Report Industry Investment Rating No relevant content provided. Core Viewpoints - The current geopolitical news is volatile, causing significant price fluctuations in oil, but the overall trend is upward. Attention should be paid to the rhythm [1][2]. - High - and low - sulfur fuel oils are supported by the cost of crude oil and a tightening supply, and are expected to remain at high levels. However, the risk of a short - term sharp decline in oil prices after the conflict ends should be noted [2]. - With the increase in domestic temperature, the demand for asphalt is gradually recovering. It is expected that asphalt prices will be strong, but it is necessary to be wary of the short - term sharp decline in oil prices after the conflict ends [2][3]. - The polyester industry chain fluctuates with the cost side. The market is waiting for further developments in the situation. Attention should be paid to the Middle East situation and equipment changes [3]. - Natural rubber and butadiene rubber show different trends. The price of natural rubber is supported by alternative procurement, and the inventory is gradually increasing. Butadiene rubber fluctuates strongly under geopolitical influence [3][5]. - The inventory of methanol is starting to decline, but the supply recovery of Iranian equipment may suppress price increases. The Iranian situation is unclear, which may cause large - scale fluctuations in the market [5]. - The supply of polyolefins is expected to remain low, and the demand is gradually being released. However, the short - term geopolitical risk has compressed the profit space of downstream products, and subsequent demand growth may be hindered [5][6]. - PVC exports will supplement domestic demand. The overall short - selling pressure remains strong, and attention should be paid to the fulfillment of export orders and the Middle East situation [6]. Summary by Directory Research Views - **Crude Oil**: On Tuesday, WTI May contract closed down $1.50 to $101.38 per barrel, a 1.46% decline; Brent May contract closed up $5.57 to $118.35 per barrel, a 4.94% increase; SC2605 closed at 693.9 yuan per barrel, down 55.4 yuan per barrel, a 7.39% decline. Geopolitical news is volatile, and the overall price center is rising. The API data shows that for the week ending March 27, U.S. crude oil inventories increased by 1.026 billion barrels, gasoline inventories decreased by 3.21 million barrels, and distillate inventories decreased by 1.04 million barrels [1]. - **Fuel Oil**: On Tuesday, the main fuel oil contract FU2605 closed down 3.79% at 4446 yuan per ton; the low - sulfur fuel oil contract LU2605 closed down 4.11% at 5159 yuan per ton. Geopolitical conflicts have limited direct impact on low - sulfur fuel oil supply, but factors such as the increase in overseas diesel cracking and freight rates have affected the supply. It is expected to remain at a high level, but the risk of a short - term sharp decline in oil prices after the conflict ends should be noted [2]. - **Asphalt**: On Tuesday, the main asphalt contract BU2606 closed down 1.53% at 4512 yuan per ton. With the increase in temperature, demand is gradually recovering. It is expected that the overall demand will increase in April, and prices are expected to be strong, but the risk of a short - term sharp decline in oil prices after the conflict ends should be noted [2][3]. - **Polyester**: TA605 closed at 6684 yuan per ton, down 1.24%; EG2605 closed at 5218 yuan per ton, down 2.63%. The production and sales of polyester yarn in Jiangsu and Zhejiang are weak. The industrial chain has different situations, and it fluctuates with the cost side. Attention should be paid to the Middle East situation and equipment changes [3]. - **Rubber**: On Tuesday, the main rubber contract RU2605 fell 195 yuan per ton to 16345 yuan per ton; NR fell 240 yuan per ton to 13605 yuan per ton; BR fell 375 yuan per ton to 17350 yuan per ton. The production of natural rubber in Thailand in 2025 increased by 0.6% to 4.84 million tons. The overseas production area is in a low - yield period, and domestic production areas are gradually starting to harvest. The price is