack**: Globally, the crack spread maintained an oscillating or strengthening trend. Diesel crack led the market, and the 211 crack spread (with 1/2 diesel) was stronger than the 321 crack spread (with 1/3 diesel) in all regional markets, suggesting the continuation of strong market conditions [14]. - **US gasoline demand**: As of July 11, US crude inventories decreased unexpectedly, but refined product inventories increased unexpectedly. The refinery operating rate decreased slightly to 93.9%. US weekly crude exports contributed to the inventory decline. Gasoline demand after four - week smoothing decreased by more than 2 million barrels per day, but previous data were good, and further tracking is needed [16]. - **Global diesel inventory**: Diesel inventories in major consumer countries like the US and China are at multi - year lows. The long - term production contraction of Saudi Arabia and Russia has led to global crude oil lightening and supported diesel crack spreads [19]. - **Main energy institutions' July reports**: IEA, OPEC, and EIA's July reports showed no significant adjustment to demand, but IEA and EIA significantly increased supply expectations. There are differences in their expectations for the future. EIA's balance sheet shows relative balance in the third quarter and inventory surpluses in the following quarters [20]. - **OPEC+ balance sheet**: OPEC's July report predicts an increase in global oil demand and non - OPEC+ supply in 2025 and 2026. To achieve supply - demand balance, OPEC+ needs to increase crude oil supply by 400,000 barrels per day each year. It maintains the global economic growth forecast [22]. - **OPEC+ 8 - country production**: Excluding Kazakhstan, the other 7 OPEC+ countries well - executed production plans in June. Saudi Arabia may use a new calculation standard to report production, which is seen as evidence that OPEC+ led by Saudi Arabia tends to compete for market share. There are rumors of a potential 548,000 - barrel - per - day production increase in August [25]. - **Supply disturbances**: EU sanctions on Russia have limited direct impact on Russian oil. Trump's threat of tariffs poses a risk after 50 days. Drone attacks in the Iraqi Kurdish region reduced oil production by 140,000 - 150,000 barrels per day, which can boost oil prices but has limited upside potential [27]. - **North American hurricane forecast**: According to NOAA, there is a 60% chance of above - average hurricane activity this year, which is relatively calmer than last year. Currently, there are no hurricanes in the US Gulf, and the probability of cyclone formation in the next 7 days is less than 40%, but the predicted location is close to platforms and refineries [29]. 3. Price, Spread, and Crack - **Crude oil futures and spot trends**: The report presents various charts of crude oil futures and spot prices, including different regions and benchmarks [32]. - **Brent and WTI crude oil positions**: Charts show the net long positions of different participants in Brent and WTI futures and options [34][37]. - **Crude oil futures structure**: Displays the futures structure of WTI, Brent, Oman, and SC crude oil [40]. - **Crude oil month - spread**: Presents the month - spread trends of different crude oils over time [43]. - **Cross - market futures and spot spreads**: Analyzes cross - market futures and spot spreads of different crude oils [46][49]. - **Saudi OSP**: Saudi Arabia has adjusted the official selling prices of different grades of crude oil to different regions in August compared to July [56]. - **Refined product prices and crack spreads**: Covers the prices and crack spreads of refined products in futures and spot markets in different regions [61][63][66][69]. 4. Supply - Demand Inventory Balance Sheet - **Global supply**: Includes the supply of non - OPEC, OPEC, and the total global crude oil supply, as well as the supply of major non - OPEC and OPEC countries [82][85][88]. - **Global demand**: Covers the demand of OECD, non - OECD, and the total global crude oil demand, as well as the demand of major countries and regions [106]. - **Inventory**: Analyzes inventories in different regions such as the US, OECD, Europe, Japan, ARA, Singapore, and China [115][118][120]. - **EIA balance sheet**: The EIA balance sheet shows that the global crude oil market will have a supply surplus in 2025 and 2026 [136]. - **OPEC balance sheet**: OPEC's balance sheet predicts global oil demand and non - OPEC+ supply in 2025 and 2026, and calculates the required OPEC+ crude oil supply for balance [140][142][145]. - **OECD inventory, consumption days, and floating storage**: Provides data on OECD's land - based commercial inventory, strategic petroleum reserve, consumption days, and floating storage [147]. 5. EIA Weekly Report and Others - **EIA weekly report main data**: Presents data on US crude oil production, commercial crude oil inventory, refinery operating rate, and total crude - chain inventory [151]. - **Supply data**: Includes the production of crude oil, gasoline, distillates, and jet fuel [154].

