Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoints of the Report - The crude oil market will continue its oscillatory pattern with limited upside potential. Supply-side factors are mixed, with OPEC+ production increase expectations and Iraq's export recovery pressuring prices, while Ukraine's attacks on Russian energy facilities and Russia's fuel export restrictions provide geopolitical premium support. Demand lacks significant incremental drivers, and the withdrawal of speculative funds may limit upward flexibility. If OPEC+ unexpectedly expands the production increase scale, it may trigger an oil price correction, but geopolitical risks still provide support at the lower end [5]. Group 3: Summary by Relevant Catalogs 1. Daily Market Summary - **Futures Market Data Changes**: On September 26, 2025, the SC main contract rose slightly by 0.14% to 491.3 yuan/barrel, WTI fell slightly by 0.05% to 65.19 dollars/barrel, and Brent rose slightly by 0.03% to 68.82 dollars/barrel. In terms of spreads, the SC - Brent spread narrowed slightly by 0.01 dollars to 0.04 dollars/barrel, the SC - WTI spread strengthened by 0.04 dollars to 3.67 dollars/barrel, and the Brent - WTI spread widened by 0.05 dollars to 3.63 dollars/barrel. The SC continuous - consecutive 3 spread further weakened by 0.8 yuan to -4.3 yuan/barrel, indicating pressure on near - month contracts [2]. - **Position and Trading Volume**: As of the week of September 23, Brent crude oil speculative net long positions decreased by 11,592 lots to 220,579 lots, and diesel net long positions decreased by 3,817 lots to 114,507 lots, showing increasing caution in the market towards the energy product outlook [2]. 2. Supply - Demand and Inventory Changes in the Industrial Chain - **Supply Side**: OPEC+ may approve a production increase of at least 13.7 barrels per day at the October 5 meeting. Coupled with the resumption of oil exports from the Kurdish region in Iraq, the future crude oil supply is expected to increase marginally. However, Ukraine's attacks on Russia's Chuvash oil pumping station and refineries may increase the uncertainty of Russian crude oil exports. China's newly discovered shale oil reserves of 1.58 billion tons have limited short - term impact on global supply [3]. - **Demand Side**: Slovakia clearly refused to stop importing Russian oil, indicating that some European countries still rely on Russian oil, supporting demand resilience. However, the continuous reduction of diesel speculative net long positions implies a weakening expectation of refined oil demand. The US pressure on Turkey to stop buying Russian oil may disrupt local trade flows, but the actual impact needs to be observed [3]. - **Inventory Side**: The EIA inventory report for the week of September 19 showed that the US oil market was in a tight supply - demand balance. Crude oil inventory decreased by 607,000 barrels to 414.8 million barrels, reversing the market's expected increase of 235,000 barrels and reaching the lowest level since January. Gasoline inventory decreased by 1.1 million barrels to 216.6 million barrels, the lowest since the end of November last year; distillate inventory decreased by 1.7 million barrels to 123 million barrels, far exceeding the expected decrease of 494,000 barrels. Cushing inventory increased slightly by 177,000 barrels to 23.7 million barrels, the first increase in September but still at the lowest level during the same period since 2018 [4]. 3. Industrial Chain Price Monitoring - **Crude Oil**: On September 26, 2025, SC futures price rose slightly, WTI fell slightly, and Brent rose slightly. Among spot prices, Brent, Oman, Victory, ESPO, and Duri increased, while Dubai decreased. Spreads such as SC - WTI and Brent - WTI widened, while SC - Brent and SC continuous - consecutive 3 narrowed. Other assets like the US dollar index decreased, while the S&P 500 and DAX index increased [7]. - **Fuel Oil**: On September 26, 2025, the prices of FU and LU futures increased, while NYMEX fuel oil decreased. Among spot prices, some products such as marine 180CST and 380CST in Singapore increased, while most others remained unchanged. Spreads such as Singapore high - low sulfur spread and China high - low sulfur spread decreased [8]. 4. Industry Dynamics and Interpretations - **Supply**: OPEC+ may approve a production increase of at least 13.7 barrels per day at the October 5 meeting. Iraq resumed oil exports from the Kurdistan region, and its production and export levels will remain within the OPEC - set quota. China's Daqing Gulong continental shale oil demonstration area added 1.58 billion tons of proven shale oil reserves [9][10][11]. - **Demand**: The EU appealed the dispute panel report on Indonesia's biodiesel import tariffs. Ukraine's military attacked a Russian refinery [12]. - **Inventory**: Information mainly focuses on the closing prices and changes of financial products such as gold, silver, and crude oil futures contracts [13]. - **Market Information**: At the opening on Monday, spot gold opened slightly lower, and WTI crude oil opened 0.24% lower. Speculative net long positions of diesel and Brent crude oil decreased. The US pressured Turkey to stop buying Russian oil [14][15]. 5. Industrial Chain Data Charts - A series of charts are provided, including the prices and spreads of WTI, Brent, and SC, US crude oil production, rig numbers, refinery operating rates, crude oil processing volumes, commercial and strategic crude oil inventories, fuel oil prices, spreads, and inventories [16][18][20].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - This week's view on crude oil is to stay on the sidelines for single - sided trading and hold light positions during the holiday. In the long - term, there is significant downward pressure on oil prices. By the end of this year and early next year, Brent and WTI may test $50 per barrel, and SC may test 420 yuan per barrel. The short - term strategy is to stay on the sidelines, and the inter - regional spread may widen. [6][8] - The supply side is facing challenges such as the continuous acceleration of the natural decline rate, the impact of geopolitical conflicts on production, and the uncertainty of OPEC+ production increase. The demand side is also under pressure, with potential downward risks in the fourth quarter due to factors like the exhaustion of import quotas for independent refineries and weak macro - economic data. [6][7] Summary by Relevant Catalogs 1. Macro - The Fed's interest rate cut has led to a decline in the gold - oil ratio. Overseas PPI has increased, and attention should be paid to inflation transmission. The RMB exchange rate has continued to strengthen, while social financing has declined. [22][28][33] 2. Supply - **OPEC减产跟踪**: Since April 2025, OPEC - 8 has gradually lifted the additional 220,000 - barrel - per - day production cut. In August, the production increase completion rate was 70%, with a shortfall of over 90,000 barrels per day according to institutional statistics. [37][38] - **OPEC海运出口跟踪**: OPEC's maritime exports have remained at a low level, with insignificant increments. OPEC - 8's exports decreased by 26,000 barrels per day compared to the previous month, only 3,000 barrels per day more than before the production increase. [39][42] - **美国页岩油**: The number of drilling rigs and production of US shale oil have stabilized. However, the industry is facing growth difficulties due to policy uncertainty, price fluctuations, and deteriorating geological conditions, and the production may decrease by 2% next year if prices fall further. [11][79] 3. Demand - The operating rates of refineries in the US and Europe are seasonally declining, while the operating rates of major refineries and independent refineries in China are rising. [81] - Global refinery capacity is expected to increase by a net of 360,000 barrels per day from 2025 - 2026, with new capacity coming online in regions such as the Middle East, Africa, and Asia, and some capacity shutting down in Europe and North America. [84] 4. Inventory - US commercial inventories have stabilized, and the inventory in Cushing has also stabilized but is significantly lower than the historical average. European diesel inventories have rebounded, while gasoline inventories have decreased. Domestic refined oil profit margins have declined. [86][91][93] 5. Price, Spread, and Position - **全球原油现货市场**: High EFS has led to a westward shift in demand. In the Middle East, it is expected that Aramco will raise the OSP in November; in the Americas, exports from the US Gulf are strong; in the North Sea, the sentiment has shifted to a more bullish direction. [97][99][101] - **基差、月差及持仓**: The North American basis has fluctuated. The monthly spread has rebounded slightly. SC has outperformed the external market, and the monthly spread has rebounded. The net long position has rebounded. [106][107][110]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - Overnight, the sentiment in the crude oil market weakened, with prices initially falling and then rebounding. The effect of increased production by Middle - Eastern oil - producing countries is gradually emerging, while weak demand affects the movement of goods. Saudi Arabia significantly reduced exports in July, while Kuwait and Iraq are continuously increasing production. The lack of stimulating geopolitical events is pressuring oil prices to fluctuate. It is expected that in the short - term, prices will move in the range of 475 - 485, and long - term investors should hold their positions for observation [3]. 3. Summary by Directory 3.1 Daily Prompt - **Fundamentals**: Saudi Arabia's crude oil exports in July dropped to 599,400 barrels per day, the lowest in four months. Iraq plans to restart crude oil exports from the Kurdistan region, and Kuwait's current crude oil production capacity has reached 3.2 million barrels per day, the highest in over a decade. Overall, the fundamentals are neutral [3]. - **Basis**: On September 22, the spot price of Oman crude oil was $68.99 per barrel, and that of Qatar Marine crude oil was $67.82 per barrel, with a basis of $30 per barrel, indicating that the spot price is higher than the futures price, which is bullish [3]. - **Inventory**: The API crude oil inventory in the US for the week ending September 12 decreased by 3.42 million barrels (expected decrease of 1.565 million barrels), the EIA inventory decreased by 9.285 million barrels (expected decrease of 0.857 million barrels), and the Cushing area inventory decreased by 0.296 million barrels. As of September 22, the Shanghai crude oil futures inventory remained unchanged at 5.401 million barrels, which is bullish [3]. - **Main Positions**: As of September 16, the main positions of WTI and Brent crude oil were long, and the number of long positions increased, which is bullish [3]. - **Expectation**: Short - term prices will move in the range of 475 - 485, and long - term investors should hold their positions for observation [3]. 3.2 Recent News - Saudi Arabia's new defense agreement with Pakistan is unlikely to change its energy relationship with India. India will continue to buy Saudi oil, and Saudi Arabia is strengthening security through alliances without sacrificing business relationships. Saudi Arabia's daily oil sales to India in July were slightly over 600,000 barrels [5]. - Iraq plans to restart the export of crude oil from the Kurdistan region to Turkey through pipelines, subject to cabinet approval, and expects to resume exports within 48 hours [5]. - Oil prices were basically stable after a slight decline last week. Traders are weighing the impact of EU sanctions on Russian oil supplies and Ukraine's attacks on Russian energy facilities. Since early August, oil prices have been fluctuating within a $5 - per - barrel range, with the market balancing between the prediction of a possible supply surplus at the end of the year and geopolitical risks [5]. 3.3 Long - Short Focus - **Likely Bullish Factors**: The US imposes secondary sanctions on Russian energy exports; the China - US tariff exemption period is extended again; the Middle - East situation deteriorates [6]. - **Likely Bearish Factors**: Institutional monthly reports have a weak outlook for the future; the trade relationship between the US and other economies remains tense [6]. - **Market Drivers**: In the short - term, geopolitical conflicts have decreased, and the risk of trade tariffs has increased. In the medium - to - long - term, supply will increase after the peak season [6]. 3.4 Fundamental Data - **Futures Market**: For Brent crude oil, the settlement price dropped from $66.04 to $65.97, a decrease of 0.11%. For WTI crude oil, it dropped from $62.40 to $62.28, a decrease of 0.19%. For SC crude oil, it dropped from 491.2 to 484.2, a decrease of 1.43%. For Oman crude oil, it dropped from $69.43 to $68.93, a decrease of 0.72% [7]. - **Spot Market**: The prices of various types of crude oil, including UK Brent Dtd, WTI, Oman crude oil, Shengli crude oil, and Dubai crude oil, all decreased, with the largest decrease of 1.04% for Dubai crude oil [9]. 3.5 Position Data - **WTI Crude Oil**: As of September 16, the net long position increased by 16,865 to 98,709 [17]. - **Brent Crude Oil**: As of September 16, the net long position increased by 22,593 to 232,171 [20].

