1. Report Industry Investment Rating - All the varieties in the report are rated as "Oscillating", including crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and polyvinyl chloride [1][3][5][7][8] 2. Core Views of the Report - Crude oil prices continued to decline due to geopolitical factors and inventory data. The current demand lacks highlights, and the supply is expected to increase, so the oil price will continue to operate weakly [1][3] - The low - sulfur fuel oil market is under pressure due to sufficient supply and weak demand, while the high - sulfur market may be supported by reduced supply starting from September [3] - The asphalt market is expected to see a pattern of both supply and demand increasing in August, and the price will fluctuate within a range [3] - The polyester market has a stable supply - demand situation, and the prices of PX, PTA, and ethylene glycol are expected to fluctuate with the oil price [5] - The rubber market is affected by factors such as rainfall, raw material prices, and tire demand, and the short - term price will oscillate [5] - The methanol market will maintain a near - weak and far - strong structure, and the price will oscillate narrowly [7] - The polyolefin market will gradually shift to a situation of strong supply and demand, and the price will oscillate narrowly [7][8] - The polyvinyl chloride market has high - level supply and improving demand, and the price is expected to oscillate weakly [8] 3. Summary According to Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Tuesday, the price of WTI September contract dropped by $1.07 to $62.35 per barrel, a decline of 1.69%. The Brent October contract fell by $0.81 to $65.79 per barrel, a decline of 1.22%. SC2510 closed at 480.9 yuan per barrel, down 4.2 yuan or 0.87%. Geopolitical factors and inventory data affected the price. The current demand is weak, and the supply is expected to rise, so the price will oscillate [1][3] - **Fuel Oil**: On Tuesday, the main contract of high - sulfur fuel oil (FU2509) fell 0.26% to 2,698 yuan per ton, and the main contract of low - sulfur fuel oil (LU2510) fell 0.12% to 3,454 yuan per ton. The low - sulfur market is under pressure from supply, while the high - sulfur market may be supported in September. The price will oscillate [3] - **Asphalt**: On Tuesday, the main contract of asphalt (BU2509) rose 0.14% to 3,455 yuan per ton. The supply is expected to increase in the second half of August, and the demand is expected to recover. The price will oscillate [3] - **Polyester**: TA601 closed at 4,734 yuan per ton, down 0.25%. EG2509 closed at 4,424 yuan per ton, up 1.79%. PX supply and demand continued to recover, and the prices of PTA and ethylene glycol are expected to oscillate [5] - **Rubber**: On Tuesday, the main contract of natural rubber (RU2601) rose 55 yuan to 15,875 yuan per ton. The production and demand situation affected the price, and the short - term price will oscillate [5] - **Methanol**: The supply is currently at a low level but will gradually recover. The port inventory will increase in the short term, and the price will oscillate [7] - **Polyolefin**: The subsequent production will remain high, and the demand is expected to pick up in the peak season. The price will oscillate narrowly [7][8] - **Polyvinyl Chloride**: The supply is high, and the demand is gradually improving. The price is expected to oscillate weakly [8] 3.2 Daily Data Monitoring - The report provides the basis price data of various energy - chemical varieties on August 19, 2025, including spot prices, futures prices, basis, basis rates, price changes, and the quantile of the latest basis rate in historical data [9] 3.3 Market News - The American Petroleum Institute (API) data showed that in the week of August 15, the US API crude oil inventory decreased by 2.417 million barrels, more than the analyst's expectation [12] - The Whiting refinery of BP in the United States was affected by floods caused by a thunderstorm, but the specific impact on production was not specified [12] 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of the main contracts of various energy - chemical varieties from 2021 to 2025, including crude oil, liquefied petroleum gas, asphalt, etc. [14][16][18] - **4.2 Main Contract Basis**: It shows the basis charts of the main contracts of various energy - chemical varieties, such as crude oil, fuel oil, and asphalt [32][34][38] - **4.3 Inter - period Contract Spreads**: The report provides the spread charts of different contracts of various energy - chemical varieties, like fuel oil, asphalt, and PTA [47][49][52] - **4.4 Inter - variety Spreads**: It includes the spread and ratio charts between different varieties, such as crude oil's internal and external spreads, fuel oil's high - low sulfur spread [63][66][68] - **4.5 Production Profits**: The report shows the production profit charts of some varieties, such as ethylene - made ethylene glycol and PP [71] 3.5 Team Member Introduction - The research team members include Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, each with rich experience and professional titles in the energy - chemical research field [78][79][80][81]

