Oil Price Sector - As of February 2, 2026, the prices for Brent crude, WTI crude, Russian ESPO crude, and Russian Urals crude are $66.30, $62.14, $52.90, and $65.49 per barrel respectively [1][2] - The price changes over the past month for major oil products are as follows: Brent crude (+9.14%), WTI crude (+8.41%), Russian ESPO (+8.34%), and Russian Urals (0.00%) [1][2] Oil Inventory Sector - According to the January 2026 report, IEA, EIA, and OPEC predict global oil inventory changes of +372.24, +282.58, and -56.86 thousand barrels per day respectively, compared to December 2025 predictions which were -14.27, +56.86, and -59.34 thousand barrels per day [2] - The average forecast for global oil inventory changes in 2026 is +199.32 thousand barrels per day, which is a decrease of 5.58 thousand barrels per day from the December 2025 average [2] Oil Supply Sector - The January 2026 report from IEA, EIA, and OPEC forecasts global oil supply for 2026 to be 10,870.29, 10,765.19, and 10,593.14 million barrels per day respectively, showing increases of 251.53, 138.75, and 122.43 million barrels per day compared to 2025 [3] - For Q1 2026, the predicted global oil supply changes are +421.90, +353.62, and -166.79 thousand barrels per day from IEA, EIA, and OPEC respectively [3] Oil Demand Sector - The January 2026 report indicates that IEA, EIA, and OPEC predict global oil demand for 2026 to be 10,498.05, 10,482.61, and 10,650.00 million barrels per day respectively, with increases of 93.22, 113.81, and 136.34 million barrels per day compared to 2025 [4] - For Q1 2026, the forecasted changes in global oil demand are +84.07, +140.81, and +133.59 thousand barrels per day from IEA, EIA, and OPEC respectively [4] Related Companies - Relevant listed companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) among others [5]

Investment Rating - The report does not explicitly state an investment rating for the oil refining industry [1]. Core Insights - The IEA and OPEC have revised down their global crude oil inventory expectations for 2026, indicating a more cautious outlook for supply and demand dynamics in the oil market [1][2]. - Predictions for global crude oil supply in 2026 are set at 10870.29, 10765.19, and 10593.14 thousand barrels per day by IEA, EIA, and OPEC respectively, showing an increase compared to 2025 [2][30]. - Global crude oil demand forecasts for 2026 are 10498.05, 10482.61, and 10650.00 thousand barrels per day, reflecting a modest increase from 2025 [2][30]. - The report highlights significant fluctuations in oil prices, with Brent crude at 66.30 USD/barrel, WTI at 62.14 USD/barrel, and a notable increase in prices over the past month [3][9]. Summary by Sections Oil Price Overview - As of February 2, 2026, Brent crude, WTI, Russian ESPO, and Urals prices are 66.30, 62.14, 52.90, and 65.49 USD/barrel respectively, with Brent and WTI showing increases of 9.14% and 8.41% over the past month [9]. Global Crude Oil Inventory - IEA, EIA, and OPEC predict global crude oil inventory changes for 2026 at +372.24, +282.58, and -56.86 thousand barrels per day respectively, with an average change of +199.32 thousand barrels per day [2][24]. Global Crude Oil Supply - The forecast for global crude oil supply in 2026 is 10870.29, 10765.19, and 10593.14 thousand barrels per day by IEA, EIA, and OPEC, with respective increases of +251.53, +138.75, and +122.43 thousand barrels per day compared to 2025 [2][30]. Global Crude Oil Demand - The demand forecast for 2026 is 10498.05, 10482.61, and 10650.00 thousand barrels per day, with increases of +93.22, +113.81, and +136.34 thousand barrels per day from 2025 [2][30]. Related Companies - The report mentions several related companies including China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and PetroChina [3][4].

