Soochow Securities·2025-08-17 08:57Report Information - Report Title: Crude Oil Weekly Report: Increase in US Crude Oil Inventory and Decline in International Oil Prices [1] - Report Date: August 17, 2025 [1] - Chief Analyst: Chen Shuxian [1] - Analyst: Zhou Shaowen [1] Report Industry Investment Rating No relevant information provided. Core Viewpoints - This week, the weekly average prices of Brent/WTI crude oil futures were $66.2/$63.3 per barrel, down $1.0/$1.4 per barrel from last week. The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.3/4.3/4.0/0.2 billion barrels, with a week-on-week increase of 3.26/3.04/0.23/0.05 million barrels respectively. The US crude oil production was 13.33 million barrels per day, up 40,000 barrels per day week-on-week. The number of active US crude oil rigs this week was 412, an increase of 1 from the previous week. The number of active US fracturing fleets this week was 163, an increase of 4 from the previous week. The US refinery crude oil processing volume was 17.18 million barrels per day, up 60,000 barrels per day week-on-week, and the US refinery crude oil operating rate was 96.4%, down 0.5 pct week-on-week [2]. - The weekly average prices of US gasoline, diesel, and jet fuel were $87/$95/$90 per barrel, down $0.3/$0.9/$4.1 per barrel week-on-week. The spreads with crude oil were $21/$29/$24 per barrel, up $1.1/$0.4/ -$2.7 per barrel week-on-week. The US gasoline, diesel, and aviation kerosene inventories were 2.3/1.1/0.4 billion barrels, with a week-on-week change of -0.79/+0.71/ -0.62 million barrels respectively. The US gasoline, diesel, and aviation kerosene production were 9.81/5.14/1.97 million barrels per day, with a week-on-week change of +10,000/+30,000/ -20,000 barrels per day respectively. The US gasoline, diesel, and aviation kerosene consumption were 9.00/3.70/1.83 million barrels per day, with a week-on-week change of -40,000/ -20,000/+120,000 barrels per day respectively. The net exports of US gasoline, diesel, and aviation kerosene were 0.58/1.33/0.23 million barrels per day, with a week-on-week change of -0.25/ -0.13/+0.09 million barrels per day respectively [2]. - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec Corporation (600028.SH/0386.HK), CNOOC Oilfield Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Energy Technology & Services Limited (600968.SH). Companies to be noted include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China National Petroleum Corporation Engineering Co., Ltd. (600339.SH), and Sinopec Mechanical Engineering Co., Ltd. (000852.SZ) [3] Summary by Directory 1. Crude Oil Weekly Data Briefing - Upstream Key Company Price Changes: Among the upstream key companies, the Hong Kong - listed shares of some companies such as China National Offshore Oil Corporation and PetroChina Company Limited showed an upward trend in the near - week, near - month, and near - three - month periods, while some A - shares showed a downward trend [9] - Key Company Valuations: The report provides the total market capitalization,归母净利润, PE, and PB of key companies from 2024A to 2027E [9] - Crude Oil Sector: The weekly average prices of Brent, WTI, Russian Urals, and Russian ESPO crude oils were $66.2, $63.3, $61.9, and $62.8 per barrel respectively, all showing a week - on - week decline. The US dollar index was 97.8, down 1.0 week - on - week. The LME copper spot price was $9,165.0 per ton, down $411.5 week - on - week [9] - Inventory Sector: The US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory all increased week - on - week [9] - Production Sector: The US crude oil production, the number of crude oil rigs, and the number of fracturing fleets all increased week - on - week [9] - Refinery Sector: The US refinery crude oil processing volume increased week - on - week, while the operating rate decreased. The operating rates of Chinese local refineries and major refineries showed different trends [9] - Import and Export Sector: The US crude oil net imports increased week - on - week [9] 2. This Week's Petroleum and Petrochemical Sector Market Review - Petroleum and Petrochemical Sector Performance: No specific performance data provided, only the topic is mentioned [14] - Sector Listed Company Performance: The report lists the latest prices, total market capitalizations, and price changes in different time periods of multiple listed companies in the petroleum and petrochemical sector, as well as their valuations [26][28] 3. Crude Oil Sector Data Tracking - Crude Oil Price: It involves the price and spread relationships between different types of crude oils such as Brent, WTI, Russian Urals, and Russian ESPO, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price [32][41][42] - Crude Oil Inventory: It shows the historical data and trends of the US commercial crude oil inventory, total crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory, as well as their correlations with oil prices [49][54][63] - Crude Oil Supply: The US crude oil production, the number of crude oil rigs, and the number of fracturing fleets are tracked [68] - Crude Oil Demand: The US refinery crude oil processing volume, operating rate, and the operating rates of Chinese local and major refineries are presented [76][79][83] - Crude Oil Import and Export: The US crude oil import, export, and net import volumes are tracked [87][91] 4. Refined Oil Product Sector Data Tracking - Refined Oil Product Price: When the international crude oil price is above $80 per barrel, the increase in domestic gasoline and diesel prices slows down. The report also shows the price and spread relationships between crude oil and refined oil products in different regions such as China, the US, Europe, and Singapore [97][124][130] - Refined Oil Product Inventory: The inventories of gasoline, diesel, and aviation kerosene in the US and Singapore are tracked, along with their week - on - week and year - on - year changes [138][144][149] - Refined Oil Product Supply: The productions of gasoline, diesel, and aviation kerosene in the US are presented [157][158] - Refined Oil Product Demand: The consumptions of gasoline, diesel, and aviation kerosene in the US are tracked, along with the number of US airport passenger security checks [161][162] - Refined Oil Product Import and Export: The import, export, and net export volumes of gasoline, diesel, and aviation kerosene in the US are tracked [175][179][180] 5. Oilfield Service Sector Data Tracking - The report provides the weekly average, monthly average, quarterly average, and year - to - date average daily fees of self - elevating drilling platforms and semi - submersible drilling platforms [10]