Group 1: Report Summary - The report is an EIA weekly data report with the summary that refined oil inventories have significantly increased and terminal demand data has cooled down [1] Group 2: Main Data - As of July 11, U.S. commercial crude oil total inventory was 422,162 thousand barrels, a week - on - week decrease of 385.9 thousand barrels, exceeding the expected decrease of 55.2 thousand barrels. Cushing inventory increased by 21.3 thousand barrels, and strategic reserve inventory decreased by 30 thousand barrels [2][3] - Gasoline inventory increased by 339.9 thousand barrels, contrary to the estimated decrease of 100 thousand barrels. Distillate oil inventory increased by 417.3 thousand barrels, exceeding the expected increase of 20 thousand barrels [2] - U.S. crude oil production decreased by 10 thousand barrels per day to 13,375 thousand barrels per day; net imports decreased by 395 thousand barrels per day to 2,861 thousand barrels per day; processing volume decreased by 157 thousand barrels per day to 16,849 thousand barrels per day [3] - The four - week smoothed U.S. crude oil terminal apparent demand decreased by 301.75 thousand barrels per day to 20,261.75 thousand barrels per day; gasoline apparent demand decreased by 202.5 thousand barrels per day to 8,994 thousand barrels per day; distillate oil apparent demand decreased by 80.75 thousand barrels per day to 3,732 thousand barrels per day; jet fuel apparent demand decreased by 46.75 thousand barrels per day to 1,748 thousand barrels per day [3] Group 3: Report Comments - Last week, U.S. commercial crude oil decreased more than expected. The weekly refinery operating rate decreased by 0.8% to 93.9% but remained at a high level. The continuous recovery of U.S. weekly crude oil exports from the previous low also contributed to the inventory decline [4] - In terms of refined oil, this week's data was disappointing. The apparent demand for gasoline and distillate oil both decreased, with the four - week smoothed gasoline demand dropping by over 200 thousand barrels per day. During the traditional consumption peak season after July 4th, the data was unexpectedly poor, indicating that refueling at gas stations did not increase the stocking demand from refineries. The gasoline demand curve has significantly deviated from the same period last year and is at a low level. With refineries operating at high rates, the significant increase in refined oil inventories will gradually affect upstream operations through a decline in cracking margins [6] Group 4: Market Impact and Outlook - This week's EIA report was relatively bearish. Although the most important commercial crude oil inventory decreased more than expected, the terminal data was lackluster, especially the weak gasoline demand during the traditional driving peak season. After the report was released, oil prices briefly declined but then stabilized and rebounded, remaining in a narrow - range oscillation. Despite this week's poor data, the Northern Hemisphere is still in the consumption peak season, and the gasoline demand data in the previous three weeks was good. The market cannot form a one - sided downward trend based on a single week's poor high - frequency data, which requires the accumulation of more bearish factors [8]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - EIA further strengthened the degree of supply surplus in each quarter of this year and next year in its July report. Supply is expected to increase significantly, while demand changes little, leading to a continuous downward pressure on oil prices. Uncertainties mainly come from geopolitical situations and OPEC+ production compliance [9]. - OPEC's July report shows that global oil demand is expected to continue to grow in 2025 and 2026. Non-OECD countries are the main drivers of demand growth. Non-OPEC+ supply is also expected to increase, and OPEC+ needs to adjust production to achieve supply - demand balance [47][48]. 