1. Report Industry Investment Rating - No information provided 2. Core View of the Report - This week, oil prices declined, with a rapid weakening of global supply and demand. On - land and on - water inventories increased significantly, and the Dubai monthly spread further weakened. Geopolitically, the US seized a Venezuelan oil tanker, and Russia - Ukraine negotiations continued. There were rumors that Russia had found more ways to export crude oil. The CPC No. 3 berth was expected to resume on the 17th. Global gasoline and diesel cracks declined, US refinery operations recovered to over 94%, and domestic refinery operations fluctuated. The fundamental surplus intensified. If there were no new geopolitical changes, the surplus in the first quarter would be close to that during the pandemic, and short - term monthly spreads and absolute prices should be short - allocated [5] 3. Summary by Related Catalogs 3.1 Price Data - From December 10 - 16, 2025, WTI decreased by $1.55, BRENT decreased by $1.64, and DUBAI decreased by $0.71. Other related products also showed price changes, such as SC decreasing by 6.00, and domestic diesel decreasing by 6.00 [3] 3.2 News - Trump ordered a "full and complete blockade" of all sanctioned tankers entering and leaving Venezuela, which marked an escalation of pressure on Maduro. A sanctioned tanker was seized by the US near the Venezuelan coast last week. The discount of Venezuelan Merey crude oil has widened to $21 per barrel lower than Brent crude oil, compared to $14 - 15 per barrel last week [3][4] 3.3 Inventory - US API crude oil inventory for the week ending December 12 was - 932.2 barrels (expected - 219.7 barrels, previous - 477.9 barrels). Other inventory data for gasoline, refined oil, etc. are also provided for different time intervals [4]

原油成品油早报 研究中心能化团队 2025/12/16 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- | WTI-BREN | DUBAI-B | NYMEX RB | RBOB-BR | NYMEX | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | nt | 2月差 | T | RT（EFS | OB | T | HO | | | 2025/12/09 | 58.25 | 61.94 | 62.78 | 0.45 | 0.29 | -3.69 | 0.28 | 178.97 | 13.23 | 226.01 | 32.98 | | 2025/12/10 | 58.46 | 62.21 | 62.74 | 0.54 | 0.34 | -3.75 | 0.41 | 178.15 | 12.61 | 227.30 | 33.26 | | 2025/12/11 | 57.60 | 61.28 | 62.10 ...