Report Information - Report Title: Crude Oil Weekly Report: Increase in US Crude Oil Inventory and Decline in International Oil Prices [1] - Report Date: August 17, 2025 [1] - Chief Analyst: Chen Shuxian [1] - Analyst: Zhou Shaowen [1] Report Industry Investment Rating No relevant information provided. Core Viewpoints - This week, the weekly average prices of Brent/WTI crude oil futures were $66.2/$63.3 per barrel, down $1.0/$1.4 per barrel from last week. The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.3/4.3/4.0/0.2 billion barrels, with a week-on-week increase of 3.26/3.04/0.23/0.05 million barrels respectively. The US crude oil production was 13.33 million barrels per day, up 40,000 barrels per day week-on-week. The number of active US crude oil rigs this week was 412, an increase of 1 from the previous week. The number of active US fracturing fleets this week was 163, an increase of 4 from the previous week. The US refinery crude oil processing volume was 17.18 million barrels per day, up 60,000 barrels per day week-on-week, and the US refinery crude oil operating rate was 96.4%, down 0.5 pct week-on-week [2]. - The weekly average prices of US gasoline, diesel, and jet fuel were $87/$95/$90 per barrel, down $0.3/$0.9/$4.1 per barrel week-on-week. The spreads with crude oil were $21/$29/$24 per barrel, up $1.1/$0.4/ -$2.7 per barrel week-on-week. The US gasoline, diesel, and aviation kerosene inventories were 2.3/1.1/0.4 billion barrels, with a week-on-week change of -0.79/+0.71/ -0.62 million barrels respectively. The US gasoline, diesel, and aviation kerosene production were 9.81/5.14/1.97 million barrels per day, with a week-on-week change of +10,000/+30,000/ -20,000 barrels per day respectively. The US gasoline, diesel, and aviation kerosene consumption were 9.00/3.70/1.83 million barrels per day, with a week-on-week change of -40,000/ -20,000/+120,000 barrels per day respectively. The net exports of US gasoline, diesel, and aviation kerosene were 0.58/1.33/0.23 million barrels per day, with a week-on-week change of -0.25/ -0.13/+0.09 million barrels per day respectively [2]. - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec Corporation (600028.SH/0386.HK), CNOOC Oilfield Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Energy Technology & Services Limited (600968.SH). Companies to be noted include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China National Petroleum Corporation Engineering Co., Ltd. (600339.SH), and Sinopec Mechanical Engineering Co., Ltd. (000852.SZ) [3] Summary by Directory 1. Crude Oil Weekly Data Briefing - Upstream Key Company Price Changes: Among the upstream key companies, the Hong Kong - listed shares of some companies such as China National Offshore Oil Corporation and PetroChina Company Limited showed an upward trend in the near - week, near - month, and near - three - month periods, while some A - shares showed a downward trend [9] - Key Company Valuations: The report provides the total market capitalization,归母净利润, PE, and PB of key companies from 2024A to 2027E [9] - Crude Oil Sector: The weekly average prices of Brent, WTI, Russian Urals, and Russian ESPO crude oils were $66.2, $63.3, $61.9, and $62.8 per barrel respectively, all showing a week - on - week decline. The US dollar index was 97.8, down 1.0 week - on - week. The LME copper spot price was $9,165.0 per ton, down $411.5 week - on - week [9] - Inventory Sector: The US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory all increased week - on - week [9] - Production Sector: The US crude oil production, the number of crude oil rigs, and the number of fracturing fleets all increased week - on - week [9] - Refinery Sector: The US refinery crude oil processing volume increased week - on - week, while the operating rate decreased. The operating rates of Chinese local refineries and major refineries showed different trends [9] - Import and Export Sector: The US crude oil net imports increased week - on - week [9] 2. This Week's Petroleum and Petrochemical Sector Market Review - Petroleum and Petrochemical Sector Performance: No specific performance data provided, only the topic is mentioned [14] - Sector Listed Company Performance: The report lists the latest prices, total market capitalizations, and price changes in different time periods of multiple listed companies in the petroleum and petrochemical sector, as well as their valuations [26][28] 3. Crude Oil Sector Data Tracking - Crude Oil Price: It involves the price and spread relationships between