1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - This week, oil prices fluctuated within a narrow range, and the absolute price declined on Friday. The peak season of refinery operations in summer is coming to an end, and the inflection point of the crude oil fundamentals has emerged. The monthly spreads of Brent and WTI crude oil strengthened slightly, while that of Dubai crude oil strengthened significantly. The refining margins of European and American refineries declined slightly, the gasoline crack spread in the US strengthened, and the European diesel crack spread fluctuated. The balance sheet is expected to have a surplus of 1.8 million barrels per day in the fourth quarter and 1.8 - 2.5 million barrels per day in 2026. Global oil inventories increased slightly, US commercial crude oil inventories decreased seasonally, the absolute inventory is at a historically low level in the same period, Cushing inventories decreased, and US gasoline and diesel inventories decreased. Institutions estimate that refinery maintenance in October globally will exceed previous levels (in Europe and Africa), and the crude oil monthly spread is expected to face pressure. Recently, the absolute price of crude oil has been fluctuating. Pay attention to the switch between the off - peak and peak seasons. The market focuses on the medium - and long - term surplus pattern, and the absolute price is under downward pressure. It is expected that the price center in the fourth quarter will drop to $60 per barrel. Due to the adjustment of the European autumn maintenance expectations, the European diesel crack spread price expectation for the fourth quarter is raised [5] 3. Summary by Relevant Catalogs 3.1 Oil Price Data - From August 27 to September 2, 2025, the price of BRENT crude oil increased by $0.99. The price of OMAN increased by $1.92, and the price of domestic gasoline increased by $60.00. The price of Japanese naphtha - BRT decreased by $3.03, the price of Singapore fuel oil 380CST increased by $0.35, the price of the SHFE FU main contract increased by 15, and the price of the SHFE BU main contract increased by 11. The price of HH natural gas decreased by $0.74 [3] 3.2 Daily News - Trump will hold an emergency meeting on tariff rulings on Wednesday, and will appeal to the Supreme Court as soon as possible. If the tariff appeal is rejected, tariffs will have to be withdrawn. If the tariff ruling is unfavorable, trillions of dollars will have to be refunded, and he will urge the Supreme Court to speed up the ruling [3] - Russian Foreign Minister Lavrov said that India did not yield to US pressure to stop buying resources from Russia, and Russia appreciates this [3] - US Treasury Secretary Bessent said that by targeting Iran's oil revenue sources, the Treasury will further weaken Iran's ability to attack the US and its allies. The US is still committed to ensuring that oil supply is not affected by Iran and will continue to prevent Iran's ongoing attack attempts [3] - US Secretary of State Rubio said that the US military carried out a fatal strike on a drug - carrying vessel departing from Venezuela in the South Caribbean Sea [3] 3.3 Regional Fundamentals - According to the EIA report, in the week of August 15, US crude oil exports increased by 795,000 barrels per day to 4.372 million barrels per day, and domestic crude oil production increased by 55,000 barrels to 13.382 million barrels per day [4] - Commercial crude oil inventories excluding strategic reserves decreased by 6.014 million barrels to 421 million barrels, a decrease of 1.41%. The four - week average supply of US crude oil products was 21.093 million barrels per day, a year - on - year increase of 3.34% [4] - In the week of August 15, the US Strategic Petroleum Reserve (SPR) inventory increased by 223,000 barrels to 403.4 million barrels, an increase of 0.06%. The import of commercial crude oil excluding strategic reserves was 6.497 million barrels per day, a decrease of 423,000 barrels per day compared with the previous week [4] - From August 15 to August 22, US EIA gasoline inventory was - 2.72 million barrels (expected - 0.915 million barrels, previous value - 0.792 million barrels), and EIA refined oil inventory was 2.343 million barrels (expected 0.928 million barrels, previous value 0.714 million barrels) [4][5] - From August 22 to 29, the operating rate of major refineries decreased slightly, and the operating rate of Shandong local refineries increased slightly. Domestic gasoline production decreased while diesel production increased, and both gasoline and diesel inventories decreased. The comprehensive profit of major refineries fluctuated weakly, and the comprehensive profit of local refineries decreased month - on - month [5]

