Oil Market Overview - The average weekly price for Brent and WTI crude oil futures is $63.4 and $59.3 per barrel, respectively, with increases of $1.4 and $1.0 compared to the previous week [1][2] - U.S. crude oil production stands at 13.63 million barrels per day, showing a decrease of 10,000 barrels per day week-on-week [2] - Active oil rigs in the U.S. increased by 2 to a total of 420, while active fracturing fleets rose by 3 to 175 [2] Crude Oil Inventory - Total U.S. crude oil inventory is 830 million barrels, with commercial inventory at 420 million barrels, strategic inventory at 410 million barrels, and Cushing inventory at 20 million barrels. Changes from the previous week include decreases of 1.4 million barrels and 0.96 million barrels in total and commercial inventories, respectively, while strategic inventory increased by 0.82 million barrels and Cushing inventory decreased by 0.77 million barrels [1][2] Refinery Activity - U.S. refinery crude processing volume is 15.73 million barrels per day, up by 600,000 barrels per day from the previous week, with a refinery utilization rate of 88.6%, an increase of 2.9 percentage points [2] Oil Trade Dynamics - U.S. crude oil imports, exports, and net imports are 5.92 million, 4.20 million, and 1.72 million barrels per day, respectively, with imports increasing by 390,000 barrels per day and exports decreasing by 260,000 barrels per day [2] Refined Product Overview - Average prices for gasoline, diesel, and jet fuel are $78, $95, and $89 per barrel, respectively, with week-on-week changes of +$1.1, +$2.0, and -$5.1 [3] - Refined product inventories for gasoline, diesel, and jet fuel are 220 million, 120 million, and 40 million barrels, respectively, with decreases of 2.15 million, 1.48 million, and 1.49 million barrels week-on-week [4] - Production levels for gasoline, diesel, and jet fuel are 959, 463, and 164 thousand barrels per day, with increases of 24, 4, and decreases of 7 thousand barrels per day, respectively [5] Refined Product Demand and Trade - Consumption of gasoline, diesel, and jet fuel is 845, 385, and 172 thousand barrels per day, with no change in gasoline, a decrease of 39 thousand barrels per day in diesel, and an increase of 3 thousand barrels per day in jet fuel [6] - Gasoline imports, exports, and net exports are 80, 1.21 million, and 1.14 million barrels per day, with changes of -30, +190, and +230 thousand barrels per day, respectively [6] Recommended Companies - Companies recommended for investment include China National Offshore Oil Corporation (CNOOC), PetroChina, Sinopec, CNOOC Services, and others [6]

Core Insights - The article discusses the recent developments in the oil processing industry, highlighting a rebound in international oil prices due to easing trade tensions and supportive inventory data [1][2]. Oil Price Review - As of October 24, 2025, Brent crude oil futures settled at $65.20 per barrel, up $3.91 per barrel (+6.38%) from the previous week, while WTI crude oil futures settled at $61.50 per barrel, up $4.35 per barrel (+7.61%) [2]. - The Urals crude oil spot price remained stable at $65.49 per barrel, while the ESPO crude oil spot price increased by $2.62 per barrel (+4.54%) to $60.35 per barrel [2]. Offshore Drilling Services - As of October 20, 2025, the number of global offshore self-elevating drilling rigs decreased by 3 to 370, with reductions in Africa, the Middle East, North America, and other regions, while Europe saw an increase of 1 rig [2]. - The number of global offshore floating drilling rigs remained unchanged at 132, with decreases in Africa and Europe, and increases in Southeast Asia and other regions [2]. U.S. Crude Oil Supply - As of October 17, 2025, U.S. crude oil production was 13.629 million barrels per day, a decrease of 0.07 million barrels per day from the previous week [3]. - The number of active drilling rigs in the U.S. increased by 2 to 420 as of October 24, 2025, while the number of hydraulic fracturing fleets increased by 3 to 178 [3]. U.S. Crude Oil Demand - As of October 17, 2025, U.S. refinery crude oil processing volume was 15.730 million barrels per day, an increase of 0.600 million barrels per day, with a refinery utilization rate of 88.60%, up 2.9 percentage points from the previous week [3]. U.S. Crude Oil Inventory - As of October 17, 2025, total U.S. crude oil inventory was 831 million barrels, a decrease of 0.142 million barrels (-0.02%) from the previous week [3]. - Strategic crude oil inventory increased by 0.819 million barrels (+0.20%) to 409 million barrels, while commercial crude oil inventory decreased by 0.961 million barrels (-0.23%) to 423 million barrels [3]. U.S. Refined Oil Inventory - As of October 17, 2025, U.S. gasoline, diesel, and jet fuel inventories were 21,667.9 million barrels, 11,555.1 million barrels, and 4,292.9 million barrels, respectively, with changes of -0.2147 million barrels (-0.98%), +0.028 million barrels (+0.18%), and -0.1485 million barrels (-3.34%) [4]. Biofuel Prices - As of October 24, 2025, the FOB price for ester-based biodiesel was $1,190 per ton, while hydrocarbon-based biodiesel was $1,900 per ton, both unchanged from the previous week [4]. - The FOB price for biojet fuel in China was $2,400 per ton, and in Europe, it was $2,710 per ton, both remaining stable [4].

