石油石化行业：原油价格上涨明显，中国原油出口数量大幅提升

Investment Rating - The industry investment rating is "Positive" for the oil and petrochemical sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% over the next six months [3][61]. Core Insights - Significant increases in crude oil prices have been observed, with Brent crude futures settling at $72.51 per barrel, reflecting a month-on-month increase of 7.25%. WTI crude futures settled at $69.21 per barrel, up 6.30% from the previous month [1][7][11]. - China's crude oil export volume has surged dramatically, with a month-on-month increase of 611.63%, reaching 1,260,301.9 tons [2][49]. - The operational capacity utilization rate of U.S. refineries has risen to 95.4%, a 0.5 percentage point increase from the previous month, indicating a robust refining sector [1][24][25]. Summary by Sections 1. Crude Oil Prices - Brent crude futures price increased to $72.51 per barrel, a rise of $4.90 per barrel or 7.25% month-on-month. WTI crude futures price reached $69.21 per barrel, up $4.10 per barrel or 6.30% [7][9][11]. 2. Supply and Demand - OPEC's crude oil production increased to 27,235 thousand barrels per day in June, a month-on-month rise of 219 thousand barrels per day, or 0.81% [21][24]. - U.S. refinery crude oil production rose to 17.25 million barrels per day, reflecting a month-on-month increase of 0.48 million barrels per day, or 2.86% [24]. 3. Inventory - Total U.S. crude oil and petroleum product inventory increased to 1,660,512 thousand barrels, a month-on-month rise of 17,667 thousand barrels, or 1.08% [34][38]. 4. Imports and Exports - In June, U.S. crude oil imports averaged 6,115.50 thousand barrels per day, a month-on-month increase of 2.53%. Conversely, U.S. crude oil exports decreased by 5.71% to an average of 3,555.50 thousand barrels per day [2][43][49]. - China's crude oil imports rose to 4,989,000 tons, a month-on-month increase of 329,000 tons, or 7.06% [43][47].