different types of crude oils such as Brent, WTI, Russian Urals, and Russian ESPO, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price [32][41][42] - Crude Oil Inventory: It shows the historical data and trends of the US commercial crude oil inventory, total crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory, as well as their correlations with oil prices [49][54][63] - Crude Oil Supply: The US crude oil production, the number of crude oil rigs, and the number of fracturing fleets are tracked [68] - Crude Oil Demand: The US refinery crude oil processing volume, operating rate, and the operating rates of Chinese local and major refineries are presented [76][79][83] - Crude Oil Import and Export: The US crude oil import, export, and net import volumes are tracked [87][91] 4. Refined Oil Product Sector Data Tracking - Refined Oil Product Price: When the international crude oil price is above $80 per barrel, the increase in domestic gasoline and diesel prices slows down. The report also shows the price and spread relationships between crude oil and refined oil products in different regions such as China, the US, Europe, and Singapore [97][124][130] - Refined Oil Product Inventory: The inventories of gasoline, diesel, and aviation kerosene in the US and Singapore are tracked, along with their week - on - week and year - on - year changes [138][144][149] - Refined Oil Product Supply: The productions of gasoline, diesel, and aviation kerosene in the US are presented [157][158] - Refined Oil Product Demand: The consumptions of gasoline, diesel, and aviation kerosene in the US are tracked, along with the number of US airport passenger security checks [161][162] - Refined Oil Product Import and Export: The import, export, and net export volumes of gasoline, diesel, and aviation kerosene in the US are tracked [175][179][180] 5. Oilfield Service Sector Data Tracking - The report provides the weekly average, monthly average, quarterly average, and year - to - date average daily fees of self - elevating drilling platforms and semi - submersible drilling platforms [10]

Group 1: Report Core View - In the week ending August 8, 2025, US commercial crude oil inventories increased by 3.036 million barrels, mainly driven by a 699,000 - barrel - per - day increase in net crude oil imports. Weekly crude oil production increased by 43,000 barrels per day, and the refinery utilization rate decreased from 96.9% to 96.4%, but refinery - sector demand remained relatively strong. Gasoline inventories declined seasonally, diesel inventories continued to rise from the bottom, and the total inventories of other petroleum products increased seasonally. The total inventories of crude oil and petroleum products increased, and the weekly data was bearish [4]. Group 2: Data Summary Inventory Data - US commercial crude oil inventory change: increased by 3.036 million barrels, compared with a decrease of 3.029 million barrels previously [6]. - US Cushing crude oil inventory change: increased by 445,000 barrels, compared with an increase of 453,000 barrels previously [6]. - US strategic petroleum inventory change: increased by 226,000 barrels, compared with an increase of 235,000 barrels previously [6]. - US gasoline inventory change: decreased by 792,000 barrels, compared with a decrease of 1.323 million barrels previously [6]. - US diesel inventory change: increased by 714,000 barrels, compared with a decrease of 565,000 barrels previously [6]. - US jet fuel inventory change: decreased by 620,000 barrels, compared with an increase of 970,000 barrels previously [6]. - US fuel oil inventory change: decreased by 66,000 barrels, compared with a decrease of 239,000 barrels previously [6]. - US crude oil and petroleum product inventory change (excluding SPR): increased by 7.522 million barrels, compared with an increase of 2.054 million barrels previously [6]. Production and Demand Data - US crude oil production: 13.327 million barrels per day, compared with 13.284 million barrels per day previously [6]. - US refined product apparent demand: 21.357 million barrels per day, compared with 20.122 million barrels per day previously [6]. - US gasoline apparent demand: 9 million barrels per day, compared with 9.04 million barrels per day previously [6]. - US diesel apparent demand: 3.701 million barrels per day, compared with 3.72 million barrels per day previously [6]. Import and Export Data - US crude oil imports: 6.92 million barrels per day, compared with 5.962 million barrels per day previously [6]. - US crude oil exports: 3.577 million barrels per day, compared with 3.318 million barrels per day previously [6]. Refinery Data - US refinery crude oil processing volume: 17.18 million barrels per day, compared with 17.124 million barrels per day previously [6]. - US refinery utilization rate: 96.4%, compared with 96.9% previously [6].

