石油石化行业：2月原油价格环比回落，美国石油产品供应量减少

Investment Rating - The industry investment rating for the oil and petrochemical sector is "Positive" [4] Core Insights - As of February 14, 2025, Brent crude oil futures settled at $74.74 per barrel, down 6.48% from the previous month, while WTI crude oil futures settled at $70.74 per barrel, down 8.72% [10][11] - OPEC's crude oil production decreased by 122 thousand barrels per day in January, a decline of 0.46% month-on-month, while year-on-year it increased by 296 thousand barrels per day, a growth of 1.12% [2][19] - The average operating capacity utilization rate of U.S. refineries fell to 85.00%, down 6.70 percentage points from the previous month [2][19] - U.S. crude oil exports increased by 45.10 thousand barrels per day in January, a rise of 1.16% month-on-month [3][36] - China's crude oil exports saw a significant increase of 65.81% in December [3][36] Summary by Sections Oil Prices - Brent crude oil futures price was $74.74 per barrel, down $5.18 from the previous month, a decrease of 6.48% [10] - WTI crude oil futures price was $70.74 per barrel, down $6.76 from the previous month, a decrease of 8.72% [10] - OPEC crude oil spot price in January was $79.38 per barrel, up 8.63% month-on-month [12][14] - China's average monthly crude oil price (Nanhai) was $70.24 per barrel, up 9.09% month-on-month [12][14] Supply and Demand - OPEC's crude oil production in January was 26,678 thousand barrels per day, down 122 thousand barrels per day month-on-month [2][19] - U.S. refinery crude oil production in January was 15.91 million barrels per day, down 1.04 million barrels per day month-on-month [19] - U.S. petroleum product supply decreased to 19,624 thousand barrels per day, down 5.07% month-on-month [21] Inventory - Total U.S. crude oil and petroleum product inventory decreased to 1,607,173 thousand barrels, down 18,509 thousand barrels month-on-month, a decline of 1.14% [26][29] - U.S. crude oil inventory increased to 823,173 thousand barrels, up 16,176 thousand barrels month-on-month, an increase of 2.00% [26][29] Imports and Exports - China's crude oil imports in December were 4,784.14 million tons, down 1.40% month-on-month [32] - U.S. crude oil imports in January averaged 6,509.50 thousand barrels per day, down 1.24% month-on-month [33] - U.S. crude oil exports in January averaged 3,937.60 thousand barrels per day, up 1.16% month-on-month [36]