supported by alternative procurement, and the inventory is gradually increasing. Butadiene rubber fluctuates strongly [3][5]. - **Methanol**: On Tuesday, the spot price in Taicang was 3365 yuan per ton. The MTO arrival volume is at a low level, and the inventory is starting to decline. The supply recovery of Iranian equipment may suppress price increases, and the Iranian situation is unclear [5]. - **Polyolefins**: On Tuesday, the mainstream price of East China拉丝 was 9000 - 9300 yuan per ton. The supply is expected to remain low, and the demand is gradually being released. However, the short - term geopolitical risk has compressed the profit space of downstream products, and subsequent demand growth may be hindered [5][6]. - **Polyvinyl Chloride (PVC)**: On Tuesday, the prices in East, North, and South China markets decreased. PVC exports will supplement domestic demand, and the overall short - selling pressure remains strong. Attention should be paid to the fulfillment of export orders and the Middle East situation [6]. Market News - Iran's President Pezeshkiyan reiterated Tehran's willingness to end the war, but on certain conditions. Even if the conflict ends quickly, it will take weeks or months to restore the global energy transportation system [8]. - OPEC's crude oil production in March dropped to the lowest level since the peak of the COVID - 19 pandemic in June 2020. The API data shows that for the week ending March 27, U.S. crude oil inventories increased by 1.026 billion barrels, gasoline inventories decreased by 3.21 million barrels, and distillate inventories decreased by 1.04 million barrels. The U.S. has lifted sanctions on Russian crude oil and promised to release strategic reserves, but these measures can only make up for the supply gap in a limited time [8]. Chart Analysis - **Main Contract Prices**: The report provides price trend charts of multiple main contracts, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, LPG, PTA, ethylene glycol, short - fiber, LLDPE, polypropylene, PVC, methanol, styrene, 20 - grade rubber, and others, covering the time range from 2022 to 2026 [10][13][16][19][22][24][26]. - **Main Contract Basis**: The report presents basis trend charts of multiple main contracts, such as crude oil, fuel oil, low - sulfur fuel oil, asphalt, ethylene glycol, PP, 20 - grade rubber, p - xylene, synthetic rubber, and bottle chips [27][31][33]. - **Inter - period Contract Spreads**: The report shows spread trend charts of multiple inter - period contracts, including fuel oil, PTA, ethylene glycol, PP, LLDPE, and natural rubber [36][38][42][44][46][48]. - **Inter - variety Spreads**: The report provides spread and ratio trend charts of multiple inter - variety contracts, such as crude oil internal and external spreads, B - W spreads of crude oil, high - and low - sulfur fuel oil spreads, fuel oil/asphalt ratio, BU/SC ratio, ethylene glycol - PTA spread, PP - LLDPE spread, and natural rubber - 20 - grade rubber spread [51][54][56][58]. - **Production Profits**: The report shows production profit and processing fee trend charts of multiple products, including LLDPE, PP, PTA, and ethylene - based ethylene glycol [60][61]. Team Member Introduction - **Deputy Director of Everbright Futures Research Institute**: Zhong Meiyan, with over a decade of experience in futures derivatives market research, has won multiple awards and has rich experience in serving enterprises and providing risk management and investment strategies [65]. - **Director of Energy and Chemical Research**: Du Bingqin, with in - depth research on the energy industry chain, has won multiple awards and is often interviewed by the media [66]. - **Natural Rubber/Polyester Analyst**: Di Yilin, who has won multiple awards, is mainly engaged in the research of natural rubber, 20 - grade rubber, p - xylene, PTA, MEG, bottle chips and other futures varieties, and is good at data analysis [67]. - **Methanol/Propylene/Pure Benzene PE/PP/PVC Analyst**: Peng Haibo, with years of experience in energy - chemical spot - futures trading, has passed the CFA Level 3 exam and combines financial theory with industrial operations [68].