3. Summary by Relevant Catalogs 3.1 EIA 3.1.1 EIA Balance Sheet - EIA predicts that the global crude oil supply will exceed demand in each quarter of 2025 and 2026. The supply surplus in Q4 2025, Q1 2026, and Q2 2026 is the most severe, reaching 1.07 million, 1.76 million, and 1.07 million barrels per day respectively. The average annual supply surplus in 2025 and 2026 will increase from 820,000 barrels per day and 550,000 barrels per day to 1.06 million barrels per day and 1.13 million barrels per day respectively [9]. 3.1.2 Brent Oil Price Forecast - EIA expects the average Brent crude oil price in 2025 to be $69 per barrel (previously $66), and to further drop to $58 per barrel in 2026 (previously $59). Although the conflict brings geopolitical risk premiums, increasing inventory will put continuous downward pressure on oil prices [10]. 3.1.3 Global Liquid Fuel Consumption Forecast - EIA expects global liquid fuel consumption to increase by 800,000 barrels per day in 2025 (previously 790,000 barrels per day) and 1.06 million barrels per day in 2026 (previously 1.06 million barrels per day). Non-OECD Asia is the main driver of demand growth, with India and China contributing significant growth [13]. 3.1.4 Global Oil Production Forecast - EIA expects OPEC+ production plans and non-OPEC+ supply growth to drive strong global production growth. Non-OPEC+ will lead the growth in 2025, with an increase of about 1.3 million barrels per day (previously 1.13 million barrels per day), and the growth rate will slow down to 540,000 barrels per day in 2026 (previously 230,000 barrels per day) [14]. 3.1.5 EIA Balance Sheet Changes - EIA has comprehensively raised the supply estimates for all quarters, while the demand estimates remain almost unchanged, further intensifying the supply surplus. The expected US production is in a downward cycle, reflecting the impact of falling oil prices on shale oil producers [21]. 3.1.6 Crude Oil Total Inventory - EIA expects OECD commercial crude oil inventory supply days to increase under the situation of increasing supply and weak demand. It is expected that the average supply days will be 61 days in the first half of 2025, increase to 62 days in the second half, and reach 66 days by the end of 2026 [14]. 3.2 OPEC 3.2.1 World Oil Demand Forecast - OPEC's July report predicts that global oil demand in 2025 will be 105.13 million barrels per day, a year - on - year increase of 1.29 million barrels per day. Non-OECD demand growth will increase to 1.16 million barrels per day, while OECD demand growth will decrease to 140,000 barrels per day. In 2026, global oil demand is expected to be 106.42 million barrels per day, a year - on - year increase of 1.28 million barrels per day [47][48]. 3.2.2 Non-OPEC+ Oil Supply Forecast - OPEC's July report predicts that non-OPEC+ crude oil supply in 2025 will be 54.01 million barrels per day, a year - on - year increase of 810,000 barrels per day. In 2026, it will be 54.74 million barrels per day, a year - on - year increase of 730,000 barrels per day. The growth mainly comes from the US, Brazil, Canada, and Argentina [50][51]. 3.2.3 OPEC+ Production and Compliance - OPEC+ production in June was 41.559 million barrels per day, a month - on - month increase of 349,000 barrels per day. Except for Kazakhstan, the other 7 countries in the OPEC+ 8 - country production cut plan generally well implemented the plan in June [52][54]. 3.2.4 OPEC+ Balance Sheet - OPEC's July report predicts that global demand will increase by 1.3 million barrels per day in 2025 and 2026. Non-OPEC+ and OPEC+ NGLs supply will increase by 900,000 barrels per day. To achieve supply - demand balance within the year, OPEC+ crude oil supply needs to increase by 400,000 barrels per day [57]. 3.2.5 OECD Inventory, Consumption Days, and Floating Storage - The report provides detailed data on OECD inventory, consumption days, and floating storage from 2022 to Q1 2025, showing the changes in OECD oil inventory and consumption patterns [58].

