Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The EIA weekly crude oil data shows that as of September 5, 2025, the refinery utilization rate continued to decline, net imports increased by 4.7 million barrels, and U.S. commercial crude oil inventories, gasoline inventories, and distillate inventories all increased [1]. - The U.S. traditional fuel consumption peak season is coming to an end, and OPEC+ will start a new round of production increase in October, with an increase of 137,000 barrels per day [1]. - Geopolitical risks, such as the Israeli attack on the Hamas leader in Qatar and the large - scale Russian air strikes in Ukraine, may lead to the second - stage restrictive measures by the West, increasing concerns about potential supply risks and supporting oil price increases [1]. 3. Key Data Summaries Inventory Data - The total U.S. crude oil inventory, including strategic reserves, was 829.81 million barrels, an increase of 4.45 million barrels from the previous week; commercial crude oil inventories were 424.646 million barrels, an increase of 3.94 million barrels; gasoline inventories were 219.997 million barrels, an increase of 1.46 million barrels; distillate inventories were 120.638 million barrels, an increase of 4.72 million barrels [1]. - Compared with the same period last year, crude oil inventories were 1.31% higher, gasoline inventories were 0.70% lower, and distillate inventories were 3.51% lower. Compared with the five - year average, crude oil inventories were 3% lower, gasoline inventories were flat, and distillate inventories were 9% lower [1]. - The U.S. strategic petroleum reserve inventory increased by 514,000 barrels to 405.224 million barrels, a 0.13% increase [2]. Production and Trade Data - U.S. refinery utilization rate was 94.9%, a 0.6 - percentage - point increase from the previous week, or 0.64% [2]. - U.S. crude oil production was 13.495 million barrels per day, an increase of 72,000 barrels per day, or 0.54% [2]. - U.S. crude oil imports were 6.271 million barrels per day, a decrease of 471,000 barrels per day, or 6.99% [2]. - U.S. crude oil exports were 2.745 million barrels per day, a decrease of 1.139 million barrels per day, or 29.33% [2]. Inventory Change Table | Item | 2025 - 09 - 05 | 2025 - 08 - 29 | Change | Percentage Change | | --- | --- | --- | --- | --- | | U.S. commercial crude oil inventory (thousand barrels) | 424,646 | 420,707 | 3,939 | 0.94% | | Cushing crude oil inventory (thousand barrels) | 23,857 | 24,222 | - 365 | - 1.51% | | U.S. gasoline inventory (thousand barrels) | 219,997 | 218,539 | 1,458 | 0.67% | | U.S. distillate inventory (thousand barrels) | 120,638 | 115,923 | 4,715 | 4.07% | | U.S. total oil product inventory (thousand barrels) | 1,281,250 | 1,265,820 | 15,430 | 1.22% | | U.S. strategic petroleum reserve inventory (thousand barrels) | 405,224 | 404,710 | 514 | 0.13% | | U.S. refinery utilization rate (%) | 94.9 | 94.3 | 0.6 | 0.64% | | U.S. crude oil production (thousand barrels per day) | 13,495 | 13,423 | 72 | 0.54% | | U.S. crude oil imports (thousand barrels per day) | 6,271 | 6,742 | - 471 | - 6.99% | | U.S. crude oil exports (thousand barrels per day) | 2.745 | 3.884 | - 1.139 | - 29.33% | [2]

Report Industry Investment Rating - The medium - to long - term outlook for oil prices is bearish, but the short - term market is subject to supply - side disturbances [8] Core View of the Report - The EIA weekly report is relatively bearish. Although refinery operating rates indicate that U.S. refineries have not fully started autumn maintenance, inventory and demand indicators suggest it is inevitable. With declining refining demand and increasing supply, oil prices are bearish in the medium to long term, while the short - term market is affected by supply - side factors [8] Summary by Relevant Catalog 1. Main Data - As of September 5, U.S. commercial crude oil inventories were 424,646 thousand barrels, a week - on - week increase of 393,900 barrels, contrary to the expected decrease of 100,000 barrels. Cushing inventories decreased by 36,500 barrels, and strategic reserve inventories increased by 51,400 barrels [2][3] - Gasoline inventories increased by 145,800 barrels, contrary to the expected decrease of 20,000 barrels, and distillate inventories increased by 471,500 barrels, exceeding the expected increase of 4,000 barrels [2][3] - U.S. crude oil production increased by 72 thousand barrels per day to 13,495 thousand barrels per day, and net imports increased by 668 thousand barrels per day to 3,526 thousand barrels per day [3] - U.S. crude oil processing volume decreased by 51 thousand barrels per day to 16,818 thousand barrels per day [3] - The four - week smoothed values of U.S. crude oil, gasoline, distillate, and jet fuel terminal apparent demand all decreased [3] 2. Report Review - Last week, U.S. crude oil inventories unexpectedly increased due to a significant drop in exports leading to increased net imports. However, the sustainability of the export decline needs further