EIA周度报告点评-20250821

Group 1: Report Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - The EIA report for the week is relatively bullish. The decline in inventory is due to the demand side, with overseas exports rebounding and refineries maintaining high operating rates, which may slow down the seasonal decline in demand. The structural issues in the diesel market are worth attention, as the demand for diesel will seasonally strengthen with the start of the autumn harvest while the distillate inventory is relatively low, which may make the previously slowing distillate cracking recover and drive refinery demand [8]. Group 3: Summary of Key Data - As of August 15, U.S. commercial crude oil inventories decreased by 6014 thousand barrels to 420684 thousand barrels, exceeding the expected decrease of 1800 thousand barrels. Cushing inventories increased by 419 thousand barrels, and strategic reserve inventories increased by 223 thousand barrels. Gasoline inventories decreased by 2720 thousand barrels, exceeding the expected decrease of 900 thousand barrels, while distillate inventories increased by 2343 thousand barrels, exceeding the expected increase of 900 thousand barrels [2][3]. - U.S. crude oil net imports decreased by 1218 thousand barrels per day to 2125 thousand barrels per day, and the single - week export volume reached 4372 thousand barrels per day, a new high since April [3][4]. - The refinery operating rate increased by 0.2% to 96.6% [4]. - The four - week smoothed U.S. crude oil terminal apparent demand decreased by 66 thousand barrels per day to 21093 thousand barrels per day, gasoline apparent demand decreased by 31.25 thousand barrels per day to 9008.5 thousand barrels per day, distillate apparent demand increased by 156 thousand barrels per day to 3748.25 thousand barrels per day, and jet fuel apparent demand increased by 54.25 thousand barrels per day to 1881.5 thousand barrels per day [3]. Group 4: Market Analysis - The significant decline in U.S. commercial crude oil inventories last week was due to a sharp drop in net imports caused by a surge in exports, indicating an improvement in previously weak overseas demand, and the high - level refinery operating rate [4]. - Gasoline demand remains lower than last year and the same period in previous years, suggesting insufficient consumer ability or willingness. Distillate demand has rebounded significantly, and its inventory is still at a low level. As autumn approaches, the market will focus more on distillates [7].