Xinda Securities·2026-01-11 14:05Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1]. Core Insights - The international oil prices experienced a rebound due to geopolitical tensions, particularly involving Venezuela and Iran, with Brent and WTI prices reaching $63.34 and $59.12 per barrel, respectively, as of January 11, 2026 [2][9]. - The report highlights a significant increase in U.S. crude oil imports, which rose by 27.98% to 6.339 million barrels per day, while exports increased by 23.92% to 4.263 million barrels per day, resulting in a net import increase of 37.21% [47]. - The oil and petrochemical sector showed a mixed performance, with the sector rising by 0.29% while the broader market (CSI 300) increased by 2.79% [10]. Summary by Sections Oil Price Review - As of January 9, 2026, Brent crude futures settled at $63.34 per barrel, up $2.59 (+4.26%) from the previous week, while WTI crude futures rose to $59.12 per barrel, an increase of $1.80 (+3.14%) [26]. Offshore Drilling Services - The number of global offshore self-elevating drilling rigs remained stable at 376, and floating drilling rigs also held steady at 129 as of January 5, 2026 [32]. Crude Oil Supply - U.S. crude oil production was reported at 13.811 million barrels per day, a decrease of 16,000 barrels from the previous week, with active drilling rigs down to 409 [42]. Crude Oil Demand - U.S. refinery crude processing increased to 16.909 million barrels per day, with a refinery utilization rate of 94.70%, unchanged from the previous week [50]. Crude Oil Inventory - Total U.S. crude oil inventories decreased by 3.587 million barrels (-0.43%) to 833 million barrels as of January 2, 2026, with commercial inventories down by 3.832 million barrels (-0.91%) [62]. Refined Oil Products - As of January 9, 2026, U.S. average prices for diesel, gasoline, and jet fuel were $88.99, $72.69, and $78.96 per barrel, respectively, with varying price changes compared to the previous week [85].