原油周报：资金对油市供需趋于谨慎，油价窄幅下跌-20250727

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices have experienced a slight decline, with Brent and WTI prices at $67.66 and $65.16 per barrel respectively as of July 25, 2025 [2][8] - The oil market is facing cautious funding due to geopolitical tensions and limited supply impacts from EU sanctions on Russia [2][8] - The oil and petrochemical sector has shown a positive performance, with the sector rising by 2.58% compared to the 1.69% increase in the CSI 300 index [9] Summary by Sections Oil Price Review - Brent crude futures settled at $67.66 per barrel, down $1.62 (-2.34%) from the previous week, while WTI crude futures settled at $65.16 per barrel, down $0.89 (-1.35%) [26] - The price of Russian Urals crude remained stable at $65.49 per barrel, while ESPO crude rose by $0.79 (+1.22%) to $65.75 per barrel [26] Offshore Drilling Services - As of July 21, 2025, the number of global offshore self-elevating drilling platforms was 381, a decrease of 2 from the previous week [32] Oil Supply - As of July 18, 2025, U.S. crude oil production was 13.273 million barrels per day, down by 102,000 barrels per day from the previous week [48] - The number of active drilling rigs in the U.S. decreased to 415, down by 7 rigs [48] Oil Demand - U.S. refinery crude oil processing increased to 16.936 million barrels per day, up by 87,000 barrels per day, with a refinery utilization rate of 95.50%, up by 1.6 percentage points [59] Oil Inventory - As of July 18, 2025, total U.S. crude oil inventories were 821 million barrels, a decrease of 3.369 million barrels (-0.41%) [69] - Strategic oil inventories were 403 million barrels, down by 200,000 barrels (-0.05%) [69] Related Companies - Key companies in the sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) [2]