Group 1: Report Industry Investment Rating - The investment rating for the crude oil market is "Oscillating weakly" [9] Group 2: Core Views of the Report - The core contradiction in the current crude oil market lies in the game between the phased support of short - term disturbing factors (geopolitical risks, aftermath of macro - policies) and the continuous suppression of medium - and long - term fundamentals (increasing supply, decreasing demand, and surplus pressure). Short - term factors usually have an impact within a week and are often followed by price drops after rebounds, with the high points showing a downward trend [1] - In the medium - and long - term, the fundamentals are bearish. The supply side will face increasing pressure as OPEC+ starts the second - stage production resumption in October, and the end of the Middle East's summer peak electricity demand will turn direct - burning crude oil demand into supply. On the demand side, there is a clear seasonal inflection point, with demand in the US and China showing a "seasonal peak - to - decline" trend [4] Group 3: Summary by Relevant Catalogs 1. Core Contradiction and Strategy Suggestions 1.1 Core Contradiction - **Short - term trading logic**: Tensions in the Middle East, Eastern Europe, and South America have not substantially escalated, and the boost to oil prices is only an "expected risk premium", which is usually digested within a week. After the Fed's interest rate cut, the macro - sentiment is stable, and the policy impact has been gradually realized. Short - term oil price rebounds are often "weak repairs" and are difficult to form a trend reversal [3] - **Long - term trading expectation**: In the medium - and long - term, the supply side will see increased pressure due to OPEC+ production resumption and the change in Middle East demand - supply. The demand side shows a seasonal decline, and the supply - demand imbalance will accumulate surplus pressure unless OPEC+ makes a significant production cut [4] 1.2 Speculative Strategy Suggestions - **Market positioning**: Oscillating weakly - **Strategy suggestions**: Consider a long position in the spread between consecutive contracts 1 and 3; consider a short position in the spread between SC and Brent; gasoline cracking spreads are seasonally weak, while diesel cracking spreads are strong [9] 2. This Week's Important Information and Next Week's Focus Events 2.1 This Week's Important Information - **Positive information**: Ukraine's attack on Russian energy facilities, an unexpected decline in US crude oil inventories, and the Fed's interest rate cut have all supported oil prices [10] - **Negative information**: OPEC's production increase plan, an increase in US distillate inventories, and weak global demand expectations have put downward pressure on oil prices [11] 2.2 Next Week's Focus Events - A new round of domestic oil price adjustment will take place at 24:00 on September 23. As of September 19, the reference crude oil change rate is - 0.33%, and the expected reduction in domestic gasoline and diesel prices is 20 yuan/ton. Due to the impact of the previous price adjustment, there is a high probability of a price increase this time [13] 3. Disk Analysis 3.1 Volume, Price, and Capital Analysis - **Trend analysis**: This week, oil prices oscillated and rose slightly, showing a "rising in the early stage and adjusting in the later stage" pattern. The average price this week is higher than last week but lower than last month due to factors such as OPEC's production increase and weak global demand recovery [14] - **Domestic market**: On September 19, the warehouse receipts of medium - sulfur crude oil futures remained unchanged. The daily - level MACD is in a golden - cross cycle, and the price is close to the middle track of the Bollinger Bands [16] - **Foreign market**: On September 19, the trading volume of WTI crude oil futures decreased, while the number of open contracts increased. The trading volume of Brent crude oil futures increased, and the number of open contracts also increased slightly. As of the week ending September 16, the speculative net long positions in WTI crude oil increased [16] 4. Valuation and Profit Analysis 4.1 Crude Oil Market Spread Tracking - Analyze the seasonal trends of various crude oil spreads, such as the spreads between different contracts of Brent, WTI, and SC [25] 4.2 Crude Oil Regional Spread Tracking - Track the seasonal trends of regional spreads, including the spreads between SC and Brent, SC and WTI, etc. [27] 4.3 Crude Oil Downstream Valuation Tracking - Analyze the downstream valuation in different regions, including Europe, North America, Asia - Pacific, and China, and track the seasonal trends of cracking spreads and refining margins [37][41][48] 5. Supply, Demand, and Inventory Projections 5.1 Supply - side Tracking - From September 6 - 12, US crude oil production decreased week - on - week. From September 13 - 19, the number of active oil rigs in the US increased week - on - week [57] 5.2 Demand - side Tracking - From September 6 - 12, US refinery crude oil input and operating rate decreased week - on - week. From September 12 - 18, the capacity utilization rate of independent refineries in China increased week - on - week, while that of major refineries decreased slightly [59] 5.3 Inventory - side Tracking - As of September 12, US commercial crude oil inventories decreased, strategic petroleum inventories increased, and Cushing region oil inventories decreased week - on - week [62] 5.4 Balance Sheet Tracking - The EIA September report predicts that global oil demand will increase slightly in 2025, but the growth will slow down in the second half of the year. Global oil supply is expected to increase in 2025 and 2026. Refinery throughput will decrease in October due to seasonal maintenance. Global oil inventories increased in July and remained stable in August [65][66]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - Overnight oil prices rose and then fell. The market was observing potential additional sanctions from the EU on Russia, which supported oil prices. However, Trump's remarks after meeting with the UK Prime Minister to lower oil prices caused a significant drop in oil prices, and the oil price rebound was blocked again. The market will continue to fluctuate in the short - term, and long - term investors should hold and observe. The short - term price will operate within the range of 485 - 495, and long - term investors should hold long positions for observation [3]. 3. Summary by Directory 3.1 Daily Prompt - **Fundamentals**: Russia's August seaborne oil product exports increased by 8.9% month - on - month to 9440000 tons due to refinery maintenance completion and increased fuel production. The Kuwaiti oil minister expects oil demand to increase after the US interest rate cut, especially in Asia. US and Chinese flight numbers are decreasing after the summer travel season, and distillate inventories increased by 4 million barrels to 124.68 million barrels, raising concerns about demand in the world's largest oil - consuming country [3]. - **Basis**: On September 18, the spot price of Oman crude oil was $70.80 per barrel, and that of Qatar Marine crude oil was $69.83 per barrel. The basis was $32.19 per barrel, with the spot at a premium to the futures [3]. - **Inventory**: US API crude oil inventory decreased by 3.42 million barrels in the week ending September 12, exceeding the expected decrease of 1.565 million barrels. EIA inventory decreased by 9.285 million barrels in the same period, far exceeding the expected decrease of 0.857 million barrels. Cushing area inventory decreased by 0.296 million barrels in the week ending September 12. As of September 18, the Shanghai crude oil futures inventory remained unchanged at 5.401 million barrels [3]. - **Disk**: The 20 - day moving average was flat, and the price was above the average [3]. - **Main Position**: As of September 9, both WTI and Brent crude oil main positions were long, but the number of long positions decreased [3]. 