Report Industry Investment Rating - Not provided Core View of the Report - The EIA weekly report is slightly bearish for the oil market. The unexpected increase in crude oil inventories, combined with the recent significant increases in global crude oil supply expectations in the EIA and IEA monthly reports, exerts downward pressure on oil prices in the medium to long term [6]. Summary by Relevant Catalog Main Data Overview - As of August 8, U.S. commercial crude oil inventories were 426,698 thousand barrels, a week-on-week increase of 3,036 thousand barrels, contrary to the expected decrease of 275 thousand barrels. Cushing inventories increased by 45 thousand barrels, and strategic reserve inventories increased by 226 thousand barrels [2][3]. - Gasoline inventories decreased by 792 thousand barrels, in line with the expected decrease of 700 thousand barrels, and distillate inventories increased by 714 thousand barrels, in line with the expected increase of 700 thousand barrels [2][3]. - U.S. crude oil production increased by 43 thousand barrels per day to 13,327 thousand barrels per day, net imports increased by 699 thousand barrels per day to 3,343 thousand barrels per day, and processing volume increased by 56 thousand barrels per day to 17,180 thousand barrels per day [3]. - The four - week smoothed U.S. crude oil terminal apparent demand increased by 543.25 thousand barrels per day to 21,159 thousand barrels per day, gasoline apparent demand increased by 127.75 thousand barrels per day to 9,039.75 thousand barrels per day, distillate apparent demand increased by 69.5 thousand barrels per day to 3,592.25 thousand barrels per day, and jet fuel apparent demand increased by 50.5 thousand barrels per day to 1,827.25 thousand barrels per day [3]. Report Review - Last week, U.S. commercial crude oil inventories unexpectedly increased while the downstream refinery utilization rate remained high, dropping 0.5% to 96.4%. The increase in inventories was mainly due to increased imports and decreased exports of U.S. crude oil. Since the end of June, U.S. crude oil exports have been slightly lower than before, suggesting poor overseas demand or the impact of tariffs [4]. - Gasoline demand has rebounded slightly, but its overall performance during this year's driving peak season has been poor, often falling below 9 million barrels per day. As the peak travel season is in its later stage, the market boost is limited. Distillate demand remains stable, and inventories are still at a low level. As the weather turns to autumn and the driving peak season enters the second half, the market will focus on distillates [8].

