EIA周度报告点评-20250807

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The EIA weekly data shows that gasoline demand remains persistently low during the peak season, and although the report seems bullish on the surface, the weak gasoline demand dampens the positive sentiment [1][8]. - Compared with previous years, this year's US gasoline consumption market is disappointing given the current price level [8]. 3. Summary by Related Catalogs Main Data - As of August 1st, US commercial crude oil inventories were 423.662 million barrels, a week - on - week decrease of 3.029 million barrels, exceeding the expected decrease of 0.6 million barrels. Cushing inventories increased by 0.453 million barrels, and strategic reserve inventories increased by 0.235 million barrels [2]. - Gasoline inventories decreased by 1.323 million barrels, exceeding the expected decrease of 0.4 million barrels, and distillate inventories decreased by 0.565 million barrels, contrary to the expected increase of 0.8 million barrels [2]. - US crude oil production decreased by 30 thousand barrels per day to 13.284 million barrels per day, and net imports decreased by 794 thousand barrels per day to 2.644 million barrels per day [3]. - Crude oil processing volume increased by 213 thousand barrels per day to 17.124 million barrels per day, and refinery utilization rate rose 1.5% to 96.9% [3][4]. Report Commentary - The decline in US commercial crude oil inventories was due to the increase in refinery utilization rate (reaching a new high this year) and exports. However, the increase in the utilization rate was partly due to the reduction in refinery capacity [4]. - Gasoline demand remained weak, with the four - week smoothed data below 9 million barrels per day for four consecutive weeks during the peak season, indicating that Americans prefer short - distance travel and cut travel budgets this year [6]. - Distillate demand was stable, and the slight decline in inventories was mainly due to increased exports [6]. - After the data release, oil prices initially held steady but then fell due to the news of potential US - Russia - related talks [8].