Group 1 - The new round of domestic refined oil price adjustment will take effect from August 26, 2025, with gasoline and diesel prices decreasing by 180 yuan and 175 yuan per ton respectively [1] - This marks the 17th adjustment of domestic refined oil prices in 2025, with a total of seven decreases, resulting in a pattern of "six increases, seven decreases, and four pauses" for the year [1] - The price reduction translates to a decrease of 0.14 yuan per liter for 92 gasoline and 0.15 yuan per liter for 0 diesel, leading to a savings of approximately 7 yuan for a full tank in a typical 50L private car [1] Group 2 - During the adjustment period from August 12 to August 25, international oil prices exhibited a trend of first decreasing and then increasing, with the average level being lower than the previous adjustment period [2] - The International Energy Agency has lowered the global oil demand growth forecast for 2025 while significantly raising the global oil supply growth forecast by 400,000 barrels per day to 2.5 million barrels per day [2] - The U.S. Energy Information Administration anticipates that U.S. crude oil production will reach a record high of 13.41 million barrels per day in 2025, with a substantial increase in U.S. crude oil inventories expected in the fourth quarter [2] - Geopolitical tensions, particularly between the U.S. and Russia regarding the Ukraine situation, have led to increased oil price volatility, despite expectations of a gradual decline in oil demand as the summer driving season ends [2]

Report Summary 1. Investment Rating No investment rating is provided in the report. 2. Core View The report suggests that the domestic crude oil futures contract 2510 is expected to maintain a moderately strong and oscillating trend. Despite the expected record - high supply glut in the global crude oil market next year due to slow demand growth and a surge in supply, the contract showed a moderately strong performance in the night session on Friday, and is likely to continue this trend on Monday [1][5]. 3. Summary by Related Content 3.1 Time - based Views - Short - term (within a week): The crude oil 2510 contract is expected to oscillate [1]. - Medium - term (two weeks to one month): The crude oil 2510 contract is expected to oscillate [1]. - Intraday: The crude oil 2510 contract is expected to oscillate with a moderately strong bias [1][5]. 3.2 Core Logic - The International Energy Agency (IEA) predicts a record - high supply glut in the global crude oil market next year as demand growth is slow and supply is surging, even with OPEC+ increasing production. Although the IEA has raised the global crude oil demand data for this year and next, the demand growth rate has declined, less than half of that in 2023. Crude oil inventories are expected to accumulate at a rate of 2.96 million barrels per day, exceeding the average accumulation rate during the 2020 pandemic [5]. - With the expected end of the Russia - Ukraine conflict, the geopolitical premium is receding. As the expectation of the Fed's interest rate cut rises, the domestic crude oil futures contract 2510 showed a moderately strong and oscillating trend in the night session on Friday, with the futures price rising slightly by 0.39% to 492.9 yuan per barrel [5].

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The domestic crude oil futures contract 2510 is expected to run strongly, with short - term, medium - term, and intraday trends being oscillatory, oscillatory, and oscillatory - bullish respectively [1][5]. 3. Summary by Relevant Content 3.1 Price and Trend - The intraday view of crude oil (SC) is oscillatory - bullish, the medium - term view is oscillatory, and the reference view is strong operation. The domestic crude oil futures 2510 contract closed slightly up 1.27% to 492.9 yuan/barrel on Thursday night and is expected to maintain an oscillatory - bullish trend on Friday [1][5]. 3.2 Core Logic - The International Energy Agency (IEA) predicts a record supply glut in the global crude oil market next year due to slow demand growth and a surge in supply, even with increased production from OPEC+ countries. Although the IEA has raised the global crude oil demand data for this year and next, the demand growth rate has declined, less than half of that in 2023. As a result, crude oil inventories will accumulate at a rate of 2.96 million barrels per day, exceeding the average accumulation rate during the 2020 pandemic. With the potential end of the Russia - Ukraine conflict, the geopolitical premium will be reversed. After the release of previous bearish sentiment and the increasing expectation of the Fed's interest rate cut, the domestic crude oil futures 2510 contract showed an oscillatory - bullish trend on Thursday night [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The domestic crude oil futures contract 2510 is expected to run strongly, with a short - term and medium - term outlook of oscillation and an intraday view of oscillation with a slight upward bias. This is due to the release of previous negative sentiment and the increasing expectation of the Fed's interest rate cut, despite the expected record supply glut in the global crude oil market next year [1][5]. 3. Summary by Relevant Catalog 3.1 Time - cycle Views - **Short - term**: The short - term view of crude oil 2510 is oscillation [1]. - **Medium - term**: The medium - term view of crude oil 2510 is oscillation [1]. - **Intraday**: The intraday view of crude oil 2510 is oscillation with a slight upward bias, and it is expected to run strongly [1][5]. 3.2 Core Logic - The IEA's energy outlook report shows that due to slow demand growth and a surge in supply, the global crude oil market will face a record supply glut next year even with OPEC+ increasing production. Although the IEA has raised the global crude oil demand data for this year and next, the demand growth rate has declined, less than half of that in 2023. Crude oil inventories will accumulate at a rate of 2.96 million barrels per day, exceeding the average accumulation rate during the 2020 pandemic. With the expected end of the Russia - Ukraine conflict, the geopolitical premium will be reversed. After the release of previous negative sentiment and the increasing expectation of the Fed's interest rate cut, the domestic crude oil futures contract 2510 maintained an oscillating and stable trend on Wednesday night, with the futures price rising slightly by 0.95% to 486.6 yuan per barrel. It is expected to maintain an oscillating and slightly upward trend on Thursday [5].