observation as there is a periodic decline pattern at the beginning of the month [4] - Refinery operating rates increased by 0.6% week - on - week to 94.9%, indicating that traditional autumn maintenance has not fully begun [4] 3. Product Oil Situation - All major crude oil product inventories rose this week, with gasoline inventories unexpectedly rising and distillate inventories rising far more than expected, driving a significant increase in the total crude oil chain inventory [6] - Except for propane and propylene, the four - week smoothed values of all terminal demand categories decreased. The single - week implied demand for gasoline was only 850,800 barrels per day, far lower than the previous level of around 900,000 barrels per day, which is in line with seasonal patterns [6] - The significant increase in distillate inventories is counter - seasonal. Usually, after September, distillate inventories tend to decline during refinery autumn maintenance and the autumn harvest consumption peak, but this week's large - scale inventory build - up will suppress future refinery operating rates and corresponding refining demand [6]

Report Industry Investment Rating No information provided in the report regarding the industry investment rating. Core Viewpoints of the Report - The overnight Israeli air - strike on the Hamas base in Qatar has increased the risk sentiment of geopolitical concerns, and the situation in Gaza is unlikely to improve. The EIA's short - term energy outlook remains pessimistic about future oil prices, and the API inventory has increased more than expected, putting pressure on prices. In the short term, continue to monitor geopolitical changes. Oil prices are expected to fluctuate. It is predicted to operate in the range of 480 - 490 in the short term, and long - term long positions should be held [3]. Summary by Directory 1. Daily Prompt - **Fundamentals**: Israel's air - strike on Hamas leaders in Qatar has escalated the military operation in the Middle East. The EIA predicts that global oil prices will drop significantly in the coming months as OPEC+ production increases, causing a large increase in oil inventories. The U.S. economic employment figures may be 911,000 less than previously estimated. Overall, it is neutral [3]. - **Basis**: On September 9, the spot price of Oman crude oil was $70.05 per barrel, and that of Qatar Marine crude oil was $69.38 per barrel. The basis was $37.67 per barrel, with the spot price higher than the futures price, which is bullish [3]. - **Inventory**: The U.S. API crude oil inventory for the week ending September 5 increased by 1.25 million barrels, exceeding the expected decrease of 1.869 million barrels. The EIA inventory for the week ending August 29 increased by 2.415 million barrels, contrary to the expected decrease of 2.031 million barrels. The Cushing area inventory for the week ending August 29 increased by 1.59 million barrels. As of September 9, the Shanghai crude oil futures inventory remained unchanged at 5.721 million barrels, which is bearish [3]. - **Disk**: The 20 - day moving average is flat, and the price is below the moving average, which is neutral [3]. - **Main Position**: As of September 2, the main position of WTI crude oil is long, with a decrease in long positions; the main position of Brent crude oil is long, with an increase in long positions, which is neutral [3]. - **Expectation**: Oil prices are expected to fluctuate. In the short term, it will operate in the range of 480 - 490, and long - term long positions should be held [3]. 2. Recent News - **Israeli Attack in Qatar**: On September 9, there were several explosions in Doha, Qatar. Israel's military and security agencies admitted responsibility for the attack on Hamas leaders. The targeted Hamas leaders were said to be responsible for the 2023 attack on Israel and were planning new operations. The attack occurred during a meeting of Hamas leaders discussing a U.S. - proposed cease - fire in Gaza [5]. - **U.S. Employment Data Revision**: The U.S. government stated that the total number of employment positions in the economy as of March may be 911,000 less than previously estimated, indicating that employment growth had stagnated before Trump's tariff policies. The data revision means that the average monthly increase in non - farm employment is about 71,000 instead of 147,000. The financial market's reaction was limited, and the Fed is expected to resume interest - rate cuts next Wednesday [5]. - **Iran - IAEA Agreement**: On the evening of September 9, Iran's foreign minister and the IAEA director - general announced a new cooperation agreement in Cairo, aiming to build a new cooperation framework between Iran and the IAEA, which is the first meeting since the June bombing of Iranian nuclear facilities by Israel and the U.S. [5]. 