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [5] Core Insights - The IEA has cumulatively revised down the crude oil demand increment by 350,000 barrels per day since the beginning of the year, with the latest monthly report projecting demand increments of 700,000 barrels per day for both 2025 and 2026 due to weak performance across major economies and low consumer confidence, particularly in emerging markets [1][11] - On the supply side, the IEA has raised the 2025 crude oil supply increment by 370,000 barrels per day and 620,000 barrels per day for 2026, driven by OPEC's accelerated easing of voluntary production cuts and growth in non-OPEC production, particularly from the U.S., Canada, Brazil, and Guyana [2][21] - Refining margins improved in July, reaching the highest level in the Atlantic Basin since Q1 2024, primarily due to an increase in diesel crack spreads, while gasoline crack spreads narrowed and Asian naphtha and fuel oil crack spreads fell to six-month lows [3][35] - Oil inventories have increased for five consecutive months, with a month-on-month increase of 900,000 barrels per day in June, reaching 7,836 million barrels, the highest level in 46 months, although still below the five-year average [4][39] Summary by Sections Demand Side - The IEA has revised down the crude oil demand increment by 350,000 barrels per day year-to-date, with a forecast of 700,000 barrels per day for both 2025 and 2026 due to general economic performance and low consumer confidence in emerging markets [1][11] - OECD countries, particularly Europe, have shown better-than-expected demand due to monetary easing and fiscal support, while non-OECD countries, especially China and Brazil, have seen a slowdown in demand growth [15][17] - In Q2 2025, demand from OECD Asia is expected to decline by 150,000 barrels per day, with Japan and South Korea experiencing significant drops [16] Supply Side - The IEA has adjusted the 2025 crude oil supply increment upwards by 370,000 barrels per day, with a further increase of 620,000 barrels per day for 2026, attributed to OPEC's easing of production cuts and growth in non-OPEC production [2][21] - OPEC+ production decreased by 250,000 barrels per day in July, with Saudi Arabia's production declining significantly, while UAE and Iran have increased their output [26][29] - Non-OPEC countries, particularly Brazil and Guyana, are expected to contribute significantly to supply growth, with Brazil's production reaching historical highs [32][34] Refining - Refining margins in July reached their highest level since Q1 2024, driven by rising diesel crack spreads, while gasoline crack spreads have narrowed [3][35] Inventory - Oil inventories have risen for five consecutive months, with a notable increase in June, primarily driven by inventory builds in China and the U.S. [4][39]

Report Overview - Report Title: Crude Oil and Refined Oil Morning Report - Research Team: Energy and Chemicals Team of the Research Center - Date: August 11, 2025 [2] 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - This week, the absolute price of crude oil dropped to $65 per barrel for Brent. The monthly spreads of crude oil in the three major markets declined slightly. Geopolitical uncertainties resurfaced over the weekend due to potential misunderstandings about the Russia - Ukraine cease - fire and Iran's plan to block the "US corridor" in the Caucasus. Fundamentally, global oil inventories increased this week, with a slight decline in US commercial crude oil inventories, and changes in gasoline and diesel inventories in different regions. After the decline in crude oil prices, global refinery profits rebounded. The near - term crude oil fundamentals are volatile. Supply faces a risk of decline due to sanctions on Iran and Russia, OPEC+ crude oil exports are expected to accelerate, and refinery operations in the third quarter are expected to be stronger than anticipated, which supports the monthly spread. However, the peak of the global supply - demand fundamentals has passed. It is expected that the absolute price of crude oil will maintain a volatile pattern, and it is predicted to fall to $55 - $60 per barrel in the fourth quarter. Attention should be paid to the impact of US tariff policies on the global economy and the non - OPEC production schedule [6]. 3. Summary by Relevant Catalogs 3.1 Price Data - From August 4 - 8, 2025, WTI prices decreased from $66.29 to $63.88, Brent from $68.76 to $66.59, and Dubai from $70.64 to $69.22. SC decreased from 514.30 to 489.80. Other related products also showed various price changes [3]. 3.2 Daily News - Ukraine's armed forces attacked Russia's Saratov refinery. Iran vowed to block the "US corridor" in the Caucasus. There might be a misunderstanding about Russia's cease - fire requirements by Trump's envoy. Canada plans to lower the price cap on Russian seaborne crude oil. OPEC's oil production in July increased by 270,000 barrels per day compared to June. Trump threatened to impose secondary tariffs on China for buying Russian oil, and China responded that its energy cooperation with Russia is legitimate. India continues to import Russian oil but the quantity may decline. Russian crude export price discounts have widened [3][4][5]. 