Report Summary - **Report Industry Investment Rating**: Not provided - **Core View**: In the week of November 30, both global crude oil onshore and floating storage inventories increased slightly. The full - caliber (including in - transit) inventory declined from a high level, and the inventory pressure remained high year - on - year. Regionally, inventories in Europe and Russia decreased slightly, while those in China, India, and the Middle East increased [1] Regional Inventory Changes - Europe and Russia's crude oil inventories decreased slightly [1] - China, India, and the Middle East's crude oil inventories increased [1]

Group 1: Report General Information - Report title: Crude Oil Daily [1] - Report date: November 28, 2025 [2] Group 2: Industry Investment Rating - Not provided Group 3: Core Viewpoints - EIA data shows that U.S. crude oil inventories increased more than expected in the week of the 21st, and refined oil inventories rebounded across the board, with the data being bearish. Geopolitical tensions have eased overall, but there are still many uncertainties regarding Russia's stance on the U.S.-proposed agreement. The U.S. sanctions on Russian oil are about to take effect, and although the total Russian oil exports have not declined significantly, the proportion of oil with unknown destinations is rising rapidly, potentially reshaping the trade flow. Considering the significant inventory build - up pressure in the 4th quarter, the overall view on crude oil is bearish. Operationally, consider shorting on rebounds or conducting reverse spreads [6][7] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: WTI crude oil opened at $58.05, closed at $58.55, with a high of $58.72, a low of $57.66, a daily increase of 1.04%, and a trading volume of 20.41 million lots. Brent crude oil opened at $61.94, closed at $62.44, with a high of $62.60, a low of $61.53, a daily increase of 1.04%, and a trading volume of 34.25 million lots. SC crude oil opened at 442.8 yuan/barrel, closed at 447.6 yuan/barrel, with a high of 448.1 yuan/barrel, a low of 442.8 yuan/barrel, a daily increase of 1.08%, and a trading volume of 7.77 million lots [6] - **Operation Suggestions**: Adopt a bearish strategy on crude oil. Consider shorting on rebounds or conducting reverse spreads [7] 2. Industry News - The Caspian Pipeline Consortium exported over 65.5 million barrels of crude oil through its system from the beginning of the year to November 21. The UK government will allow new oil and gas production activities near existing oil fields but will not issue new licenses for exploring new oil and gas fields. A new oil and gas price mechanism will replace the energy profit tax, which is expected to end in April 2030 or earlier. European Commission President von der Leyen said the European Commission is ready to submit a legal text on using frozen Russian assets [10] 3. Data Overview - Various data charts are presented, including global high - frequency crude oil inventories, EIA crude oil inventories, U.S. crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, U.S. gasoline consumption, and U.S. diesel consumption, with data sources from EIA, Wind, Bloomberg, and the research and development department of CCB Futures [11][12][15][21]

Report Overview - Report Title: Crude Oil and Refined Oil Morning Report - Report Date: November 27, 2025 - Research Team: Energy and Chemicals Team of the Research Center 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - This week, oil prices closed lower. The Russia-Ukraine negotiations made significant progress, and Zelensky and Trump will discuss the peace plan next week, with Russia being open to it, but no substantial discussions have taken place between Russia and the US. The risk premium of gasoline and diesel cracking in Europe and the US has rapidly retreated, and the monthly spread of crude oil has declined, showing a weekly rebound. Global onshore inventories have increased this week, while the total onshore and offshore inventories have slightly decreased, reaching a new high since 2020. US EIA commercial crude oil inventories have decreased, while gasoline and diesel inventories have increased. The number of US drilling rigs and fracturing operations has increased, and the refinery operating rates in Europe and the US have risen. Recently, there is still room for downward correction in US gasoline and European diesel prices. With supply exceeding demand, the strategy of shorting crude oil from a high level is maintained. The Brent price is expected to be between $55 and $60 per barrel in the fourth quarter. Short-term attention should be paid to the US draft of the Russia-Ukraine conflict solution [6]. 