3. Bullish and Bearish Concerns - **Bullish Factors**: None mentioned in the report. - **Bearish Factors**: The possibility of a cease - fire between Russia and Ukraine, and the continuous tension in U.S. trade relations with other economies [6]. - **Market Drivers**: In the short term, geopolitical conflicts are decreasing, while the risk of trade tariffs is rising. In the medium - to - long - term, supply will increase after the peak season [6]. - **Risk Points**: Disunity within OPEC+ leading to increased production, and the escalation of war risks [6]. 4. Fundamental Data - **Futures Market**: The settlement prices of Brent crude oil, WTI crude oil, SC crude oil, and Oman crude oil have all increased, with increases of $0.37, $0.37, $7.20, and $0.34 respectively, and the increase rates are 0.56%, 0.59%, 1.51%, and 0.49% respectively [7]. - **Spot Market**: The spot prices of UK Brent, WTI, Oman crude oil, Shengli crude oil, and Dubai crude oil have all increased, with increases of $0.22, $0.37, $0.67, $0.39, and $0.56 respectively, and the increase rates are 0.33%, 0.59%, 0.97%, 0.61%, and 0.81% respectively [9]. - **Inventory Data**: The API inventory for the week ending September 5 increased by 1.25 million barrels, and the EIA inventory for the week ending August 29 increased by 2.415 million barrels [3]. 5. Position Data - **WTI Crude Oil**: As of September 2, the net long position of WTI crude oil funds was 102,428, a decrease of 7,044 [16]. - **Brent Crude Oil**: As of September 2, the net long position of Brent crude oil funds was 251,054, an increase of 44,511 [18].

标普：年初至今，中国以53万桶/日的速度增加原油库存，高于全球原油需求增速。 ...

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - The increase in this period's crude oil inventory exceeded market expectations, leading to a decline in international oil prices. In the fourth quarter, crude oil consumption is transitioning from the peak season to the off - season. If the OPEC+ production increase plan continues, the market may face supply surplus pressure, which will limit the upside potential of oil prices [1] 3. Summary by Related Content 3.1 Product Demand - In the four weeks ending August 29, the average daily total demand for refined oil products in the United States was 21.282 million barrels, 2.5% higher than the same period last year. The four - week average daily demand for motor gasoline was 9.05 million barrels, 0.8% lower than the same period last year, and the four - week average daily demand for distillate oil was 3.894 million barrels, 4.2% higher than the same period last year [1] 3.2 Inventory Data - As of August 29, the U.S. commercial crude oil inventory was 420.707 million barrels, an increase of 2.415 million barrels (0.58%) from the previous week. The Cushing crude oil inventory was 24.222 million barrels, an increase of 1.59 million barrels (7.03%). The U.S. gasoline inventory was 218.539 million barrels, a decrease of 3.795 million barrels (-1.71%), and the U.S. distillate oil inventory was 115.923 million barrels, an increase of 1.681 million barrels (1.47%). The total U.S. oil product inventory was 1.26582 billion barrels, an increase of 7.102 million barrels (0.56%), and the U.S. strategic petroleum reserve inventory was 404.71 million barrels, an increase of 509,000 barrels (0.13%) [1][2] 3.3 Production and Trade Data - The U.S. refinery utilization rate was 94.3%, a decrease of 0.3 percentage points (-0.32%). The U.S. crude oil production was 13.423 million barrels per day, a decrease of 16,000 barrels per day (-0.12%). The U.S. crude oil imports were 6.742 million barrels per day, an increase of 508,000 barrels per day (8.15%), and the U.S. crude oil exports were 3.884 million barrels per day, an increase of 74,000 barrels per day (1.94%) [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the week ending August 29, 2025, US commercial crude oil inventories increased by 2.415 million barrels, with net crude oil imports rising by 434,000 barrels per day, and the estimated single - week crude oil production decreasing by 16,000 barrels per day. The refinery utilization rate dropped from 94.6% to 94.3%, indicating a continued weakening of demand in the refining sector. Diesel inventories resumed their upward trend, gasoline inventories declined significantly, and the total inventories of crude oil and petroleum products accumulated. The apparent demand for refined oil products decreased. Although single - week data has limited implications, there are still concerns about future crude oil inventories after the decline in refinery utilization [3]. 