原油周报：短期利多因素占上风，油价表现出韧性-20250713

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices showed resilience, with Brent and WTI prices reaching $70.36 and $68.45 per barrel respectively as of July 11, 2025, supported by various factors including OPEC+ production increases and a decrease in refined oil inventories [2][8] - The report highlights a significant increase in oil prices, with Brent crude futures rising by $2.06 per barrel (+3.02%) and WTI crude futures increasing by $1.45 per barrel (+2.16%) in the week ending July 11, 2025 [28] - The report notes a decrease in U.S. crude oil production to 13.385 million barrels per day, a reduction of 48,000 barrels per day from the previous week [48] - The report identifies key companies in the sector, including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [2] Summary by Sections Oil Price Review - As of July 11, 2025, Brent crude futures settled at $70.36 per barrel, up $2.06 (+3.02%) from the previous week, while WTI crude futures settled at $68.45 per barrel, up $1.45 (+2.16%) [28][21] - The report indicates that the increase in oil prices is attributed to OPEC+ production adjustments and geopolitical factors affecting supply and demand [2][8] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms increased to 385, with a net addition of 5 platforms, while the number of floating drilling platforms remained stable at 134 [33] U.S. Crude Oil Supply - U.S. crude oil production decreased to 13.385 million barrels per day, with active drilling rigs dropping to 424 [48][39] - The report notes an increase in the number of pressure pumping fleets to 180, indicating some activity in the sector despite the overall production decline [48] U.S. Crude Oil Demand - U.S. refinery crude processing decreased to 17.006 million barrels per day, with a refinery utilization rate of 94.70%, down 0.2 percentage points from the previous week [59] U.S. Crude Oil Inventory - As of July 4, 2025, total U.S. crude oil inventories rose to 829 million barrels, an increase of 7.308 million barrels (+0.89%) from the previous week [68] Refined Oil Prices - In North America, the average prices for diesel, gasoline, and jet fuel were $101.69, $91.13, and $94.08 per barrel respectively, with respective increases of $2.12, $2.86, and $1.96 [89][93]