3.3 Regional Fundamentals - According to the EIA report for the week of August 1, US crude exports increased by 620,000 barrels per day to 3.318 million barrels per day, domestic production decreased by 30,000 barrels to 13.284 million barrels per day, commercial crude inventories (excluding strategic reserves) decreased by 3.029 million barrels to 424 million barrels (a 0.71% decline), the four - week average supply of US crude products increased by 1.61% year - on - year, strategic petroleum reserve (SPR) inventories increased by 235,000 barrels to 403 million barrels (a 0.06% increase), and commercial crude imports (excluding strategic reserves) decreased by 174,000 barrels per day to 5.962 million barrels per day. From July 25 - 31, the operating rate of major refineries in China increased slightly, while that of Shandong local refineries remained basically unchanged. Chinese refinery output showed a decline in gasoline and an increase in diesel, with corresponding changes in inventories. The comprehensive profit of major refineries rebounded, while that of local refineries declined [6]. 3.4 Weekly View - The absolute price of crude oil dropped this week, and geopolitical uncertainties resurfaced. Global oil inventories increased, and refinery profits rebounded after the price decline. Near - term fundamentals are volatile. Supply may decline due to sanctions, OPEC+ exports are expected to accelerate, and third - quarter refinery operations are expected to be stronger. The peak of supply - demand fundamentals has passed, and the price is expected to be volatile and fall to $55 - $60 per barrel in the fourth quarter. Attention should be paid to US tariff policies and non - OPEC production schedules [6].

Group 1 - International oil prices weakened due to market concerns over supply and demand outlook, with NYMEX light crude oil futures falling by $0.74 to $69.26 per barrel, a decrease of 1.06%, and Brent crude oil futures down $0.71 to $72.53 per barrel, a drop of 0.97% [1] - The U.S. and Mexico agreed to maintain current tariff rates for the next 90 days and negotiate a new trade agreement, which has put pressure on crude oil futures as it is expected to negatively impact future oil demand [1] - Analysts expect oil demand to weaken, with OPEC likely to increase oil supply after summer, leading to expectations of rising oil inventories [2] Group 2 - The U.S. commercial crude oil inventory rose significantly by 7.7 million barrels to 426.7 million barrels, exceeding market expectations, while gasoline inventories decreased by 2.7 million barrels and distillate inventories increased by 3.6 million barrels [2] - The average daily crude oil processing volume in U.S. refineries was 16.9 million barrels, a decrease of 25,000 barrels week-on-week, with an average refinery utilization rate of 95.4% [2] - The U.S. daily crude oil production increased by 41,000 barrels to 13.314 million barrels, while the strategic petroleum reserve rose by 238,000 barrels to 40.27 million barrels [3]

Group 1 - The core point of the article is that the Organization of the Petroleum Exporting Countries (OPEC) reported an increase in oil inventories for May, with a rise of 34.5 million barrels, bringing the total to 2.77 billion barrels [1] Group 2 - The increase in oil inventories indicates a potential oversupply in the market, which could impact oil prices and the overall oil industry dynamics [1] - The reported inventory levels are significant as they reflect the balance between supply and demand in the global oil market [1] - This data may influence investment strategies and decisions within the energy sector, particularly for companies involved in oil production and distribution [1]

Report Industry Investment Ratings - Crude oil: Neutral oscillation (adjusted from relatively strong) [2] - Fuel oil: ★☆☆ (one star, indicating a bullish bias but limited operability on the trading floor) [1] - Low - sulfur fuel oil: No specific star rating provided [1] - Asphalt: ☆☆☆ (suggesting a relatively balanced short - term trend with poor operability, for observation) [1] - Liquefied petroleum gas (LPG): ☆☆☆ (suggesting a relatively balanced short - term trend with poor operability, for observation) [1] Core Viewpoints - The increase in global oil inventories accelerated marginally in Q2, and the overall inventory decreased by 0.3% in the first week of Q3. The upward drive of strong real - world factors on oil prices has weakened, and the rating of the crude oil market this week is adjusted to neutral oscillation [2]. - As crude oil prices fall, fuel - related futures follow the downward trend. The spread between high - and low - sulfur fuel oils widens. The FU crack spread is expected to continue its downward trend, while the LU crack spread may turn into a sideways pattern [2]. - If the increase in the deduction ratio is mainly for secondary hydrogenation units, it will divert asphalt supply. The asphalt supply increase's resilience needs further observation, and the price increase is limited before demand improves substantially [3]. - The Middle East's production increase pressure persists, and the overseas LPG price continues to oscillate