石油石化行业：WTI原油价涨，炼油厂可运营产能利用率提升

Investment Rating - The industry investment rating is "Positive" for the oil and petrochemical sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% over the next six months [4]. Core Insights - Brent crude oil prices decreased month-on-month, while WTI crude oil prices increased. As of May 16, Brent crude futures settled at $65.41 per barrel, down 0.67%, and WTI crude futures settled at $62.49 per barrel, up 0.03% [3][8]. - The operational capacity utilization rate of U.S. refineries increased to 90.70%, a rise of 2.60 percentage points from the previous month. However, the supply of finished gasoline and distillate fuel products decreased month-on-month [2][3]. - U.S. crude oil imports rose by 5.02% month-on-month, while both imports and exports of crude oil in China saw declines, with exports dropping significantly by 51.01% [2][3]. Summary by Sections 1. Crude Oil Prices - Brent crude oil futures settled at $65.41 per barrel, down 0.67% month-on-month, while WTI crude oil futures settled at $62.49 per barrel, up 0.03% [8][11]. 2. Supply and Demand - OPEC crude oil production decreased by 0.25% month-on-month to 26,710 thousand barrels per day. In contrast, U.S. refinery crude oil production increased by 1.06% month-on-month to 16.15 million barrels per day [21][22]. 3. Inventory - Total U.S. crude oil and petroleum product inventory increased by 1.13% month-on-month, reaching 1,623,569 thousand barrels. U.S. crude oil inventory rose by 0.37% month-on-month to 843,651 thousand barrels [30][34]. 4. Imports and Exports - In April, China's crude oil imports fell by 6.52% month-on-month to 4,806 million tons, while U.S. crude oil imports increased by 5.02% month-on-month to an average of 6,038 thousand barrels per day [42][45].