Xinda Securities·2026-03-01 11:33Investment Rating - The industry investment rating is "Positive" [1] Core Views - The report highlights that international oil prices have slightly increased due to ongoing tensions between the US and Iran, with Brent and WTI prices reaching $72.87 and $67.02 per barrel respectively as of February 27, 2026 [2][9] - The report indicates a cautious market outlook regarding the third round of negotiations between the US and Iran, alongside an increase in US crude oil inventories and floating storage due to oil exports from multiple Middle Eastern countries [2][9] - The report emphasizes the need to monitor potential disruptions in oil transportation following military actions against Iran, which could lead to significant price volatility [2][9] Summary by Sections Oil Price Review - As of February 27, 2026, Brent crude futures settled at $72.87 per barrel, up $1.57 (+2.20%) from the previous week, while WTI crude futures settled at $67.02 per barrel, up $0.54 (+0.81%) [2][22] - The report notes that the Urals crude price remained stable at $65.49 per barrel, and the ESPO crude price increased by $0.72 (+1.27%) to $57.35 per barrel [22] Offshore Drilling Services - The number of global offshore self-elevating drilling platforms reached 375, an increase of 2 from the previous week, while the number of floating drilling platforms remained stable at 132 [28] US Crude Oil Supply - As of February 20, 2026, US crude oil production was 13.702 million barrels per day, a decrease of 33,000 barrels per day from the previous week [38] - The active rig count in the US was 407, down by 2 rigs, while the number of fracturing fleets increased by 7 to 167 [38] US Crude Oil Demand - US refinery crude processing averaged 15.661 million barrels per day, down by 416,000 barrels per day, with a refinery utilization rate of 88.60%, a decrease of 2.4 percentage points [49] US Crude Oil Inventory - Total US crude oil inventories reached 851 million barrels, an increase of 15.989 million barrels (+1.91%) from the previous week, with commercial inventories rising by 15.989 million barrels (+3.81%) [59] Related Stocks - Key stocks mentioned include China National Offshore Oil Corporation (CNOOC), PetroChina, Sinopec, and others, with notable price movements observed in companies like Tongyuan Petroleum (+41.10%) and Qianeng Holdings (+26.71%) [14][15]