Report Overview - This is an early report on crude oil and refined oil, focusing on market data, news, inventory, and weekly views [2] 1. Market Data 1.1 Price and Spread Changes from March 23 - 27, 2026 - WTI rose from $88.13 to $99.64, up $5.16 [3] - BRENT increased from $99.94 to $112.57, up $4.56 [3] - SC increased by 7.70, OMAN by 9.34 [3] - BRENT 2 - month spread rose by 1.13, reaching 7.25 [3] - WTI - BRENT spread changed by 0.60, reaching - 12.93 [3] - Domestic gasoline - BRT decreased by 270.00 [3] - Japan naphtha - BRT increased by 7.98, reaching 315.61 [3] 1.2 Other Market Indicators - On March 27, 2026, BFO reached 111.68, up 1.9 from March 23 [3] 2. Daily News 2.1 Iran - US Tensions - Iran's Parliament Speaker says armed forces are waiting for US ground operations [3] - US and Israel attacked an Iranian dock near the Strait of Hormuz, causing 5 deaths and 4 injuries [4] - US Vice - President says the US has no intention of staying in Iran and will withdraw soon [4] - US government has discussed seizing Kharg Island [5] 2.2 Revenue Potential of Strait of Hormuz - If Iran sets up a toll system in the Strait of Hormuz, its monthly revenue could reach over $800 million, equivalent to 15% - 20% of Iran's monthly oil export revenue in 2024 [4] 3. Weekly Inventory 3.1 EIA Report for the Week of March 20, 2026 - US crude oil exports decreased by 1.576 million barrels per day to 3.322 million barrels per day [5] - US domestic crude oil production decreased by 0.011 million barrels to 13.657 million barrels per day [5] - Commercial crude oil inventory (excluding strategic reserves) increased by 6.926 million barrels to 456 million barrels, a 1.54% increase [5] - US crude oil product four - week average supply was 20.678 million barrels per day, a 2.37% increase compared to the same period last year [5] - US Strategic Petroleum Reserve (SPR) inventory remained at 415.4 million barrels [5] - US commercial crude oil imports (excluding strategic reserves) were 6.464 million barrels per day, a decrease of 0.73 million barrels per day from the previous week [5] 4. Weekly View - This week, oil prices fluctuated at high levels. On Friday, due to the tense situation between the US and Iran, the absolute price strengthened again. The Brent month - spread reached a new high, and the Oman crude oil discount weakened significantly. Crude oil spot prices around the world converged [5] - The US has not ruled out a ground offensive, but it's unclear to what extent Trump will approve the Pentagon's plan. The passage of VLCCs through the Strait of Hormuz remains interrupted, and Saudi Arabia has fully shifted to Yanbu Port for exports, with a maximum export volume of 5 million barrels per day. Currently, there is no supply interruption in Saudi Arabia, and the subsequent export situation at Yanbu Port should be monitored [5] - In the refined oil market, the cracking spread of European diesel reached a new high, the refined oil inventory in the European ARA region decreased significantly, and the refined oil inventory in the US increased. Before the passage through the strait is restored, the fundamental supply interruption will continue. With the recent escalation of the situation, the absolute price will rise, but attention should be paid to the price fluctuation risk caused by Trump's TACO [5]

Group 1: Core View - The report focuses on the situation of US crude oil and refined oil, including inventory changes and processing demand [2] Group 2: Data Review - Last week, US crude oil inventory increased by 6.926 million barrels, exceeding expectations and continuously accumulating. US crude oil exports decreased by 1.576 million barrels per day, and the net export volume increased, pushing up the crude oil inventory [2] - The US is currently in a seasonal inventory accumulation cycle, and attention should be paid to the changes in US crude oil inventory under the background of supply shortage [2] - The utilization rate of US refinery capacity increased by 1.5% to 92.9%, the operating rate increased slightly and was higher than the historical average. The crude oil processing volume increased by 366,000 barrels per day, indicating strong demand in the processing sector [2] - US gasoline and diesel inventories changed by -2.593 million barrels and +3.032 million barrels respectively this week. Diesel inventory rebounded, and refined oil is continuously de - stocking, with further decline expected [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The refinery operating rate has deviated from the high at the beginning of the year, and crude oil has maintained a relatively high inventory accumulation rate. The decrease in net exports in a single week has also increased the domestic inventory pressure. As of the week of March 20, the US SPR remained unchanged, and the inventory characteristics have not been significantly affected by the sharp reduction in Middle - East supply. Future attention should be paid to the release of SPR and the change rhythm of net exports of crude oil and petroleum products [4]. 