建信期货原油日报-20250903

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - As of the week ending on the 22nd, the overall decline in US crude oil and refined product inventories supported oil prices to some extent. However, the US travel peak season is coming to an end, and the refinery operating rate has also slightly declined, so there may be insufficient positive factors for oil prices in the later period. This summer, gasoline consumption in the US did not show a significant improvement even with lower prices compared to last year. Overall, this year's peak - season consumption in the US is weak, and the market has digested the expectation of US interest rate cuts to some extent. There is no driving force for oil prices, which are expected to continue to consolidate at the bottom and may decline again in the medium term [6]. 3. Summary by Related Catalogs 3.1 Market Review and Operation Suggestions - Market Review: WTI crude oil opened at $63.95, closed at $64.61, with a high of $64.88, a low of $63.66, a daily increase of 0.94%, and a trading volume of 5.89 million hands. Brent crude oil opened at $67.42, closed at $68.16, with a high of $68.36, a low of $67.12, a daily increase of 1.01%, and a trading volume of 15.12 million hands. SC crude oil opened at 487 yuan/barrel, closed at 490.4 yuan/barrel, with a high of 492.5 yuan/barrel, a low of 487 yuan/barrel, a daily increase of 1.41%, and a trading volume of 7.98 million hands [6]. - Operation Suggestions: Oil prices are expected to continue to consolidate at the bottom and may decline again in the medium term [6]. 3.2 Industry News - HSBC maintains its forecast of Brent crude oil at $65 per barrel for the fourth quarter of 2025. - Oil traders expect OPEC+ to keep production unchanged at the weekend meeting. - Traders said that Russia plans to export 1.098 million tons of petroleum products from the Black Sea port of Tupse in September, compared with 1.068 million tons in August [7]. 3.3 Data Overview - The report presents multiple data charts, including global high - frequency crude oil inventories, WTI and Brent fund positions, Dtd Brent price, WTI and Oman spot prices, US crude oil production growth rate, and EIA crude oil inventories, with data sources from Bloomberg, wind, CFTC, and EIA [9][11][19][22].