3. Summary by Relevant Catalogs 3.1 Daily News - The Caspian Pipeline Consortium has resumed oil shipments at its Black Sea terminal [3]. - The Natural Resources Ministry and the Ministry of Electricity of the Kurdistan Region of Iraq, along with Dana Gas of the UAE, are currently on-site to investigate a drone attack incident [3]. - The US Environmental Protection Agency has finalized a new rule, granting oil and gas operators an additional grace period of over a year to comply with the mandatory requirements of replacing leaky equipment and regularly monitoring methane leaks set by former President Biden. The Trump administration stated that the rule will affect hundreds of oil and gas sources across the country and is expected to save approximately $750 million in compliance costs over the next decade. Methane is a potent greenhouse gas, with a short-term greenhouse effect 80 times that of carbon dioxide. Oil and gas operations are the largest industrial methane emission source in the US, and the Biden-era regulations aimed to reduce methane emissions and the emissions of volatile organic compounds including the carcinogen benzene [3]. 3.2 Inventory - **API Inventory Data**: For the week ending November 21, the API crude oil inventory decreased by 1.859 million barrels, compared with a previous value of an increase of 4.448 million barrels; the API gasoline inventory increased by 0.539 million barrels, compared with a previous value of an increase of 1.546 million barrels; the API refined oil inventory increased by 0.753 million barrels, compared with a previous value of an increase of 0.577 million barrels [4]. - **EIA Report Data**: In the week of November 21, US crude oil exports decreased by 560,000 barrels per day to 3.598 million barrels per day; US domestic crude oil production decreased by 20,000 barrels to 13.814 million barrels per day; commercial crude oil inventories excluding strategic reserves increased by 2.774 million barrels to 427 million barrels, a 0.65% increase; the four - week average supply of US crude oil products was 20.381 million barrels per day, a 0.05% decrease compared to the same period last year; the US Strategic Petroleum Reserve (SPR) inventory increased by 498,000 barrels to 411.4 million barrels, a 0.12% increase; the import of commercial crude oil excluding strategic reserves was 6.436 million barrels per day, an increase of 486,000 barrels per day compared to the previous week [4]. - **Domestic Gasoline and Diesel Inventory**: From November 14 - 20, both gasoline and diesel inventories decreased. Gasoline inventory was 10.2331 million tons, a 1.75% decrease, and diesel inventory was 12.2708 million tons, a 4.25% decrease. The inventories of both gasoline and diesel in major refineries and social sectors decreased, while those in local refineries increased. The comprehensive refining profit of major refineries rebounded month - on - month, and the comprehensive profit of local refineries fluctuated [5]. - **Fujairah Refined Oil Inventory**: As of the week ending November 24, the total refined oil inventory in Fujairah, UAE increased by 197,000 barrels compared to the previous week. The light distillate inventory decreased by 934,000 barrels to 6.291 million barrels, the medium distillate inventory increased by 205,000 barrels to 3.393 million barrels, and the heavy residual fuel oil inventory increased by 926,000 barrels to 11.165 million barrels [5]. 3.3 Weekly View - This week, oil prices closed lower. The Russia-Ukraine negotiations made significant progress, and Zelensky and Trump will discuss the peace plan next week, with Russia being open to it, but no substantial discussions have taken place between Russia and the US. The risk premium of gasoline and diesel cracking in Europe and the US has rapidly retreated, and the monthly spread of crude oil has declined, showing a weekly rebound. Global onshore inventories have increased this week, while the total onshore and offshore inventories have slightly decreased, reaching a new high since 2020. US EIA commercial crude oil inventories have decreased, while gasoline and diesel inventories have increased. The number of US drilling rigs and fracturing operations has increased, and the refinery operating rates in Europe and the US have risen. Recently, there is still room for downward correction in US gasoline and European diesel prices. With supply exceeding demand, the strategy of shorting crude oil from a high level is maintained. The Brent price is expected to be between $55 and $60 per barrel in the fourth quarter. Short-term attention should be paid to the US draft of the Russia-Ukraine conflict solution [6].

