Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Last week, crude oil oscillated at a low level. The prices of NYMEX WTI crude oil, ICE Brent crude oil, and INE crude oil futures all declined. The approaching meeting between US and Russian leaders eased investors' concerns about reduced crude oil supply due to "secondary sanctions" on Russia, pressuring oil prices. However, the market remains pessimistic about the medium - and long - term fundamentals of crude oil [3]. - Due to OPEC's production increase causing a sharp drop in oil prices, US shale oil producers are idling drilling platforms and reducing spending, which may lead to a significant decline in US crude oil production [4]. - After the Alaska Summit, geopolitical uncertainties still exist. Macroeconomically, the upcoming release of the Fed meeting minutes and Powell's speech at the global central bank annual meeting may pave the way for a September interest rate cut, providing some support to commodities. Oil prices are expected to continue oscillating at a low level in the short term, waiting for the negotiation results [6]. Summary by Relevant Catalogs 1. Review - **Price Performance**: NYMEX WTI crude oil futures closed at $62.29 per barrel, down 1.67% for the week; ICE Brent crude oil futures closed at $65.45 per barrel, down 1.31% for the week; INE crude oil futures closed at 484.1 yuan per barrel, down 1.16% for the week [3]. - **Supply - side Information**: OPEC's monthly report showed that OPEC+ crude oil production increased by 335,000 barrels per day to 41.94 million barrels per day in July, but the increase was lower than the production recovery agreement reached by 8 OPEC+ countries. OPEC raised its forecast for global oil demand growth in 2026 by 100,000 barrels per day to 1.4 million barrels per day and lowered its forecast for non - OPEC supply growth by the same amount [3]. - **Fund Flow**: In the week ending August 12, the net long positions of speculative traders in Brent crude oil futures decreased by 34,430 contracts to 206,547 contracts; the net long positions of speculative traders in WTI crude oil decreased by 25,087 contracts to 116,742 contracts [3]. - **Geopolitical Events**: Trump and Putin held a face - to - face meeting in Alaska. Although Trump said the meeting was "extremely productive" and they reached a consensus on most issues, no final agreement to end the conflict was reached. Putin said the meeting atmosphere was "constructive" and some non - public agreements had been reached [3]. - **US Shale Oil Situation**: US shale oil producers are idling drilling platforms and reducing spending due to OPEC's production increase and falling oil prices. The number of hydraulic fracturing units for shale oil and gas wells dropped to a four - year low last week, and producers cut about $1.8 billion from their capital expenditure plans in two quarters. The EIA predicts that US crude oil production will decline next year [4]. - **US - India Relations**: The US may impose secondary tariffs on India, depending on the outcome of the meeting between Trump and Putin. Tensions between the US and India have intensified as India increased its imports of cheap Russian crude oil after the Russia - Ukraine conflict [4]. 2. Related News - Not provided separately in the content 3. Outlook - Geopolitical uncertainties remain after the Alaska Summit. The upcoming Fed meeting minutes and Powell's speech at the global central bank annual meeting may support commodities. Oil prices are expected to continue oscillating at a low level in the short term, waiting for the negotiation results. The recommended short - term trading range is 480 - 510, and long - term long positions can be held with stop - loss plans [6]. 4. Fundamental Data - **Spot Prices**: The prices of various crude oil varieties declined this week. For example, the price of UK Brent Dtd dropped from $72.01 to $69.29, a decrease of 3.79% [8]. - **Inventory Data**: Cushing inventory and EIA inventory data are provided, showing the changes in inventory levels over different time periods [10][11]. 5. Position Data - **CFTC Fund Net Long Positions**: The net long positions of speculative traders in WTI crude oil futures decreased from 141,829 contracts on August 5 to 116,742 contracts on August 12, a decrease of 25,087 contracts [17]. - **ICE Fund Net Long Positions**: The net long positions of speculative traders in ICE Brent crude oil futures decreased from 240,977 contracts on August 5 to 206,547 contracts on August 12, a decrease of 34,430 contracts [18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Short - term strategy: Short - term observation, hold long - short spreads. The global crude oil supply pattern is undergoing significant adjustments, and demand shows obvious regional and structural differences. Brent and WTI may challenge $80/barrel in the second half of the year, and SC may challenge 580 yuan/barrel. In the medium - to - long term, there is significant downward pressure on oil prices [6]. - Logic: In the third quarter, the market is bullish, with the rhythm possibly adjusted to the second half of the quarter, mainly due to OPEC+ production increase falling short of expectations, a decline in U.S. shale oil production, and a relatively low global inventory center. Overseas macro - market risk appetite has deteriorated, and potential sanctions on Russian oil may lead to a decline in exports. In the medium - to - long term, there is a bearish outlook due to long - term oversupply pressure from production increases by OPEC+ and other countries [6]. - Strategies: Hold long positions in the short term; in the long term, short at high prices and trend short. Pay attention to long - short spreads (buy SC10, sell 11 and 12), and remain on the sidelines for cross - variety trading [6]. 