EIA周度数据：炼厂开工下行，原油大幅累库-20260226

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The EIA weekly data shows that the refinery operating rate has declined, and crude oil inventories have increased significantly. The weekly inventory data is bearish [2][4] Group 3: Summary According to Relevant Catalogs Crude Oil Inventory - U.S. commercial crude oil inventories increased by 15.989 million barrels in the week ending February 20, with large weekly inventory fluctuations recently. Since the beginning of the year, U.S. crude oil has mainly seen seasonal inventory accumulation [4] - U.S. Cushing crude oil inventories increased by 881,000 barrels [4] - U.S. strategic petroleum inventories remained unchanged [4] Refinery Operations - The U.S. refinery operating rate dropped from 91% to 88.6%, and the crude oil processing volume decreased by 416,000 barrels per day, but it is still at a relatively high level compared to the same period [4] Product Inventory - Gasoline inventories decreased by 1.011 million barrels, and diesel inventories increased by 252,000 barrels. Jet fuel inventories decreased by 1.44 million barrels, and fuel oil inventories decreased by 107,000 barrels [4] Product Demand - U.S. refined product apparent demand decreased from 21.648 million barrels per day to 21.455 million barrels per day. Gasoline apparent demand decreased from 8.749 million barrels per day to 8.733 million barrels per day, and diesel apparent demand decreased significantly from 4.753 million barrels per day to 3.895 million barrels per day [4] Trade - U.S. crude oil imports increased from 6.524 million barrels per day to 6.659 million barrels per day, and crude oil exports decreased from 4.59 million barrels per day to 4.313 million barrels per day [4] Overall Inventory - The total inventory of crude oil and petroleum products (excluding SPR) increased by 11.179 million barrels [4]