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [173]. Core Insights - The report highlights a decrease in U.S. crude oil production, with a current output of 13.22 million barrels per day, down by 480,000 barrels per day from the previous period [2]. - The average weekly price for Brent and WTI crude oil futures is reported at $67.7 and $63.5 per barrel, respectively, with Brent experiencing a decrease of $0.9 and WTI an increase of $0.1 compared to the previous week [2]. - U.S. crude oil inventories have shown a decline, with total inventories at 84.51 million barrels, down by 3.24 million barrels [2]. - The report emphasizes the importance of monitoring the progress of U.S.-Iran negotiations, which could impact oil supply dynamics [1]. Summary by Sections 1. U.S. Crude Oil - Crude oil prices: Brent and WTI averaged $67.7 and $63.5 per barrel, with changes of -$0.9 and +$0.1 respectively [2]. - Crude oil inventories: Total U.S. crude oil inventory is 84.51 million barrels, with commercial inventories at 42.03 million barrels, showing a decrease of 3.24 million barrels [2]. - Crude oil production: U.S. production stands at 13.22 million barrels per day, down by 480,000 barrels per day [2]. - Crude oil demand: U.S. refinery crude processing is at 16.03 million barrels per day, down by 180,000 barrels per day [2]. - Crude oil imports and exports: U.S. imports are 6.20 million barrels per day, exports at 4.05 million barrels per day, resulting in a net import of 2.15 million barrels per day [2]. 2. U.S. Refined Oil Products - Refined oil prices: Average prices for gasoline, diesel, and jet fuel are $80, $101, and $89 per barrel, with changes of +$1.3, -$9.5, and -$5.1 respectively [2]. - Refined oil inventories: Gasoline, diesel, and jet fuel inventories are 26 million barrels, 13 million barrels, and 4 million barrels, with changes of +690, -555, and -66 thousand barrels respectively [2]. - Refined oil production: Gasoline, diesel, and jet fuel production are 9.01 million, 4.81 million, and 1.71 million barrels per day, with changes of -570, -10, and -40 thousand barrels per day respectively [2]. - Refined oil demand: Gasoline, diesel, and jet fuel consumption are 8.15 million, 4.31 million, and 1.66 million barrels per day, with changes of -600, +240, and +290 thousand barrels per day respectively [2]. 3. Related Listed Companies - Recommended companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [3]. - Companies to watch include Sinopec Oilfield Service Corporation and China Oilfield Services Limited [3].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - EIA data shows that in the week of January 23, US commercial crude oil inventories decreased by 2.295 million barrels, mainly due to a 1.706 million barrels per day decrease in net imports. US crude oil production decreased by 36,000 barrels per day, and the refinery utilization rate dropped from 93.3% to 90.9%, but remained at a high level for the same period. The crude oil processing volume decreased by 395,000 barrels per day. The impact of the cold wave on this period's data was relatively limited. After the decline in the refinery utilization rate, the pressure on gasoline and diesel inventory accumulation in the US slowed down, and the total inventory of crude oil and petroleum products in the US decreased slightly from a high level. However, the single - week data has limited indication [3]. Group 3: Summary According to the Data Table Inventory Data - US commercial crude oil inventory change: decreased by 2.295 million barrels, compared with an increase of 3.602 million barrels in the previous period [5]. - US Cushing crude oil inventory change: decreased by 278,000 barrels, compared with an increase of 1.478 million barrels in the previous period [5]. - US strategic petroleum inventory change: increased by 515,000 barrels, compared with an increase of 806,000 barrels in the previous period [5]. - US gasoline inventory change: increased by 223,000 barrels, compared with an increase of 5.977 million barrels in the previous period [5]. - US diesel inventory change: decreased by 329,000 barrels, compared with an increase of 3.348 million barrels in the previous period [5]. - US jet fuel inventory change: decreased by 696,000 barrels, compared with a decrease of 788,000 barrels in the previous period [5]. - US fuel oil inventory change: decreased by 616,000 barrels, compared with a decrease of 585,000 barrels in the previous period [5]. - US crude oil and petroleum product inventory change (excluding SPR): decreased by 6.781 million barrels, compared with an increase of 7.538 million barrels in the previous period [5]. Production and Demand Data - US crude oil production: 13.696 million barrels per day, compared with 13.732 million barrels per day in the previous period [5]. - US refined oil apparent demand: 20.675 million barrels per day, compared with 20.172 million barrels per day in the previous period [5]. - US gasoline apparent demand: 8.757 million barrels per day, compared with 7.834 million barrels per day in the previous period [5]. - US diesel apparent demand: 4.069 million barrels per day, compared with 3.524 million barrels per day in the previous period [5]. Import and Export Data - US crude oil import: 5.642 million barrels per day, compared with 6.447 million barrels per day in the previous period [5]. - US crude oil export: 4.589 million barrels per day, compared with 3.688 million barrels per day in the previous period [5]. Refinery Data - US refinery crude oil processing volume: 16.209 million barrels per day, compared with 16.604 million barrels per day in the previous period [5]. - US refinery utilization rate: 90.9%, compared with 93.3% in the previous period [5].

