委内及中东地缘溢价修正，油价反弹

Core Viewpoint - The recent geopolitical events, particularly in Venezuela and Iran, have led to a rebound in international oil prices, with Brent and WTI crude oil prices increasing significantly over the past week [1][2]. Oil Price Review - As of January 9, 2026, Brent crude futures settled at $63.34 per barrel, up $2.59 per barrel (+4.26%) from the previous week; WTI crude futures settled at $59.12 per barrel, up $1.80 per barrel (+3.14%); Russian Urals crude spot price remained stable at $65.49 per barrel; Russian ESPO crude spot price increased by $1.07 per barrel (+2.19%) [2]. Geopolitical Influences - The reduction in oil production by Venezuela, influenced by U.S. military actions and potential investments in Venezuelan oil resources, has provided short-term support for oil prices. However, the U.S. continues to enforce sanctions on Venezuelan oil exports [1]. - The situation in Iran remains tense, with reports indicating that the U.S. is considering military options against Iran, contributing to the volatility in oil prices [1]. U.S. Oil Supply and Demand - As of January 2, 2026, U.S. crude oil production was 13.81 million barrels per day, a decrease of 16,000 barrels per day from the previous week. The number of active drilling rigs in the U.S. was 409, down by 3 rigs [2]. - U.S. refinery crude processing averaged 16.91 million barrels per day, an increase of 62,000 barrels per day, with a refinery utilization rate of 94.70%, unchanged from the previous week [2]. U.S. Oil Inventory - As of January 2, 2026, total U.S. crude oil inventories were 833 million barrels, a decrease of 3.587 million barrels (-0.43%). Strategic oil inventories increased by 245,000 barrels (+0.06%), while commercial crude inventories decreased by 3.832 million barrels (-0.91%) [3]. Biofuel Prices - As of January 9, 2026, the FOB price for ester-based biodiesel was $1,150 per ton, down $15 from the previous week. The price for hydrocarbon-based biodiesel remained stable at $1,875 per ton [4]. Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [5].