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The refinery utilization rate in the US accelerated its recovery. Although the refinery utilization rate continued to rise from the bottom to 92.3%, the processing volume increased by 211,000 barrels per day, and the crude oil production decreased by 20,000 barrels per day to 1,381.4 million barrels per day, the net import of crude oil increased by 1.046 million barrels per day, leading to an accumulation of commercial crude oil inventories by 2.774 million barrels in the week ending November 21. After the refinery utilization rate rebounded, both gasoline and diesel inventories accumulated, the apparent demand for gasoline rebounded, and the apparent demand for diesel declined. The total inventory of crude oil and petroleum products increased slightly, but the single - week data has limited indication [4]. 3. Summary by Related Catalog US Crude Oil and Petroleum Product Inventory Data - **Commercial Crude Oil Inventory**: Increased by 2.774 million barrels, compared with a decrease of 3.426 million barrels in the previous period [4][6]. - **Cushing Crude Oil Inventory**: Decreased by 68,000 barrels, compared with a decrease of 698,000 barrels in the previous period [6]. - **Strategic Petroleum Inventory**: Increased by 498,000 barrels, compared with an increase of 533,000 barrels in the previous period [6]. - **Gasoline Inventory**: Increased by 2.513 million barrels, compared with an increase of 2.327 million barrels in the previous period [6]. - **Diesel Inventory**: Increased by 1.147 million barrels, compared with an increase of 171,000 barrels in the previous period [6]. - **Jet Fuel Inventory**: Increased by 370,000 barrels, compared with an increase of 146,000 barrels in the previous period [6]. - **Fuel Oil Inventory**: Decreased by 531,000 barrels, compared with an increase of 287,000 barrels in the previous period [6]. - **Total Inventory of Crude Oil and Petroleum Products (excluding SPR)**: Increased by 1.562 million barrels, compared with a decrease of 2.715 million barrels in the previous period [6]. US Crude Oil Production, Demand and Trade Data - **Crude Oil Production**: Decreased by 20,000 barrels per day to 1,381.4 million barrels per day [4][6]. - **Refinery Crude Oil Processing Volume**: Increased by 211,000 barrels per day to 16.443 million barrels per day [4][6]. - **Apparent Demand for Refined Oil Products**: Increased to 20.24 million barrels per day from 20.157 million barrels per day in the previous period [6]. - **Apparent Demand for Gasoline**: Increased to 8.726 million barrels per day from 8.528 million barrels per day in the previous period [6]. - **Apparent Demand for Diesel**: Decreased to 3.362 million barrels per day from 3.882 million barrels per day in the previous period [6]. - **Crude Oil Import**: Increased to 6.436 million barrels per day from 5.95 million barrels per day in the previous period [6]. - **Crude Oil Export**: Decreased to 3.598 million barrels per day from 4.158 million barrels per day in the previous period [6]. - **Refinery Utilization Rate**: Increased to 92.3% from 90% in the previous period [4][6]

1. Report's Investment Rating for the Industry - No information about the industry investment rating is provided in the report. 2. Core View of the Report - This week, oil prices closed lower. Significant progress has been made in the Russia-Ukraine negotiations. Zelensky and Trump will discuss the peace plan next week, and Russia is open to it, but no substantial discussions have taken place between Russia and the US. The risk premium of the crack spread for gasoline and diesel in Europe and the US has rapidly reversed, and the monthly spread of crude oil has declined, showing a weekly rebound. Global onshore inventories have increased, while the total onshore and offshore inventories have slightly decreased, reaching a new high since 2020. US EIA commercial crude oil inventories have decreased, while gasoline and diesel inventories have increased. The number of drilling rigs and fracturing operations in the US has increased, and the refinery operating rates in Europe and the US have risen. Recently, there is still room for downward correction in US gasoline and European diesel. With a supply-demand surplus, the strategy of shorting crude oil from a high level is maintained. The price of Brent crude oil is expected to be between $55 - $60 per barrel in the fourth quarter. Short-term focus should be on the Russia-Ukraine conflict resolution plan drafted by the US [6]. 