Group 1 - The domestic energy sector in the futures market showed a mostly positive trend, with crude oil futures opening at 462.1 yuan/barrel and reaching a high of 472.2 yuan, marking a 3.49% increase [1] - The current crude oil market is exhibiting a strong upward trend, with various institutions providing insights on future price movements [2] Group 2 - Everbright Futures noted that risks to Iranian oil supply are pushing prices higher, while a larger-than-expected decline in U.S. crude oil inventories is offset by an increase in refined oil inventories, leading to a forecast of continued strong fluctuations in oil prices [2] - Chaos Tiancheng Futures analyzed that OPEC+ is maintaining production levels amidst geopolitical disturbances and U.S. cold weather affecting shale oil output, while strong U.S. economic resilience and a weaker dollar support non-dollar demand [2] - Zhongcai Futures indicated that EIA commercial crude oil inventories have decreased more than expected, alongside ongoing tensions in Iran, predicting a short-term continuation of a strong fluctuation in oil prices [2]

Core Viewpoint - The U.S. Energy Information Administration (EIA) reported a decrease in crude oil inventories by 2.295 million barrels, contrary to market expectations of an increase of 1.848 million barrels [1]. Group 1 - The actual inventory change was a reduction of 2.295 million barrels [1] - Market expectations were for an increase of 1.848 million barrels [1]

Core Viewpoint - The current oil price adjustment cycle indicates an expected increase of 140 yuan per ton, translating to a rise of 0.11-0.13 yuan per liter, surpassing the previous day's forecast by 20 yuan per ton, leading to a significant increase in oil prices [1]. Group 1: Oil Price Trends - International oil prices have surged again, influenced by winter storms affecting U.S. oil production and geopolitical instability, raising concerns about potential supply disruptions [4]. - As of the latest data, U.S. crude oil prices rose by 2.84% to $62.65 per barrel, while Brent crude increased by 2.61% to $66.53 per barrel [4]. - The latest API report indicated a decrease of 247,000 barrels in U.S. crude oil inventories, contrary to market expectations of an increase of 1.45 million barrels, further supporting the rise in international oil prices [4]. Group 2: Regional Fuel Prices - The expected fuel prices in various regions are as follows: - Beijing: 92 gasoline at 6.77, 95 gasoline at 7.21, 98 gasoline at 8.71, and 0 diesel at 6.45 [5]. - Shanghai: 92 gasoline at 6.74, 95 gasoline at 7.17, 98 gasoline at 9.17, and 0 diesel at 6.39 [5]. - Jiangsu: 92 gasoline at 6.75, 95 gasoline at 7.18, 98 gasoline at 9.24, and 0 diesel at 6.37 [5]. - Other regions show similar pricing trends, with slight variations across different provinces [5][6].

册货有限公司 中东库存持续回升 -Kpler原油库存数据报告 研究员:李云旭 从业资格号 F03141405 投资咨询号 Z0021671 Kp ler数据显示: 1月25日当周，全球陆地及浮仓库存变动较小,全口径（含在途）库存回落，即在途船货数量减少。陆上库存分区域看,中 国、俄罗斯、中东库存回升,其中中东库存开年以来自底部持续回升,印度、欧洲库存回落。 风险提示:Kpler对数据进行回溯调整。 图表 2:全球原油浮仓 图表 1:全球陆上原油库存 - 2023 - 2022 2026 · - 2025 - 2024 - 2023 - 2022 - 2025 -- 2024 手段 千瓶 3600000 2400000 210000 3550000 180000 35000000 150000 3450000 120000 34000000 90000 3350000 3300000 资料来源:Kpler 中信期货研究所 资料来源:Kpler 中信期货研 图表 3:全球陆塑+学仓展油 2023 - 2022 2023 - 2022 千橙 千種 3800000 4900000 0000000 3700000 47 ...