Report Industry Investment Rating - Not provided Core View of the Report - The EIA weekly report is relatively positive. Although the most important commercial crude oil inventory unexpectedly increased significantly, there was a one - time adjustment factor from EIA. The gasoline apparent consumption during the driving peak season remains strong, and the distillate oil inventory is continuously decreasing, which is expected to support refineries to maintain high operating rates and drive crude oil demand. After the report was released, oil prices rebounded slightly but then narrowed the gains, with little overall change [7] Summary by Relevant Catalog Main Data Overview - As of July 4, US commercial crude oil total inventory was 426.021 million barrels, a week - on - week increase of 7.07 million barrels, contrary to the expected decrease of 2.1 million barrels. Cushing inventory increased by 464,000 barrels, and strategic reserve inventory increased by 238,000 barrels. Gasoline inventory decreased by 2.658 million barrels, exceeding the expected decrease of 1.5 million barrels, and distillate oil inventory decreased by 825,000 barrels, exceeding the expected decrease of 300,000 barrels [2] - From June 27 to July 4, US crude oil production decreased by 48,000 barrels per day to 13.385 million barrels per day; net imports decreased by 1.358 million barrels per day to 3.256 million barrels per day; processing volume decreased by 99,000 barrels per day to 17.006 million barrels per day. The four - week smoothed terminal apparent demand for US crude oil increased by 275,250 barrels per day to 20.5635 million barrels per day [3] Report Review - Last week, the significant increase in US commercial crude oil inventory was not related to imports, exports, or the operating rate. The refinery operating rate dropped slightly by 0.2% to 94.7%, still at a high level in the same period, and net imports decreased significantly. The large inventory increase was mainly due to a data adjustment of 1.8 million barrels per day to reflect "unaccounted - for crude oil", which can be considered a one - time event [4] Product Oil Situation - Gasoline demand remained at a high level, causing gasoline inventory to decline more than expected despite the high refinery operating rate. Since the data was as of July 4 (US Independence Day, Friday), and the Independence Day long weekend is often the peak of the US driving season, the strong gasoline demand is likely to continue in next week's report. Distillate oil inventory is also significantly lower than in previous years, and the low inventory is conducive to supporting cracking and helping refineries maintain high operating rates [6]

Report Title - Methanol Special Report: Limited Upside and Downside Space [1] Report Date - July 7, 2025 [2] Main Viewpoints - After the ceasefire agreement between Israel and Iran, the premium brought by geopolitical risks has been reversed. Recently, the South Pars gas field has resumed gas supply, and some Iranian methanol plants have gradually restarted. The previous expectation of a significant reduction in Iranian methanol imports has been revised upwards. However, factors such as low Iranian methanol inventory and China's domestic ship policies will still affect the arrival schedule. Currently, domestic methanol production profits are substantial, and supply remains abundant. Affected by poor profits and seasonality, downstream demand is expected to decline. Especially after the sharp increase in methanol prices, the loss margins of downstream industries have expanded rapidly. Against the backdrop of low inventories in inland areas and ports, the upside and downside space of the 09 contract is limited before the inventory accumulation expectation is fully realized. It is expected to fluctuate weakly. Attention should be paid to the actual operating status and shipping and dispatch situation of Iranian methanol plants, as well as the downstream's acceptance of high-priced methanol [4] Market Performance - After the previous Israel-Iran geopolitical conflict broke out, against the backdrop of the market's expectation of a significant reduction in imports, the methanol main contract quickly rose to a high of nearly 2,600 yuan/ton. However, after the conflict subsided, the methanol main contract began to decline significantly, but its price bottom has been significantly higher than before the conflict. Currently, the methanol main contract continues to fluctuate around the 2,400 yuan/ton level [7] - At the end of June, affected by factors such as tight port supplies, historically low inventories, and the shutdown of Iranian methanol plants due to the Israel-Iran conflict and the expected decline in imports, the methanol spot price skyrocketed, especially the paper cargo price in the second half of June soared (the paper cargo volume and position market emerged), but the futures price was relatively