行业研究——周报：原油周报：美联储如期降息，国际油价窄幅震荡

Investment Rating - The industry rating is "Positive" [11] Core Views - The report indicates that oil prices are currently experiencing narrow fluctuations, supported by supply-side factors such as Western sanctions on Russia and Iran, which may tighten crude oil supply, alongside a decrease in U.S. crude and distillate oil inventories. However, concerns about oil demand arise from a year-on-year decline in China's November crude oil imports. The Federal Reserve's decision to lower interest rates is also noted, but the potential for a slowdown in rate cuts next year limits oil price increases. Overall, oil prices are maintaining a relatively resilient trend [11][12][33]. Oil Price Review - As of December 20, 2024, Brent crude futures settled at $72.56 per barrel, down $1.93 per barrel (-2.59%) from the previous week. WTI crude futures settled at $69.46 per barrel, down $1.83 per barrel (-2.57%). The Urals crude spot price was $67.68 per barrel, down $0.63 per barrel (-0.92%), and the ESPO crude spot price was $69.78 per barrel, down $0.86 per barrel (-1.22%) [4][11]. Oil Price Differentials - The Brent-WTI futures spread was $3.1 per barrel, narrowing by $0.1 per barrel from the previous week. The Brent spot-futures spread widened by $0.27 per barrel to $1.02 per barrel. The Brent-Ural spread narrowed by $1.3 per barrel to $4.88 per barrel, while the WTI-Ural spread narrowed by $1.2 per barrel to $1.78 per barrel [4][11]. Oil and Petrochemical Sector Performance - As of December 20, 2024, the Shanghai and Shenzhen 300 index fell by 0.14% to 3927.74 points, while the oil and petrochemical sector declined by 1.41% [3][11]. U.S. Oil Supply and Demand - As of December 13, 2024, U.S. crude oil production was 13.6 million barrels per day, a decrease of 30,000 barrels per day from the previous week. The number of active drilling rigs in the U.S. was 483, an increase of 1 rig from the previous week. The number of fracturing fleets was 210, down by 7 from the previous week [11][12]. 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) [12].