Group 1: Report Industry Investment Rating - No specific industry investment rating is provided in the report [1][5] Group 2: Core View of the Report - The short - term view of crude oil 2510 is weak, the medium - term view is oscillating, the intraday view is oscillating and weak, and it is expected to run weakly with a dominant bearish atmosphere [1] - For crude oil (SC), the intraday view is oscillating and strong, the medium - term view is oscillating, and it is expected to run strongly. However, considering the supply - demand situation, it is expected that the domestic crude oil futures 2510 contract may maintain an oscillating and weak trend on Wednesday [5] Group 3: Summary by Related Content Crude Oil 2510 - Short - term: Oscillating and weak [1] - Medium - term: Oscillating [1] - Intraday: Oscillating and weak [1] - View reference: Weak operation [1] - Core logic: The bearish atmosphere is dominant [1] Crude Oil (SC) - Intraday view: Oscillating and strong [5] - Medium - term view: Oscillating [5] - View reference: Strong operation [5] - Core logic: The IEA reports that due to slow demand growth and a surge in supply, with OPEC + increasing production, the global crude oil market will face a record supply glut next year. Although the IEA has raised the global crude oil demand data for this year and next, the demand growth rate has declined, less than half of that in 2023. Crude oil inventories will accumulate at a rate of 2.96 million barrels per day, exceeding the average accumulation rate during the 2020 pandemic. As the Russia - Ukraine conflict is expected to end, the geopolitical premium will be reversed. After the previous bearish sentiment was released, the domestic crude oil futures 2510 contract maintained an oscillating and weak trend on Tuesday night, with the futures price slightly down 0.87% to 480.9 yuan/barrel [5]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The short - term, medium - term, and intraday views of crude oil 2510 are "oscillation", "oscillation", and "oscillation with a bullish bias" respectively, and it is expected to run with a bullish bias [1]. - After the release of the previous bearish sentiment, the domestic crude oil futures 2510 contract stopped falling and stabilized on the night session of Monday this week. It is expected to maintain an oscillating and stabilizing trend on Tuesday [5]. 3. Summary by Relevant Catalog - **Time - cycle Explanation**: Short - term refers to within one week, and medium - term refers to two weeks to one month. The distinction of "oscillation with a bullish/ bearish bias" only applies to the intraday view [1][4]. - **Price Calculation Rule**: For varieties with night sessions, the starting price is the night - session closing price; for those without, it is the previous day's closing price. The ending price is the day - session closing price of the current day to calculate the price change [2]. - **Fluctuation Classification**: A decline greater than 1% is considered a fall, a decline of 0 - 1% is "oscillation with a bearish bias", an increase of 0 - 1% is "oscillation with a bullish bias", and an increase greater than 1% is a rise [3]. - **Driving Logic of Crude Oil Price**: The IEA's energy outlook report shows that due to slow demand growth and a surge in supply, the global crude oil market will face a record supply glut next year. Although the IEA has raised the global crude oil demand data for this year and next, the demand growth rate has declined. Crude oil inventories will accumulate at a rate of 2.96 million barrels per day, exceeding the average accumulation rate during the 2020 pandemic. With the possible end of the Russia - Ukraine conflict, the geopolitical premium has been given back [5].