3. Summary by Relevant Catalogs 3.1 Supply - OPEC+ production increase in July fell short of expectations. Eight OPEC+ member countries plan to fully lift the "voluntary production cuts" in September, releasing 547,000 barrels per day of sour crude oil supply. Saudi Arabia has increased exports to the Asia - Pacific region. Non - OPEC+ producers show a differentiated trend: U.S. shale oil production is expected to decrease by 130,000 barrels per day in 2025, while emerging producers such as Guyana and Brazil are seeing rising production. Russia has successfully transferred its supply through the Asian market, and Venezuela has resumed exports [6][8][9]. - Supply situation by country: Iraq's production is limited; the UAE's production and exports are high, with planned maintenance in October; Saudi Arabia has raised its official selling prices for Asia in September; Nigeria's exports are increasing; Angola's exports are under pressure; Russia's exports to India have decreased, but exports to China have increased; Norway's medium - sour crude oil prices have fallen [8]. 3.2 Demand - Global crude oil demand shows obvious regional and structural differences. China is increasing its strategic reserve construction, with land - based crude oil inventories increasing at a daily rate of 700,000 barrels from March to July, accounting for 75% of the global inventory increase during the same period. The U.S. refineries are operating at high loads, but gasoline demand growth is restricted. The European market is facing an oversupply of jet fuel. India has reduced its imports of Russian oil under U.S. pressure [6][11]. - Demand situation by country: In China, gasoline demand has decreased by 8.1% year - on - year, diesel demand has increased by 1.9% year - on - year, and aviation fuel demand has increased by 11.1% year - on - year. India has reduced its imports of Russian oil and turned to U.S. and Middle Eastern crude oil, resulting in a decline in refinery processing volume in June [11]. 3.3 Macro - Pay attention to the Russia - U.S. negotiations and the development of the Russia - Ukraine situation. Overseas PPI has increased, and attention should be paid to inflation transmission. The RMB exchange rate continues to strengthen, and social financing has rebounded [13][19][24]. 3.4 Price, Spread and Position - North American basis has rebounded slightly. The monthly spread has fallen to a low level. SC is stronger than the external market, and the monthly spread has weakened. Net long positions have declined [77][78][81].

Market Performance - US stock markets opened higher and closed with gains, with all three major indices rising, and the Nasdaq index reaching a new closing high [1] - As of the close, the Dow Jones Industrial Average rose by 0.47% to 44,175.61 points, the S&P 500 increased by 0.78% to 6,389.45 points, and the Nasdaq climbed by 0.98% to 21,450.02 points, setting a new record [2] Apple Inc. Performance - Apple shares surged over 13% this week, with significant daily increases of 5.09% on August 6, 3.18% on August 7, and 4.24% on August 8, marking the largest weekly gain in over five years [3] - The total market capitalization of Apple increased by over $390 billion (approximately 28,000 million RMB) during this period [3] Investment Commitments - Apple CEO Tim Cook announced a commitment to invest an additional $100 billion in US manufacturing over the next four years, raising the company's total planned investment in the US from $500 billion to $600 billion [5] - This investment includes collaborations with ten companies across the US, focusing on components used in Apple products, including semiconductor chips [5] Trade and Tariff Impacts - Analysts noted that concerns over tariffs imposed by the Trump administration have affected market sentiment, particularly regarding Apple's profitability [5] - The US has increased tariffs on products imported from India, which has led to tensions and responses from the Indian government [8] Oil Market Dynamics - International oil prices fell over 5% this week, with US crude oil futures closing at $63.35 per barrel, down 5.91% for the week [9] - OPEC+ agreed to increase oil production by 547,000 barrels per day in September, marking a significant shift in their production strategy [10] Bond Market Trends - US Treasury yields rose across the board, with the 2-year yield increasing by 3.45 basis points to 3.762% and the 10-year yield rising by 3.49 basis points to 4.287% [12]

