Soochow Securities·2025-10-19 11:13Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the given content. 2. Core Viewpoints The report focuses on the weekly data of the oil and petrochemical industry, including the price, inventory, supply, demand, and import - export of crude oil and refined oil, as well as the performance of the oil and petrochemical sector and related listed companies. It also provides data on the oil service sector. The international oil price has declined, and the report presents detailed data changes in various aspects of the oil market [2]. 3. Summary by Directory 3.1 Crude Oil Weekly Data Briefing - Price: Brent/WTI crude oil futures had weekly average prices of $62.0/$58.3 per barrel, down $3.0 each from the previous week. Russian Urals was at $58.6 per barrel, down $2.2, and ESPO was at $61.0 per barrel with no change [2][9]. - Inventory: US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.3/4.2/4.1/0.2 billion barrels, with week - on - week changes of +428/+352/+76/ - 70 million barrels respectively [2]. - Production: US crude oil production was 13.64 million barrels per day, up 0.1 million barrels per day. The number of active crude oil rigs was 418, unchanged, and the number of active fracturing fleets was 175, also unchanged [2]. - Demand: US refinery crude oil processing volume was 15.13 million barrels per day, down 1.17 million barrels per day, and the refinery crude oil utilization rate was 85.7%, down 6.7 percentage points [2]. - Import and Export: US crude oil imports, exports, and net imports were 5.53/4.47/1.06 million barrels per day, with week - on - week changes of - 0.88/+0.88/ - 1.75 million barrels per day respectively [2]. 3.2 This Week's Oil and Petrochemical Sector Market Review - Sector Performance: The report shows the performance of the oil and petrochemical sector and its sub - industries, including the decline in the oil and gas exploration, refining and trading, and oil service engineering sub - sectors [15][18]. - Listed Company Performance: The report provides the valuation data of related listed companies, including China National Offshore Oil Corporation, PetroChina, Sinopec, etc. [9]. 3.3 Crude Oil Sector Data Tracking - Price: Analyzes the price and price difference of various crude oils, such as Brent, WTI, Russian Urals, and ESPO, and their relationship with the US dollar index and LME copper price [9][30][33]. - Inventory: Studies the inventory of US crude oil, including total inventory, commercial inventory, strategic inventory, and Cushing inventory, and their relationship with oil prices [42][47][52]. - Supply: Focuses on US crude oil production, the number of oil rigs, and fracturing fleets and their relationship with oil prices [59][61][63]. - Demand: Analyzes the crude oil processing volume and utilization rate of US refineries, as well as the utilization rate of Chinese refineries [67][69][72]. - Import and Export: Tracks the import, export, and net import volume of US crude oil and petroleum products [78][80][81]. 3.4 Refined Oil Sector Data Tracking - Price: Analyzes the price and price difference of refined oils such as gasoline, diesel, and aviation kerosene in the US, China, Europe, and Singapore, and their relationship with crude oil prices [87][90][114]. - Inventory: Monitors the inventory of refined oils in the US and Singapore, including gasoline, diesel, and aviation kerosene [128][132][137]. - Supply: Focuses on the production of refined oils in the US, including gasoline, diesel, and aviation kerosene [145]. - Demand: Analyzes the consumption of refined oils in the US, including gasoline, diesel, and aviation kerosene, and the number of airport security checks for passengers [148][150][154]. - Import and Export: Tracks the import, export, and net export volume of refined oils in the US, including gasoline, diesel, and aviation kerosene [157][161][163]. 3.5 Oil Service Sector Data Tracking - Analyzes the average daily fees of self - elevating drilling platforms and semi - submersible drilling platforms in the industry [172][176][177]. 3.6 Recommended Listed Companies Recommended companies include CNOOC/China National Offshore Oil Corporation (600938.SH/0883.HK), PetroChina/PetroChina Company Limited (601857.SH/0857.HK), Sinopec/China Petroleum & Chemical Corporation (600028.SH/0386.HK), CNOOC Energy Technology & Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Development Co., Ltd. (600968.SH). Companies to be concerned about include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China Petroleum Engineering & Construction Corporation (600339.SH), and Sinopec Mechanical & Electrical Equipment Co., Ltd. (000852.SZ) [3].