Soochow Securities·2025-10-26 13:52Report Information - Report Title: Crude Oil Weekly Report: US Sanctions Two Russian Oil Companies, International Oil Prices Rise [1] - Report Date: October 26, 2025 [1] - Analysts: Chen Shuxian, Zhou Shaowen [1] Industry Investment Rating - Not provided in the report Core Viewpoints - This week, Brent/WTI crude oil futures had weekly average prices of $63.4/$59.3 per barrel, up $1.4/$1.0 per barrel from last week. Various data on US crude oil and refined oil, including inventory, production, demand, and import/export, showed different changes [2]. - Recommended related listed companies include CNOOC, PetroChina, Sinopec, etc.; companies to be concerned about include Sinopec Oilfield Service, CNPC Engineering, etc. [3] Summary by Directory 1. Crude Oil Weekly Data Briefing - Upstream Key Company Performance: The stock prices of companies such as CNOOC, PetroChina, and Sinopec showed different percentage changes in the recent week, month, three - month, one - year, and year - to - date periods. Their valuations, including total market value, net profit attributable to the parent company, PE, and PB, also varied [9]. - Crude Oil Price: Brent, WTI, Russian Urals, and Russian ESPO crude oil had different weekly average prices and percentage changes. The LME copper spot price and the US dollar index also had corresponding fluctuations [9]. - Inventory: US crude oil total inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory had different inventory levels and changes [9]. - Production: US crude oil production, the number of active crude oil rigs, and the number of active fracturing fleets had corresponding changes [9]. - Refinery: US refinery crude oil processing volume and operating rate, as well as the operating rates of Chinese local and major refineries, showed different changes [9]. - Import/Export: US crude oil import, export, and net import volumes had corresponding changes [9]. 2. This Week's Petroleum and Petrochemical Sector Market Review - Petroleum and Petrochemical Sector Performance: The report presents the performance of the petroleum and petrochemical sector, but specific data is not detailed here [12]. - Sector Listed Company Performance - Refined Oil Price and Spread: The weekly average prices and spreads of gasoline, diesel, and jet fuel in China, the US, Europe, and Singapore showed different changes [22]. - Inventory: The inventories of gasoline, diesel, and jet fuel in the US and Singapore had different inventory levels and changes [22]. - Production: The production of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - Consumption: The consumption of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - Import/Export: The import, export, and net export volumes of gasoline, diesel, and jet fuel in the US had corresponding changes [22]. - Oil Service Sector: The daily rates of offshore jack - up drilling platforms and semi - submersible drilling platforms had different changes [22]. 3. Crude Oil Sector Data Tracking - Crude Oil Price: Analyzes the prices and spreads of various crude oils, as well as the relationship between the US dollar index, LME copper price, and WTI crude oil price [28][35]. - Crude Oil Inventory: Discusses the relationship between US commercial crude oil inventory and oil prices, as well as the inventory levels and changes of US total crude oil, commercial crude oil, strategic crude oil, and Cushing crude oil [41][54]. - Crude Oil Supply: Analyzes US crude oil production, the number of crude oil rigs, and the number of fracturing fleets and their relationship with oil prices [57][61]. - Crude Oil Demand: Analyzes US refinery crude oil processing volume, operating rate, and the operating rates of Shandong and Chinese major refineries [65][69]. - Crude Oil Import/Export: Analyzes US crude oil import, export, and net import volumes [75]. 4. Refined Oil Sector Data Tracking - Refined Oil Price: Analyzes the relationship between international oil prices and domestic gasoline, diesel retail prices, as well as the prices and spreads of crude oil and refined oil in different regions [80][107]. - Refined Oil Inventory: Analyzes the inventory levels and changes of gasoline, diesel, and jet fuel in the US and Singapore [121][133]. - Refined Oil Supply: Analyzes the production of gasoline, diesel, and jet fuel in the US [140]. - Refined Oil Demand: Analyzes the consumption of gasoline, diesel, and jet fuel in the US and the number of US airport passenger security checks [143]. - Refined Oil Import/Export: Analyzes the import, export, and net export volumes of gasoline, diesel, and jet fuel in the US [150][153]. 5. Oil Service Sector Data Tracking - Analyzes the average daily rates of self - elevating drilling platforms and semi - submersible drilling platforms in the oil service sector [165][169].