restrained. At this time, the methanol port basis once soared above 400 yuan/ton, showing a rare phenomenon of a high degree of divergence between the spot and futures markets. The fundamental reason lies in the different delivery targets. Since paper cargo is delivered with imported goods, it is affected by the Israel-Iran conflict, and the expected imported arrivals are scarce. Moreover, those who had previously shorted also have the need to cover their positions, which also amplifies price fluctuations. However, after the Israel-Iran conflict subsided, the imported arrivals gradually returned to normal, and this premium was quickly squeezed out. It can be seen that after the paper cargo short squeeze ended, the methanol spot price dropped nearly 260 yuan/ton the next day. However, since futures reflect the overall market situation, and domestic factories, coastal warehouses, and trader factories can all be used for delivery, and credit warehouse receipts can be used, the overall situation is unlikely to face a severe shortage of goods, and its price fluctuations are not as extreme as those on the paper cargo side and are relatively rational [9]

Report Overview - The report is an EIA weekly data report dated July 3, 2025, analyzing the oil inventory and market situation in the US as of June 27 [1] Industry Investment Rating - Not provided Core Viewpoints - The EIA report is relatively bearish as both crude oil and gasoline inventories unexpectedly increased, with overseas demand appearing weak and potential negative impacts on future refinery operating rate expectations. However, geopolitical risks and trade agreements later pushed up oil prices [8] Summary by Related Catalogs Main Data - As of June 27, US commercial crude oil inventory was 418.951 million barrels, a week - on - week increase of 3.845 million barrels, contrary to the expected decrease of 1.8 million barrels. Cushing inventory decreased by 1.493 million barrels, and strategic reserve inventory increased by 0.239 million barrels [2] - Gasoline inventory increased by 4.188 million barrels, against the expected decrease of 0.2 million barrels. Distillate inventory decreased by 1.71 million barrels, exceeding the expected decrease of 1 million barrels [2] - US crude oil production decreased by 2 thousand barrels/day to 13.433 million barrels/day, net imports increased by 2.94 million barrels/day to 4.614 million barrels/day, and processing volume increased by 118 thousand barrels/day to 17.105 million barrels/day [3] Report Comments - The unexpected increase in US crude oil inventory was mainly due to significant changes in net imports. Crude oil imports increased by 0.975 million barrels/day and exports decreased by 1.965 million barrels/day in a single week, with the single - week export volume hitting a two - year low [4] - The increase in gasoline inventory was unexpected. Although the four - week smoothed gasoline demand data increased by 0.09425 million barrels/day week - on - week, the single - week demand data decreased by 1.048 million barrels/day, which may reduce the future refinery operating rate expectations [6] Market Impact - After the report was released, oil prices declined in the short term. However, later, oil prices generally rose due to geopolitical risks from Iran's suspension of cooperation with the IAEA and the US - Vietnam trade agreement [8]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - In the first half of 2025, the black - series commodities generally declined. In the second half, prices may fall again to find cost support and then gradually stabilize and rebound in the fourth quarter due to production cuts and policy expectations [2] - The cost decline is an important factor in the decline of steel prices. In 2025, the high iron - water output did not drive up steel prices because of the loose supply of upstream raw materials [3][10] - Manufacturing and exports supported steel demand in the first half of 2025. However, the demand growth rate may slow down in the second half [40][48] - The output of crude steel is expected to decline year - on - year in the second half of 2025. The iron - water output may show a pattern of first stabilizing, then declining, and then increasing [71] - Downstream enterprises have a strong willingness to actively reduce inventory. The steel industry chain will jointly seek cost support, and prices may gradually stabilize and rebound in the fourth quarter [74][78] Group 3: Summary by Relevant Catalogs Cost and Supply - **Coal**: In the first half of 2025, domestic coking coal production increased, with the output from January to April at 156.53 million tons, a year - on - year increase of 8.5%. Although production decreased in May due to safety inspections, it is expected to gradually recover in July. Imports remained at a high level, and the total domestic coking coal supply in the first half is expected to increase by 8.5 million tons