Group 1 - OPEC+ has increased oil production by 547,000 barrels per day in September, signaling a full exit from its largest production cut agreement, contributing to expectations of ample global oil supply in the second half of the year [1] - The increase in production aims to alleviate supply pressure during the demand peak season and compensate for previous production cuts, suggesting a long-term downward shift in oil price levels [1][3] - Despite the increase, analysts believe that the acceleration in production during the demand season will provide some buffer against a sharp decline in oil prices [1] Group 2 - The recent decline in international oil prices is influenced by geopolitical and macroeconomic factors, including renewed U.S. sanctions on Iran and potential sanctions on Russia, which initially raised supply concerns [2] - The market's perception of these sanctions as mere deterrents has led to a correction in oil price premiums, with traders awaiting further developments [2] - Concerns over a potential economic slowdown in the U.S. have been heightened by disappointing non-farm payroll data, which may impact oil demand [2] Group 3 - India's position as the second-largest importer of Russian oil makes it vulnerable to U.S. sanctions, which could lead to supply security concerns and affect global oil supply [3] - While current global oil inventory pressure is manageable, an increase in supply coupled with seasonal demand decline may accelerate inventory accumulation, exerting downward pressure on oil prices [3] - China's crude oil imports increased by 7.1% month-on-month and 7.4% year-on-year in June, indicating a slight uptick in demand from independent refineries [3] Group 4 - Most OPEC+ countries are producing according to quotas, but Kazakhstan is exceeding its production limits, reflecting OPEC+'s strategy to regain market share and strengthen internal unity [4] - High refinery operating rates driven by overseas diesel restocking demand may support oil prices in the short term, but ongoing expectations regarding U.S. sanctions on Russia could lead to price volatility [4] - If sanctions do not materialize as expected, the supply pressure from OPEC+ increases could further lower the central price of international oil [4]

Report Summary Industry Investment Rating No investment rating information is provided in the report. Core Views - This week, crude oil prices fluctuated within a narrow range. The monthly spreads of the three major crude oil markets slightly declined, and global oil product inventories slightly increased. [7] - The EU passed the 18th round of sanctions against Russia, lowering the price cap on Russian oil. Iran may hold nuclear negotiations with major European powers next week, and whether to restart nuclear negotiations with the US depends on the US attitude. [7] - On the supply side, the Kurdish oil field was attacked, with about 200,000 barrels per day of production at risk of interruption. [7] - Fundamentally, global oil product inventories slightly increased, while US commercial crude oil inventories decreased. Diesel inventories at major global trading hubs continued to decline, reaching historical lows, and the cracking spread of European diesel led the profit growth on the product side. [7] - After Independence Day, US gasoline apparent demand dropped significantly, and the global gasoline cracking spread has been fluctuating recently. This week, global refinery profits strengthened on a week - on - week basis, and the product side remained relatively strong. [7] - In China, refinery operations fluctuated. After the increase in operations in June, gasoline and diesel inventories at refineries increased significantly, and refinery profits weakened on a week - on - week basis, leaving limited room for further boosting operations. [7] - During the peak season of actual crude oil demand, the escalation of sanctions against Russia and the marginal tightening of Iranian crude oil supply support the crude oil inter - month structure. However, the peak - season factors have been largely realized, and the monthly spreads have shown a fluctuating pattern recently. [7] - In the medium term, the absolute price of crude oil faces downward pressure due to OPEC's accelerated production increase and the impact of US tariff policies on the global economy. Attention should be paid to the evolution of the contradiction between non - OPEC production and the near - term diesel inventory. [7] Summary by Directory 1. Price Data - From July 14 to July 18, 2025, WTI crude oil prices decreased by $0.20, BRENT decreased by $0.24, and DUBAI decreased by $0.07. [3] - SC crude oil prices increased by 15.20 yuan, and OMAN decreased by $0.08. [3] - Other related products such as domestic gasoline, domestic diesel, Japanese naphtha, and Singapore fuel oil also showed corresponding price changes. [3] 2. Daily News - The third round of Russia - Ukraine negotiations will be held in Istanbul. [3] - Iran may hold nuclear negotiations with major European powers next week, and whether to restart nuclear negotiations with the US depends on the US attitude. [4][5] - A new round of Gaza cease - fire negotiations in Doha is expected to reach an agreement within two weeks. [4] - The EU passed the 18th round of sanctions against Russia, lowering the price cap on Russian oil from $60 to $47.6 per barrel, and imposing other sanctions on Russian banks and energy