Group 1: Report Summary - The EIA weekly report shows that commercial crude oil inventories unexpectedly increased [1][2] - The report is slightly bearish for the oil market due to the unexpected increase in crude oil inventories and the overall neutral performance of refined oil inventories [6] Group 2: Main Data - As of August 8, U.S. commercial crude oil total inventory was 426,698 thousand barrels, a week - on - week increase of 3,036 thousand barrels, contrary to the expected decrease of 275 thousand barrels. Cushing inventory increased by 45 thousand barrels, and strategic reserve inventory increased by 226 thousand barrels [2][3] - Gasoline inventory decreased by 792 thousand barrels, in line with the expected decrease of 700 thousand barrels. Distillate inventory increased by 714 thousand barrels, in line with the expected increase of 700 thousand barrels [2][3] - U.S. crude oil production increased from 13,284 thousand barrels per day to 13,327 thousand barrels per day, an increase of 43 thousand barrels per day [3] - U.S. crude oil net imports increased from 2,644 thousand barrels per day to 3,343 thousand barrels per day, an increase of 699 thousand barrels per day [3] - U.S. crude oil processing volume increased from 17,124 thousand barrels per day to 17,180 thousand barrels per day, an increase of 56 thousand barrels per day [3] - U.S. crude oil terminal apparent demand (four - week smoothing) increased from 20,615.75 thousand barrels per day to 21,159 thousand barrels per day, an increase of 543.25 thousand barrels per day [3] Group 3: Report Analysis - The increase in inventory is mainly due to increased U.S. crude oil imports and decreased exports, suggesting poor overseas demand or the impact of tariffs [4] - Gasoline demand has rebounded slightly, but overall performance during the driving peak season this year has been poor. The driving peak season is in the later stage, so the market boost is limited [8] - Distillate demand is stable, and inventory remains low. As the weather turns to autumn and the driving peak season enters the second half, the market will focus on distillates [8] - The continuous low performance of U.S. crude oil exports for more than a month implies weak overseas demand, intense overseas market competition, or the impact of tariffs, which will put pressure on oil prices in the medium - to - long term [6] - The recent EIA and IEA monthly reports have significantly increased the global crude oil supply forecast, which has put some pressure on oil prices [6]

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - This week, oil prices rose and then fell, with the monthly spreads of the three major crude oil markets increasing. Trump's warning of secondary tariffs on Russia and the actual decline in Russian crude oil exports have intensified concerns about supply shortages, but even in the case of extreme sanctions, it will not change the oversupply pattern. The market favors a stronger near - term monthly spread and a wait - and - see attitude towards medium - term absolute prices. After OPEC decided to increase production in September, oil prices quickly declined. The absolute price of oil is expected to continue to fall after the statement of OPEC +, with some support in reality. It is expected to fall to $55 - 60 per barrel in the fourth quarter, and attention should be paid to the impact of US tariff policies on the global economy and the non - OPEC production schedule [5]. 3. Section Summaries 3.1 Daily News - Kpler reported that the discount on Russian crude oil export prices has widened due to the pressure from the US and the EU on Russian oil buyers, which has hit demand. Indian state - owned refineries are considering suspending imports of Russian oil, and private enterprises are also slowing down their purchases. The price of Urals crude oil is now more than $5 per barrel cheaper than the North Sea crude oil price index, compared with almost zero spread two weeks ago [3]. - Putin said that the UAE is one of the suitable places to meet with Trump, and he doesn't mind meeting Zelensky. After a refinery was attacked by drones, Russia plans to increase its oil exports to the West to nearly 2 million barrels per day in August [4]. 