3. Summary by Relevant Catalog 3.1 Oil Price Data - From November 19 - 25, 2025, WTI crude oil decreased by $0.89, BRENT increased by $0.26, and DUBAI decreased by $0.17. The SC increased by 0.70, and OMAN decreased by 0.47. The price of Japanese naphtha CFR is unavailable for the change, and the Singapore fuel oil 380CST premium increased by 0.75 [3]. 3.2 Daily News - The initial 28 - point peace plan drafted by the US has been further refined, with only a few differences remaining. The crude oil production of Kazakhstan's Tengiz oil field from November 1 - 23 increased by 8.5% month - on - month but did not reach the planned target. Analysts believe that Russia may not accept the US - Ukraine peace plan. Ukrainian and US delegations have reached an agreement on the terms of a potential peace deal. The Russian Black Sea's Novorossiysk and CPC oil terminals have resumed shipments after a drone attack [3][4]. 3.3 Inventory - For the week ending November 21, US API crude oil inventories decreased by 1.859 million barrels, gasoline inventories increased by 0.539 million barrels, and refined oil inventories increased by 0.753 million barrels. For the week of November 14, US crude oil exports increased by 1.342 million barrels per day to 4.158 million barrels per day, domestic crude oil production decreased by 0.028 million barrels to 13.834 million barrels per day, commercial crude oil inventories (excluding strategic reserves) decreased by 3.426 million barrels to 424 million barrels (a decrease of 0.8%), and strategic petroleum reserve (SPR) inventories increased by 0.533 million barrels to 410.9 million barrels (an increase of 0.13%). From November 14 - 20, both gasoline and diesel inventories decreased, with gasoline dropping by 1.75% to 10.2331 million tons and diesel dropping by 4.25% to 12.2708 million tons. The comprehensive refining profit of major refineries rebounded month - on - month, while the comprehensive profit of local refineries fluctuated [4][5].

每经AI快讯，11月26日，美国上周API原油库存增加185.9万桶，前置增加444.8万桶。 ...

Group 1 - The long-term support level for the monthly chart is at 3230, indicating a bullish outlook for long-term investors [1] - The weekly chart shows a support level at 3900, suggesting a medium-term bullish sentiment [1] - The daily chart indicates a bearish trend with a support level at 4090, which may signal short-term selling opportunities [1] Group 2 - The monthly chart for oil indicates a resistance level at 63.40, reflecting a long-term bearish outlook [3] - The weekly chart shows a resistance level at 60.30, suggesting a medium-term bearish sentiment [3] - The daily chart indicates a resistance level at 59.30, reinforcing the bearish trend [3] Group 3 - Key economic data to watch includes Germany's Q3 GDP final value at 15:00, UK CBI retail sales at 19:00, and Alibaba's earnings call at 20:30 [5] - Additional important U.S. economic indicators include September retail sales at 21:30, PPI year-on-year and month-on-month at 21:30, and FHFA house price index at 22:00 [5] - The report also highlights the importance of the consumer confidence index and Richmond Fed manufacturing index, both scheduled for 23:00 [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The overnight negotiation between the US and Ukraine on the peace agreement is still ongoing. Due to European opposition, some terms have been modified, and it is expected that the agreement will not be reached within the announced time, which partially boosts geopolitical sentiment. Another Federal Reserve governor supports further interest rate cuts, and the positive signal boosts oil prices. Overall, the oil price stabilizes at a low level. SC2601 is expected to trade in the range of 445 - 455, and long - term investors are advised to hold a wait - and - see attitude [3] 3. Summary by Relevant Catalogs 3.1 Daily Prompt - **Fundamentals**: Russia's Tuapse port in the Black Sea has resumed oil product exports after a two - week suspension due to a drone attack, and local refineries have restarted crude oil processing; the US and Ukrainian officials are trying to narrow the differences in the plan to end the Ukraine war; Federal Reserve Governor Waller said the US job market is still weak, which may prompt the Fed to cut interest rates by 25 basis points at the