1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The current oil price is relatively undervalued, and the fundamental situation will support the current price. If the geopolitical premium re - emerges, the oil price will have room for growth. It is a good opportunity for left - hand side layout [2]. - For methanol, the short - term oversupply situation remains unchanged, but the downside space is expected to be limited. It is recommended to wait and see [4]. - For urea, the price is expected to move within a range at a low valuation. It is recommended to pay attention to going long at low prices [6]. - For rubber, it is advisable to maintain a bullish view in the medium - term. In the short - term, it is expected that the rubber price will be strong, and a bullish approach is recommended, buying on dips and exiting quickly [12]. - For PVC, given the situation of strong domestic supply, weak demand, and high valuation, and the weakening export expectation, it is recommended to pay attention to short - selling opportunities [14]. - For styrene, the BZN spread is expected to recover in the long - term. When the inventory starts to decline, the styrene price may rebound [18]. - For polyethylene, the price is expected to fluctuate upwards in the long - term [20]. - For polypropylene, it is recommended to go long on the LL - PP2601 contract at low prices [21]. - For PX, the valuation has support at the bottom, and it is recommended to follow the crude oil and look for long - buying opportunities on dips after the peak season arrives [23][24]. - For PTA, it is recommended to follow PX and look for long - buying opportunities on dips after the peak - season downstream performance improves [25]. - For ethylene glycol, the mid - term valuation has a downward pressure [26]. 3. Summary by Commodity Energy - **Crude Oil**: INE's main crude oil futures closed down 10.80 yuan/barrel, a 2.20% decline, at 481.00 yuan/barrel. Singapore's ESG weekly oil product data showed inventory increases in gasoline, diesel, fuel oil, and total refined oil products [1]. - **Fuel Oil**: High - sulfur fuel oil futures closed down 68.00 yuan/ton, a 2.40% decline, at 2760.00 yuan/ton; low - sulfur fuel oil futures closed down 113.00 yuan/ton, a 3.21% decline, at 3412.00 yuan/ton [1]. Chemicals - **Methanol**: On September 4, the 01 contract fell 4 yuan/ton to 2378 yuan/ton, and the spot price fell 8 yuan/ton with a basis of - 133. Domestic production has further increased, and coal prices have slightly declined. Overseas production has returned to a year - on - year high level, and the import pressure remains. The port MTO load has slightly increased, and the profit has continuously improved, but the traditional demand is still weak [4]. - **Urea**: On September 4, the 01 contract remained stable at 1714 yuan/ton, and the spot price was flat with a basis of - 14. The enterprise profit has further declined, the supply - side production has significantly decreased, and the demand is weak. The port inventory has continued to increase [6]. - **Rubber**: NR and RU fluctuated strongly. Due to heavy rain in Thailand in the next 2 - 10 days, the risk of floods has significantly increased, and