原油成品油早报-20251107

Group 1: Report Overview - The report is an early morning report on crude oil and refined oil, released by the Energy and Chemicals Team of the Research Center on November 7, 2025 [2] Group 2: Daily News - India's Reliance Industries, the largest private refiner, is seeking to sell some Middle - Eastern oil cargoes to domestic and international buyers, which is unusual as it's usually a major buyer. It's trying to sell oil grades like Murban and Upper Zakum on the spot market. After US sanctions on Russia, it bought millions of barrels of crude from the Middle East last month [3] - Kazakhstan's crude oil production in October decreased by 10% month - on - month to 169 million barrels per day [3] - Russia's Tuapse refinery stopped fuel exports after a drone attack on November 2 [3] - Global commodity trader Mercuria said that a supply glut is slowly forming and may hit the market in the next few months [3] Group 3: Inventory US Inventory - In the week ending October 31, US crude oil exports increased by 0.6 million barrels per day to 436.7 million barrels per day, domestic crude oil production increased by 0.7 million barrels to 1365.1 million barrels per day, commercial crude oil inventory (excluding strategic reserves) increased by 5.202 million barrels to 421 million barrels (a 1.25% increase), and strategic petroleum reserve (SPR) inventory increased by 498,000 barrels to 409.6 million barrels (a 0.12% increase). The average four - week supply of US crude oil products was 2034.4 million barrels per day, a 1.15% decrease from the same period last year. US crude oil imports (excluding strategic reserves) were 592.4 million barrels per day, an increase of 87.3 million barrels per day from the previous week [4] - US EIA crude oil inventory in Cushing, Oklahoma in the week ending October 31 was 30,000 barrels, compared with 133,400 barrels in the previous week [4] - US EIA gasoline inventory in the week ending October 31 was - 4.729 million barrels (expected - 1.14 million barrels, previous value - 5.941 million barrels), and refined oil inventory was - 643,000 barrels (expected - 1.969 million barrels, previous value - 3.362 million barrels) [5] UAE Inventory - As of the week ending November 5, the total refined oil inventory in Fujairah, UAE increased by 851,000 barrels to 18.607 million barrels. Light distillate inventory decreased by 1.236 million barrels to 6.713 million barrels, medium distillate inventory decreased by 79,000 barrels to 3.234 million barrels, and heavy residual fuel oil inventory increased by 2.166 million barrels to 8.66 million barrels [5] Domestic Inventory - From October 23 - 30, domestic major refinery operations decreased, independent refinery operations increased slightly, gasoline and diesel inventories accumulated, independent refinery gasoline inventory increased while diesel inventory decreased, and the profits of major and independent refineries both decreased [5] Group 4: Weekly Viewpoint - This week, crude oil prices fluctuated. On Friday, US media reported that the US was about to launch a military attack on Venezuela, causing oil prices to rise. On Sunday, OPEC + members confirmed an increase of 137,000 barrels per day in December. According to data provided by Vortexa and organized by institutions, Russia's average daily seaborne oil product exports in the first 26 days of October were 1.89 million barrels, and Kpler's preliminary data showed that Russia's average daily seaborne crude oil exports in October were 5.198 million barrels per day, a month - on - month decrease of 460,000 barrels per day and a year - on - year increase of 321,000 barrels per day [6] - Fundamentally, global on - land oil inventories slightly increased this week, while floating storage inventories slightly decreased. Affected by a significant decline in net crude oil imports, US commercial crude oil inventories decreased by 6.858 million barrels, and gasoline and diesel inventories decreased. Refining profits in Europe and the US rebounded this week [6] - Short - term geopolitical risks have resurfaced, but the pressure on crude oil supply release is high. Brazil's P78 has been put into production, OPEC has further increased production, and the US total production remains at a high level. Crude oil will maintain a weak pattern [6] Group 5: Price Data - The report provides price data for WTI, BRENT, DUBAI, SC, OMAN, and other oil products from October 31 to November 6, 2025, as well as price differences and changes [3]