Crude Oil Futures Market Data Change Analysis - **Main Contracts and Basis**: On November 26, 2025, the price of the SC crude oil main contract slightly declined to 445.0 yuan per barrel, a decrease of 3.6 yuan or -0.8% compared to the previous day. The WTI and Brent crude oil futures prices remained stable at $58.11 per barrel and $61.9 per barrel respectively. In terms of spreads, the SC - Brent spread weakened to $0.95 per barrel, the SC - WTI spread weakened to $4.74 per barrel, the Brent - WTI spread remained stable, and the SC continuous - consecutive 3 spread significantly weakened to -7.3 yuan per barrel [2][63][73]. - **Open Interest and Trading Volume**: The open interest and trading volume data did not show significant changes in the provided information, indicating relatively small market trading fluctuations [74]. Industrial Chain Supply - Demand and Inventory Change Analysis - **Supply Side**: On November 27, the total number of US oil rigs decreased to 407, down from the previous value of 419, suggesting that future US crude oil supply may tighten. On November 26, the production of Iraq's West Qurna - 2 oilfield remained stable at 460,000 - 480,000 barrels per day. Nigeria's Dangote Group plans to expand its refining capacity to 1.4 million barrels per day, increasing long - term supply. Hungary and Serbia are cooperating to strengthen crude oil supply [3][64][75]. - **Demand Side**: On November 26, EIA data showed that for the week ending November 21 in the US, gasoline production increased to 286,000 barrels per day, refined oil production increased to 87,000 barrels per day, and crude oil imports increased to 1.046 million barrels, indicating a recovery in refinery demand. However, the derived demand for crude oil production decreased to 1.9854 million barrels per day, while the demand for distillate fuel oil increased to 503,310 barrels per day [4][64][75]. - **Inventory Side**: On November 26, the EIA inventory report showed that crude oil inventories increased by 2.774 million barrels, far exceeding the expected 55,000 barrels and the previous value of -3.426 million barrels. Gasoline inventories increased by 2.513 million barrels, and refined oil inventories increased by 1.147 million barrels, both exceeding expectations. The strategic petroleum reserve inventory slightly decreased to 498,000 barrels [5][64][75]. Price Trend Judgment Crude oil prices may remain in a low - level oscillation or face slight downward pressure in the short term. The reasons include a significant increase in inventories, especially the unexpected growth of crude oil, gasoline, and refined oil inventories, indicating supply - surplus pressure. Although the reduction in US oil rigs provides long - term support, the short - term decline in derived demand and inventory accumulation suppress the upward price movement [5][69][76].