石油石化行业：油价继续上行，国内天然气价上涨

Investment Rating - The report maintains a "Positive" investment rating for the oil and petrochemical industry [2][4]. Core Insights - Oil prices continue to rise, with Brent and WTI crude futures prices increasing by 3.52% and 4.31% respectively as of March 20, with Brent at $85.95 per barrel and WTI at $81.27 per barrel [2][4]. - Domestic LNG ex-factory prices have increased by 1.30% month-on-month, reaching 4214 RMB per ton [2][36]. - The report highlights a decrease in U.S. refinery crude oil production, while the supply of petroleum products has increased [3][18]. Supply and Demand - As of March 20, U.S. refinery crude oil production was 14.91 million barrels per day, down 6.29% month-on-month [18]. - China's natural gas cumulative production increased by 2.10% month-on-month, totaling 452,200 tons [42]. - OPEC crude oil production slightly increased by 0.77% month-on-month, reaching 26,571 thousand barrels per day [16]. Prices - Brent crude spot price rose by 6.12% month-on-month, reaching $87.38 per barrel, while WTI spot price increased by 7.39% to $82.73 per barrel [7][10]. - Domestic LNG ex-factory prices increased by 1.30% month-on-month, while U.S. NYMEX natural gas futures prices decreased by 4.71% [36][38]. Inventory - As of March 15, U.S. crude oil and petroleum product inventories decreased by 1.05% month-on-month, totaling 1,574,253 thousand barrels [27]. - U.S. natural gas inventory decreased by 2.59% month-on-month, totaling 112,515 thousand barrels [44]. - European natural gas inventory decreased by 8.15% month-on-month, totaling 676.65 TWh [44]. Imports and Exports - U.S. crude oil imports decreased by 1.01% month-on-month, totaling 6,344 thousand barrels per day [31]. - European natural gas cumulative imports increased by 7.26% month-on-month, totaling 18,073 million cubic meters [48].