the rubber price is likely to rise. As of September 5, 2025, the operating load of Shandong tire enterprises' all - steel tires was 58.70%, down 4.08 percentage points from last week and 0.22 percentage points from the same period last year. The operating load of domestic tire enterprises' semi - steel tires was 69.07%, down 5.5 percentage points from last week and 9.60 percentage points from the same period last year [9][11]. - **PVC**: The PVC01 contract rose 5 yuan to 4883 yuan. The cost side remained stable, the overall PVC operating rate was 76%, a 1.6% decline. The demand - side downstream operating rate was 42.6%, a 0.1% decline. The factory inventory was 31.2 (+0.6) million tons, and the social inventory was 89.6 (+4.4) million tons [14]. - **Styrene**: The spot price increased, and the futures price decreased, with the basis strengthening. The BZN spread is at a relatively low level in the same period, with a large upward adjustment space. The port inventory has continued to increase significantly. In the long - term, the BZN spread is expected to recover, and the styrene price may rebound when the inventory starts to decline [16][18]. - **Polyethylene**: The futures price decreased. The market is expecting favorable policies from the Chinese Ministry of Finance in the third quarter, and the cost side has support. The supply - side has only 400,000 tons of planned production capacity left, and the overall inventory is decreasing from a high level. The downstream average operating rate is 40.5%, a 0.20% increase [20]. - **Polypropylene**: The futures price decreased. The supply - side still has 1.45 million tons of planned production capacity, with relatively high pressure. The demand - side downstream operating rate has rebounded seasonally from a low level. The overall inventory pressure is high, and there is no prominent short - term contradiction [21]. - **PX**: The PX11 contract fell 130 yuan to 6680 yuan. The PX load in China was 83.3%, a 1.3% decline; the Asian load was 75.6%, a 0.7% decline. The PTA load was 72.8%, a 2.4% increase. In August, South Korea's PX exports to China were 376,000 tons, a year - on - year increase of 2,000 tons [23]. - **PTA**: The PTA01 contract fell 76 yuan to 4656 yuan. The PTA load was 72.8%, a 2.4% increase. The downstream load was 91%, a 0.7% increase. The social inventory (excluding credit warehouse receipts) on August 29 was 2.12 million tons, a decrease of 84,000 tons [25]. - **Ethylene Glycol**: The EG01 contract rose 26 yuan to 4357 yuan. The ethylene glycol load was 74.1%, a 1% decline. The downstream load was 91%, a 0.7% increase. The port inventory was 449,000 tons, a decrease of 51,000 tons [26].

危机管控维度：过剩预期的软实力防御。IEA预警的认知干预，国际能源署提前释放供应过剩信号，是典型的风险预期管理策略。通过塑造"未来过剩"的集 体认知，提前消化价格下跌压力，这种"预期软实力"比实际库存数据更具市场价值效应。中国刺激政策的缓冲阀作用，作为最大原油进口国，中国的经济政 策动向构成关键软实力变量。若中国出台强刺激，可能重塑"需求端叙事"，对冲供应过剩的负面预期——这正是花旗与汇丰预测差异的核心变量。 欧佩克增产博弈与地缘冲突交织，油价承压走低。美国经济数据疲软削弱需求预期，而乌克兰无人机打击正改写能源安全规则。专家警告供应过剩将至，市 场静待中美政策转向。石油软实力面临结构性调整，传统产油国需在价格与份额间重建共识。邓正红软实力表示，报道称欧佩克联盟联盟将在周末开会时考 虑新一轮增产，美国经济数据弱于预期，打击市场对原油长期需求的预期，石油软实力承压，周三（9月3日）国际油价走低。截至收盘，纽约商品期货交易 所西得克萨斯轻质原油10月期货结算价每桶跌1.62美元至63.97美元，跌幅2.47%；伦敦洲际交易所布伦特原油11月期货结算价每桶跌1.54美元至67.60美元， 跌幅2.23%。 美国总统特 ...