3.2 Regional Fundamentals - EIA reports showed that in the week ending August 1st, US crude oil exports increased by 620,000 barrels per day to 3.318 million barrels per day; domestic crude oil production decreased by 30,000 barrels to 13.284 million barrels per day; commercial crude oil inventories excluding strategic reserves decreased by 3.029 million barrels to 424 million barrels, a decrease of 0.71%; the four - week average supply of US crude oil products was 20.616 million barrels per day, a 1.61% increase compared to the same period last year; the Strategic Petroleum Reserve (SPR) inventory increased by 235,000 barrels to 403 million barrels, an increase of 0.06%; and the import of commercial crude oil excluding strategic reserves was 5.962 million barrels per day, a decrease of 174,000 barrels per day compared to the previous week [4]. - From July 25th - 31st, the operating rate of major refineries in China increased slightly, while that of Shandong local refineries remained basically unchanged. The output of Chinese refineries showed a decline in gasoline and an increase in diesel, and the inventory also showed a decline in gasoline and an increase in diesel. The comprehensive profit of major refineries rebounded month - on - month, while that of local refineries declined [4]. 3.3 Weekly Viewpoints - This week, oil prices first rose and then fell, and the monthly spreads of the three major crude oil markets increased. Trump's warning of secondary tariffs on Russia and the actual decline in Russian crude oil exports have intensified concerns about supply shortages, but extreme sanctions will not change the oversupply pattern. OPEC's decision to increase production in September led to a quick decline in oil prices, with Brent crude falling below the $70 per barrel mark [5]. - Macroscopically, Trump postponed the implementation of tariffs on goods from 67 trading partners by one week, and the poor July non - farm payrolls data led the market to bet on a September interest rate cut. Fundamentally, global oil inventories decreased slightly this week, higher than the same period last year by about 2%. US commercial inventories increased significantly, the number of oil rigs decreased again, gasoline inventories decreased while diesel inventories increased, ARA diesel inventories decreased, and Singapore diesel inventories increased slightly but were at a low level compared to the same period last year. Global refinery profits declined this week, and the refinery operating season is coming to an end. The main uncertainties lie in the intensity of US secondary sanctions on Russia. After the statement of OPEC +, the absolute price of oil is expected to continue to fall, with some support in reality, and is expected to fall to $55 - 60 per barrel in the fourth quarter [5].

Group 1: Report Summary - The report focuses on the EIA weekly data of the US oil market as of August 1, 2025 [1][2] Group 2: Main Data Highlights - US commercial crude oil inventory was 423.662 million barrels, a week - on - week decrease of 3.029 million barrels, exceeding the expected decrease of 600,000 barrels. Cushing inventory increased by 453,000 barrels, and strategic reserve inventory increased by 235,000 barrels [2][3] - Gasoline inventory decreased by 1.323 million barrels, exceeding the expected decrease of 400,000 barrels. Distillate inventory decreased by 565,000 barrels, contrary to the expected increase of 800,000 barrels [2][3] - US crude oil production decreased by 30,000 barrels per day to 13.284 million barrels per day. Net imports decreased by 794,000 barrels per day to 2.644 million barrels per day, and processing volume increased by 213,000 barrels per day to 17.124 million barrels per day [3] - The four - week smoothed US crude oil terminal apparent demand decreased by 185,250 barrels per day to 20.61575 million barrels per day. Gasoline apparent demand decreased by 29,750 barrels per day to 8.912 million barrels per day, and jet fuel apparent demand decreased by 55,000 barrels per day to 1.77675 million barrels per day. Distillate apparent demand increased by 13,000 barrels per day to 3.52275 million barrels per day [3] Group 3: Report Analysis - Last week, US commercial crude oil inventory declined more than expected. Refinery operating rate reached a new high of 96.9% this year, up 1.5%, driving an increase in crude oil processing volume. However, the processing volume was not a new high due to the decrease in refinery capacity from 18.347 million barrels per day at the beginning of the year to 18.089 million barrels per day. Export growth also contributed to the inventory decline [4] - Gasoline demand remained persistently low, with the four - week smoothed data below 9 million barrels per day for four consecutive weeks during the peak season. Compared with previous years, this year's gasoline demand was only better than that in 2020 and 2022, indicating that Americans are more inclined to short - distance travel and cut travel budgets. Distillate demand was stable, and the slight inventory decline was mainly due to increased exports [6] - This week's EIA report seemed bullish as crude oil and major refined product inventories declined. However, the gasoline apparent demand below 9 million barrels per day during the peak season weakened the positive impact. Overall, the US gasoline consumption market this year was disappointing compared with previous years at similar price levels. After the data release, oil prices were initially stable and then declined due to news of potential US - Russia - third - country leader talks [8]