facilities. [5][6] - Angola plans to increase oil exports to 1.03 million barrels per day in September, and an Iraqi oil field was attacked by a drone. [6] 3. Regional Fundamentals - In the week of July 11, US crude oil exports increased by 761,000 barrels per day to 3.518 million barrels per day, and domestic production decreased by 10,000 barrels to 13.375 million barrels per day. [6] - US commercial crude oil inventories (excluding strategic reserves) decreased by 3.859 million barrels to 422 million barrels, a decrease of 0.91%. [6] - The four - week average supply of US crude oil products was 20.262 million barrels per day, a 1.1% decrease compared to the same period last year. [6] - US Strategic Petroleum Reserve (SPR) inventories decreased by 300,000 barrels to 402.7 million barrels, a decrease of 0.07%. [6] - US commercial crude oil imports (excluding strategic reserves) were 6.379 million barrels per day, an increase of 366,000 barrels per day compared to the previous week. [6] - This week, the operating rate of major refineries in China decreased by 0.26%, and the operating rate of Shandong local refineries increased slightly by 1.17%. Chinese refinery production showed a decrease in gasoline and an increase in diesel, with gasoline inventories increasing and diesel inventories decreasing. The comprehensive profits of major refineries and local refineries both declined on a week - on - week basis. [6]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week's view on crude oil: Hold long positions. There may still be opportunities to challenge $80 per barrel in the third quarter [6]. - Brent and WTI may still have opportunities to challenge $80 per barrel in the third quarter, and SC may challenge 580 yuan per barrel. In the medium - to - long term, there is significant downward pressure on oil prices. This year, Brent and WTI may test $50 per barrel, and SC may test 420 yuan per barrel [6]. - Logic: Excluding geopolitical and trade - war uncertainties, the market is bullish in the first half of the third quarter, mainly due to OPEC+ increasing production less than expected, a decline in U.S. shale oil production, and a relatively low global inventory center. In the medium - to - long term, it is bearish, mainly due to the large long - term oversupply pressure caused by increased production from OPEC+, Brazil, Guyana, Norway, etc [6]. - Valuation: The short - term valuation is at a medium level, and there is still a chance of a further increase [6]. - Strategy: Unilateral trading - buy on dips in the short term and conduct band trading; sell on rallies in the long term and conduct trend trading. For inter - period trading, focus on going long on the 09 contract and short on the 10 or 11 contracts. For inter - commodity trading, stay on the sidelines [6]. 3. Summary According to Relevant Catalogs 3.1 Macro - U.S. long - term Treasury yields fluctuate significantly, and the gold - oil ratio rebounds [12]. - Overseas inflation rises, and the service PMI rebounds. The RMB exchange rate continues to strengthen, and social financing recovers [18][19]. 3.2 Supply - Global diesel supply remains tight. Refineries are restricted by the increasing proportion of light crude oil and have difficulty increasing production. Geopolitical conflicts and sanctions disrupt the supply chain. OPEC+ is accelerating the exit from production cuts, but non - OPEC+ supply growth may lead to a supply surplus risk in Q4 2025 [6]. - OPEC+ core member countries: Iraq has a production of 3.96 million barrels per day with a shortfall of 130,000 barrels per day; the UAE reduces the allocation of Murban crude oil in July; Saudi Arabia's production in June is 9.75 million barrels per day, exceeding the target by 380,000 barrels per day and leading the OPEC+ production increase plan in August [7]. - Non - OPEC+ countries: U.S. crude oil production reaches a record high of 13.47 million barrels per day in April, but the profitability of WTI exports to Europe and Asia has deteriorated. Kazakhstan's CPC Blend production reaches a record high, exacerbating the surplus of light oil in Europe. Venezuela's production and exports are expected to decline [8]. 3.3 Demand - Seasonal peak demand continues. Diesel demand is rigid, but jet fuel growth diverts medium - distillate production capacity. Asian processing volume is at a high level, but increased exports alleviate the surplus. Gasoline demand is weak, and the LPG substitution effect weakens naphtha demand [6]. - Different regions: Asian demand is affected by factors such as tariffs and the substitution of Venezuelan crude oil. European refineries are cautious due to conflicts, and North American refinery closures force policy adjustments [10]. 3.4 Inventory - U.S. commercial inventories rebound, and Cushing region inventories stabilize but are significantly lower than historical averages. European crude oil inventories rebound, while diesel and gasoline inventories decline. Domestic refined - oil profit margins are restored [62][76][78]. 3.5 Price and Spread - The North American basis rebounds slightly, the month - spread declines, SC is stronger than the external market, and the month - spread strengthens. Net long positions decline [82][83][85].