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views - Short - term nickel prices will mainly show a volatile trend, are easily affected by macro - sentiment, and the supply surplus pattern remains unchanged with limited upside potential [3] - Stainless steel shows signs of stopping the decline and rebounding due to eight - week consecutive inventory decline, rising material costs, and news - based stimulation. Future attention should be paid to the demand during the consumption peak season [4] 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - On September 2, 2025, the Shanghai nickel main contract 2510 opened at 123,210 yuan/ton and closed at 122,530 yuan/ton, a change of - 0.20% from the previous trading day's close. The trading volume was 128,782 lots, and the open interest was 90,762 lots [1] - In the futures market, affected by the Indonesian event, the Shanghai nickel main contract continued to rise after the night - session opening, reaching a maximum of 123,810 yuan/ton, then fell back and fluctuated around 123,300 yuan/ton. Affected by the decline in LME nickel prices, it dropped rapidly after the day - session opening, rebounded later, and dived again at the end of the session [1] - The price of nickel ore remained stable. Domestic and Indonesian 1.3% nickel ore resources could be traded at CIF 42. In the Philippines, mine quotes were firm, and the shipping efficiency was acceptable. The bullish sentiment of downstream ferronickel strengthened. In Indonesia, the supply was relatively loose, and the domestic trade benchmark price of nickel ore in September (Phase I) decreased by 0.2 - 0.3 US dollars [1] - In the spot market, Jinchuan Group's sales price in the Shanghai market was 125,100 yuan/ton, a decrease of 400 yuan/ton from the previous trading day. The spot trading of refined nickel was acceptable, and the premiums and discounts of each brand remained stable [2] - **Strategy** - For the short - term, nickel prices will mainly fluctuate, and the supply surplus pattern remains unchanged. The strategy is mainly range - bound operation for the single - side, and there are no strategies for inter - period, cross - variety, spot - futures, and options [3] Stainless Steel Variety - **Market Analysis** - On September 2, 2025, the stainless steel main contract 2510 opened at 12,940 yuan/ton and closed at 12,960 yuan/ton. The trading volume was 130,629 lots, and the open interest was 91,035 lots [3] - In the futures market, the stainless steel main contract continued to strengthen after the night - session opening and fluctuated slightly between 123,005 - 123,020 yuan/ton. After the day - session opening, affected by the decline in Shanghai nickel, the price slightly declined but still maintained a high - level fluctuating trend, with an amplitude of less than 100 yuan/ton throughout the day [3] - In the spot market, driven by the futures market, the list prices of large stainless steel manufacturers increased, and the market quotes followed suit. However, the downstream acceptance was low, and the actual trading was relatively sluggish. The stainless steel price in the Wuxi market was 13,250 yuan/ton, and in the Foshan market was also 13,250 yuan/ton. The premium and discount of 304/2B were 305 to 605 yuan/ton [3] - **Strategy** - The stainless steel shows signs of stopping the decline and rebounding. The single - side strategy is neutral, and there are no strategies for inter - period, cross - variety, spot - futures, and options [4][5]

1. Report Industry Investment Rating - All the commodities in the report are rated as "volatile" [1][2][4][6][7] 2. Core Viewpoints of the Report - Oil prices are likely to rebound with volatility due to geopolitical factors and the expected stable production of OPEC+ in October [1][2] - The prices of fuel oil, asphalt, polyester, rubber, methanol, polyolefins, and PVC are expected to be volatile, with their upward or downward trends depending on various factors such as supply - demand, cost, and market sentiment [1][2][4][6][7] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Tuesday, WTI 10 - month contract rose by $1.58 to $65.59/barrel, a 2.47% increase; Brent 11 - month contract rose by $0.99 to $69.14/barrel, a 1.45% increase; SC2510 closed at 495.4 yuan/barrel, up 5.6 yuan/barrel, a 1.14% increase. Kazakhstan's August crude output increased by 2% compared to July. Ukraine's attacks on Russian oil facilities and the OPEC+ meeting are influencing factors [1] - **Fuel Oil**: On Tuesday, FU2510 rose 1.13% to 2852 yuan/ton, and LU2511 rose 