原油成品油早报-20260212

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - This week, crude oil prices fluctuated at high levels due to the Iranian situation, with the monthly spread declining and the North Sea Brent basis dropping to $1.005 per barrel. The first round of US - Iran nuclear negotiations on Friday was considered a good start by Iran, and a second round is expected in the coming days. Fundamentally, global oil inventories decreased this week. The US commercial crude oil inventory showed the impact of the cold wave, with a reduction of 3.455 million barrels and refined oil inventories down 5.553 million barrels. Saudi Arabia adjusted its official selling prices for Arab Light crude oil. In the short term, oil prices are still affected by the Iranian situation, and there is an oversupply in the global crude oil market in Q1 and Q2, which does not support high valuations. [5] 3. Summary by Relevant Catalogs 3.1 Daily News - US President Trump stated that aside from insisting on continuing negotiations with Iran to see if an agreement could be reached, no decisions were made during the meeting with Netanyahu. - JPMorgan expects Venezuela's oil production to reach 2 million barrels per day in the next few years. - Iran's Supreme Leader's advisor said Iran is in consultations with the US to determine the time for the next round of negotiations and that the US seems willing to reach an agreement. [3][4] 3.2 Inventory - According to the EIA report on February 6, US crude oil exports decreased by 308,000 barrels per day to 3.739 million barrels per day. - US domestic crude oil production increased by 498,000 barrels to 13.713 million barrels per day. - Commercial crude oil inventories excluding strategic reserves increased by 8.53 million barrels to 429 million barrels, a 2.03% increase. - The four - week average supply of US crude oil products was 20.827 million barrels per day, a 2.36% increase compared to the same period last year. - The US Strategic Petroleum Reserve (SPR) inventory decreased by 100,000 barrels to 415.2 million barrels, a 0.0% decrease. - US commercial crude oil imports excluding strategic reserves were 6.805 million barrels per day, an increase of 604,000 barrels per day compared to the previous week. [4] 3.3 Weekly View - Crude oil prices fluctuated at high levels due to the Iranian situation this week, with the monthly spread and North Sea Brent basis declining. - The first round of US - Iran nuclear negotiations on Friday was a good start, and a second round is expected soon. - Globally, total oil inventories decreased this week. In the US, commercial crude oil and refined oil inventories decreased. - Saudi Arabia adjusted the official selling prices of Arab Light crude oil for March. - In Singapore, all refined oil inventories increased; in ARA, crude oil inventories decreased, refined oil inventories decreased, and diesel and gasoline inventories increased. In China, both gasoline and diesel inventories increased. - In the short term, oil prices are affected by the Iranian situation, and the global crude oil market in Q1 and Q2 remains in an oversupply state, not supporting high valuations. [5]