原油周报：地缘扰动支撑，油价震荡微涨-20260104

Investment Rating - The industry investment rating is "Positive" [1] Core Views - International oil prices experienced slight increases due to geopolitical tensions in Venezuela and Ukraine, with Brent and WTI prices at $60.75 and $57.32 per barrel respectively as of January 2, 2026 [2][9] - The oil and petrochemical sector showed a strong performance, with a 3.92% increase in the sector index compared to a slight decline in the broader market [10] - The report highlights the increase in U.S. crude oil production and refinery processing rates, indicating a robust demand environment [57][62] Summary by Sections Oil Price Review - As of January 2, 2026, Brent crude futures settled at $60.75 per barrel, up $0.51 (+0.85%) from the previous week, while WTI crude futures rose to $57.32 per barrel, an increase of $0.58 (+1.02%) [31] - The geopolitical situation, particularly in Venezuela and Ukraine, is influencing market dynamics, balancing risks of supply surplus against geopolitical tensions [2][9] Offshore Drilling Services - The number of global offshore self-elevating drilling rigs increased to 375, with notable additions in Africa, Europe, and North America [40] - Floating drilling platforms also saw a rise, totaling 131, with increases in Africa and South America [40] Crude Oil Supply - U.S. crude oil production reached 13.827 million barrels per day, reflecting a slight increase of 0.2 million barrels from the previous week [57] - The active rig count in the U.S. rose to 412, indicating ongoing exploration and production activities [57] Crude Oil Demand - U.S. refinery crude processing averaged 16.847 million barrels per day, with a utilization rate of 94.70%, showing a slight increase in operational efficiency [62] - The report notes stable refinery operation rates in China, with major refineries operating at 75.11% capacity [62] Crude Oil Inventory - As of December 26, 2025, total U.S. crude oil inventories stood at 836 million barrels, a decrease of 1.686 million barrels (-0.20%) from the previous week [75] - Strategic reserves increased slightly, while commercial inventories saw a notable decline [75] Finished Oil Products - In North America, average prices for diesel, gasoline, and jet fuel were reported at $89.37, $71.66, and $80.18 per barrel respectively, with corresponding price differentials to crude oil [99]