2.54% to 3559 yuan/ton. The expected reduction of Western arbitrage goods and high - sulfur shipments from Iran and Russia may support prices, but demand lacks highlights [2] - **Asphalt**: On Tuesday, BU2510 rose 1.17% to 3551 yuan/ton. In September, northern demand may drive up prices, but supply increases may limit the rise. Overall, supply - demand contradictions may ease [2] - **Polyester**: TA601 fell 0.34% to 4756 yuan/ton, EG2601 fell 1.99% to 4339 yuan/ton, and PX futures fell 0.47% to 6834 yuan/ton. PX fundamentals are weak, and TA prices may be supported. Ethylene glycol futures weakened due to inventory expectations [4] - **Rubber**: On Tuesday, RU2601 rose 10 yuan/ton to 15870 yuan/ton, NR rose 30 yuan/ton to 12710 yuan/ton, and BR fell 75 yuan/ton to 11820 yuan/ton. July global natural rubber output slightly decreased. China's August heavy - truck sales were positive, and rubber prices are expected to be volatile [4][6] - **Methanol**: On Tuesday, Taicang spot price was 2235 yuan/ton. Due to profit improvement and the peak season, demand may pick up in September, and prices may enter a bottom - stage area [6] - **Polyolefins**: In September, supply and demand are both strong, and inventories are shifting to downstream. With stable costs, prices are expected to fluctuate narrowly [6] - **Polyvinyl Chloride (PVC)**: Market prices in different regions showed different trends. Real - estate construction recovery is weak, and exports may decline. PVC prices are expected to be volatile and weak in September [7] 3.2 Daily Data Monitoring - The report provides data on the spot price, futures price, basis, basis rate, and their changes for various energy - chemical products such as crude oil, liquefied petroleum gas, asphalt, etc. [8] 3.3 Market News - On August 30, Russia launched large - scale attacks on 14 regions in Ukraine, and Ukraine attacked Russian refineries. Ukrainian drone attacks have shut down at least 17% of Russia's oil processing capacity [10] 3.4 Chart Analysis - **Main Contract Prices**: There are charts showing the closing prices of main contracts for multiple energy - chemical products from 2021 to 2025, including crude oil, fuel oil, etc. [12][15][18][21][23][25][26][28] - **Main Contract Basis**: Charts display the basis of main contracts for different commodities over time, such as crude oil, fuel oil, etc. [29][34][35][38][41][42] - **Inter - period Contract Spreads**: There are charts showing the spreads between different contracts of fuel oil, asphalt, etc. [44][46][49][52][55][57] - **Inter - commodity Spreads**: Charts present the spreads and ratios between different commodities, like crude oil internal - external spreads, fuel oil high - low sulfur spreads, etc. [59][60][64][66] - **Production Profits**: Charts show the production profits of ethylene - made ethylene glycol, PP, LLDPE, etc. [68][69] 3.5 Team Member Introduction - The report introduces the members of the energy - chemical research team, including their positions, educational backgrounds, honors, and professional experiences [75][76][77][78]

Group 1: Market News and Important Data - SC crude oil's main contract closed up 1.10%, at 489 yuan per barrel [1] - In June, US crude oil production hit a record high, and the supply of crude oil and petroleum products rose to the highest level since October 2024. US LNG production increased by 12,000 barrels per day, reaching 748,400 barrels per day [1] - Saudi Aramco and Iraq's SOMO suspended oil sales to Nayara Energy. Nayara's August crude imports rely entirely on Russia due to payment difficulties caused by sanctions [1] - Oil traders expect OPEC+ to keep oil production unchanged this weekend, halting previous production increases. IEA warns of significant supply surplus by year - end [1] - Indian refiners are buying more US crude oil, which may help reduce India's trade surplus with the US [1] - ONGC executives say they'll keep buying Russian oil if prices are right [1] Group 2: Investment Logic - Saudi Arabia is artificially controlling oil shipments. Despite Dubai prices being strong, eastern refiners have more options due to increased Latin American supply and open arbitrage windows [2] Group 3: Strategy - Short - term, oil prices will trade in a range; medium - term, bearish allocation is recommended [3] Group 4: Risks - Downside risks include US relaxing sanctions on Russian oil and macro black - swan events [4] - Upside risks include US tightening sanctions on Russian oil and large - scale supply disruptions from Middle East conflicts [4]