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1] Core Insights - As of January 23, 2026, international oil prices have seen a slight increase due to multiple favorable factors, including temporary production halts in Kazakhstan, an upward revision of global economic growth forecasts, the cancellation of tariffs on eight European countries by Trump, and extreme cold weather potentially affecting supply and demand [2][9] - Brent and WTI crude oil prices were reported at $65.07 and $61.07 per barrel, respectively, marking increases of 1.47% and 2.92% from the previous week [2][20] - The oil and petrochemical sector outperformed, with a 7.71% increase, while the broader Shanghai and Shenzhen 300 index fell by 0.62% [10][13] Summary by Sections Oil Price Review - Brent crude futures settled at $65.07 per barrel, up $0.94 (+1.47%) from the previous week, while WTI crude futures rose to $61.07 per barrel, an increase of $1.73 (+2.92%) [2][20] Offshore Drilling Services - As of January 19, 2026, the number of global offshore self-elevating drilling platforms was 376, a decrease of 1 from the previous week, while floating drilling platforms increased by 3 to a total of 133 [29] Oil Supply - U.S. crude oil production was reported at 13.732 million barrels per day as of January 16, 2026, a decrease of 21,000 barrels from the previous week [39] - The number of active drilling rigs in the U.S. increased by 1 to 411 as of January 23, 2026 [39] Oil Demand - U.S. refinery crude oil processing volume was 16.604 million barrels per day as of January 16, 2026, down by 354,000 barrels from the previous week, with a refinery utilization rate of 93.30%, a decrease of 2.0 percentage points [47] Oil Inventory - As of January 16, 2026, total U.S. crude oil inventories stood at 841 million barrels, an increase of 4.408 million barrels (+0.53%) from the previous week [48] Related Stocks - Key stocks in the sector include China National Offshore Oil Corporation (CNOOC), PetroChina, Sinopec, and China Oilfield Services [3]

Group 1 - The report does not provide an industry investment rating Group 2 - The EIA data shows that the inventory pressure in the US energy market continues, and the weekly data is bearish [4] Group 3 EIA Weekly Data Overview - US commercial crude oil inventories increased by 3.602 million barrels in the week ending January 16, 2026 [4] - The refinery utilization rate dropped seasonally from 95.3% to 93.3% but remained at a high level for the same period [4] - Crude oil processing volume decreased by 354,000 barrels per day, which was the main driver of crude oil inventory accumulation [4] - Net crude oil exports increased by 27,000 barrels per day, with both imports and exports declining [4] - The estimated weekly crude oil production was revised down by 21,000 barrels per day [4] Inventory and Demand Data Details | Category | Unit | Current Value | Previous Value | | --- | --- | --- | --- | | US commercial crude oil inventory change | 10,000 barrels | - 360.2 | △ 339.1 | | US Cushing crude oil inventory change | 10,000 barrels | △ 147.8 | - 74.5 | | US strategic petroleum reserve change | 10,000 barrels | ▲ 80.6 | △ 21.4 | | US gasoline inventory change | 10,000 barrels | △ 597.7 | ▲ 897.7 | | US diesel inventory change | 10,000 barrels | ▲ 334.8 | - 2.9 | | US jet fuel inventory change | 10,000 barrels | ▼ - 78.8 | ▼ - 89.2 | | US fuel oil inventory change | 10,000 barrels | ▼ - 58.5 | ▲ 173.5 | | US crude oil and petroleum product inventory change (excluding SPR) | 10,000 barrels | ▲ 753.8 | 4 621 | | US crude oil production | 10,000 barrels per day | 1373.2 | 1375.3 | | US refined oil apparent demand | 10,000 barrels per day | 2017.2 | 2100.9 | | US gasoline apparent demand | 10,000 barrels per day | 783.4 | 830.4 | | US diesel apparent demand | 10,000 barrels per day | 352.4 | 409.6 | | US crude oil imports | 10,000 barrels per day | 644.7 | 709.2 | | US crude oil exports | 10,000 barrels per day | 368.8 | 430.6 | | US refinery crude oil processing volume | 10,000 barrels per day | 1660.4 | 1695.8 | | US refinery utilization rate | % | 93.3 | 95.3 | [5]