Group 1 - The core point of the article is that U.S. crude oil inventories increased by 574,000 barrels for the week ending November 28, compared to an increase of 2.774 million barrels in the previous week [1] - The Strategic Petroleum Reserve saw an increase of 250,000 barrels, while the previous week's increase was 498,000 barrels [1]

Core Viewpoint - The current oil price is expected to decrease by 70 yuan/ton, translating to a reduction of 0.05-0.06 yuan per liter, indicating a potential downward trend in oil prices due to significant drops in international oil prices [1][3]. Oil Price Adjustments - The next round of oil price adjustments is scheduled for December 8 at 24:00 [4]. - The expected price changes for various fuel types in different regions are detailed, with 92 gasoline prices ranging from 6.68 to 8.00 yuan per liter across various provinces [4][5][6]. International Oil Market Dynamics - Recent meetings between Russian President Putin and a U.S. envoy have raised market expectations for peace talks regarding the Russia-Ukraine conflict, which has alleviated concerns about supply disruptions and contributed to a decline in international oil prices [3]. - The performance of the oil market shows a decrease in U.S. crude oil prices by 1.55% to $58.58 per barrel, while Brent crude fell by 1.53% to $62.33 per barrel [3]. - The latest data from the American Petroleum Institute (API) indicates a significant increase in U.S. crude oil inventories by 2.48 million barrels, contrary to market expectations of a decrease, suggesting oversupply or weak demand [3]. Geopolitical Factors - Concerns have arisen regarding potential U.S. military actions against Venezuelan drug trafficking groups, which could disrupt Venezuelan oil supplies and lead to increased oil prices [3].

每经AI快讯，美国至11月28日当周API原油库存增加248万桶，前值减少185.9万桶。 ...

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]