Soochow Securities·2025-06-22 08:43Oil Price and Inventory - Brent and WTI crude oil futures averaged $76.4 and $74.2 per barrel this week, up $7.0 and $6.3 from last week respectively[2] - Total U.S. crude oil inventory stands at 82 million barrels, with commercial inventory at 42 million barrels, strategic inventory at 40 million barrels, and Cushing inventory at 2 million barrels, showing a week-on-week change of -1.124 million, -1.147 million, +0.23 million, and -0.1 million barrels respectively[2] Production and Demand - U.S. crude oil production remains steady at 13.43 million barrels per day, with active oil rigs at 438, down by 1 rig[2] - U.S. refinery crude processing averaged 16.86 million barrels per day, down by 360,000 barrels per day, with a refinery utilization rate of 93.2%, a decrease of 1.1 percentage points[2] Import and Export Dynamics - U.S. crude oil imports and exports were 5.5 million and 4.36 million barrels per day respectively, resulting in a net import of 1.14 million barrels per day, with changes of -670,000, +108,000, and -175,000 barrels per day respectively[2] Refined Product Insights - Average prices for gasoline, diesel, and jet fuel in the U.S. were $95, $104, and $89 per barrel, with week-on-week changes of +$5.8, +$11.6, and -$5.1 respectively[2] - U.S. gasoline, diesel, and jet fuel inventories increased by 210,000, 510,000, and 1.03 million barrels respectively[2] Company Recommendations and Risks - Recommended companies include China National Offshore Oil Corporation, China Petroleum & Chemical Corporation, and Sinopec Limited, among others[3] - Risks include geopolitical factors affecting oil prices, significant macroeconomic downturns, and potential changes in OPEC+ supply plans[3]