原油周报：俄乌局势扰动，油价低位反弹-20251026

Investment Rating - The industry investment rating is "Positive" [1] Core Views - International oil prices rebounded as of October 24, 2025, with Brent and WTI prices at $65.20 and $61.50 per barrel, respectively, supported by favorable U.S. inventory data and easing trade tensions [2][9] - The oil and petrochemical sector outperformed, with a 4.33% increase compared to the 3.24% rise in the CSI 300 index [10] - The oil and gas extraction sector has seen a significant increase of 180.52% since 2022, indicating strong growth potential [13] Summary by Sections Oil Price Review - As of October 24, 2025, Brent crude futures settled at $65.20 per barrel, up $3.91 (+6.38%) from the previous week, while WTI crude futures rose to $61.50 per barrel, an increase of $4.35 (+7.61%) [2][24] Offshore Drilling Services - The number of global offshore self-elevating drilling rigs was 370, a decrease of 3 from the previous week, while the number of floating drilling rigs remained stable at 132 [28] U.S. Oil Supply - U.S. crude oil production was 13.629 million barrels per day as of October 17, 2025, a decrease of 0.07 million barrels from the previous week [48] - The number of active drilling rigs in the U.S. increased by 2 to 420 as of October 24, 2025 [48] U.S. Oil Demand - U.S. refinery crude oil processing increased to 15.730 million barrels per day, up 600,000 barrels from the previous week, with a refinery utilization rate of 88.60%, an increase of 2.9 percentage points [59] U.S. Oil Inventory - Total U.S. crude oil inventory was 831 million barrels as of October 17, 2025, a decrease of 142,000 barrels (-0.02%) [69] - Strategic oil inventory increased by 819,000 barrels (+0.20%) to 409 million barrels, while commercial crude oil inventory decreased by 961,000 barrels (-0.23%) to 423 million barrels [69] Finished Oil Products - As of October 24, 2025, U.S. average prices for diesel, gasoline, and jet fuel were $94.92, $78.22, and $87.91 per barrel, respectively [88]