year - on - year [14] - **Iron ore**: In February, global iron ore shipments decreased by 8 million tons year - on - year due to hurricanes. The shipments basically remained flat in the first half. The expected increase in 2025 is less than the end - of - 2024 forecast, about 11 million tons, and is expected to exceed 40 million tons in 2026 [20][33] Demand - **Manufacturing**: In the first half of 2025, the steel demand in manufacturing increased. From January to May, the production and sales of automobiles, home appliances, and machinery all increased. However, the demand growth rate may slow down in the second half [40][48] - **Export**: From January to May 2025, steel exports reached 48.469 million tons, a year - on - year increase of 8.9%. Although exports to Vietnam decreased, those to other regions such as Southeast Asia, Africa, and South America increased. Indirect exports also increased, but may face pressure in the second half [44] - **Infrastructure**: From January to May 2025, the infrastructure investment growth rate was 5.6%, but it declined from April to May, especially in May. The steel demand in the infrastructure industry is facing a differentiated situation [47] - **Real estate**: From January to May 2025, the new construction area of real estate decreased by 22.8% year - on - year. The real estate data weakened again from April to May, and the new construction is expected to remain weak in the second half [63][65] Production and Inventory - **Production**: The average daily iron - water output in the first half of 2025 was around 2.36 million tons, a year - on - year increase of 3.6%. The iron - water output in the second half may show a pattern of first stabilizing, then declining, and then increasing. The production of crude steel is expected to decline year - on - year in the second half [71] - **Inventory**: Downstream enterprises are actively reducing inventory. The iron ore inventory of steel mills and the coking coal inventory of coking plants are at low levels and tend to decline further [74] Price Trend - In the short term, the prices of raw materials have rebounded. However, from July to August, the black - series commodities may weaken again. As production cuts progress, the bottom may be gradually found, and prices may stabilize and rebound in the fourth quarter [78]

Report Title - The report is titled "Asphalt Weekly Report: Return to a Relatively Strong Fundamental Situation" [1] Report Date - The report is dated June 27, 2025 [2] 1. Report Industry Investment Rating - No industry investment rating is provided in the report 2. Report's Core View - Last week's view: Although asphalt prices were rising, it had the smallest increase among crude oil products and was a suitable short - allocation variety during significant oil price fluctuations. Its recent trend mainly followed the cost - end crude oil, and despite good fundamentals, it was difficult to stand out in the sharply rising oil prices due to short - term events [7] - This week's trend analysis: This week, asphalt prices continued to rise in a volatile manner, generally following the sharp increase in cost - end crude oil [7] - This week's industry data: This week, both supply and demand from refineries increased. Refinery inventories decreased to a certain extent and remained at a low level compared to the same period. Social inventories also decreased slightly. Overall data this year is significantly better than last year and shows a marginal improvement [7] - This week's view: With the end of the Middle East conflict, asphalt is no longer a suitable short - allocation variety during significant oil price fluctuations. After reverting to its own logic, asphalt with good fundamentals is expected to have a volatile and upward - trending price [7] 3. Summary by Directory 2.1 Asphalt Futures Trends, Spreads, and Basis - The section presents graphs of asphalt futures trends, including the main asphalt price, the spread between September and December contracts, and the basis in East China and Shandong regions. The data sources are Wind and Steel Union Data [9][10][11] 2.2 Asphalt Supply - It shows graphs of asphalt plant operating rates, weekly asphalt production, refinery asphalt profits, and the profit difference between asphalt and fuel oil multiplied by the asphalt operating rate. The data source is Steel Union Data [12][13][14] 2.3 Asphalt Demand - This part includes graphs of asphalt shipment volume, apparent asphalt consumption, paver sales, and paver sales multiplied by apparent asphalt consumption. The data source is Steel Union Data [15][16][17] 2.4 Asphalt Imports and Exports - It presents graphs of asphalt imports, exports, and import windows in East China and South China. The data source is Steel Union Data [18][19][20] 2.5 Asphalt Inventory - The section shows graphs of refinery inventories, social inventories, futures inventories, and monthly futures delivery