Core Points - The total cash dividends from 320 companies in the Shanghai market have exceeded 278 billion yuan as of October 24, with over 90 companies set to distribute an additional 280 billion yuan in cash dividends [1][2] - A record high of 414 companies have announced profit distribution plans, totaling over 560 billion yuan in cash dividends [1] - Major companies such as China Mobile and China Telecom have completed their cash distributions, amounting to 54.1 billion yuan and 16.6 billion yuan respectively, while the "Big Three" oil companies have distributed approximately 82.5 billion yuan in total [1] Company-Specific Summaries - China Petroleum has announced a cash dividend of 2.2 yuan per share, totaling 40.265 billion yuan, with 35.623 billion yuan allocated to A-share dividends [1] - Jagex has declared a cash dividend of 6.6 yuan per share, amounting to 474 million yuan, which represents 73.46% of its net profit for the period [2] - Guotai Junan plans to distribute 0.15 yuan per share, totaling 2.627 billion yuan, making it one of the leading brokerages in terms of dividend distribution [2] - Guodian Power intends to distribute 1 yuan per share, totaling 1.784 billion yuan, which is 48.38% of its net profit for the period [2] Upcoming Distributions - From October 27 to October 31, 20 companies will distribute a total of 9 billion yuan in cash dividends, including 京沪高铁 (19 billion yuan), 国泰海通 (26 billion yuan), and 国电电力 (18 billion yuan) [1][2] - There are still 74 companies that have not yet announced their dividend distribution plans, with a total amount exceeding 275 billion yuan expected to be distributed in the future [2]