3. Summary by Relevant Catalog EIA Weekly Data - **Crude Oil Inventory**: In the week of March 20, US commercial crude oil inventory increased by 6.926 million barrels, with a decrease of 730,000 barrels per day in imports and 1.576 million barrels per day in exports. The SPR remained unchanged [4]. - **Product Inventory**: Gasoline inventory decreased by 2.593 million barrels, and diesel inventory increased by 3.032 million barrels. Jet fuel inventory decreased by 671,000 barrels, and fuel oil inventory increased by 210,000 barrels. The inventory of crude oil and petroleum products (excluding SPR) increased by 8.334 million barrels [4]. - **Refinery Data**: The refinery operating rate rose from 91.4% to 92.9%, and the crude oil processing volume increased by 366,000 barrels per day [4]. - **Production and Demand**: US crude oil production was 13.657 million barrels per day, and the apparent demand for refined oil was 20.004 million barrels per day. The apparent demand for gasoline was 8.924 million barrels per day, and that for diesel was 3.568 million barrels per day [4].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - In the week of March 22, global full - caliber (including in - transit) crude oil inventories declined significantly, likely due to shipping disruptions in the Persian Gulf leading to a decrease in the number of in - transit cargoes. Floating storage inventories increased significantly, mainly due to the backlog of cargoes within the Persian Gulf. In terms of on - land inventories by region, European inventories decreased slightly, while inventories in China, India, Russia, and the Middle East all increased [2] 3. Summary by Related Catalog - **Global Full - Caliber Crude Oil Inventory**: In the week of March 22, it declined significantly, mainly because shipping disruptions in the Persian Gulf led to a decrease in in - transit cargoes [2] - **Floating Storage Inventory**: It increased significantly, mainly due to the backlog of cargoes within the Persian Gulf [2] - **On - land Inventory by Region**: - **Europe**: Inventory decreased slightly [2] - **China, India, Russia, Middle East**: Inventories increased [2]

Report Industry Investment Rating - Not provided Core View of the Report - In the week of March 22, global full - caliber (including in - transit) crude oil inventories declined significantly, likely due to shipping disruptions in the Persian Gulf leading to a decrease in the number of in - transit cargoes. Floating storage inventories increased significantly, mainly due to the backlog of cargoes inside the Persian Gulf. In terms of on - land inventories by region, European inventories decreased slightly, while inventories in China, India, Russia, and the Middle East all increased [2] Summary by Related Charts Global Crude Oil Inventory Charts - Charts 1, 3, 4 show global on - land, floating storage, and combined land + floating/sea crude oil inventories from 2022 - 2026, with specific numerical scales provided, such as 3050000, 335000, 3900000 etc. [3] Regional Crude Oil Inventory Charts - Chart 5 shows China's crude oil inventory from 2022 - 2026 with inventory levels ranging from 950000 to 1250000 [5] - Chart 6 shows the US crude oil inventory from 2022 - 2026 with inventory levels from 13000 to 22000 [16][17] - Chart 7 shows India's crude oil inventory from 2022 - 2026 with inventory levels from 80000 to 110000 [7] - Chart 8 shows Europe's crude oil inventory from 2022 - 2026 [10] - Chart 9 shows Russia's crude oil inventory from 2022 - 2026 with inventory levels from 750000 to 1050000 [9] - Chart 11 shows the Middle East's crude oil inventory from 2022 - 2026 [11]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View - The seasonal characteristics of crude oil inventory accumulation and refined product inventory depletion continue after the refinery operating rate deviates from the high at the beginning of the year. The data at the