原油成品油早报-20251216

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - This week, oil prices declined, with a rapid weakening of global supply and demand. There was a significant build - up in on - land and waterborne inventories, and the Dubai monthly spread weakened further. Geopolitically, the US seized a Venezuelan oil tanker, and the Russia - Ukraine negotiations continued. There were rumors that Russia had found more ways to export crude oil. The CPC No. 3 berth is expected to resume on the 17th. Global gasoline and diesel cracks declined, US refinery operations recovered to over 94%, and domestic refinery operations fluctuated. The fundamental surplus has intensified. Without new geopolitical changes, the surplus in the first quarter will be close to that during the pandemic. Short - term monthly spreads and absolute prices should be short - allocated [4] Group 3: Summary by Relevant Catalogs 1. Oil Price and Spread Data - From December 9th to 15th, WTI decreased by $0.62, BRENT by $0.56, and DUBAI by $0.36. SC - BRT increased by $0.39, and SC - WTI increased by $0.45. Domestic gasoline decreased by $80, and domestic diesel decreased by $120 [3] 2. Daily News - The EU announced new sanctions on parties related to Russia's "shadow fleet" on December 15th, adding 5 individuals and 4 entities to the sanctions list. It also added 12 individuals and 2 entities due to Russia's "hybrid threats" [3] - After the US seized a Venezuelan oil tanker, multiple oil tankers turned back, paralyzing Venezuela's oil exports. Over 11 million barrels of crude oil were stranded in Venezuelan waters [3] - As the Russia - Ukraine peace negotiations made progress, US crude oil futures fell by $1 during the day [4] 3. Inventory - For the week ending December 5th, EIA crude oil inventory was - 1.812 million barrels, EIA strategic petroleum reserve inventory was 248,000 barrels, EIA gasoline inventory was 6.397 million barrels, EIA refined oil inventory was 2.502 million barrels, and EIA Oklahoma Cushing crude oil inventory was 308,000 barrels. The EIA refinery equipment utilization rate was 94.5% [4]