Report Information - Report Title: Crude Oil Weekly Report: US Sanctions Two Russian Oil Companies, International Oil Prices Rise [1] - Report Date: October 26, 2025 [1] - Analysts: Chen Shuxian, Zhou Shaowen [1] Industry Investment Rating - Not provided in the report Core Viewpoints - This week, Brent/WTI crude oil futures had weekly average prices of $63.4/$59.3 per barrel, up $1.4/$1.0 per barrel from last week. Various data on US crude oil and refined oil, including inventory, production, demand, and import/export, showed different changes [2]. - Recommended related listed companies include CNOOC, PetroChina, Sinopec, etc.; companies to be concerned about include Sinopec Oilfield Service, CNPC Engineering, etc. [3] Summary by Directory 1. Crude Oil Weekly Data Briefing - **Upstream Key Company Performance**: The stock prices of companies such as CNOOC, PetroChina, and Sinopec showed different percentage changes in the recent week, month, three - month, one - year, and year - to - date periods. Their valuations, including total market value, net profit attributable to the parent company, PE, and PB, also varied [9]. - **Crude Oil Price**: Brent, WTI, Russian Urals, and Russian ESPO crude oil had different weekly average prices and percentage changes. The LME copper spot price and the US dollar index also had corresponding fluctuations [9]. - **Inventory**: US crude oil total inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory had different inventory levels and changes [9]. - **Production**: US crude oil production, the number of active crude oil rigs, and the number of active fracturing fleets had corresponding changes [9]. - **Refinery**: US refinery crude oil processing volume and operating rate, as well as the operating rates of Chinese local and major refineries, showed different changes [9]. - **Import/Export**: US crude oil import, export, and net import volumes had corresponding changes [9]. 2. This Week's Petroleum and Petrochemical Sector Market Review - **Petroleum and Petrochemical Sector Performance**: The report presents the performance of the petroleum and petrochemical sector, but specific data is not detailed here [12]. - **Sector Listed Company Performance** - **Refined Oil Price and Spread**: The weekly average prices and spreads of gasoline, diesel, and jet fuel in China, the US, Europe, and Singapore showed different changes [22]. - **Inventory**: The inventories of gasoline, diesel, and jet fuel in the US and Singapore had different inventory levels and changes [22]. - **Production**: The production of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - **Consumption**: The consumption of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - **Import/Export**: The import, export, and net export volumes of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - **Oil Service Sector**: The daily rates of offshore jack - up drilling platforms and semi - submersible drilling platforms had different changes [22]. 3. Crude Oil Sector Data Tracking - **Crude Oil Price**: Analyzes the prices and spreads of various crude oils, as well as the relationship between the US dollar index, LME copper price, and WTI crude oil price [28][35]. - **Crude Oil Inventory**: Discusses the relationship between US commercial crude oil inventory and oil prices, as well as the inventory levels and changes of US total crude oil, commercial crude oil, strategic crude oil, and Cushing crude oil [41][54]. - **Crude Oil Supply**: Analyzes US crude oil production, the number of crude oil rigs, and the number of fracturing fleets and their relationship with oil prices [57][61]. - **Crude Oil Demand**: Analyzes US refinery crude oil processing volume, operating rate, and the operating rates of Shandong and Chinese major refineries [65][69]. - **Crude Oil Import/Export**: Analyzes US crude oil import, export, and net import volumes [75]. 4. Refined Oil Sector Data Tracking - **Refined Oil Price**: Analyzes the relationship between international oil prices and domestic gasoline, diesel retail prices, as well as the prices and spreads of crude oil and refined oil in different regions [80][107]. - **Refined Oil Inventory**: Analyzes the inventory levels and changes of gasoline, diesel, and jet fuel in the US and Singapore [121][133]. - **Refined Oil Supply**: Analyzes the production of gasoline, diesel, and jet fuel in the US [140]. - **Refined Oil Demand**: Analyzes the consumption of gasoline, diesel, and jet fuel in the US and the number of US airport passenger security checks [143]. - **Refined Oil Import/Export**: Analyzes the import, export, and net export volumes of gasoline, diesel, and jet fuel in the US [150][153]. 5. Oil Service Sector Data Tracking - Analyzes the average daily rates of self - elevating drilling platforms and semi - submersible drilling platforms in the oil service sector [165][169].

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - The oil price has seen an increase due to intensified sanctions by the U.S. and Canada on Russian oil companies, with WTI crude futures rising by 6.53% and Brent crude futures by 7.09% from October 17 to October 24, 2025 [6]. - Geopolitical tensions, particularly regarding the fragile ceasefire in Gaza and the ongoing conflict between Russia and Ukraine, continue to impact oil prices [6]. - The U.S. government plans to purchase 1 million barrels of oil to replenish its strategic reserves, which may provide short-term support for oil prices [6]. - In the fluorochemical sector, the supply of popular refrigerants is tight, leading to sustained price increases, with domestic demand for refrigerants expected to rise in the fourth quarter [6]. - The semiconductor materials sector is experiencing a positive trend with inventory reduction and improving fundamentals, driven by domestic substitution [7]. Summary by Sections Oil and Petrochemicals - The report highlights the impact of U.S. sanctions on Russian oil companies and geopolitical tensions on oil prices [6]. - Basic data tracking indicates a slight decrease in U.S. commercial crude oil inventories, while gasoline and jet fuel inventories continue to decline [6][15]. - The report suggests that domestic oil companies are diversifying their oil and gas sources to reduce sensitivity to oil price fluctuations [7]. Fluorochemicals - The supply of second-generation refrigerants is decreasing due to policy restrictions, while demand for third-generation refrigerants is expected to grow, driven by government incentives [6]. - The report notes that the production of household air conditioners is projected to increase significantly in the last quarter of 2025, which will boost demand for refrigerants [6]. Semiconductor Materials - The semiconductor materials sector is witnessing an upward cycle, with inventory reduction trends and improving end-market conditions [7]. - The report recommends focusing on companies in the semiconductor materials sector that are benefiting from domestic substitution and cyclical recovery [7].

