Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core View of the Report - This week, oil prices fluctuated and closed higher. The G7 and the EU considered banning Russian export maritime services, Ukraine launched attacks on Russian refineries and ports, and CPC exports were blocked, leading to a rebound in absolute prices. Fundamentally, global oil inventories increased, Saudi Aramco lowered the January selling price of Arab Light crude oil to Asia, and US EIA crude oil and refined product inventories increased. The short - term diesel fundamentals are stronger, and attention should be paid to the seasonal regression of the gasoline - diesel price spread. The Brent price range in the fourth quarter is $55 - 65 per barrel, maintaining a high - shorting strategy. In the short term, the valuation deviation is not high, so it can be observed [6]. Group 3: Summary by Relevant Catalog 1. Price Data - From December 3 - 9, 2025, WTI crude oil price decreased by $0.63, BRENT decreased by $0.55, and DUBAI decreased by $0.57. Other related products such as NYMEX RB and HO also had corresponding price changes [3]. - SC decreased by 11.50, OMAN decreased by 0.15, and domestic gasoline and diesel prices also had certain declines [3]. 2. Daily News - US Treasury Secretary discussed sanctions on Russian oil giants Lukoil and Rosneft with the Ukrainian Prime Minister [3]. - A Russian refinery in Samara stopped processing after a drone attack on December 5 [3]. - Russia's November crude oil production was lower than the OPEC+ quota, and sanctions and Ukrainian attacks worsened the export situation [4]. - Brazil's oil regulatory agency expects the country's oil production to peak at 506,000 barrels per day in 2033 [4]. - The EIA raised its price forecasts for Brent and WTI crude oils in 2025 and 2026 [4]. 3. Inventory Data - US API crude oil inventory for the week ending December 5 was - 477.9 million barrels, better than expected [4]. - API gasoline and refined oil inventories also had corresponding changes in the same period [4][5]. - US EIA crude oil, gasoline, and refined oil inventories for the week ending November 28 had different performance compared with expectations, and the domestic crude oil production increased by 0.1 million barrels to 13.815 million barrels per day [5]. - The utilization rate of US EIA refinery equipment for the week ending November 28 was 94.1%, higher than expected [5].
原油成品油早报-20251210