beginning of March has not been significantly affected by the sharp reduction in Middle East supply, and subsequent attention should be paid to the rhythm of SPR release and changes in net exports of crude oil and petroleum products [4] Group 3: Summary by Relevant Catalog Inventory and Production - In the week of March 13, US commercial crude oil inventory increased by 6.156 million barrels, gasoline inventory decreased by 5.436 million barrels, and diesel inventory decreased by 2.527 million barrels [4] - US crude oil production was 13.668 million barrels per day, a decrease of 10,000 barrels per day from the previous value [4] - The refinery operating rate rose from 90.8% to 91.4%, and the crude oil processing volume increased by 63,000 barrels per day [4] Demand - US refined product apparent demand was 21.639 million barrels per day, an increase from the previous value of 21.201 million barrels per day [4] - US gasoline apparent demand was 8.728 million barrels per day, a decrease from the previous value of 9.241 million barrels per day [4] - US diesel apparent demand was 4.399 million barrels per day, an increase from the previous value of 4.065 million barrels per day [4] Trade - US crude oil imports were 7.194 million barrels per day, an increase from the previous value of 6.422 million barrels per day [4] - US crude oil exports were 4.898 million barrels per day, an increase from the previous value of 3.434 million barrels per day [4]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The report analyzes multiple energy and chemical commodities, with most showing a volatile trend. Geopolitical conflicts, supply - demand relationships, and cost factors are the main drivers of price fluctuations [1][2][3] 3. Summary by Directory 3.1 Research Views - **Crude Oil**: On Wednesday, prices rose. WTI April contract closed up $2.71 to $96.21/barrel (2.9% increase), Brent May contract closed up $3.21 to $103.42/barrel (3.2% increase), and SC2605 closed at 764.9 yuan/barrel, up 20.2 yuan/barrel (2.74% increase). Due to attacks on Fujeirah Port and geopolitical conflicts, prices are in a wide - range volatile state [1] - **Fuel Oil**: On Tuesday, the main contract of high - sulfur fuel oil (FU2605) fell 0.4% to 4771 yuan/ton, and the main contract of low - sulfur fuel oil (LU2605) rose 0.09% to 5641 yuan/ton. Supply shortages in Singapore and potential strong demand from domestic refineries will support the high - sulfur fuel oil market. The market structure of high - and low - sulfur fuel oil has strengthened, and short - term cracking spreads are expected to remain high [2] - **Asphalt**: On Tuesday, the main contract (BU2604) rose 2.26% to 4426 yuan/ton. The April asphalt production plan of local refineries is expected to decrease significantly. Supply is expected to be tight, while demand in northern regions is expected to increase in April, and short - term prices are expected to remain high [2][3] - **Polyester**: TA605 closed down 0.92% at 6918 yuan/ton, EG2605 closed down 1.45% at 4826 yuan/ton. The production cuts of domestic and overseas suppliers, high costs, and weak downstream demand lead to high - level wide - range volatility of polyester prices. If the import of ethylene glycol recovers, it is expected to decline slightly [3] - **Rubber**: On Tuesday, the main contracts of natural rubber (RU2605), 20 - number rubber (NR), and butadiene rubber (BR) all fell. Butadiene rubber prices will fluctuate with geopolitical situations and crude oil prices, and natural rubber faces the dual pressure of increased supply and decreased demand, with their trends likely to further diverge [3][5] - **Methanol**: The inventory is expected to decline, and the profit recovery of MTO devices may increase the refineries' willingness to resume production. The unclear situation in Iran may cause significant market fluctuations [5] - **Polyolefins**: The upstream device maintenance plan increases, and the downstream demand is released in spring. The market is in a de - stocking state, but the short - term geopolitical risks push up costs, squeezing downstream profit margins, and subsequent demand growth may be hindered [5] - **Polyvinyl Chloride (PVC)**: The geopolitical situation has a greater impact on the ethylene - based method, but the profit of the calcium - carbide method has strengthened rapidly. The supply is expected to remain high, demand will gradually recover, and prices are expected to maintain wide - range volatility [6] 3.2 Daily