weakly. The domestic LPG market is currently in a situation of weak supply and demand, and the futures market oscillates weakly [4]. Summary by Relevant Catalogs Crude Oil - In Q2, global oil inventories increased by 2.7%, accelerating marginally from 2% in Q1. In the first week of Q3, the overall inventory decreased by 0.3%. The upward drive of strong real - world factors on oil prices has weakened, and the rating is adjusted from relatively strong to neutral oscillation. The upside space for Brent crude above $70/barrel is limited [2]. Fuel Oil & Low - Sulfur Fuel Oil - As crude oil prices fall, fuel - related futures follow the downward trend, with a deeper decline in FU and a widening spread between high - and low - sulfur fuel oils. The supply of high - sulfur heavy resources is expected to increase, and the FU crack spread is expected to decline. The LU crack spread may turn into a sideways pattern [2]. Asphalt - If the increase in the deduction ratio is mainly for secondary hydrogenation units, it will divert asphalt supply. The cumulative year - on - year increase in the shipments of 54 sample refineries decreased by 1 percentage point to 7% compared to the end of June. The asphalt price is supported by low inventory, and the upward movement is limited before demand improves [3]. LPG - The Middle East's production increase pressure persists, and the overseas LPG price continues to oscillate weakly. The domestic LPG market is in a situation of weak supply and demand, with the top of the domestic gas price under pressure. The futures market oscillates weakly [4]

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - This week, oil prices fluctuated within a narrow range, and the monthly spreads also oscillated. WTI spot remained tight. The end of Trump's "Big and Beautiful Act" on July 4th ended support for solar and wind energy, creating a favorable environment for traditional energy. OPEC+ agreed to increase daily production by 548,000 barrels in August to expand market share, and eight member countries had already increased production by 1.37 million barrels per day from April to July. Trump indicated that an agreement in the Gaza Strip might be reached next week and planned to conduct nuclear negotiations with Iran. The US Treasury imposed sanctions on Iraqi - related enterprises for their involvement in Iranian oil smuggling. Fundamentally, global oil product inventories remained flat this week, US commercial crude oil inventories started to accumulate, Cushing's inventories decreased, gasoline inventories increased, and diesel inventories decreased. The number of US oil rigs dropped rapidly as of July 4th, and the US fundamentals remained tight. Global refinery profits rebounded this week, and it is the peak season for refinery operations. Crude oil monthly spreads are expected to remain in high - level oscillations. The WTI and Brent markets are stronger than the Dubai market, and absolute prices face downward pressure due to OPEC's unexpected production increase and Trump's policies [3][4]. 3. Summary According to Relevant Catalogs 3.1 Daily News - Analysts believe that oil prices face multiple bearish factors such as tariffs, inventory, and production increases. OANDA senior market analyst Kelvin Wong said that bearish drivers for oil prices include uncertainties around US tariffs and potential production increases from OPEC+. Despite strong travel demand during the July 4th holiday weekend in the US, API data showed an increase of about 7.1 million barrels in US crude oil inventories, although refined product inventories decreased. Dutch bank ING analysts said that the overnight API data was bearish for oil prices but that changes in refined products were more constructive [3]. - DBS Bank expects that OPEC's actual supply will not increase significantly. DBS Bank's energy department team leader Suvro Sarkar said that oil prices have shown remarkable resilience in the face of the accelerating increase in OPEC+ supply, attributing this support to seasonal demand peaks and the expectation that some OPEC+ members will make up for earlier over - production, so actual supply is not expected to increase significantly [3]. - Kazakhstan plans to maintain the current oil production level until the end of this year [3]. - Kuwait's oil giant believes that OPEC+'s production increase signals a tightening market. Kuwait Petroleum Group CEO Sabah said that OPEC+'s recent large - scale production increase and communication with customers indicate that the growth momentum of global crude oil demand will continue after the summer driving season. He also mentioned that the company maintained close communication with Gulf partners during the escalation of tensions between Israel and Iran last month to ensure stable oil supply [3]. 