东兴证券：石油石化行业原油价格下降 中国原油进口数量提升

Core Viewpoint - International oil prices are expected to decline, with a relatively abundant supply and weak demand leading to short-term price pressure [1][5]. Oil Price Decline - As of January 2, 2026, Brent crude futures settled at $60.75 per barrel, down 2.72% from the previous month, while WTI crude futures settled at $57.32 per barrel, down 2.25% [2]. - ESPO crude spot price decreased by $3.34 to $48.91 per barrel, a decline of 6.39% [2]. - OPEC crude spot price fell to $61.78 per barrel, down $2.68, a decrease of 4.16% [2]. - China's crude oil monthly average price (Daqing) was $58.20 per barrel, down $2.54, a decline of 4.19% [2]. U.S. Refinery and Product Supply - U.S. refinery utilization rate increased to 94.7%, up 0.6 percentage points [3]. - Gasoline supply rose to 8,563 thousand barrels per day, an increase of 237 thousand barrels per day, or 2.85% [3]. - Oil product supply decreased to 19,376 thousand barrels per day, down 813 thousand barrels per day, a decline of 4.03% [3]. U.S. and China Oil Import/Export Trends - U.S. crude oil imports averaged 6,170.40 thousand barrels per day, up 480.20 thousand barrels per day, an increase of 8.44% [4]. - U.S. crude oil exports averaged 3,932.25 thousand barrels per day, up 386 thousand barrels per day, a rise of 10.88% [4]. - China's crude oil imports increased to 5,089.00 thousand tons, up 253.00 thousand tons, an increase of 5.23% [4]. - China's crude oil exports fell to 79,460.25 tons, down 92,659.89 tons, a decline of 53.83% [4].