Data Monitoring - The report provides the basis data of multiple energy and chemical products on March 17, 2026, including spot prices, futures prices, basis, basis rates, and their changes compared with the previous day, as well as the quantile of the latest basis rate in historical data [7] 3.3 Market News - Fujeirah Port was attacked, causing a fire and halting the oil loading work of ADNOC. The port usually transports over 1 million barrels of Murban crude oil per day, and its production capacity has decreased [9] - The US government plans to further relax sanctions on Venezuela's oil industry to increase crude oil production and ease the global energy supply shortage [9] 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of the main contracts of multiple energy and chemical products from 2022 to 2026, including crude oil, fuel oil, asphalt, etc., to show the price trends over the years [11][12][13] - **4.2 Main Contract Basis**: It shows the basis charts of multiple energy and chemical products from 2022 to 2026, such as crude oil, fuel oil, etc., to reflect the relationship between spot and futures prices [29][30][33] - **4.3 Inter - period Contract Spreads**: It presents the spread charts of different contracts of multiple energy and chemical products, such as fuel oil, asphalt, etc., to show the price differences between different contract periods [42][43][44] - **4.4 Inter - variety Spreads**: It shows the spread or ratio charts between different energy and chemical products, such as the spread between crude oil's internal and external markets, the spread between high - and low - sulfur fuel oil, etc., to reflect the price relationships between different varieties [59][60][61] - **4.5 Production Profits**: It presents the production profit or processing fee charts of multiple energy and chemical products, such as LLDPE, PP, etc., to show the profitability of different products [69][70][71] 3.5 Team Member Introduction - The report introduces the members of the research team, including the deputy director of the research institute, the research director of energy and chemicals, and several analysts, along with their educational backgrounds, honors, and professional experiences [74][75][76]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The overall trend of oil prices still shows an upward trend, but the release of strategic reserves suppresses the early - morning oil prices. Investors should pay attention to position control. For SC2604, operate in the range of 780 - 800, and wait for opportunities to short at high levels in the long - term [3]. - In the short term, continue to focus on changes in the geopolitical situation, and wait for the situation to ease in the medium - and long - term before entering the market for a reversal [6]. 3. Summary by Directory 3.1 Daily Prompt - **Fundamentals**: US officials predict that the war between the US, Israel and Iran will end in weeks and energy costs will decline. Gulf countries have cut daily crude oil production by at least 10 million barrels. The US bombing of Kharg Island has expanded the conflict, but its exports are still normal [3]. - **Basis**: On March 13, the spot price of Oman crude oil was $145.82 per barrel, and that of Qatar Marine crude oil was $100.83 per barrel. The basis was 8.36 yuan per barrel, with the spot at par with the futures [3]. - **Inventory**: From the week ending March 6, US API crude oil inventory decreased by 1.678 million barrels (expected to increase by 1.38 million barrels), EIA inventory increased by 3.824 million barrels (expected to increase by 1.055 million barrels), and Cushing area inventory increased by 0.117 million barrels. As of March 13, the Shanghai crude oil futures inventory was 3.511 million barrels, unchanged [3]. - **Disk**: The 20 - day moving average is upward, and the price is above the average [3]. - **Main Position**: As of March 10, the main positions of WTI and Brent crude oil were long, and the long positions increased [3]. - **Expectation**: US President Trump threatened to strike Iran's oil infrastructure on Kharg Island. Iran's attitude is tough, and the navigation in the Strait of Hormuz is slow. The IEA has coordinated member countries to release 271.7 million barrels of strategic reserves, with Asia taking the lead and Europe and America expected to release at the end of the month [3]. 