供给过剩趋势下，国际油价走势纠结

Group 1: Oil Price Overview - As of the week ending November 14, 2025, international oil prices experienced slight fluctuations, with Brent crude oil price at $64.39 per barrel (up $0.76 or +1.19%) and WTI at $59.39 per barrel (down $0.45 or -0.75%) [2][3] - Factors contributing to the price movements included an increase in China's crude oil imports, a decline in the US dollar exchange rate, and the US government's efforts to end the shutdown, which boosted market risk appetite [2][3] - OPEC's monthly report indicated a forecast adjustment to oversupply, which sent bearish signals to the market, leading to a decline in oil prices later in the week [2][3] Group 2: US Oil Supply and Demand - As of the week ending November 7, 2025, US crude oil production reached 13.862 million barrels per day, an increase of 211,000 barrels per day from the previous week [3] - The number of active drilling rigs in the US rose to 417, with an increase of 3 rigs, while the fracturing fleet also saw a rise to 175 units, up by 2 [3] - US refinery crude processing averaged 15.973 million barrels per day, an increase of 717,000 barrels per day, with a refinery utilization rate of 89.40%, up by 3.4 percentage points [3] Group 3: US Oil Inventory - As of the week ending November 7, 2025, total US crude oil inventories stood at 838 million barrels, an increase of 7.211 million barrels (+0.87%) [3] - Strategic oil reserves were at 410 million barrels, up by 798,000 barrels (+0.19%), while commercial crude oil inventories increased to 428 million barrels, up by 6.413 million barrels (+1.52%) [3] - Cushing, Oklahoma, crude oil inventories decreased to 22.519 million barrels, down by 346,000 barrels (-1.51%) [3] Group 4: Refined Product Inventory - As of the week ending November 7, 2025, US gasoline inventories decreased by 945,000 barrels (-0.46%), while diesel inventories saw a slight increase of 235,000 barrels (+1.61%) [4] - Jet fuel inventories increased by 111,900 barrels (+2.68%), while overall diesel inventories decreased by 637,000 barrels (-0.57%) [4] Group 5: Biofuel Prices - As of November 14, 2025, the FOB price for ester-based biodiesel was $1,170 per ton, down by $20 from the previous week, while hydrocarbon-based biodiesel remained stable at $1,910 per ton [4] - In China, the FOB price for bio-jet fuel was $2,550 per ton, unchanged from the previous week, while European bio-jet fuel prices increased by $60 to $2,910 per ton [4] Group 6: Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China Petroleum Corporation (PetroChina) [5]