December 9 - 10 meeting. The overall situation is neutral [3] - **Basis**: On November 24, the spot price of Oman crude oil was $63.17 per barrel, and that of Qatar Marine crude oil was $62.10 per barrel, with a basis of 34.43 yuan per barrel, indicating that the spot price is at a premium to the futures price, which is bullish [3] - **Inventory**: The API crude oil inventory in the US increased by 4.448 million barrels in the week ending November 14; the EIA inventory in the week ending November 14 decreased by 3.426 million barrels, exceeding the expected decrease of 0.603 million barrels; the inventory in the Cushing area decreased by 69,800 barrels in the week ending November 14; as of November 24, the inventory of Shanghai crude oil futures remained unchanged at 3.464 million barrels, which is bullish [3] - **Market**: The 20 - day moving average is downward, and the price is below the moving average, which is bearish [3] - **Main Position**: As of October 7, the long position of WTI crude oil main contract decreased; as of November 18, the long position of Brent crude oil main contract increased, which is bullish [3] 3.2 Recent News - **Peace Talks between the US and Ukraine**: The US and Ukrainian officials are working hard to bridge the differences in the plan to end the Russia - Ukraine conflict. They have drafted a "refined peace framework" after the Geneva talks. Although details are not disclosed, the dialogue has been cautiously welcomed by some Ukrainian allies. There are still some differences, and no meeting between the US and Ukrainian presidents is currently planned [5] - **Federal Reserve Interest Rate Cut**: Federal Reserve Governor Waller said the US job market is still weak, which may prompt the Fed to cut interest rates by 25 basis points at the December 9 - 10 meeting. Future actions depend on a large amount of upcoming data [5] - **Crude Oil Purchase by Indian Refinery**: India's MRPL has purchased 2 million barrels of Abu Dhabi Murban crude oil for January loading through tender, continuing to avoid Russian oil. Earlier this month, it also purchased 1 million barrels of Basra Medium crude oil for delivery from January 1 to 7 [5] 3.3 Long - and Short - Term Concerns - **Bullish Factors**: Sanctions against Russia are approaching; OPEC+ will suspend production increases in the first quarter of next year [6] - **Bearish Factors**: The situation in the Middle East has eased; institutions have a relatively consistent expectation of crude oil oversupply; there may be a meeting and negotiation between the US and Russia [6] - **Market Driver**: Short - term bearish impacts are exhausted, geopolitical bullish factors are not obvious, and there is a risk of oversupply in the medium - and long - term [6] 3.4 Fundamental Data - **Futures Market**: The settlement price of Brent crude oil increased from 62.56 to 62.72, with an increase of 0.16 and a growth rate of 0.26%; WTI crude oil increased from 58.06 to 58.84, with an increase of 0.78 and a growth rate of 1.34%; SC crude oil decreased from 453.0 to 445.6, with a decrease of 7.40 and a decline rate of 1.63%; Oman crude oil increased from 62.67 to 62.68, with an increase of 0.01 and a growth rate of 0.02% [7] - **Spot Market**: The price of UK Brent Dtd increased from 62.50 to 64.10, with an increase of 1.60 and a growth rate of 2.56%; WTI increased from 58.06 to 58.84, with an increase of 0.78 and a growth rate of 1.34%; Oman crude oil increased from 62.98 to 63.17, with an increase of 0.19 and a growth rate of 0.30%; Shengli crude oil decreased from 58.74 to 58.23, with a decrease of 0.51 and a decline rate of 0.87%; Dubai crude oil decreased from 62.97 to 62.66, with a decrease of 0.31 and a decline rate of 0.49% [9] - **API Inventory**: The API crude oil inventory in the US increased by 4.448 million barrels in the week ending November 14 [3][10] - **EIA Inventory**: The EIA inventory in the US decreased by 3.426 million barrels in the week ending November 14, exceeding the expected decrease of 0.603 million barrels [3][13] 3.5 Position Data - **WTI Crude Oil Fund Net Long Position**: As of October 7, the net long position was 74,309, a decrease of 28,991 [17] - **Brent Crude Oil Fund Net Long Position**: As of November 18, the net long position was 178,364, an increase of 13,497 [19]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - In the week of November 23, both global on - land