能源周报：以黎冲突降温，OPEC下调需求增速预期，本周油价下行

Investment Rating - The report maintains a recommendation for the energy sector, indicating a stable outlook despite recent fluctuations in oil prices [1]. Core Insights - The report highlights a decrease in oil prices due to the easing of the Israel-Lebanon conflict and OPEC's downward adjustment of global oil demand growth forecasts for 2024 and 2025 [30][52]. - The report emphasizes the resilience of energy prices amid geopolitical tensions, suggesting that the demand for energy reserves will continue to rise [30]. - The report notes that the coal market remains stable with minor fluctuations, while the dual-fuel market is experiencing inventory accumulation and weakening steel prices [31][34]. Summary by Sections Oil - The average weekly price for Brent crude oil was $73.37 per barrel, down 3.24% from the previous week, while WTI crude oil averaged $68.06 per barrel, down 4.91% [30][49]. - OPEC has revised its global oil demand growth forecast for 2024 from 1.93 million barrels per day to 1.82 million barrels per day [30][52]. Coal - The average market price for Qinhuangdao port thermal coal (Q5500) was 853.6 yuan per ton, a decrease of 0.83% week-on-week [31][49]. - Total coal inventory at nine ports in the Bohai Rim was reported at 26.214 million tons, an increase of 2.22% [31][49]. Dual-Fuel - The price of coke at Rizhao port was reported at 1860 yuan per ton, down 2.6% [34][49]. - The average daily pig iron output from 247 steel mills was 2.36 million tons, an increase of 0.86% week-on-week [34]. Natural Gas - European TTF natural gas prices rose to 44.76 euros per megawatt-hour, an increase of 9.2% [36][49]. - The average price for U.S. natural gas futures was $2.89 per million British thermal units, up 56.6% [36][49]. Oil Services - The report indicates a recovery in the oil service industry, supported by government policies and high oil prices, with total capital expenditure in the oil sector reaching 581.738 billion yuan in 2023 [40][41].