3.2 Recent News - **Trump's Remarks**: Trump expressed disappointment with Putin and believed that lowering oil prices was the key to ending the conflict. He also hinted at increasing production from the North Sea to lower oil prices. He said it was not the right time to ask Putin to stop the war and mentioned his past efforts to promote a summit between Putin and Zelensky [5]. - **Global Oil Inventory**: Global oil inventories observed by the IEA increased for the sixth consecutive month. In July, global oil inventories increased by 26.5 million barrels, with a cumulative increase of 187 million barrels this year. However, global oil inventories were still 67 million barrels lower than the five - year average. OECD member countries' commercial oil inventories increased by 6.9 million barrels. In August, global oil inventories remained basically unchanged. It is expected that global inventories will increase at a rate of 2.5 million barrels per day in the second half of 2025 due to supply exceeding demand [5]. - **Hungary's Stance**: Hungarian officials oppose prematurely stopping the import of Russian fossil fuels without viable alternatives, stating that it would endanger national energy security. The EU plans to gradually stop importing Russian gas and oil by the end of 2027, which Hungary and Slovakia oppose [5]. 3.3 Long - Short Concerns - **Positive Factors**: None mentioned. - **Negative Factors**: Institutional monthly reports have a weak outlook for the future, and the trade relationship between the US and other economies remains tense [6]. - **Market Drivers**: 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 Quotes**: The settlement prices of Brent crude, WTI crude, SC crude, and Oman crude decreased, with declines of 1.52%, 1.23%, 0.70%, and 0.56% respectively [7]. - **Spot Quotes**: The spot prices of various types of crude oil, including UK Brent Dtd, WTI, Oman crude, etc., all decreased, with declines ranging from 0.23% to 1.07% [9]. - **API Inventory**: The API inventory decreased by 3.42 million barrels in the week ending September 12 [10]. - **EIA Inventory**: The EIA inventory decreased by 9.285 million barrels in the week ending September 12 [14]. 3.5 Position Data - **WTI Crude Fund Net - Long Position**: As of September 9, the net - long position of the WTI crude fund was 81844, a decrease of 20584 [17]. - **Brent Crude Fund Net - Long Position**: As of September 9, the net - long position of the Brent crude fund was 209578, a decrease of 41476 [18].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The short - term crude oil is expected to remain relatively strong, influenced by the US Treasury Secretary's remarks on Russian oil sanctions, progress in Sino - US trade negotiations, and market expectations of the Fed's interest rate cut this week. However, the medium - and long - term outlook is not optimistic due to the expected supply increase after the peak season and the resumption of operations at a Russian port previously attacked by Ukraine. Short - term trading is expected in the range of 490 - 500, and long - term long positions should be held for observation [3]. 3. Summary by Relevant Catalog 3.1 Daily Prompt - **Fundamentals**: Unless European countries impose high tariffs on China and India first, the Trump administration will not impose new tariffs on Chinese goods to stop China from buying Russian oil. Sino - US officials have reached a framework agreement on TikTok's ownership transfer. A Ukrainian drone attack on a Russian port has ended, and the port has resumed operations. The overall impact is neutral [3]. - **Basis**: On September 15, the spot price of Oman crude oil was $70.95 per barrel, and that of Qatar Marine crude oil was $70.6 per barrel, with a basis of $44.5 per barrel, indicating that the spot price was higher than the futures price, which is bullish [3]. - **Inventory**: The US API crude oil inventory increased by 1.25 million barrels in the week ending September 5, and the EIA inventory increased by 3.939 million barrels, both exceeding expectations. The Cushing area inventory decreased by 0.365 million barrels in the week ending September 5. As of September 15, the Shanghai crude oil futures inventory remained unchanged at 5.721 million barrels, which is bearish [3]. - **Market**: The 20 - day moving average was flat, and the price was near the average, showing a neutral trend [3]. - **Main Positions**: As of September 9, both WTI and Brent crude oil main positions were long, but the number of long positions decreased, which is bearish [3]. 3.2 Recent News - **Supply Forecast**: HSBC predicts that the oil market will have a large - scale surplus of 1.7 million barrels per day starting from the fourth quarter of 2025 and 2.4 million barrels per day in 2026. OPEC+ is expected to increase production in the next 12 months, exacerbating the surplus. HSBC has lowered its forecast for Russia's daily crude oil production at the end of 2026 by 300,000 barrels [5]. - **Port Operations**: A Ukrainian drone attack on Russia's Primorsk port on Friday has ended, and the port has resumed operations. At least two oil tankers have completed loading operations at the port [3][5]. - **Trade Negotiations**: Sino - US officials have reached a framework agreement on TikTok's ownership transfer to US control, and the original September 17 deadline may be extended by 90 days. The Trump administration will not impose new tariffs on Chinese goods to stop China from buying Russian oil unless European countries take the lead [5]. 3.3 Long - Short Concerns - **Bullish Factors**: None mentioned. - **Bearish Factors**: Institutional monthly reports have a weak outlook for the future, and the trade relationship between the US and other economies remains tense [6]. - **Market Drivers**: In the short term, geopolitical conflicts have decreased, while the risk of trade tariff issues has increased. In the medium - and long - term, supply is expected to increase after the peak season [6]. 3.4 Fundamental Data - **Futures Quotes**: The settlement prices of Brent crude oil, WTI crude oil, SC crude oil, and Oman crude oil increased by $0.45 (0.67%), $0.61 (0.97%), $8.80 (1.84%), and $1.38 (1.98%) respectively [7]. - **Spot Quotes**: The spot prices of UK Brent, West Texas Intermediate, Oman crude oil, Shengli crude oil, and Dubai crude oil changed by - $0.10 (- 0.15%), $0.61 (0.97%), - $1.12 (- 1.58%), - $1.11 (- 1.71%), and - $1.17 (- 1.65%) respectively [9]. - **Inventory Data**: The US API and EIA crude oil inventories increased in the week ending September 5, while the Cushing area inventory decreased. The Shanghai crude oil futures inventory remained unchanged [3]. 