原油周报：原油阶段性企稳，地缘成为主要推手

Market Overview - Recent oil prices experienced a rapid decline followed by a phase of bottoming out, influenced by geopolitical developments and U.S. sanctions on Venezuela [5][43] - As of December 19, 2025, Brent crude futures settled at $60.5 per barrel, down $0.6 (-1.36%) from the previous week, while WTI crude futures settled at $56.7 per barrel, also down $0.8 (-1.36%) [10][48] - The market is currently focused on geopolitical tensions, particularly regarding Russia and Ukraine, and the implications of U.S. sanctions on Venezuelan oil exports [5][43] Supply and Demand Analysis - The EIA reported an unexpected drawdown in crude oil inventories, attributed to the end of maintenance at downstream CDU units and year-end demand [6][44] - Despite an increase in refinery utilization rates leading to higher production of refined products, overall demand has not shown significant improvement, resulting in a build-up of refined product inventories [6][44] Price Data - The price data indicates that Brent crude futures are at $60.5 per barrel, WTI at $56.7 per barrel, and Dubai crude at $60.9 per barrel, all reflecting declines from the previous week [10][48] - The Brent-WTI spread remains stable, with the WTI-Brent differential showing slight changes, indicating a market that is adjusting to supply and demand dynamics [12][54] Refinery Operations - U.S. refinery utilization has slightly increased by 0.3% to 94.8%, remaining above historical averages, with a significant reduction in maintenance activities [28][66] - The number of refineries undergoing maintenance has decreased significantly, suggesting that supply-side stability is improving [28][66] Terminal Demand - U.S. terminal demand for gasoline has shown a notable increase, with gasoline demand reaching 9.078 million barrels per day, up 622,000 barrels per day (7.36%) from the previous week [30][68] - Overall, while gasoline demand is recovering, other refined products are still experiencing weak demand [30][68]