投资咨询业务资格：证监许可【2011】1778 号 晨会纪要 宝城期货原油早报-2025-04-30 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 原油（SC） 日内观点：震荡偏弱 中期观点：震荡偏弱 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 原油 2506 | 震荡 | 震荡 偏弱 | 震荡 偏弱 | 偏弱运行 | 偏空因素压制，原油震荡偏弱 | | --- | --- | --- | --- | --- | --- | | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | 参考观点：偏弱运行 核心逻辑：继今年 5 月 OPEC+产油国将日均原油供应量提高 41.1 万桶后，6 月可能进一步加大增产 力度，且哈萨克斯坦称或难严格遵守补偿性减产计划。供应压力逐渐增大让市场担忧原油过 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The fuel oil still follows the fluctuations of crude oil. Due to sanctions on Russia and Iran, heavy - oil resources are in short supply, and the recovery of power - generation demand in South Asia during summer supports the crack spread. Given the strength of the high - sulfur market structure in Singapore and the price difference between the domestic and foreign markets, the domestic fuel oil price may have some room for repair, but short - term crude oil fluctuations need to be closely monitored. If the crude oil rebound ends, the fuel oil may continue to weaken [11][12] 3. Summary According to Relevant Catalogs 3.1 Industry Chain Situation 3.1.1 Crude Oil Market Latest Dynamics - Supply side: OPEC+ agreed to increase crude oil supply by 411,000 barrels per day starting from May, which theoretically exerts downward pressure on crude oil prices. However, the market believes this increase is mainly to improve member compliance with the production - cut agreement, so the impact is limited. An explosion in Iran disrupted port operations and reduced the shipping efficiency of the Strait of Hormuz by 25%, causing international oil prices to rise by 3.2% - 3.8% in a single day, supporting fuel oil prices [3] - Demand side: The IEA's report shows that in 2024, the global oil demand growth was only 0.8%, and its share in global energy demand fell below 30% for the first time, with a significant slowdown in growth. Recently, as the economy recovers, the energy demand of industries such as logistics has increased, supporting crude oil prices [3] 3.1.2 Fuel Oil Market Performance - **Spot price**: On April 28, the benchmark price of fuel oil was 5,475 yuan per ton, down from last week. The benchmark price of fuel oil 380CST was 452 US dollars per ton, a 10.32% decrease from the beginning of the month [4] - **Supply, demand and inventory**: In Singapore, fuel oil inventory rose by 1.239 million barrels to 24.126 million barrels, an 18 - week high, with a 5.4% month - on - month increase. The average on - land fuel oil inventory in April was about 22.55 million barrels per week, higher than the average of 18.68 million barrels per week in March. In the ARA region, fuel oil inventory decreased by 2.4% to 1.16 million tons [5][6] 3.2 Disk Situation - The fuel oil showed a volatile trend this week. The main contract closed at 2,991 yuan per ton, with a weekly decline of 1.22%. The highest price was 3,008 yuan per ton, and the lowest was 2,967 yuan per ton. The position decreased by 13,077 lots from April 21 to April 25 [10]

Report Summary 1. Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint The crude oil market faces many uncertainties. With short - term inventory pressure being relatively low, factors such as ongoing US - China tariff issues, progressing US - Iran negotiations, and the OPEC+ production policy meeting on May 5th will affect the market. Short - term trading is recommended [2][37]. 3. Summary by Directory Chapter 1: Market Review - SC2506 had a slight rebound. It opened at 489, reached a high of 506, a low of 482, and closed at 496, with a weekly increase of 5.4 or 1.10% [3]. Chapter 2: Price Influence Factor Analysis - **OPEC**: In March, OPEC's overall daily crude oil production was 26.78 million barrels, a decrease of 78,000 barrels per day from February. Iraq, UAE production decreased, while Iran and Kazakhstan production increased. OPEC+ agreed to increase oil supply by 411,000 barrels per day in May, three times the original plan, and will gradually cancel the 2.2 million - barrel - per - day production cut by 2026. However, six countries need to cut production by 378,000 barrels per day in May according to the compensation plan. There are disputes among members regarding production quota compliance, and OPEC+ plans to accelerate production increase, which adds pressure to crude oil supply [5][6][8]. - **Russia**: In 