3.5 Position Data - **WTI Crude Oil**: As of September 9, the net long position of WTI crude oil funds decreased by 20,584 compared to the previous period [16]. - **Brent Crude Oil**: As of September 9, the net long position of Brent crude oil funds decreased by 41,476 compared to the previous period [17].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The short - term oil price is likely to remain in a volatile pattern. The supply side has formed a new balance between the increase in US exports and India's oil source switch, but the expansion of Russian oil discounts may stimulate non - US buyers to replenish stocks. On the demand side, the high refinery operating rate coexists with the differentiation of terminal refined oil consumption. The reduction of gasoline inventory supports the oil price, while the concern of diesel inventory accumulation limits the upside space. In the medium term, attention should be paid to the continuity of OPEC+ production policy and the autumn maintenance rhythm of Northern Hemisphere refineries [5]. - The crude oil market presents a mixed situation of long and short factors. On the supply side, the increase in US exports, the resumption of the Friendship Pipeline, and India's procurement structure adjustment may increase market supply, but Norway's stable production and OPEC+ production cuts still support oil prices. On the demand side, the high operating rate of US refineries and the recovery of crude oil demand support consumption, but the high distillate oil inventory indicates weak diesel demand. Inventory depletion is good but shows regional differentiation. The increase in Cushing inventory suppresses WTI, while the decline in commercial inventory provides support. Geopolitical risks and changes in trade flows increase market uncertainty. International oil prices are expected to maintain a volatile pattern [66]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Crude Oil Futures Market Data Changes Analysis - On August 20, the SC crude oil main contract closed at 484.2 yuan/barrel, slightly down from the previous day. WTI and Brent closed at $62.0/barrel and $65.95/barrel respectively, continuing the weak consolidation. The SC - Brent spread widened to $1.47/barrel, and the SC - WTI spread widened to $5.42/barrel, indicating the continued valuation repair of domestic SC crude oil relative to international oil prices. The Brent - WTI spread rose to $3.95/barrel, and the tight supply pattern in the European market supported the Brent premium. The near - end contract of SC weakened, and the spread between consecutive 1 and consecutive 3 changed from +2.2 yuan/barrel the previous day to -3.7 yuan/barrel, showing the pressure of near - month delivery [2]. - The daily fluctuation range of the SC crude oil main contract narrowed to 481.9 - 488.1 yuan/barrel, and the closing price fell slightly by 0.87%, reflecting that the market trading sentiment tended to be cautious [2]. 3.1.2 Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply side**: Norway's crude oil production in July remained at 1.958 million barrels per day, and the production of non - OPEC+ countries was stable. The crude oil supply of the Friendship Pipeline to Hungary and Slovakia resumed, and the Eurasian land logistics disturbance was alleviated. Indian state - owned refineries reduced their purchases of Russian oil (a 19% month - on - month decrease in July) and turned to Middle Eastern and US oil sources, and the Russian oil export structure faced adjustment pressure. US crude oil exports are expected to rebound to more than 4 million barrels per day in August and September, and the discount of WTI relative to Middle Eastern oil stimulates Asian demand [3]. - **Demand side**: The operating rate of US refineries rose to 96.6% (previous value 96.4%), the demand for crude oil processing strengthened, and the derived demand for crude oil production jumped to 20.738 million barrels per day (previous value 19.813 million barrels). The operating rate of Japanese refineries rose to 86.9% (previous value 84.4%), but the commercial crude oil inventory decreased by 27,777 kiloliters, and the replenishment of gasoline and kerosene was active. Diesel demand showed fatigue, and the derived demand for US distillate oil production slightly decreased to 5.1193 million barrels per day (previous value 5.142 million barrels) [3]. - **Inventory side**: US commercial crude oil inventories plummeted by 6.014 million barrels (expected to decrease by 1.759 million barrels). The larger - than - expected decline was mainly due to a large decrease in imports of 1.218 million barrels and an increase in derived demand for production. Cushing inventories increased by 0.419 million barrels against the trend (previous value +0.045 million barrels), and inventory accumulation at the delivery location suppressed WTI. EIA data showed a significant reduction in US crude oil inventories, but the increase in Cushing inventories and the differentiation of refined oil inventories limited the rebound momentum of oil prices. The differentiation of refined oil inventories was significant. Gasoline inventories decreased by 2.72 million barrels more than expected, and refined oil inventories increased significantly by 2.343 million barrels, indicating weak diesel demand and the support of gasoline consumption by the summer travel season [4]. 3.1.3 Price Trend Judgment The short - term oil price may still maintain a volatile pattern. On the supply side, the increase in US exports and the switch of Indian oil sources form a new balance, but the expansion of Russian oil discounts may stimulate non - US buyers to replenish stocks. On the demand side, the high operating rate of refineries coexists with the differentiation of terminal refined oil consumption. The reduction of gasoline inventory provides support for the oil price, while the concern of diesel inventory accumulation limits the upside space. In the medium term, pay attention to the continuity of OPEC+ production policy and the autumn maintenance rhythm of Northern Hemisphere refineries [5]. 