建信期货原油日报-20251203

Report Information - Report Name: Crude Oil Daily [1] - Date: December 3, 2025 [2] Investment Rating - Not provided Core View - OPEC+ agreed to suspend production increases in Q1 next year, and the conflict between the US and Venezuela escalated, supporting oil prices. The Russia-Ukraine conflict continued to ease under US mediation, having a greater impact. There is still significant inventory accumulation pressure in Q4, so the main strategy for crude oil is a bearish outlook. Operations should focus on shorting on rebounds or reverse spreads [6] Section Summaries 1. Market Review and Operation Suggestions - Market Review: WTI opened at $58.96, closed at $59.51, with a high of $59.97, a low of $58.83, a gain of 1.64%, and a trading volume of 20.65 million lots. Brent opened at $62.69, closed at $63.33, with a high of $63.82, a low of $62.69, a gain of 1.52%, and a trading volume of 31.37 million lots. SC opened at 452 yuan/barrel, closed at 453.8 yuan/barrel, with a high of 450.1 yuan/barrel, a low of 450.1 yuan/barrel, a gain of 0.09%, and a trading volume of 6.58 million lots [6] - Operation Suggestions: Adopt a bearish strategy, short on rebounds or use reverse spreads [6] 2. Industry News - Diesel shipments from the Baltic Primorsk port in November increased by 39.3% compared to October [7] - Kremlin spokesman Peskov said that a series of important documents will be signed during Putin's visit to India [7] - Russian Deputy Prime Minister Novak said that OPEC+ countries' production lags behind their production targets by about 500,000 barrels per day [7] - Saudi Energy Minister said that OPEC+'s latest decision is the most important and transparent one in determining production levels [7] 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 [9][10][17]