3.2 Regional Fundamentals - In the week ending July 4th, US crude oil exports increased by 452,000 barrels per day to 2.757 million barrels per day, domestic crude oil production decreased by 48,000 barrels to 13.385 million barrels per day, commercial crude oil inventories (excluding strategic reserves) increased by 7.07 million barrels to 426 million barrels (a 1.69% increase), the four - week average supply of US crude oil products was 20.564 million barrels per day, a 1.61% decrease from the same period last year, strategic petroleum reserve (SPR) inventories increased by 238,000 barrels to 403 million barrels (a 0.06% increase), and commercial crude oil imports (excluding strategic reserves) decreased by 906,000 barrels per day to 6.013 million barrels per day [4]. - The EIA gasoline inventory for the week ending July 4th was - 2.658 million barrels (expected - 1.486 million barrels, previous value 4.188 million barrels), and the EIA refined oil inventory was - 825,000 barrels (expected - 314,000 barrels, previous value - 1.71 million barrels) [4]. - This week, the operating rate of major refineries in China increased, while that of Shandong local refineries decreased. China's gasoline and diesel production both increased, with production from major refineries rising and that from independent refineries falling. The sales - to - production ratios of local refineries for gasoline and diesel both increased. Gasoline and diesel inventories accumulated this week. The comprehensive profit of major refineries rebounded month - on - month, and the comprehensive profit of local refineries improved month - on - month [4]. 3.3 Weekly Viewpoints - This week, oil prices and monthly spreads oscillated within a narrow range. WTI spot was tight. Trump's policy change on July 4th was favorable for traditional energy. OPEC+ agreed to increase production in August, and Trump had some diplomatic and negotiation plans. The US imposed sanctions on Iraqi - related enterprises. Fundamentally, global oil product inventories were flat, US commercial crude oil inventories accumulated, Cushing's inventories decreased, gasoline inventories increased, diesel inventories decreased, and the number of US oil rigs decreased rapidly. Global refinery profits rebounded, and it was the peak season for refinery operations. Crude oil monthly spreads are expected to remain in high - level oscillations, with the WTI and Brent markets stronger than the Dubai market, and absolute prices face downward pressure due to OPEC's production increase and Trump's policies [3][4].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - Oil prices dropped significantly this week as the geopolitical risk premium related to Middle East tensions faded. The market is now focused on OPEC+ production policies and Trump's decision on reciprocal tariffs, with the US set to talk to Iran next week. [5] - In terms of fundamentals, global oil products were de - stocked in late June, with the de - stocking rate slightly exceeding expectations. US commercial crude oil inventories decreased by 5.836 million barrels per day in the week of June 20th, reaching the lowest level in the same period of history. [5] - WTI fundamentals are positive as US gasoline and diesel are de - stocked, apparent demand rebounds, and refinery profits fluctuate. Domestic refinery profits rebound, and the main refinery operating rate increases. [5] - However, OPEC+ plans to significantly increase production by 414,000 barrels per day in August, and the non - OPEC production is expected to accelerate in the fourth quarter. The upside space for absolute prices is limited, but a positive spread strategy is recommended for the price difference between months. [5] 3. Summary by Relevant Catalogs 3.1 Daily News - The EU is willing to accept a trade agreement with the US, which includes a 10% general tariff on many EU exports, but hopes for lower tariffs on key industries from the US. [3] - Kazakhstan's oil production may be 2% higher than expected this year, reaching 2 million barrels per day due to increased production from large oil fields. [4] - Morgan Stanley still expects a daily surplus of 1.3 million barrels in the market in 2026. Non - OPEC oil supply will grow strongly from 2025 to 2026, about 1 million barrels per day, and Brent crude oil prices are expected to fall to around $60 per barrel early next year. [4] 3.2 Regional Fundamentals - In the week of June 20th, US crude oil exports decreased by 91,000 barrels per day to 4.27 million barrels per day, while domestic crude oil production increased by 400 barrels to 13.435 million barrels per day. [4] - Commercial crude oil inventories (excluding strategic reserves) decreased by 5.836 million barrels to 415 million barrels, a decrease of 1.39%. The strategic petroleum reserve (SPR) inventory increased by 237,000 barrels to 402.5 million barrels, an increase of 0.06%. [4] - The four - week average supply of US crude oil products was 20.049 million barrels per day, a 1.6% decrease compared to the same period last year. Commercial crude oil imports (excluding strategic reserves) were 5.944 million barrels per day, an increase of 440,000 barrels per day compared to the previous week. [4] - In China, the operating rate of major refineries increased, while that of Shandong local refineries decreased. The production