3.2 Industrial Chain Price Monitoring 3.2.1 Crude Oil - **Futures prices**: On August 20, 2025, the SC futures price was 482.80 yuan/barrel, down 1.40 yuan or -0.29% from the previous day; the WTI futures price was $62.84/barrel, up $0.84 or 1.35%; the Brent futures price was $67.04/barrel, up $1.09 or 1.65% [7]. - **Spot prices**: The OPEC basket price remained unchanged at $68.45/barrel. The Brent spot price increased by $0.02 to $67.64/barrel, the Oman spot price increased by $0.76 to $68.82/barrel, the Shengli spot price increased by $0.22 to $64.21/barrel, the Dubai spot price increased by $0.72 to $68.89/barrel, the ESPO spot price increased by $0.41 to $62.13/barrel, and the Duri spot price increased by $0.01 to $67.46/barrel [7]. - **Spreads**: The SC - Brent spread decreased from $1.47 to $0.21, a decrease of 85.71%; the SC - WTI spread decreased from $5.42 to $4.41, a decrease of 18.63%; the Brent - WTI spread increased from $3.95 to $4.20, an increase of 6.33%; the spread between SC consecutive and consecutive 3 decreased from -3.70 yuan/barrel to -4.20 yuan/barrel, a decrease of 13.51% [7]. - **Other assets**: The US dollar index decreased slightly by 0.04 to 98.22, a decrease of 0.04%; the S&P 500 index decreased by 15.59 points to 6,395.78, a decrease of 0.24%; the DAX index decreased by 146.10 points to 24,276.97, a decrease of 0.60%; the RMB exchange rate remained unchanged at 7.18 [7]. - **Inventory and production data**: US commercial crude oil inventories decreased by 6.014 million barrels to 420.684 million barrels, a decrease of 1.41%; Cushing inventories increased by 0.419 million barrels to 23.47 million barrels, an increase of 1.82%; the US strategic reserve inventory increased by 0.0223 million barrels to 400.3425 million barrels, an increase of 0.06%; API inventories decreased by 2.417 million barrels to 450.796 million barrels, a decrease of 0.53%. The weekly operating rate of US refineries increased by 0.20 percentage points to 96.60%, an increase of 0.21%, and the crude oil processing volume of US refineries increased by 0.028 million barrels per day to 17.208 million barrels per day, an increase of 0.16% [7]. 3.2.2 Fuel Oil - **Futures prices**: The FU futures price was 2,718.00 yuan/ton, up 32.00 yuan or 1.19%; the LU futures price was 3,443.00 yuan/ton, down 23.00 yuan or -0.66%; the NYMEX fuel oil price remained unchanged at 225.67 cents/gallon [8]. - **Spot prices**: Most spot prices remained unchanged, while the high - sulfur 180: Singapore (near - month) price increased by $2.55 to $401.34/ton, and the Russian M100 CIF price decreased by $5.00 to $437.00/ton [8]. - **Paper prices**: The high - sulfur 380: Singapore (near - month) price increased by $2.30 to $388.59/ton [8]. - **Spreads**: The Singapore high - low sulfur spread data was missing; the Chinese high - low sulfur spread decreased by 55.00 yuan to 725.00 yuan/ton, a decrease of 7.05%; the LU - Singapore FOB (0.5%S) spread decreased by 23.00 yuan to -1,968.00 yuan/ton, a decrease of 1.18%; the FU - Singapore 380CST spread increased by 32.00 yuan to -1,938.00 yuan/ton, an increase of 1.62% [8]. - **Platts prices**: The Platts (380CST) price decreased by $14.30 to $387.97/ton, a decrease of 3.55%; the Platts (180CST) price decreased by $11.18 to $401.70/ton, a decrease of 2.71% [8]. - **Inventory data**: Singapore inventories decreased by 1.674 million tons to 24.645 million tons, a decrease of 6.36%. US distillate inventories (<15ppm) increased by 2.69 million barrels to 106,744.00 thousand barrels, an increase of 2.59%; US distillate inventories (15ppm - 500ppm) increased by 0.155 million barrels to 3,384.00 thousand barrels, an increase of 4.80%; US distillate inventories (>500ppm) decreased by 0.503 million barrels to 5,899.00 thousand barrels, a decrease of 7.86%; US distillate DOE inventories increased by 2.343 million barrels to 116,028.00 thousand barrels, an increase of 2.06%; US residue - containing DOE inventories increased by 0.077 million barrels to 19,809.00 thousand barrels, an increase of 0.39% [8]. 3.3 Industry Dynamics and Interpretations 3.3.1 Supply - On August 20, the EIA put - into - production crude oil volume in the US for the week ending August 15 was 0.028 million barrels per day, down from the previous value of 0.056 million barrels per day. - The crude oil supply of the Friendship Pipeline to Hungary and Slovakia resumed. - Indian state - owned refineries reduced their purchases of Russian oil in July (a 19% month - on - month decrease), and will turn to Middle Eastern or US oil sources in August and September to replace Russian oil [3][10]. - US crude oil exports are expected to exceed 4 million barrels per day in August and September, reaching the highest level since the beginning of the year [14]. 3.3.2 Demand - For the week ending August 15 in the US, the EIA derived demand for distillate fuel oil production was 5.1193 million barrels per day, down from the previous value of 5.142 million barrels per day; the derived demand for motor gasoline production was 9.8616 million barrels per day, up from the previous value of 9.8247 million barrels per day; the derived demand for crude oil production was 20.738 million barrels per day, up from the previous value of 19.813 million barrels per day. - The EIA refinery utilization rate was 96.6%, higher than the expected 95.7% and the previous value of 96.4%. - The EIA refined oil imports were 0.074 million barrels per day, down from the previous value of 0.215 million barrels per day; the EIA refined oil production was 0.193 million barrels per day, up from the previous value of 0.032 million barrels per day; the EIA gasoline production was -0.259 million barrels per day, down from the previous value of 0.01 million barrels per day [11]. 3.3.3 Inventory - For the week ending August 15 in the US, the EIA strategic petroleum reserve inventory increased by 0.0223 million barrels to 22.3 million barrels; Cushing crude oil inventories increased by 0.419 million barrels to 41.9 million barrels; refined oil inventories increased by 2.343 million barrels to 234.3 million barrels, higher than the expected 92.8 million barrels; gasoline inventories decreased by 2.72 million barrels to -272 million barrels, more than the expected decrease of 0.915 million barrels; heating oil inventories decreased by 0.503 million barrels to -50.3 million barrels; new - formula gasoline inventories remained unchanged at 0 million barrels; crude oil inventories decreased by 6.014 million barrels to -601.4 million barrels, more than the expected decrease of 1.759 million barrels [12]. - As of the week ending August 16, Japanese commercial crude oil inventories decreased by 27,777 kiloliters to 11,918,475 kiloliters, gasoline inventories increased by 31,339 kiloliters to 1,500,799 kiloliters, and kerosene inventories increased by 50,424 kiloliters to 2,496,963 kiloliters. The average operating rate of Japanese refineries was 86.9%, up from 84.4% the previous week [13]. - For the week ending August 15 in the US, API crude oil inventories decreased by 2.417 million barrels to 450.796 million barrels, more than the expected decrease of 1.587 million barrels [13]. 3.3.4 Market Information - After a sluggish summer, US crude oil exports have begun to rebound as US domestic refineries start preventive maintenance and the Trump administration threatens to impose tariffs on India for purchasing Russian oil. US exports in August and September are expected to exceed 4 million barrels per day, reaching the highest level since the beginning of the year. In Asia, WTI is cheaper than Middle Eastern crude oil, and sales in the next two weeks should continue to be boosted as traders start selling crude oil for October loading [14]. - As of the 2:30 close, the Shanghai gold main contract rose 0.52% to 777 yuan/gram, the Shanghai silver main contract rose 0.60% to 9,160 yuan/kilogram, and the SC crude oil main contract rose 0.95% to 487 yuan/barrel; in another closing data, the Shanghai gold main contract fell 0.36% to 773 yuan/gram, the Shanghai silver main contract fell 1.65% to 9,061 yuan/kilogram, and the SC crude oil main contract fell 0.87% to 481 yuan/barrel [14]. - The increase in India's purchases is due to the larger discount of Russian oil [14]. 3.4 Industrial Chain Data Charts The report provides multiple data charts, including the prices and spreads of WTI and Brent first - line contracts, the SC - WTI spread statistics, US weekly crude oil production, US and Canadian oil rig counts (Baker Hughes), OPEC crude oil production, global regional oil rig counts (Baker Hughes), US refinery weekly operating rates, US refinery crude oil processing