volumes. The data source is Steel Union Data [21][22][23] 2.6 Shandong Asphalt Supply, Demand, and Inventory - It includes graphs of operating rates, shipment volumes, refinery inventories, and social inventories in Shandong. The data source is Steel Union Data [24][25][26] 2.7 East China Asphalt Supply, Demand, and Inventory - This part presents graphs of operating rates, shipment volumes, refinery inventories, and social inventories in East China. The data source is Steel Union Data [27][28][29] 2.8 South China Asphalt Supply, Demand, and Inventory - It shows graphs of operating rates, shipment volumes, refinery inventories, and social inventories in South China. The data source is Steel Union Data [30][31][32] Asphalt Production Enterprise Maintenance Information - Multiple enterprises are undergoing maintenance, including Jiangsu Xinhai, Xinjiang Tianzhize, etc. The total annual production capacity of the maintained units is 18.16 million tons, and the maintenance loss is 681,000 tons [33]

Group 1: Report Summary - The EIA weekly data report shows that inventories decreased across the board, and the apparent demand for gasoline strengthened [1] Group 2: Key Data - As of June 20, U.S. commercial crude oil inventories were 415.106 million barrels, a week-on-week decrease of 5.836 million barrels, far exceeding the expected decrease of 800,000 barrels. Cushing inventories decreased by 464,000 barrels, while strategic reserve inventories increased by 237,000 barrels [2] - Gasoline inventories decreased by 2.075 million barrels, contrary to the expected increase of 400,000 barrels. Distillate inventories decreased by 4.066 million barrels, also contrary to the expected increase of 400,000 barrels [2] Group 3: Data Changes - U.S. commercial crude oil inventories decreased by 2.836 million barrels from June 13 to June 20 [3] - U.S. strategic reserve inventories increased by 237,000 barrels during the same period [3] - U.S. gasoline inventories decreased by 2.075 million barrels, and distillate inventories decreased by 4.066 million barrels [3] - U.S. crude oil production increased by 4,000 barrels per day, and net imports increased by 531,000 barrels per day [3] - U.S. crude oil processing volume increased by 125,000 barrels per day [3] - The four-week smoothed U.S. crude oil terminal apparent demand increased by 67,750 barrels per day, and gasoline apparent demand increased by 59,000 barrels per day [3] Group 4: Report Analysis - Last week, U.S. commercial crude oil inventories fell below the five-year seasonal low for the second consecutive week. Strong refinery demand and low net imports contributed to the decline [4] - The EIA report is relatively positive. Both surface and internal data are strong, with significant inventory decreases and improving demand [6] - Gasoline demand has recovered, leading to an unexpected decline in gasoline inventories despite high refinery utilization. Gasoline inventories are generally neutral [9] - Distillate demand has improved marginally but remains relatively low compared to the same period in previous years [9]

Report Summary - Report industry investment rating: Not provided - Report's core view: The EIA report is relatively positive as gasoline demand improves and overall terminal demand rises. Despite inventory drops influenced by进出口 factors, the US domestic oil market shows peak - season characteristics. However, the market focuses more on the Middle - East conflict and ignores institutional reports and fundamentals [8] Key Data Summary - As of June 13, US commercial crude oil inventory was 420,942 thousand barrels, a week - on - week decrease of 114,730 thousand barrels, far exceeding the expected decrease of 18,000 thousand barrels. Cushing inventory decreased by 9,950 thousand barrels, and strategic reserve inventory increased by 2,300 thousand barrels [2][3] - Gasoline inventory increased by 2,090 thousand barrels, less than the expected increase of 6,000 thousand barrels. Distillate inventory increased by 5,140 thousand barrels, exceeding the expected increase of 4,000 thousand barrels [2][3] - US crude oil net imports decreased by 174,700 thousand barrels per day, and refinery throughput decreased by 36,400 thousand barrels per day. Refinery operating rate dropped 1.1% to 93.2% [3][4] - US crude oil terminal apparent demand (four - week smoothing) increased by 90 thousand barrels per day, gasoline apparent demand increased by 163.75 thousand barrels per day, distillate apparent demand increased by 83.5 thousand barrels per day, and jet fuel apparent demand increased by 40.75 thousand barrels per day [3] Market Situation - After the data release, oil prices continued to decline. The market focused on the Middle - East Iran - Israel conflict and ignored institutional reports and fundamentals. News of Iranian planes flying to Oman caused a short - term oil price drop, but subsequent Iranian denials restored oil prices [8]