3. Summary by Relevant Catalog Inventory Data - US commercial crude oil inventory change: increased by 2.415 million barrels, compared with a decrease of 2.392 million barrels in the previous period [5]. - US Cushing crude oil inventory change: increased by 1.59 million barrels, compared with a decrease of 838,000 barrels in the previous period [5]. - US strategic petroleum inventory change: increased by 509,000 barrels, compared with an increase of 776,000 barrels in the previous period [5]. - US gasoline inventory change: decreased by 3.795 million barrels, compared with a decrease of 1.236 million barrels in the previous period [5]. - US diesel inventory change: increased by 1.681 million barrels, compared with a decrease of 1.786 million barrels in the previous period [5]. - US jet fuel inventory change: decreased by 796,000 barrels, compared with an increase of 293,000 barrels in the previous period [5]. - US fuel oil inventory change: decreased by 215,000 barrels, compared with an increase of 316,000 barrels in the previous period [5]. - US crude oil and petroleum product inventory change (excluding SPR): increased by 7.102 million barrels, compared with a decrease of 4.394 million barrels in the previous period [5]. Production and Demand Data - US crude oil production: 13.423 million barrels per day, compared with 13.439 million barrels per day in the previous period [5]. - US refined oil apparent demand: 20.652 million barrels per day, compared with 21.614 million barrels per day in the previous period [5]. - US gasoline apparent demand: 9.117 million barrels per day, compared with 9.24 million barrels per day in the previous period [5]. - US diesel apparent demand: 3.768 million barrels per day, compared with 4.141 million barrels per day in the previous period [5]. - US crude oil imports: 6.742 million barrels per day, compared with 6.234 million barrels per day in the previous period [5]. - US crude oil exports: 3.884 million barrels per day, compared with 3.81 million barrels per day in the previous period [5]. - US refinery crude oil processing volume: 16.869 million barrels per day, compared with 16.88 million barrels per day in the previous period [5]. - US refinery utilization rate: 94.3%, compared with 94.6% in the previous period [5]

Report Industry Investment Rating - Not provided in the given content Core View of the Report - The EIA report for the week is relatively bearish due to the unexpected increase in US crude oil inventories and the potential entry of refineries into the autumn maintenance period. The start of autumn maintenance at US refineries under the global crude oil production increase scenario is expected to widen the supply - demand gap. Although distillate demand is strong and inventories are low, which may support the diesel crack spread, the impact of refinery maintenance on crude oil demand will be more reflected in the crude oil market [4][6] Summary According to Relevant Catalogs Inventory Data - As of August 29, US commercial crude oil total inventory was 420.707 million barrels, a week - on - week increase of 2.415 million barrels, contrary to the expected decrease of 2 million barrels. Cushing inventory increased by 1.59 million barrels, and strategic reserve inventory increased by 0.509 million barrels. Gasoline inventory decreased by 3.795 million barrels, exceeding the expected decrease of 1.1 million barrels, while distillate inventory increased by 1.681 million barrels, contrary to the expected decrease of 0.6 million barrels. The total inventory of the US crude oil chain increased by 7.611 million barrels [2][3] Production and Consumption Data - US crude oil production decreased by 16 thousand barrels per day to 13.423 million barrels per day from August 22 to August 29. US crude oil net imports increased by 434 thousand barrels per day to 2.858 million barrels per day. Crude oil processing volume decreased by 11 thousand barrels per day to 16.869 million barrels per day. The four - week smoothed US crude oil terminal apparent demand increased by 132.5 thousand barrels per day, gasoline apparent demand increased by 19.25 thousand barrels per day, distillate apparent demand increased by 12 thousand barrels per day, and jet fuel apparent demand decreased by 0.25 thousand barrels per day [3] Refinery and Market Conditions - US refinery utilization rate declined for the second consecutive week, dropping 0.3% to 94.3%, moving further away from the previous high of nearly 97%. After the report was released, the market generally trended downwards. With the end of the driving peak season after the Labor Day weekend in early September, refinery operations are expected to follow a seasonal decline pattern, which is a bearish factor for crude oil demand [4][6] Product - Specific Analysis - Gasoline inventory decreased significantly before the Labor Day weekend, but the data at the end of the peak season has limited influence. Distillate demand, which rises seasonally with the start of the autumn harvest, remains stable. Although distillate inventory increased, it is still at a low level, and the distillate crack spread is expected to remain strong. However, due to the smaller consumption volume of distillates compared to gasoline, the overall terminal demand is expected to decline in the future [8]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - OPEC+ has not decided whether to continue increasing production, but previous news has damaged market confidence. Coupled with the unexpected increase in EIA crude oil inventories, oil prices have been further hit. Crude oil is expected to trade in the range of 480 - 490 in the short term, and long - term