#报告 高盛：高盛：铜供应过剩将使LME铜价稳定维持到年底，而“反内卷”对铝的价格支撑......None (@None):None ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - This week, oil prices fluctuated within a narrow range, and the absolute price declined on Friday. At the end of the peak refinery operation season in summer, the inflection point of the crude oil fundamentals has emerged. The contango of Brent and WTI crude oil strengthened slightly, while that of Dubai crude oil strengthened significantly. The refining margins of European and American refineries declined slightly, the gasoline crack spread in the United States strengthened, and the diesel crack spread in Europe fluctuated. The balance sheet is expected to have a surplus of 1.8 million barrels per day in the fourth quarter and 1.8 - 2.5 million barrels per day in 2026. Global oil inventories have slightly increased, U.S. commercial crude oil inventories have decreased seasonally, the absolute inventory is at a historically low level in the same period, Cushing inventories have decreased, and U.S. gasoline and diesel inventories have decreased. Institutions estimate that refinery maintenance in October globally will exceed previous years' levels (in Europe and Africa), and the crude oil contango is expected to face pressure. Recently, the absolute price of crude oil has been fluctuating. Attention should be paid to the transition between peak and off - peak seasons. The market focuses on the medium - to - long - term surplus pattern, and the absolute price is under downward pressure. It is expected that the price center in the fourth quarter will fall to $60 per barrel. Due to the expected adjustment of European autumn maintenance, the forecast of the European diesel crack spread in the fourth quarter is raised [6]. Group 3: Summary by Related Catalogs 1. Oil Price Data - From August 25 - 29, 2025, WTI crude oil decreased by $0.59, BRENT decreased by $1.14, and DUBAI increased by $0.01. Among other related indicators, SC increased by 3.50, OMAN decreased by 0.83, etc. [3] 2. Daily News - The CEO of a Russian oil company expects the global oil market surplus to be 2.6 million barrels per day in Q4 2025 and drop to 2.2 million barrels per day in 2026 [3]. - Hedge funds have significantly reduced their bullish bets on crude oil to the lowest level since 2007 due to concerns about supply surplus. As of the week ending August 26, fund managers reduced their net long bets on WTI crude oil by 5,461 lots to 24,225 lots, the lowest since January 2007, and short - only bets on WTI crude oil reached a 20 - month high [3]. - The U.S. Federal offshore Gulf of Mexico crude oil production reached 1.92 million barrels per day in June 2025, the highest since October 2023 [4]. - Due to increased production from major oil - producing countries and U.S. tariff threats, it is difficult for oil prices to rise significantly this year. The predicted average price of Brent crude oil in 2025 is $67.65 per barrel, and that of U.S. crude oil is $64.65 per barrel [4]. - Despite sanctions and U.S. tariffs, Russia's oil exports to India will increase by 150,000 - 300,000 barrels per day in September [4]. 3. Regional Fundamentals - In the week ending August 15, U.S. crude oil exports increased by 795,000 barrels per day to 4.372 million barrels per day, and domestic crude oil production increased by 55,000 barrels to 13.382 million barrels per day [5]. - Commercial crude oil inventories excluding strategic reserves decreased by 6.014 million barrels to 421 million barrels, a decrease of 1.41%. The U.S. strategic petroleum reserve (SPR) inventory increased by 223,000 barrels to 403.4 million barrels, an increase of 0.06% [5]. - The four - week average supply of U.S. crude oil products was 21.093 million barrels per day, a year - on - year increase of 3.34%. U.S. crude oil imports excluding strategic reserves were 6.497 million barrels per day, a decrease of 423,000 barrels per day from the previous week [5]. - From August 22 - 29, the operating rate of major refineries decreased slightly, and that of Shandong local refineries increased slightly. Domestic gasoline production decreased while diesel production increased, and both gasoline and diesel inventories decreased. The comprehensive profit of major refineries fluctuated weakly, and the comprehensive profit of local refineries decreased month - on - month [5][6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Crude oil prices oscillated last week. WTI crude futures closed at $64.01 per barrel, up 0.38% for the week; Brent crude futures closed at $67.46 per