EIA周度报告点评-20250605

Report Industry Investment Rating - Not provided Core View of the Report - The EIA weekly report shows that the first week of the driving peak season saw a slump in gasoline apparent demand. The report is bearish, and the market reacted with a decline after its release. If the phenomenon of weak demand in the peak season persists, the rapidly rising refined oil inventory will soon force upstream producers to reduce production [1][9] Summary by Related Catalog Main Data - As of May 30, U.S. commercial crude oil inventories decreased by 4.304 million barrels to 436.059 million barrels, exceeding the expected decrease of 1 million barrels. Cushing inventories increased by 576,000 barrels, and strategic reserve inventories increased by 509,000 barrels. Gasoline inventories increased by 5.219 million barrels, and distillate inventories increased by 4.23 million barrels, both exceeding expectations [2][3] - U.S. crude oil production increased by 7,000 barrels per day to 13.408 million barrels per day, and net imports increased by 389,000 barrels per day to 2.439 million barrels per day. Crude oil processing volume increased by 670,000 barrels per day to 16.998 million barrels per day [3] - Apparent demand for various oil products decreased: U.S. crude oil terminal apparent demand decreased by 86,000 barrels per day, gasoline apparent demand decreased by 113,500 barrels per day, distillate apparent demand decreased by 92,500 barrels per day, and jet fuel apparent demand decreased by 65,500 barrels per day [3] Report Review - The larger - than - expected decline in U.S. commercial crude oil inventories last week was mainly due to a significant increase in refinery operations. The weekly refinery utilization rate increased by 3.2% to 93.4%, driving an increase in crude oil feedstock volume [4] - In the refined oil segment, fuel demand dropped significantly after the Memorial Day, the start of the traditional demand peak season. Gasoline inventories rose sharply as terminal demand consumption was relatively slow after mid - level nodes such as gas stations stocked up before the holiday, leading to insufficient motivation for further stocking [8]