原油周报：中东地缘冲突主导，国际油价高位震荡-20260322

Investment Rating - The industry investment rating is "Positive" [1] Core Views - International oil prices are experiencing high volatility due to geopolitical tensions in the Middle East, with Brent and WTI prices at $106.41 and $98.23 per barrel respectively as of March 20, 2026 [2][9] - The oil and petrochemical sector has shown a decline of 4.58% in the past week, while the broader market (CSI 300) fell by 2.19% [10] - The oil and gas extraction sector has increased by 316.29% since 2022, indicating strong long-term growth potential [13] Summary by Sections Oil Price Review - As of March 20, 2026, Brent crude futures settled at $106.41 per barrel, up by $3.27 (3.17%) from the previous week, while WTI crude futures decreased by $0.48 (-0.49%) to $98.23 per barrel [27] - The price of Russian ESPO crude rose by $12.69 (14.07%) to $102.91 per barrel [27] Offshore Drilling Services - The number of global offshore self-elevating drilling rigs is 369, a decrease of 3 from the previous week, while floating drilling rigs increased by 1 to 135 [30] Oil Supply - As of March 13, 2026, U.S. crude oil production was 13.668 million barrels per day, a decrease of 10,000 barrels from the previous week [45] - The number of active drilling rigs in the U.S. increased by 2 to 414 as of March 20, 2026 [45] Oil Demand - U.S. refinery crude processing increased by 63,000 barrels per day to 16.232 million barrels per day, with a refinery utilization rate of 91.40%, up by 0.6 percentage points [54] Oil Inventory - U.S. total crude oil inventory reached 865 million barrels, an increase of 6.156 million barrels (0.72%) from the previous week [64] - The commercial crude oil inventory rose by 6.156 million barrels (1.39%) to 449 million barrels [64] Finished Oil Products - In North America, the average prices for diesel, gasoline, and jet fuel were $173.70, $130.72, and $152.84 per barrel respectively, with significant price increases compared to the previous week [86] - In Europe, the average prices for diesel, gasoline, and jet fuel were $174.85, $140.19, and $228.61 per barrel respectively, also reflecting notable increases [90]