crude oil inventories and floating storage inventories increased slightly, while the full - scope (including in - transit) inventories continued to decline from a high level. Year - on - year, the inventory pressure remained high. Regionally, inventories in China decreased slightly, while those in Russia, India, the Middle East, and Europe increased, with a significant jump in Russian inventories. Attention should be paid to the sustainability of subsequent inventory accumulation in Russia under the background of reduced exports [2] 3. Grouped Summaries - **Global Inventory Situation** - Global on - land crude oil inventories and floating storage inventories rose slightly in the week of November 23, and the full - scope (including in - transit) inventories continued to fall from a high level, but the year - on - year inventory pressure was still large [2] - **Regional Inventory Changes** - China: Crude oil inventories decreased slightly [2] - Russia: Crude oil inventories jumped significantly, and the sustainability of subsequent inventory accumulation under the background of reduced exports needs attention [2] - India: Crude oil inventories increased [2] - Middle East: Crude oil inventories increased [2] - Europe: Crude oil inventories increased [2]

Report Summary 1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core Viewpoints - The increase of 6413 thousand barrels in US commercial crude oil inventories in the week ending November 7, 2025, and the decrease of 849 thousand barrels per day in net crude oil exports were the main sources of inventory accumulation. After the release of the STEO report this week, the weekly production forecast was raised to a new high of 13.862 million barrels per day, the crude oil processing volume increased by 717 thousand barrels per day, and the refinery utilization rate rebounded from a low level to 89.4%. Gasoline and diesel inventories continued to decline but at a slower pace, and the total inventory of crude oil and petroleum products increased. However, the single - week data has limited indication [4]. 3. Summary by Relevant Catalog Inventory Data - US commercial crude oil inventory change: increased by 6413 thousand barrels, compared with a decrease of 5202 thousand barrels in the previous period [4][6]. - US Cushing crude oil inventory change: decreased by 346 thousand barrels, compared with an increase of 30 thousand barrels in the previous period [6]. - US strategic petroleum inventory change: increased by 798 thousand barrels, compared with 498 thousand barrels in the previous period [6]. - US gasoline inventory change: decreased by 945 thousand barrels, compared with a decrease of 4729 thousand barrels in the previous period [6]. - US diesel inventory change: decreased by 637 thousand barrels, compared with a decrease of 643 thousand barrels in the previous period [6]. - US jet fuel inventory change: increased by 1119 thousand barrels, compared with an increase of 277 thousand barrels in the previous period [6]. - US fuel oil inventory change: increased by 1226 thousand barrels, compared with an increase of 84 thousand barrels in the previous period [6]. - US crude oil and petroleum product inventory change (excluding SPR): increased by 2524 thousand barrels, compared with an increase of 633 thousand barrels in the previous period [6]. Production and Demand Data - US crude oil production: 13.862 million barrels per day, compared with 13.651 million barrels per day in the previous period [6]. - US refined product apparent demand: 20.77 million barrels per day, compared with 20.356 million barrels per day in the previous period [6]. - US gasoline apparent demand: 9.028 million barrels per day, compared with 8.874 million barrels per day in the previous period [6]. - US diesel apparent demand: 4.018 million barrels per day, compared with 3.71 million barrels per day in the previous period [6]. Import and Export Data - US crude oil imports: 5.222 million barrels per day, compared with 5.924 million barrels per day in the previous period [6]. - US crude oil exports: 2.816 million barrels per day, compared with 4.367 million barrels per day in the previous period [6]. Refinery Data - US refinery crude oil processing volume: 15.973 million barrels per day, compared with 15.256 million barrels per day in the previous period [6]. - US refinery utilization rate: 89.4%, compared with 86% in the previous period [6].