barrel, up 0.30% for the week; Shanghai crude oil futures closed at 483.9 yuan per barrel, down 1.97% for the week [5]. - Geopolitical tensions initially supported oil prices, but mid - week, less - than - expected inventory drawdowns in the US, Russia's plan to increase exports after refinery attacks, and India's consideration of importing Russian oil led to a decline in oil prices [5]. - Due to increased supply from OPEC+ and lackluster global demand, there is a greater prospect of market surplus in 2025 and 2026, which may push down prices [6]. - Geopolitical risk premiums are expected to support oil prices as the possibility of a quick cease - fire in the Russia - Ukraine conflict is low [6]. - Indian refineries are expected to increase Russian oil imports by 10% - 20% in September, or 150,000 - 300,000 barrels per day [5][7]. - The attack on Russian refineries by Ukraine has disrupted at least 17% of Russia's refining capacity, causing a local supply crisis, but also potentially increasing Russian crude oil exports [6]. - Oil prices are likely to remain range - bound at low levels. Short - term trading is recommended in the range of 475 - 505, and long - term long positions can be held [7]. 3. Summary by Directory 3.1 Review - WTI crude futures closed at $64.01 per barrel, up 0.38% for the week; Brent crude futures closed at $67.46 per barrel, up 0.30% for the week; Shanghai crude oil futures closed at 483.9 yuan per barrel, down 1.97% for the week [5]. - Geopolitical talks between the US, Ukraine, Russia, and the EU were deadlocked, and Russia's repeated attacks on Kiev supported oil prices in the early part of the week. Mid - week, less - than - expected inventory drawdowns in the US, Russia's plan to increase exports after refinery attacks, and India's consideration of importing Russian oil led to a decline in oil prices [5]. - As of the week of August 26, the speculative net - long positions in Brent crude oil futures increased by 23,848 contracts to 206,543 contracts; the net - long positions in WTI crude oil futures held by speculators decreased by 10,737 contracts to 109,472 contracts [5]. - A US judge panel upheld a previous ruling that Trump wrongly invoked an emergency law to impose tariffs, and the US government has time to appeal to the Supreme Court [5]. - Indian refineries are expected to increase Russian oil imports by 10% - 20% in September, or 150,000 - 300,000 barrels per day [5][7]. - Ukraine's attack on 10 Russian refineries has disrupted at least 17% of Russia's refining capacity, causing a local supply crisis, but also potentially increasing Russian crude oil exports [6]. 3.2 Related Information - OPEC+ agreed to increase oil production by 547,000 barrels per day in September, and it may continue to increase production, which could lead to a large supply surplus in 2025 and 2026 and push down prices [6]. - Most respondents believe that Trump's threat to Russian crude oil buyers has limited impact on the oil market as OPEC+ and other suppliers can fill the supply gap [6]. 3.3 Outlook - Oil prices are likely to remain range - bound at low levels. Short - term trading is recommended in the range of 475 - 505, and long - term long positions can be held [7]. 3.4 Fundamental Data - **Spot Weekly Prices**: The current prices of UK Brent Dtd, WTI, Oman crude oil, Chinese Shengli crude oil, Dubai crude oil, and OPEC's basket of crude oil prices are $67.62, $64.16, $70.09, $65.60, $70.16, and $70.10 respectively, with changes of - 0.29, 1.03, 1.16, 1.04, 1.19, and 0.91 and percentage changes of - 0.43%, 1.63%, 1.68%, 1.62%, 1.73%, and 1.31% respectively [10]. - **Cushing Inventory**: As of August 22, the Cushing inventory was 22.632 million barrels, a decrease of 838,000 barrels [11]. - **EIA Inventory**: As of August 22, the EIA inventory was 418.292 million barrels, a decrease of 2.392 million barrels [12]. 3.5 Position Data - **CFTC Fund Net - Long Positions**: As of August 26, the net - long positions in WTI crude oil futures were 109,472 contracts, a decrease of 10,737 contracts [18]. - **ICE Fund Net - Long Positions**: As of August 26, the net - long positions in Brent crude oil futures were 206,543 contracts, an increase of 23,848 contracts [19].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report is concerned about oversupply in the oil market, and it anticipates that oil prices will remain volatile and weak in the short - term, with an operational suggestion of a bearish outlook on the market [2][54]. 