Soochow Securities·2025-07-27 07:07Report Summary 1. Report Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoint The report provides a weekly update on the US crude oil and refined oil markets, including price, inventory, production, demand, and import/export data. It also list recommended and suggested companies in the oil and gas sector [2][3]. 3. Summary by Section 3.1 Crude Oil Weekly Data Briefing - Upstream Company Performance: The report presents the stock price changes and valuations of major upstream companies, such as CNOOC, PetroChina, and Sinopec, over different time - frames [8][9]. - Crude Oil Price: Brent and WTI crude oil futures had weekly average prices of $68.8 and $65.8 per barrel respectively, down $0.3 and $1.2 from the previous week [2][9]. - Crude Oil Inventory: US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.2, 4.2, 4.0, and 0.2 billion barrels respectively, with weekly changes of - 337, - 317, - 20, and + 46 thousand barrels [2][9]. - Crude Oil Production: US crude oil production was 13.27 million barrels per day, down 100 thousand barrels per day. The number of active oil rigs was 415, down 7, and the number of active fracturing fleets was 174, down 6 [2][9]. - Crude Oil Demand: US refinery crude oil processing volume was 16.94 million barrels per day, up 90 thousand barrels per day, and the refinery utilization rate was 95.5%, up 1.6 percentage points [2][9]. - Crude Oil Import and Export: US crude oil imports, exports, and net imports were 5.98, 3.86, and 2.12 million barrels per day respectively, with weekly changes of - 400, + 340, and - 740 thousand barrels per day [2][9]. 3.2 This Week's Petroleum and Petrochemical Sector Market Review - Sector Performance: The report shows the performance of the petroleum and petrochemical sector and its sub - industries, as well as the performance of listed companies in the sector [13][23]. - Company Performance: It details the stock price changes of various upstream companies in the sector over different time - frames, including CNOOC, PetroChina, and Sinopec [24]. 3.3 Crude Oil Sector Data Tracking - Price: It analyzes the prices of different types of crude oil (Brent, WTI, Russian Urals, Russian ESPO) and their relationships with other factors such as the US dollar index and copper prices [9][41][46]. - Inventory: It examines the relationship between US commercial crude oil inventory and oil prices, and presents the inventory data of different types of US crude oil [48][52][62]. - Supply: It tracks US crude oil production, the number of oil rigs, and the number of fracturing fleets [65][67][71]. - Demand: It monitors US refinery processing volume and utilization rate, as well as the utilization rate of Chinese refineries [74][75][80]. - Import and Export: It shows US crude oil import, export, and net import data [86][87][92]. 3.4 Refined Oil Sector Data Tracking - Price: It analyzes the prices of refined oil products (gasoline, diesel, jet fuel) in different regions (US, China, Europe, Singapore) and their spreads with crude oil [10][97][123]. - Inventory: It presents the inventory data of US and Singapore refined oil products [142][143][154]. - Supply: It tracks the production of US refined oil products [160][161][164]. - Demand: It monitors the consumption of US refined oil products and the number of US airport passengers [165][166][169]. - Import and Export: It shows the import, export, and net export data of US refined oil products [177][178][183]. 3.5 Oilfield Services Sector Data Tracking It tracks the average daily rates of self - elevating and semi - submersible drilling platforms [192][194][195]. 3.6 Recommended Companies The report recommends CNOOC, PetroChina, Sinopec, CNOOC Energy Technology & Services, Offshore Oil Engineering, and CNOOC Energy Development. It also suggests paying attention to Sinopec Oilfield Service, China Petroleum Engineering & Construction, and Sinopec Mechanical Engineering [3].