石油石化行业：中国原油现货月度均价上涨，美国原油出口数量继续增加

Investment Rating - The report maintains a "Positive" investment rating for the oil and petrochemical industry [2][10]. Core Insights - The average monthly price of Chinese crude oil has increased, while U.S. crude oil exports continue to rise. Brent crude prices have decreased month-on-month, while ESPO crude prices show a rebound trend [10][11]. - As of November 20, Brent and WTI crude futures settled at $72.81 per barrel and $68.75 per barrel, reflecting a month-on-month decrease of 1.99% and 2.57%, respectively [10][14]. - OPEC's crude oil production increased month-on-month, with October production reaching 26,535 thousand barrels per day, up by 466 thousand barrels per day, a rise of 1.79% [11][30]. Summary by Sections 1. Crude Oil Prices - Brent crude futures settled at $72.81 per barrel, down by $1.48 per barrel (1.99%) month-on-month. WTI crude futures settled at $68.75 per barrel, down by $1.81 per barrel (2.57%) month-on-month [10][14]. - As of November 21, WTI and Brent crude spot prices were $68.75 per barrel and $72.81 per barrel, showing a slight increase of 0.09% and a decrease of 0.34% month-on-month, respectively [10][11]. 2. Supply and Demand - OPEC's crude oil production increased in October, reaching 26,535 thousand barrels per day, a month-on-month increase of 466 thousand barrels per day (1.79%) [11][30]. - U.S. refinery capacity utilization rose to 90.20%, an increase of 0.70 percentage points month-on-month [11][36]. 3. Exports - U.S. crude oil exports averaged 4,072.50 thousand barrels per day in October, an increase of 155.25 thousand barrels per day (3.96%) month-on-month [11][62]. - Chinese crude oil exports decreased to 197,608.68 tons, down by 18.76% month-on-month [11][62]. 4. Inventory - As of November 15, total U.S. crude oil and petroleum product inventories decreased to 1,633,001 thousand barrels, a decline of 9,501 thousand barrels (0.58%) month-on-month [46][48]. - U.S. crude oil inventories increased to 819,482 thousand barrels, up by 8,816 thousand barrels (1.09%) month-on-month [46][48].