Group 1: Coal Supply and Production - The northern regions of China are increasing coal and natural gas production to ensure heating needs as temperatures drop [1] - In Inner Mongolia, coal production is at a peak with over 12 trains dispatched daily, averaging a coal supply of 45,000 tons per day [3] - The Zahahe Nur open-pit coal mine has a current coal stockpile of 350,000 tons, ensuring over 7 days of coal supply even in adverse weather conditions [5] Group 2: Natural Gas Supply and Infrastructure - The Changqing Oilfield, China's largest natural gas production base, plans to produce over 40 billion cubic meters of gas by 2025, supplying over 50 cities during winter [10] - The National Pipeline Network Group is accelerating natural gas projects in Xinjiang, with an increase of 420 million cubic meters of gas supply year-on-year [11] - Daily gas supply to Urumqi exceeds 12 million cubic meters, enhancing winter supply stability [11] - The Changqing Oilfield maintains a daily natural gas output of over 13 million cubic meters, with gas storage facilities having injected 2.3 billion cubic meters ahead of schedule [13] - China National Petroleum Corporation's daily gas supply has surpassed 680 million cubic meters, an increase of nearly 100 million cubic meters since the beginning of the month [15]

Core Insights - Shenzhen's Dalanwan Terminal has successfully completed its first LNG bunkering service using the "ship-to-ship" method, marking a significant milestone in the region's green shipping capabilities [1] - The LNG bunkering business in Shenzhen has shown remarkable growth, with a year-on-year increase of 157% in LNG bunkering volume from January to July 2023, reaching 310,200 cubic meters [1] - The total LNG bunkering volume for the first three quarters of 2023 has further increased to 370,600 cubic meters, maintaining a year-on-year growth rate of 103% [1] Group 1 - Yantian Port has established a mature service system for LNG bunkering, completing Shenzhen's first LNG bunkering in 2022 and achieving the first bonded LNG bunkering in South China in 2023 [2] - In 2024, Yantian Port set a record for simultaneous bunkering of two 20,000 TEU container ships, with a single operation supplying over 9,700 cubic meters of fuel [2] - The comprehensive coverage of LNG bunkering across Shenzhen's three major port areas is expected to attract international vessels to choose Shenzhen as their fuel supply port [2] Group 2 - The "CMA CGM Seine" vessel, the world's largest dual-fuel ship, has frequently received LNG bunkering in Shenzhen, with each operation supplying around 8,000 cubic meters [2] - The "Mediterranean Catania" vessel completed an 8,000 cubic meter bonded LNG bunkering at Yantian Port earlier this year [2] - The LNG bunkering business not only enhances port services but also generates significant economic benefits, with Yantian Port projected to achieve an LNG bunkering volume of 300,000 cubic meters in 2024, nearly six times the total for 2023 [2]