1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The current crude oil market shows characteristics of weak supply and demand, with more obvious supply pressure. In the medium - term, oil prices may remain in a low - level, volatile and weak pattern, and the SC - WTI spread has room to further narrow [5]. - Supply - side factors such as Iraq's price war, increased production in the Middle East and Canada, and India's substitution of Russian oil purchases form triple negative impacts. Demand is only supported by policies in some local markets, and global industrial demand is still constrained by China's economic weakness and the tightening policies of Europe and the United States [5]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary 3.1.1 Crude Oil Futures Market Data Change Analysis - On August 8, the price of the SC crude oil main contract dropped to 489.8 yuan/barrel, a 2.24% decline from the previous day, showing a continuous five - day downward trend. WTI and Brent prices remained stable at 63.82 and 66.41 US dollars/barrel respectively. The spreads between SC and Brent, WTI weakened by 47.49% and 26.92% respectively, indicating a significant narrowing of the premium of Chinese crude oil futures relative to international oil prices. The spread between SC continuous and SC consecutive - three narrowed to 8.6 yuan/barrel, weakening the near - weak and far - strong structure [1]. 3.1.2 Analysis of Industrial Chain Supply - Demand and Inventory Changes - **Supply Side**: The attack on Russia's Saratov refinery may disrupt Russia's refined oil exports, but Russia has stated that it will increase processing volume to ensure fuel supply. Iraq lowered its official crude oil selling prices to North America and Europe in September, indicating its intention to seize market share. Coupled with the recovery of heavy crude oil production in Canada and the Middle East, the global crude oil supply is relatively loose [2]. - **Demand Side**: India approved a 300 - billion - rupee LPG subsidy, which may boost household fuel consumption. However, the demand side of refineries is differentiated. US refiners benefit from the increased supply of heavy crude oil, and their profit expectations are improved. In China, the prices of refined products such as asphalt and fuel oil have fallen, and the PPI in July continued to decline negatively, suggesting that the demand for infrastructure and industrial oil has not substantially recovered [3]. - **Inventory Side**: The inventory data of Cushing and commercial crude oil in the United States have not been updated. The decrease in the procurement cost of heavy crude oil by refineries may drive refineries to increase their utilization rates, thereby accelerating inventory depletion. Russia's increase in crude oil processing volume to meet domestic demand may suppress its crude oil export volume. However, India's possible reduction of Russian oil imports may lead to competitive selling of Russian oil flowing to Europe, indirectly increasing the implicit inventory pressure on OECD countries [4]. 3.1.3 Price Trend Judgment - The current crude oil market has the characteristics of weak supply and demand, with more obvious supply pressure. In the medium - term, OPEC+ has not yet signaled further production cuts, and the improvement of US refinery profits has limited impact on demand. Oil prices may maintain a low - level, volatile and weak pattern, and the SC - WTI spread has room to further narrow [5]. 3.2 Industrial Chain Price Monitoring 3.2.1 Crude Oil - **Futures Prices**: On August 8, 2025, the SC crude oil futures price was 489.80 yuan/barrel, a 2.24% decline from the previous day; the WTI price was 63.35 US dollars/barrel, a 0.74% decline; the Brent price was 66.32 US dollars/barrel, a 0.14% decline [7]. - **Spot Prices**: The prices of various types of crude oil spot showed different degrees of change, with some rising and some falling [7]. - **Spreads**: The spreads between SC and Brent, SC and WTI narrowed, while the spread between Brent and WTI widened. The spread between SC continuous and SC consecutive - three also narrowed [7]. - **Other Assets**: The US dollar index rose by 0.19%, the S&P 500 rose by 0.78%, the DAX index fell by 0.12%, and the RMB exchange rate remained basically unchanged [7]. - **Inventory and开工率**: The US commercial crude oil inventory decreased by 0.71%, the Cushing inventory increased by 2.01%, and the US strategic reserve inventory increased by 0.06%. The API inventory decreased by 0.93%. The US refinery weekly开工率 increased by 1.57%, and the US refinery crude oil processing volume increased by 1.26% [7]. 3.2.2 Fuel Oil - **Futures Prices**: The prices of various fuel oil futures showed different degrees of change, with some rising and some falling [8]. - **Spot Prices**: The prices of various fuel oil spot also showed different degrees of change [8]. - **Spreads**: The spreads between different types of fuel oil showed different degrees of change, with some narrowing and some widening [8]. - **Inventory**: The Singapore fuel oil inventory increased by 6.69% [8]. 3.3 Industrial Dynamics and Interpretation 3.3.1 Supply - On August 10, the Ukrainian armed forces attacked Russia's Saratov refinery. On August 8, India was willing to reduce its oil imports from Russia as part of the tariff settlement and was also willing to purchase from other places. India's oil companies continued to import Russian oil, but the quantity might decrease. India's Hindustan Petroleum Corporation was looking for alternative sources of oil [9][10]. 3.3.2 Demand - US refiners' ability to purchase heavy crude oil at low prices will improve in the second half of this year. India's cabinet approved a 300 - billion - rupee LPG subsidy. Russia increased its oil processing and fuel production to meet demand [11]. 3.3.3 Inventory - The fuel oil futures warehouse receipts, medium - sulfur crude oil futures warehouse receipts, and low - sulfur fuel oil warehouse futures warehouse receipts remained unchanged compared with the previous trading day [12]. 3.3.4 Market Information - Iraq set the official selling prices of Basra medium - sulfur crude oil for different regions in September. China's PPI in July was expected to improve. The prices of crude oil - related futures contracts showed different degrees of decline. India's cabinet approved a 300 - billion - rupee subsidy for state - owned fuel retailers [12]. 3.4 Industrial Chain Data Charts - The report provides multiple data charts, including the prices and spreads of WTI and Brent first - line contracts, the spread between SC and WTI, US crude oil weekly production, OPEC crude oil production, etc [15][17][19].