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1] Core Insights - International oil prices have continued to decline as the market awaits the outcome of the Trump-Putin meeting, with a notable increase in bearish sentiment due to EIA and IEA reports indicating record U.S. oil production and oversupply concerns [2][8] - As of August 15, 2025, Brent and WTI crude oil prices were reported at $65.85 and $62.80 per barrel, respectively, reflecting a decrease of 1.11% and 1.69% from the previous week [2][29] - The oil and gas extraction sector has seen a significant increase of 165.75% since 2022, while the refining and trading sector has increased by 27.75% during the same period [12] Summary by Sections Oil Price Review - Brent crude futures settled at $65.85 per barrel, down $0.74 (-1.11%), while WTI crude futures settled at $62.80 per barrel, down $1.08 (-1.69%) as of August 15, 2025 [2][29] Offshore Drilling Services - As of July 28, 2025, the number of global offshore self-elevating drilling platforms was 379, a decrease of 3 from the previous week, while the number of floating drilling platforms remained stable at 133 [35] U.S. Oil Supply - U.S. crude oil production reached 13.327 million barrels per day as of August 8, 2025, an increase of 43,000 barrels per day from the previous week [56] - The number of active drilling rigs in the U.S. was 412 as of August 15, 2025, with an increase of 1 rig from the previous week [56] U.S. Oil Demand - U.S. refinery crude oil processing averaged 17.18 million barrels per day as of August 8, 2025, an increase of 56,000 barrels per day from the previous week, with a refinery utilization rate of 96.40% [67] U.S. Oil Inventory - As of August 8, 2025, total U.S. crude oil inventories stood at 830 million barrels, an increase of 3.262 million barrels (+0.39%) from the previous week [78] Refined Oil Prices - In North America, the average weekly prices for diesel, gasoline, and jet fuel were $94.88, $87.43, and $85.68 per barrel, respectively, as of August 15, 2025 [100]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The report suggests that the domestic crude oil futures contract 2510 is expected to run weakly, with a short - term, medium - term, and intraday view of being volatile, volatile, and weakly volatile respectively [1][5]. 3. Summary by Relevant Content Price Movement and View - The domestic crude oil futures 2510 contract slightly rose 0.95% to 490.5 yuan/barrel on Thursday night, but it is expected to lack the momentum to continue rising on Friday and may maintain a weakly volatile trend [5]. Core Logic - The International Energy Agency (IEA) released an energy outlook report stating that due to slow demand growth and a surge in supply, with OPEC+ increasing production, the global crude oil market will face a record supply glut next year. Although the IEA raised the global crude oil demand data for this year and next, the demand growth rate has declined, less than half of that in 2023. As a result, crude oil inventories will accumulate at a rate of 2.96 million barrels per day, exceeding the average accumulation rate during the 2020 pandemic [5].

Group 1 - International crude oil prices have shown a downward trend since August, with WTI and Brent crude oil futures dropping over 10% from their highs at the end of July [1][2] - Domestic crude oil futures have also fallen below the important threshold of 500 yuan per barrel, with a drop of 10.43% from the July 31 high [2][4] - The decline in prices is attributed to expectations of oversupply and a decrease in geopolitical tensions in the Middle East [2][3] Group 2 - The market has seen a significant reduction in long positions, with WTI non-commercial net long positions decreasing by 14,194 contracts and Brent net long positions down by 19,559 contracts [3][4] - Analysts indicate that the ongoing increase in oil production by OPEC+ has exceeded market expectations, contributing to the downward pressure on prices [2][4] - The U.S. Energy Information Administration (EIA) has raised its forecast for global oil supply growth to 2.28 million barrels per day, while the demand growth forecast remains relatively unchanged, leading to an expected oversupply of 1.64 million barrels per day [4][6] Group 3 - Seasonal demand for oil is expected to weaken as the summer consumption peak approaches its end, with overall demand growth projected to be less than 1 million barrels per day for the year [6][7] - The market is likely to seek a temporary balance between long-term supply pressures and short-term demand support, but the overall trend for oil prices is expected to be downward [6][7] - The geopolitical situation, particularly the Russia-Ukraine conflict, may still influence oil prices in the short term, but the long-term outlook remains bearish due to ongoing OPEC+ production increases and slow global economic growth [7][8]

