原油周报：地缘再次成为焦点，伊朗与美以持续博弈

Market Overview - The oil market experienced significant fluctuations due to ongoing tensions between the US and Iran, with prices reacting to changing expectations regarding military actions [5][41] - As of December 16, 2025, WTI crude oil futures settled at $59.4 per barrel, up $0.32 (0.54%) from the previous week, while Brent crude settled at $64.1 per barrel, up $0.79 (1.25%) [5][41] Inventory and Supply Data - The EIA reported a decrease in crude oil inventories by 3.39 million barrels, attributed to increased net imports and sustained high production levels [6][42] - Gasoline inventories saw a notable increase of 8.977 million barrels, indicating a softening demand and rising refinery utilization rates [6][42] Price Dynamics - The price differential between Brent and WTI has widened, primarily due to concerns over CPC Blend crude following an attack on a Kazakh oil tanker, alongside ongoing supply constraints from the US and increased imports from Venezuela [49] - The overall market sentiment remains cautious, with expectations of a return to a more stable pricing environment once geopolitical tensions ease [11][41] Refinery Operations - US refinery utilization rates increased slightly by 0.6% to 95.30%, maintaining historical highs, with minimal disruptions in maintenance activities [61] - The processing margins for major refineries rose by 12.53%, while independent refineries saw a decline of 24.28% in profitability [69] Demand Trends - The US transportation sector is experiencing typical seasonal adjustments, with a decrease in freight volumes and capacity following the peak season [65] - Overall, the demand for refined products remains mixed, with gasoline demand stable and significant increases in demand for distillate fuels [63]