Report Overview - The report is an EIA weekly data report released on August 7, 2025, focusing on the oil market in the United States [1] 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The gasoline demand remains persistently low during the peak season, and the US gasoline consumption market this year is disappointing compared to previous years [1][6][8] - The EIA report seems bullish on the surface as both crude oil and major refined oil inventories have declined, but the weak gasoline demand undermines the positive impact [8] 3. Summary by Key Data Crude Oil Inventory - As of August 1, the US commercial crude oil inventory was 423.662 million barrels, a week - on - week decrease of 3.029 million barrels, exceeding the expected decrease of 600,000 barrels. The Cushing inventory increased by 453,000 barrels, and the strategic reserve inventory increased by 235,000 barrels [2][3] Refined Oil Inventory - Gasoline inventory decreased by 1.323 million barrels, exceeding the expected decrease of 400,000 barrels. Distillate oil inventory decreased by 565,000 barrels, contrary to the expected increase of 800,000 barrels [2] Production and Consumption Data - US crude oil production decreased by 30,000 barrels per day to 13.284 million barrels per day. Net imports decreased by 794,000 barrels per day to 2.644 million barrels per day. Crude oil processing volume increased by 213,000 barrels per day to 17.124 million barrels per day [3] - The four - week smoothed US crude oil terminal apparent demand decreased by 185,250 barrels per day to 20.61575 million barrels per day. Gasoline apparent demand decreased by 29,750 barrels per day to 8.912 million barrels per day. Jet fuel apparent demand decreased by 55,000 barrels per day to 1.77675 million barrels per day. Distillate oil apparent demand increased by 13,000 barrels per day to 3.52275 million barrels per day [3] 4. Report Comments Crude Oil - Last week, the US commercial crude oil inventory decreased more than expected. The refinery utilization rate reached a new high this year, rising 1.5% to 96.9%, driving an increase in crude oil processing volume. However, the processing volume is not a new high due to the decrease in refinery capacity. In addition, increased exports also contributed to the inventory decline [4] Refined Oil - Gasoline demand is continuously weak, with the four - week smoothed data below 9 million barrels per day for four consecutive weeks during the peak season. This indicates that Americans are more inclined to short - distance travel and cut travel budgets this year. Distillate oil demand is stable, and the slight decrease in inventory is mainly due to increased exports [6] 5. Market Reaction - After the data release, oil prices remained stable initially and then declined as Trump announced productive US - Russia talks and the possibility of a face - to - face meeting among the three leaders as early as next week, leading to a retreat in risk premiums [8]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The EIA weekly data shows that gasoline demand remains persistently low during the peak season, and although the report seems bullish on the surface, the weak gasoline demand dampens the positive sentiment [1][8]. - Compared with previous years, this year's US gasoline consumption market is disappointing given the current price level [8]. 3. Summary by Related Catalogs Main Data - As of August 1st, US commercial crude oil inventories were 423.662 million barrels, a week - on - week decrease of 3.029 million barrels, exceeding the expected decrease of 0.6 million barrels. Cushing inventories increased by 0.453 million barrels, and strategic reserve inventories increased by 0.235 million barrels [2]. - Gasoline inventories decreased by 1.323 million barrels, exceeding the expected decrease of 0.4 million barrels, and distillate inventories decreased by 0.565 million barrels, contrary to the expected increase of 0.8 million barrels [2]. - US crude oil production decreased by 30 thousand barrels per day to 13.284 million barrels per day, and net imports decreased by 794 thousand barrels per day to 2.644 million barrels per day [3]. - Crude oil processing volume increased by 213 thousand barrels per day to 17.124 million barrels