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core View - The International Energy Agency (IEA) indicates that the global oil market is moving towards a record - high surplus next year due to slower demand growth and increased supply. IEA also lowers the expected incremental demand for crude oil this year and next. OPEC slightly reduces this year's demand increment, and EIA crude oil inventories accumulate more than expected. These factors lead to a significant decline in oil prices during the US trading session. However, the upcoming US - Russia negotiation and the possibility of secondary sanctions if the meeting goes poorly add geopolitical concerns and support to oil prices, causing large price fluctuations. Short - term, the price is expected to range between 480 - 490, and long - term, it is recommended to hold long positions [3]. 3. Summary by Directory 3.1 Daily Prompt - **Fundamentals**: The US Treasury Secretary says that if the Trump - Putin meeting goes badly, sanctions or secondary tariffs may increase. The IEA reports that this year's global crude oil supply surplus will exceed expectations, with supply growth more than three times the demand growth rate. It expects global crude oil supply to increase by 2.5 million barrels per day this year and 1.9 million barrels per day next year, higher than previous forecasts [3]. - **Basis**: On August 13, the spot price of Oman crude oil was $67.66 per barrel, and that of Qatar Marine crude oil was $66.66 per barrel, with a basis of 9.23 yuan per barrel, and the spot was at par with the futures [3]. - **Inventory**: US API crude oil inventories for the week ending August 8 increased by 1.519 million barrels (expected to decrease by 0.941 million barrels), EIA inventories for the same period increased by 3.036 million barrels (expected to decrease by 0.275 million barrels), and Cushing area inventories increased by 0.045 million barrels. As of August 13, Shanghai crude oil futures inventories remained at 4.767 million barrels [3]. - **Market**: The 20 - day moving average was downward, and the price was below the average [3]. - **Main Position**: As of July 29, the main long positions in WTI and Brent crude oil both increased [3]. - **Expectation**: Short - term, the price will range between 480 - 490, and long - term, long positions should be held [3]. 3.2 Recent News - **Geopolitical News**: Trump threatens Putin with "serious consequences" if he hinders the Ukraine peace process but also mentions the possibility of a US - Russia - Ukraine leaders' meeting. Macron says Trump agrees that Ukraine must participate in territorial discussions, and Zelensky says Trump supports post - war security guarantees. The US Treasury Secretary warns of increased sanctions if the Trump - Putin meeting is unsuccessful [5]. - **Supply - Demand News**: The IEA reports that the global crude oil supply surplus will exceed expectations this year, with supply growth more than three times the demand growth rate. Supply growth is mainly driven by non - OPEC+ producers. The market is starting to show oversupply, and global oil inventories reached a 46 - month high in June [5]. - **Interest - Rate News**: After data shows mild inflation in the US in July, the market believes there is a 99.9% chance that the Fed will cut interest rates by 25 basis points in September. The Treasury Secretary thinks the Fed may cut rates by 50 basis points due to weak employment data [5]. 3.3 Long - Short Concerns - **Positive Factors**: The US may impose secondary sanctions on Russian energy exports, and the Sino - US tariff exemption period may be extended again [6]. - **Negative Factors**: There is hope for a cease - fire in the Russia - Ukraine conflict, and the US has ongoing tense trade relations with other economies [6]. - **Market Drivers**: In the short term, geopolitical conflicts decrease while trade tariff risks increase. In the medium - to - long - term, supply will increase after the peak season [6]. 3.4 Fundamental Data - **Futures Quotes**: The settlement prices of Brent, WTI, SC, and Oman crude oil changed. Brent decreased by $0.49 (- 0.74%), WTI decreased by $0.52 (- 0.82%), SC decreased by 3.80 (- 0.77%), and Oman increased by $0.48 (0.71%) [7]. - **Spot Quotes**: The spot prices of various crude oils also changed. For example, UK Brent Dtd decreased by $0.65 (- 0.96%), WTI decreased by $0.52 (- 0.82%), Oman decreased by $1.13 (- 1.64%), etc. [9]. - **Inventory Trends**: API and EIA inventory data from May to August show fluctuations, with significant increases in inventories in some weeks [10][15]. 3.5 Position Data - **WTI Crude Oil Fund Net Long Positions**: As of July 29, the net long positions increased by 2,692, and as of August 5, they decreased by 14,194 [18]. - **Brent Crude Oil Fund Net Long Positions**: As of July 29, the net long positions increased by 33,959, and as of August 5, they decreased by 20,375 [20].