3. Summary by Directory 3.1 Market Review - China's INE crude oil futures main contract price trend and the US WTI crude oil futures continuous contract price trend are presented, but specific price trends are not detailed in the provided text. Data sources are Boyiyun and Guoxin Futures [11][14] 3.2 Crude Oil Supply and Demand Fundamental Analysis - **China's Crude Oil Production**: In July, China's above - scale industrial crude oil output was 18.12 million tons, a year - on - year increase of 1.2%. From January to July, the output was 126.6 million tons, a year - on - year increase of 1.3% [20] - **China's Crude Oil Imports**: From January to July 2025, China's total crude oil imports were 326.59 million tons, a year - on - year increase of 2.77%. In July, imports were 47.204 million tons, a month - on - month decrease of 5.38% and a year - on - year increase of 11.52% [22] - **China's Refinery Utilization and Processing Volume**: In July, China's above - scale industrial crude oil processing volume was 63.06 million tons, a year - on - year increase of 8.9%. From January to July, the processing volume was 424.68 million tons, a year - on - year increase of 2.6% [25] - **US Crude Oil Production and Refinery Utilization**: As of the week ending August 22, the US daily crude oil output was 13.44 million barrels [31] - **US Oil Rig Count**: As of the week ending August 29, 2025, the number of oil drilling rigs was 412, an increase of 1 from the previous week [34] - **US Crude Oil Inventories**: As of the week ending August 22, the total US crude oil inventory including strategic reserves was 822.493 million barrels, a decrease of 1.62 million barrels from the previous week; commercial crude oil inventory was 418.292 million barrels, a decrease of 2.39 million barrels; gasoline inventory was 222.334 million barrels, a decrease of 1.24 million barrels; distillate inventory was 114.242 million barrels, a decrease of 1.79 million barrels [37] 3.3 Future Outlook - **Global Crude Oil Supply and Demand**: Goldman Sachs' report indicates that from the fourth quarter of 2025 to the fourth quarter of 2026, the global oil market will have an average daily surplus of 1.8 million barrels, which will lead to an increase of nearly 800 million barrels in global oil inventories during this period [53] - **Crude Oil Future Outlook**: The US government will impose an additional 25% tariff on Indian exports, raising the overall tax rate to 50%. India initially reduced Russian crude oil purchases but recently resumed procurement plans for September - October. Technically, oil prices will remain volatile and weak in the short - term, with an operational suggestion of a bearish outlook [53][54]

Core Viewpoint - The record-high U.S. crude oil production is intensifying concerns over global supply surplus, leading to extreme bearish sentiment among traders, indicating potential sustained downward pressure on oil prices [1][8]. Supply and Demand - U.S. crude oil production reached a record 13.58 million barrels per day in June, surpassing previous estimates by approximately 150,000 barrels per day [1]. - Total liquid fuel production in the U.S. hit a historical peak of 21.1 million barrels per day in June, reflecting a month-over-month increase of about 145,000 barrels [2]. - Diesel demand was revised up to approximately 4 million barrels per day, showing a 6% increase from previous estimates and an 8.3% year-over-year growth [6]. - Jet fuel demand also performed well, with revised data showing a 4.3% increase from initial estimates and a 4.2% year-over-year growth [6]. - Despite strong demand in certain segments, the broader gasoline demand average is down 1.1% year-over-year, at about 9 million barrels per day [6]. Market Sentiment - Bearish sentiment has reached historical extremes, with speculative net long positions in WTI crude oil falling to the lowest level in 18 years, down by 5,461 contracts to 24,225 contracts [7]. - The increase in short positions has driven the bearish sentiment, with WTI crude oil short positions reaching a 20-month high [7]. Future Outlook - Analysts predict a supply surplus may emerge by the end of this year and extend into next year, with Goldman Sachs estimating a surplus of 1.8 million barrels per day from Q4 2025 to the end of 2026 [9]. - The EIA forecasts Brent crude oil prices to average $67 per barrel in 2025, dropping to $51 per barrel by 2026 [10]. - Geopolitical risks remain a concern, particularly regarding the lack of progress in peace agreements and potential changes in the Middle East, which could lead to sudden price fluctuations [10].