建信期货原油日报-20251024

Report Information - Report Type: Crude Oil Daily Report [1] - Date: October 24, 2025 [2] Investment Rating - Not provided Core Viewpoints - Overnight, the US canceled a summit with Russia and imposed sanctions on two Russian oil companies, leading to a rebound in oil prices. India has denied plans to stop importing Russian oil. The impact on Russian oil exports may be limited, and shipping conditions need to be monitored [6]. - On the supply side, OPEC+ production is generally within the quota, but there is still room for growth, and non - OPEC+ countries will also contribute significant supply, resulting in high supply pressure. On the demand side, both IEA and EIA slightly raised their demand forecasts in their monthly reports, but the demand increase is far lower than the supply. Inventory accumulation will accelerate in Q4 this year. - Short - term oil prices have rebounded due to geopolitical tensions and a correction in precious metals. If the sanctions do not further escalate, oil prices may face another correction under the situation of weak supply and demand [7]. Section Summaries 1. Market Review and Operation Suggestions - Market Data: WTI's opening price was $57.59, closing at $59.38, with a high of $59.83, a low of $57.59, a rise of 3.74%, and a trading volume of 35.67 million lots. Brent's opening price was $61.34, closing at $63.89, with a high of $64.04, a low of $61.09, a rise of 4.69%, and a trading volume of 43 million lots. SC's opening price was 446.5 yuan/barrel, closing at 459.7 yuan/barrel, with a high of 463.7 yuan/barrel, a low of 445.8 yuan/barrel, a rise of 4.05%, and a trading volume of 15.16 million lots [6]. 2. Industry News - UBS Group expects Brent crude prices to remain in the range of $60 - $70 per barrel. - The US Treasury has sanctioned two major Russian oil companies. - US Energy Secretary said that oil prices are low and it is a good time to buy. - The EU approved the 19th round of sanctions against Russia, including a ban on liquefied natural gas imports. - Hungary will start negotiations with the US on purchasing nuclear fuel. - Russia is carrying out a planned attack on Ukraine's energy system. - Russia's oil supply to India is expected to drop to near zero, and Indian refiners are reviewing Russian oil contracts [8]. 3. Data Overview - The report presents multiple data charts, including global high - frequency crude oil inventory, EIA crude oil inventory, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption, with data sources from EIA, Bloomberg, and Wind [11][12][15]