2024, Russia's GDP grew by 3.9%, and its crude oil production was 516 million tons (about 9.9 million barrels per day). In March 2025, production decreased to 8.963 million barrels per day. Russia's 2025 - 2028 oil and gas export revenue forecasts have changed compared to previous expectations. There are talks about a Russia - Ukraine cease - fire agreement, but Russia has doubts about some details [10][11]. - **US**: As of the week ending April 18, US daily crude oil production was 13.46 million barrels, a decrease of 2,000 barrels from the previous week and an increase of 360,000 barrels from the same period last year. The four - week average daily production was 13.49 million barrels, 3% higher than the same period last year. EIA predicts that US crude oil production will peak at 14 million barrels per day in 2027 and then decline. Global oil demand growth forecasts for 2025 and 2026 have been lowered [12][13]. - **Americas**: OPEC and IEA have both lowered their forecasts for non - OPEC and non - OPEC+ oil supply growth in 2025 and 2026 [20]. - **Inventory**: In December 2024, OECD oil and crude product inventories decreased by 51.35 million barrels from the previous month. As of the week ending April 18, 2025, US commercial crude oil inventory decreased by 4.565 million barrels according to API data, while EIA data showed an increase of 244,000 barrels. Product inventories decreased, indicating a recovery in demand [21]. - **Consumption**: OPEC, IEA, and EIA have all lowered their global oil demand growth forecasts for 2025 and 2026. Refinery processing fees are low, and refinery operating rates are at a low level [25][27][29]. - **Geopolitics**: The US has imposed new sanctions on Iran and threatened bombing. Iran's crude oil production and exports are affected. The US and Iran held the third - round indirect negotiations in Muscat, Oman, and Iran is cautiously optimistic about the nuclear - issue negotiations [34][36]. Chapter 3: Market Outlook and Investment Strategy The short - term inventory pressure of crude oil is not significant, but the market still faces many uncertainties. Short - term trading is recommended [37].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Oil prices experienced slight fluctuations as of April 25, 2025, with Brent and WTI prices at $65.80 and $63.02 per barrel respectively [7][22] - OPEC+ may accelerate the exit from voluntary production cuts in June, raising concerns about supply increases [7] - Kazakhstan's energy minister indicated that national interests would take precedence over OPEC+ interests, further intensifying supply concerns [7] - The market faces multiple uncertainties, including tariffs and geopolitical tensions involving the US, Iran, and Russia-Ukraine negotiations [7] Oil Price Summary - As of April 25, 2025, Brent crude futures settled at $65.80 per barrel, down $0.46 (-0.69%) from the previous week; WTI crude futures settled at $63.02 per barrel, up $0.61 (+0.98%) [22] - Russian Urals crude spot price remained stable at $65.49 per barrel, while Russian ESPO crude price decreased by $0.32 (-0.51%) to $62.28 per barrel [22] Offshore Drilling Services - As of April 21, 2025, the number of global offshore self-elevating drilling rigs was 381, an increase of 1 from the previous week; the number of floating drilling rigs was 141, also up by 1 [26] US Oil Supply - As of April 18, 2025, US crude oil production was 13.46 million barrels per day, a decrease of 0.02 million barrels per day from the previous week [42] - The number of active drilling rigs in the US increased by 2 to 483 as of April 25, 2025 [42] - The number of fracturing fleets in the US rose by 5 to 205 as of April 25, 2025 [42] US Oil Demand - As of April 18, 2025, US refinery crude oil processing volume was 15.89 million barrels per day, an increase of 325,000 barrels per day from the previous week, with a refinery utilization rate of 88.10%, up 1.8 percentage points [53] US Oil Inventory - As of April 18, 2025, total US crude oil inventory was 841 million barrels, an increase of 712,000 barrels (+0.08%) from the previous week [64] - Strategic oil inventory was 397 million barrels, up 468,000 barrels (+0.12%); commercial crude oil inventory was 443 million barrels, up 244,000 barrels (+0.06%) [64] Related Companies - Key companies in the industry include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [1]