Investment Rating - The report maintains a "Positive" outlook on the petrochemical industry [1]. Core Insights - The report highlights increasing uncertainty in oil prices due to OPEC's production increases and secondary sanctions on Russia. OPEC plans to increase production by 547,000 barrels per day in September and may consider further reductions in the future [5][6]. - Oil prices are expected to fluctuate within the range of $60 to $70 per barrel, with the overall supply-demand balance remaining loose [15]. - The upstream sector is experiencing mixed trends in drilling day rates, while the refining sector shows signs of improvement in profitability due to rising product price spreads [5][22]. - The polyester sector is anticipated to recover, with expectations of rising profitability for leading companies [16]. Summary by Sections Upstream Sector - As of August 8, 2025, Brent crude futures closed at $66.43 per barrel, down 4.65% from the previous week, while WTI futures closed at $63.88 per barrel, down 5.12% [22]. - U.S. commercial crude oil inventories decreased by 3.029 million barrels to 424 million barrels, which is 6% lower than the five-year average [25]. - The number of U.S. drilling rigs decreased to 539, down 1 from the previous week and down 49 year-on-year [35]. Refining Sector - The Singapore refining margin for major products increased to $16.62 per barrel, up $1.14 from the previous week [58]. - The price spread for ethylene was reported at $239.72 per ton, up $16.47 from the previous week, while the propylene price spread decreased to $113.50 per ton [5][55]. Polyester Sector - The report indicates a decline in PTA profitability, with prices dropping to 4692 RMB per ton, down 3.29% week-on-week [5]. - The overall performance of the polyester industry is considered average, with a focus on demand changes and expectations of gradual improvement as new capacities come online [16]. Investment Recommendations - The report recommends focusing on leading polyester companies such as Tongkun Co. and Wankai New Materials, as well as refining companies like Hengli Petrochemical and Sinopec, due to favorable competitive dynamics [16][18]. - It also suggests monitoring upstream exploration and production companies, particularly offshore service firms, for potential performance improvements [18].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The overnight news that Trump and Putin will meet in the coming days has significantly increased the expectation of a cease - fire in the Russia - Ukraine conflict, causing oil prices to drop again. Oil prices are approaching the lower limit of the previous range. India may shift some of its import share to the Middle East due to the threat of sanctions on Russian oil, increasing the supply tightness in the Middle East. Saudi Arabia has raised its official export prices to keep prices firm during the peak season, which may support domestic crude oil prices. The medium - term price still has upward support. Short - term, pay attention to the results of the Trump - Putin meeting, and oil prices are expected to fluctuate greatly. Short - term, oil prices will operate in the range of 495 - 503, and long - term long positions should be held [3]. - In the short term, geopolitical conflicts have decreased, and the risk of trade tariff issues has increased. In the medium and long term, wait for the end of the peak season and an increase in supply [6]. 3. Summary by Relevant Catalogs 3.1 Daily Prompt - **Fundamentals**: Russia and the US have agreed to hold a Putin - Trump summit in the coming days; the US President Trump may impose secondary tariffs on Indian goods due to India's purchase of Russian oil; OPEC is closely monitoring market dynamics. The situation is neutral [3]. - **Basis**: On August 7, the spot price of Oman crude oil was $69.38 per barrel, and that of Qatar Marine crude oil was $68.81 per barrel. The basis was 11.14 yuan per barrel, with the spot price higher than the futures price, which is bullish [3]. - **Inventory**: For the week ending August 1, the US API crude oil inventory decreased by 4.233 million barrels (expected to decrease by 1.845 million barrels), and the EIA inventory decreased by 3.029 million barrels (expected to decrease by 0.591 million barrels). The Cushing area inventory increased by 0.453 million barrels. As of August 7, the Shanghai crude oil futures inventory was 5.249 million barrels, unchanged, which is bullish [3]. - **Disk**: The 20 - day moving average is downward, and the price is below the moving average, which is bearish [3]. - **Main Position**: As of July 29, the long positions of WTI and Brent crude oil main contracts increased, which is bullish [3]. - **Expectation**: Short - term, oil prices will operate in the range of 495 - 503, and long - term long positions should be held [3]. 3.2 Recent News - **Russia - US Summit**: Russia and the US have agreed in principle to hold a summit of the two heads of state in the near future. The market's reaction to this news has led to a decline in oil prices. WTI crude oil has fallen below $64 per barrel [5]. - **US Crude Oil Exports**: In July, US crude oil exports dropped to the lowest level in nearly four years, about 3.1 million barrels per day, due to domestic supply shortages and price increases of WTI futures [5]. - **Trade Tariffs**: The US may extend the tariff truce with China by 90 days. Trump may impose secondary tariffs on Indian goods due to India's purchase of Russian oil and may also consider tariffs on China [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 is expected to be achieved, and the US has tense trade relations with other economies [6]. 3.4 Fundamental Data - **Futures Market**: The settlement prices of Brent crude oil, WTI crude oil, SC crude oil, and Oman crude oil have changed. Brent crude oil decreased by $0.46 (- 0.69%), WTI crude oil decreased by $0.47 (- 0.73%), SC crude oil increased by $0.10 (0.02%), and Oman crude oil decreased by $0.95 (- 1.35%) [7]. - **Spot Market**: The prices of UK Brent, WTI, and other crude oils in the spot market have changed. UK Brent decreased by $1.60 (- 2.30%), WTI decreased by $0.47 (- 0.73%), etc. [9]. - **Inventory Data**: API and EIA inventory data show changes in US crude oil inventories. For example, for the week ending August 1, API inventory decreased by 4.233 million barrels, and EIA inventory decreased by 3.029 million barrels [3][10][14]. 3.5 Position Data - **WTI Crude Oil**: As of July 29, the net long position of WTI crude oil funds was 156,023, an increase of 2,692 [17]. - **Brent Crude Oil**: As of July 29, the net long position of Brent crude oil funds was 261,352, an increase of 33,959 [18].