Investment Rating - The report maintains a positive outlook on the oil and petrochemical sector, with various indices showing significant weekly gains, such as the oil and gas resource index increasing by 3.80% and the oil and gas extraction service index rising by 10.04% [9][10]. Core Insights - Oil prices have risen primarily due to geopolitical factors, particularly the U.S. sanctions on Russian suppliers Rosneft and Lukeoil, which have raised concerns about short-term supply reductions [15][17]. - The report suggests that the actual impact of sanctions may be limited, as historical data indicates that trade flow is more affected than actual supply levels [17]. - The report highlights that the U.S. crude oil inventory has decreased, with a net import increase, and the active oil rig count remains stable at 418 [15][17]. Summary by Sections Market Overview - The petrochemical sector outperformed the Shanghai Composite Index by 1.45%, with various sub-sectors showing positive performance [9]. - The average operating load of domestic refineries was reported at 80.89%, a slight decrease from the previous week [3]. Oil Sector - As of October 23, WTI crude was priced at $61.79, up by $4.33, while Brent crude was at $65.98, up by $3.90 [15]. - The EIA reported a decrease in commercial crude oil inventory by 961,000 barrels, with gasoline inventory down by 214,700 barrels [15]. Refining Sector - The average refining margin for major refineries was reported at 512.62 yuan/ton, down by 35.2 yuan/ton from the previous period [3]. - The report indicates a weak domestic gasoline market, with average operating loads for Shandong independent refineries at 50.04% [3]. Polyester Sector - The report notes an increase in raw material prices, leading to a slight uptick in replenishment willingness among weaving enterprises [3]. - The average profit level for polyester filament POY150D was reported at 96.02 yuan/ton, a decrease of 80.44 yuan/ton from the previous week [3]. Olefin Sector - The domestic ethylene market average price was reported at 6,370 yuan/ton, a slight decrease of 15 yuan/ton [3]. - The report anticipates continued weak consolidation in the ethylene market due to negative downstream profits [3].

Core Viewpoint - The "薪火领航计划" (Firelight Navigation Plan) by China Petroleum Huabei Oilfield Company aims to cultivate young talents through a dual mentorship model, enhancing both professional skills and ideological education [1][3][5]. Group 1: Educational Initiatives - The company has established a comprehensive learning mechanism that includes "导学, 讲学, 研学, 比学" (guiding, lecturing, researching, and comparing) to instill ideological education in young employees [3][5]. - Over the past five years, the company has organized more than 1,300 specialized learning sessions and created over 850 "walking ideological classes" utilizing red education resources [3][5]. Group 2: Role Models and Inspiration - The company promotes the stories of young role models like Zhu Zhiguo and Mao Chonghao through youth achievement report meetings, making ideological guidance more relatable and dynamic [5][7]. - New employees express that the experiences of these role models provide direction and motivation for their own career paths within the company [5]. Group 3: Growth Platforms - The company focuses on creating multi-level competition platforms, such as youth scientific paper competitions and dynamic analysis contests, to showcase young talents [5][7]. - The "赛事直通车" (Event Express) initiative recommends outstanding youth for national and provincial competitions, facilitating practical applications of their innovations [5][7]. Group 4: Addressing Youth Concerns - The company prioritizes addressing the pressing issues faced by young employees, transforming their concerns into manageable matters to ensure a supportive work environment [7]. - Young employees are integrating their personal growth with the company's development, contributing to the goal of building a world-class modern energy enterprise [7].

Core Insights - China National Petroleum Corporation (CNPC) has supplied over 60 billion cubic meters of natural gas to Anhui Province since the launch of the West-to-East Gas Pipeline in 2004, achieving an average annual growth rate of 11% and contributing approximately 70% to the pipeline natural gas market in the region [1][2] Group 1 - The company has integrated deeply into Anhui's development, aiming to support local economic growth and enhance the quality of life for residents [2] - CNPC is leveraging clean and efficient natural gas to assist photovoltaic enterprises in scaling up, thereby promoting industrial chain upgrades and value enhancement in Anhui [2] - The company has established a digital operation system covering the entire natural gas industry chain, enhancing supply security through smart stations, intelligent pipelines, and digital customer service platforms [2] Group 2 - CNPC recently held the eighth season of its "Corporate Open Day" in Anhui, focusing on the theme "Smart Gas, Warming Thousands of Homes," to showcase its contributions to local economic development and energy security [3] - The concept of "Smart Gas City Factory" was introduced, which utilizes data perception, AI analysis, and IoT connectivity to create a collaborative "smart network" across various operational scenarios [3] - This initiative aims to transform natural gas from a "managed resource" into a "self-managing system," enhancing efficiency across the entire natural gas supply chain [3]