investors are advised to hold long positions [3] Summary by Catalog 1. Daily Hints - **Fundamentals**: OPEC+ is considering current market conditions and forecasts, and eight member countries may further increase oil production. OPEC's oil production in August may rise due to increased output from the UAE and Saudi Arabia [3] - **Basis**: On September 4, the spot price of Oman crude oil was $69.70 per barrel, and the spot price of Qatar Marine crude oil was $69.16 per barrel. The basis was 34.21 yuan/barrel, with the spot price higher than the futures price [3] - **Inventory**: From August 29, the API crude oil inventory in the US increased by 622,000 barrels, and the EIA inventory increased by 2.415 million barrels, both exceeding expectations. Cushing's inventory increased by 1.59 million barrels. As of September 4, the Shanghai crude oil futures inventory remained unchanged at 5.721 million barrels [3] - **Market**: The 20 - day moving average was flat, and the price was below the moving average [3] - **Main Position**: As of August 26, the main long positions in WTI crude oil decreased, while those in Brent crude oil increased [3] - **Futures and Spot Quotes**: The settlement prices of Brent crude oil, WTI crude oil, SC crude oil, and Oman crude oil all declined. The spot prices of various types of crude oil also decreased [7][9] 2. Recent News - **Political News**: Trump called on European countries to stop buying Russian oil. The US will gradually cancel some security aid to European countries near the Russian border [5] - **Corporate News**: ConocoPhillips will lay off up to a quarter of its employees (about 3,250). Chevron laid off up to 20% of its employees earlier this year [5] - **Inventory News**: As of August 29, US commercial crude oil inventories increased by 2.4 million barrels, strategic petroleum reserves increased by 500,000 barrels, gasoline inventories decreased by 3.8 million barrels, and distillate inventories increased by 1.7 million barrels. Domestic crude oil production decreased by 16,000 barrels per day, and refinery crude processing volume decreased by 11,000 barrels per day [5] 3. Long - Short Concerns - **Bullish Factors**: The US imposes secondary sanctions on Russian energy exports, and the Sino - US tariff exemption period is extended again [6] - **Bearish Factors**: There is hope for a cease - fire in the Russia - Ukraine conflict, and the US has tense trade relations with other economies [6] - **Market Drivers**: In the short term, geopolitical conflicts have decreased, and the risk of trade tariffs has increased. In the medium and long term, supply will increase after the peak season ends [6] 4. Fundamental Data - **API Inventory Trend**: From June 20 to August 29, API inventories showed fluctuations, with an increase of 622,000 barrels on August 29 [10] - **EIA Inventory Trend**: From June 27 to August 29, EIA inventories also fluctuated, with an increase of 2.415 million barrels on August 29 [14] - **Supply - Demand Balance Sheet**: The supply - demand gap and production data of OPEC+ from 2023 to 2026 - Q4 are presented [20] 5. Position Data - **WTI Crude Oil Fund Net Long Position**: From June 24 to August 26, the net long position of WTI crude oil funds showed a downward trend overall, with a decrease of 10,737 on August 26 [17] - **Brent Crude Oil Fund Net Long Position**: From June 24 to August 26, the net long position of Brent crude oil funds also fluctuated, with a decrease of 10,737 on August 26 [19]

Group 1 - As of the week ending August 29, 2025, U.S. commercial crude oil inventories increased by 2.415 million barrels to 421 million barrels, contrary to market expectations of a decrease of 2.031 million barrels [1] - The U.S. Strategic Petroleum Reserve (SPR) inventory rose by 509,000 barrels to 40.47 million barrels, the highest level since October 14, 2022 [1] - Gasoline inventories decreased by 3.795 million barrels, marking the largest decline since the week ending April 25, 2025, and have now fallen for seven consecutive weeks [1] Group 2 - U.S. domestic crude oil production decreased by 16,000 barrels to 13.423 million barrels per day as of the week ending August 29, 2025 [1] - The four-week average supply of U.S. crude oil products was 21.282 million barrels per day, an increase of 2.47% compared to the same period last year [1] - U.S. crude oil imports, excluding the Strategic Reserve, increased by 508,000 barrels per day to 6.742 million barrels per day [1] Group 3 - As of September 5, 2025, WTI crude oil was reported at $63.23 per barrel, down 0.17%, while Brent crude was at $66.74 per barrel, down 0.21% [3]

Core Insights - The API crude oil inventory in the U.S. increased by 622,000 barrels last week, contrary to expectations of a decrease of 3.4 million barrels [1] - The previous week's inventory showed a decrease of 974,000 barrels [1] Inventory Data - Current inventory change: +622,000 barrels [1] - Expected inventory change: -3.4 million barrels [1] - Previous inventory change: -974,000 barrels [1]