per day, and refinery utilization rate rose 1.5% to 96.9% [3][4]. Report Commentary - The decline in US commercial crude oil inventories was due to the increase in refinery utilization rate (reaching a new high this year) and exports. However, the increase in the utilization rate was partly due to the reduction in refinery capacity [4]. - Gasoline demand remained weak, with the four - week smoothed data below 9 million barrels per day for four consecutive weeks during the peak season, indicating that Americans prefer short - distance travel and cut travel budgets this year [6]. - Distillate demand was stable, and the slight decline in inventories was mainly due to increased exports [6]. - After the data release, oil prices initially held steady but then fell due to the news of potential US - Russia - related talks [8].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Although the additional 25% tariff on India and the full - scale drawdown of EIA inventory support oil prices, the potential cease - fire in the Russia - Ukraine conflict may significantly hit oil prices, causing them to fall back to the bottom of the previous trading range. The oil price will still fluctuate greatly in the future. The White House plans to implement secondary sanctions on Friday, and there are many uncertainties in the peace talks. Investors should reduce positions and operate cautiously. Short - term prices will range from 497 to 505, and long - term investors can hold long positions [3]. 3. Summary by Directory 3.1 Daily Prompt - **Fundamentals**: The US may impose secondary sanctions on countries buying Russian oil, Trump announced a 25% additional tariff on Indian goods, and Saudi Arabia raised the September crude oil price for Asian customers by $1 compared to August, with a neutral outlook [3]. - **Basis**: On August 6, the spot price of Oman crude oil was $70.49 per barrel, and that of Qatar Marine crude oil was $69.76 per barrel. The basis was 17.98 yuan per barrel, with the spot price higher than the futures price, showing a bullish sign [3]. - **Inventory**: The US API crude oil inventory for the week ending August 1 decreased by 4.233 million barrels (expected: - 1.845 million barrels), and the EIA inventory decreased by 3.029 million barrels (expected: - 0.591 million barrels). The Cushing area inventory increased by 0.453 million barrels. As of August 6, the Shanghai crude oil futures inventory remained unchanged at 5.249 million barrels, indicating a bullish trend [3]. - **Market Chart**: The 20 - day moving average was downward, and the price was below the moving average, showing a bearish sign [3]. - **Main Position**: As of July 29, the main positions of WTI and Brent crude oil were long, and the number of long positions increased, indicating a bullish trend [3]. 3.2 Recent News - Trump may meet with Putin as early as next week and plans to hold a tri - party meeting with Putin and Zelensky. Trump is optimistic about a cease - fire, and Putin may agree to peace talks on the condition of discussing territorial exchange [5]. - On August 6, Trump signed an executive order to impose a 25% additional tariff on Indian goods, bringing the total tariff on Indian goods this month to 50% due to India's import of Russian oil [5]. 3.3 Long - Short Concerns - **Bullish Factors**: The US may impose secondary sanctions on Russian energy exports, and summer demand is starting to increase [6]. - **Bearish Factors**: A cease - fire in the Russia - Ukraine conflict may be achieved, and the US has tense trade relations with other economies [6]. - **Market Driver**: In the short term, geopolitical conflicts are decreasing, and the risk of trade tariff issues is rising. In the medium - to - long - term, supply will increase after the peak season ends [6]. 3.4 Fundamental Data - **Futures Market**: The settlement prices of Brent, WTI, SC, and Oman crude oil decreased by - 0.75, - 0.81, - 4.90, and - 0.10 respectively, with decline rates of - 1.11%, - 1.24%, - 0.96%, and - 0.14% [7]. - **Spot Market**: The prices of UK Brent, WTI, Oman, Shengli, and Dubai crude oil changed by - 0.04, - 0.81, - 0.13, - 0.51, and 0.11 respectively, with change rates of - 0.06%, - 1.24%, - 0.18%, - 0.76%, and 0.16% [9]. - **API Inventory**: As of August 1, the API inventory decreased by 4.233 million barrels to 451.694 million barrels [10]. - **EIA Inventory**: As of August 1, the EIA inventory decreased by 3.029 million barrels to 423.662 million barrels [14]. 3.5 Position Data - **WTI Crude Oil**: As of July 29, the net long position was 156,023, an increase of 2,692 [18]. - **Brent Crude Oil**: As of July 29, the net long position was 261,352, an increase of 33,959 [19].