原油周报：供应端扰动导致油价反复震荡-20250427

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices experienced slight fluctuations as of April 25, 2025, with Brent and WTI prices at $65.80 and $63.02 per barrel respectively [7][22] - OPEC+ may accelerate the exit from voluntary production cuts in June, raising concerns about supply increases [7] - Kazakhstan's energy minister indicated that national interests would take precedence over OPEC+ interests, further intensifying supply concerns [7] - The market faces multiple uncertainties, including tariffs and geopolitical tensions involving the US, Iran, and Russia-Ukraine negotiations [7] Oil Price Summary - As of April 25, 2025, Brent crude futures settled at $65.80 per barrel, down $0.46 (-0.69%) from the previous week; WTI crude futures settled at $63.02 per barrel, up $0.61 (+0.98%) [22] - Russian Urals crude spot price remained stable at $65.49 per barrel, while Russian ESPO crude price decreased by $0.32 (-0.51%) to $62.28 per barrel [22] Offshore Drilling Services - As of April 21, 2025, the number of global offshore self-elevating drilling rigs was 381, an increase of 1 from the previous week; the number of floating drilling rigs was 141, also up by 1 [26] US Oil Supply - As of April 18, 2025, US crude oil production was 13.46 million barrels per day, a decrease of 0.02 million barrels per day from the previous week [42] - The number of active drilling rigs in the US increased by 2 to 483 as of April 25, 2025 [42] - The number of fracturing fleets in the US rose by 5 to 205 as of April 25, 2025 [42] US Oil Demand - As of April 18, 2025, US refinery crude oil processing volume was 15.89 million barrels per day, an increase of 325,000 barrels per day from the previous week, with a refinery utilization rate of 88.10%, up 1.8 percentage points [53] US Oil Inventory - As of April 18, 2025, total US crude oil inventory was 841 million barrels, an increase of 712,000 barrels (+0.08%) from the previous week [64] - Strategic oil inventory was 397 million barrels, up 468,000 barrels (+0.12%); commercial crude oil inventory was 443 million barrels, up 244,000 barrels (+0.06%) [64] Related Companies - Key companies in the industry include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [1]