of gasoline and diesel both increased, with sales - to - production ratios rising. Gasoline and diesel inventories accumulated this week. Major refinery comprehensive profits rebounded, and local refinery comprehensive profits improved. [5] 3.3 Weekly View - With the geopolitical risk premium related to Middle East tensions fading, oil prices dropped significantly this week. The market is now focused on OPEC+ production policies and Trump's decision on reciprocal tariffs, and the US will talk to Iran next week. [5] - In late June, global oil products were de - stocked, with the de - stocking rate slightly exceeding expectations. US commercial crude oil inventories decreased by 5.836 million barrels per day in the week of June 20th, reaching the lowest level in the same period of history, mainly due to high - level refinery operations and a rapid decrease in Canadian crude oil imports. [5] - The number of oil drilling rigs decreased by 6 to 432. US gasoline and diesel were de - stocked, apparent demand rebounded, refinery profits fluctuated, and WTI fundamentals improved. Domestic refinery profits rebounded, the main refinery operating rate increased, and the Dubai monthly spread strengthened recently. [5] - On the negative side, OPEC+ plans to significantly increase production by 414,000 barrels per day in August, and the next meeting will be held on July 6th. Overall, the fundamentals are still in the summer peak season, with a large supply - demand contradiction in the US market. Although Russian refined oil exports have declined recently, the expectation of rapid OPEC+ production increase in August is strengthening, and non - OPEC production is expected to accelerate in the fourth quarter. The upside space for absolute prices is limited, and a positive spread strategy is recommended for the price difference between months. Attention should be paid to the impact of tariff policies on absolute prices. [5]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Last week, oil prices rose significantly due to geopolitical situations. The US announced a successful air - strike on three Iranian nuclear facilities on Sunday, and Iran declared retaliation and the closure of the Strait of Hormuz. A cease - fire between Israel and Iran was reached on Tuesday. Fundamentally, EIA data showed a draw of over 1 billion barrels in US commercial inventories, and global oil product inventories were basically flat. Diesel strengthened significantly due to supply disruptions. The crude oil monthly spread continued to strengthen, approaching 2022 levels. The medium - to - long - term fundamental oversupply situation of crude oil remains unchanged, but short - term fluctuations are highly amplified by geopolitics [7] Group 3: Summary by Relevant Catalogs 1. Daily News - A source said Russia is willing to support a new round of oil production increase at the July 6 OPEC+ meeting if deemed necessary, and they are considering another production increase in August [5] - On June 25, US President Trump said the US will hold talks with Iran next week, believed the military conflict between Israel and Iran has ended but might resume, and stated the US won't give up pressuring Iran or take over oil [5] - According to the Wall Street Journal, Shell is in early talks to acquire BP [5] 2. Regional Fundamentals - In the week ending June 20, US crude oil exports decreased by 91,000 barrels per day to 4.27 million barrels per day, while domestic production increased by 400 barrels to 13.435 million barrels per day. Commercial crude inventories excluding strategic reserves decreased by 5.836 million barrels to 415 million barrels, a 1.39% decline [5] - The four - week average supply of US crude oil products was 20.049 million barrels per day, a 1.6% decrease from the same period last year. Strategic Petroleum Reserve (SPR) inventories increased by 237,000 barrels to 402.5 million barrels, a 0.06% increase [6] - In the week ending June 20, US imports of commercial crude oil excluding strategic reserves were 5.944 million barrels per day, an increase of 440,000 barrels per day from the previous week [6] - This week, the operating rate of major refineries in China increased, while that of Shandong local refineries decreased. The production of gasoline and diesel in China both increased, with production from major refineries rising and that from independent refineries falling. The sales - to - production ratios of gasoline and diesel at local refineries both increased. Gasoline and diesel inventories accumulated this week. The comprehensive profit of major refineries rebounded month - on - month, and that of local refineries improved month - on - month [6] 3. Weekly Price Data - From June 19 to June 25, WTI crude oil prices changed from an unspecified value to 64.92, with a change of 0.55; BRENT prices changed from 78.85 to 67.68, a change of 0.54; DUBAI prices changed from an unspecified value to 69.12, a change of - 0.01. Other related products also showed various price changes [3]

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