3.2 Recent News - **IEA Reserve Release**: The IEA will release record - high reserves. Oil will be immediately released in Asia, while that for Europe and America will be released by the end of March. About 72% of the committed release is crude oil, and 28% is petroleum products [5]. - **US - Iran Negotiation**: US President Trump said that Iran is willing to negotiate a cease - fire, but the current conditions are not good enough, so the US will not reach an agreement for the time being. He also said that the US and Israel's strikes have weakened Iran's military capabilities and that the US has attacked Kharg Island [5]. - **US Reserve Release**: The Trump administration has launched a program to release 86 million barrels of crude oil from the strategic reserve, which is part of a 172 - million - barrel release plan and is expected to be completed in four months [5]. 3.3 Long - Short Concerns - **Likely to Rise**: Strait passage is not smooth; the Middle East situation deteriorates [6]. - **Likely to Fall**: Trump intends to end the war quickly [6]. 3.4 Fundamental Data - **Futures Market**: The settlement prices of Brent crude oil, WTI crude oil, SC crude oil, and Oman crude oil have all increased, with increases of 9.22%, 9.72%, 9.72%, and 13.49% respectively [7]. - **Spot Market**: The spot prices of UK Brent Dtd, WTI, Oman crude oil, Shengli crude oil, and Dubai crude oil have all increased, with increases of 10.18%, 9.72%, 12.51%, 8.39%, and 12.64% respectively [9]. - **API Inventory**: As of March 6, API inventory decreased by 1.678 million barrels [10]. - **EIA Inventory**: As of March 6, EIA inventory increased by 3.824 million barrels [12]. 3.5 Position Data - **WTI Crude Oil**: As of March 10, the net long position was 228,015, an increase of 55,865 [15]. - **Brent Crude Oil**: As of March 10, the net long position was 351,032, an increase of 65,438 [17].

1. Report Industry Investment Rating - No relevant information found 2. Core Viewpoints - As of February 2026, global crude oil inventories were at a historical high and continued to rise. The escalation of the Middle - East situation in March increased the pressure of supply interruption, and the floating storage was expected to rise significantly [1]. - The conflict in the Middle - East led to a sharp increase in the offshore inventory of Persian Gulf countries, forcing some countries to reduce production or stop production. There was a risk of supply tightening and a decline in on - land inventory in the Middle East [5][6]. - In the US, crude oil entered the seasonal inventory - building cycle, and the refinery capacity utilization rate was expected to remain high. The strategic petroleum reserve was insufficient to offset the supply interruption. In Europe, the inventory was at a relatively low level and the market supply - demand was tight [8]. - In Asia, China's crude oil inventory was high but the marginal inventory - building speed slowed down. Japan planned to release 8000000 barrels of oil to buffer the impact of the closure of the Strait of Hormuz [13]. - Russia's floating storage pressure was relieved due to the temporary exemption. Iran's in - transit and floating storage inventory increased after the conflict. Venezuela's inventory and floating storage continued to rise [15][16]. 3. Summary by Directory 3.1 Persian Gulf - After the escalation of the Middle - East conflict, the crude oil of Persian Gulf countries was forced to build up inventory, mainly in the offshore inventory of Saudi Arabia and the UAE. In early March, the offshore inventory soared from 45 million barrels to 75 million barrels, while the on - land inventory decreased slightly [5]. - The blockade of the Strait of Hormuz hindered oil tanker transportation, forcing some countries to reduce or stop production. The total production reduction of major Middle - East producers might reach up to 6 million barrels per day. The supply gap caused by the suspension of the strait could not be fully compensated [5]. - The substantial pressure on the on - land inventory of Middle - East countries had not been fully reflected. If the strait remained closed, there was a risk of supply tightening and a decline in on - land inventory [6]. 3.2 Europe and the US - In the US, the crude oil inventory in February was about 439 million barrels, an increase of about 18.98 million barrels from the previous month. It was in the seasonal inventory - building cycle. The refinery capacity utilization rate had recovered to 90.8% and was expected to remain high. The strategic petroleum reserve was insufficient to offset the supply interruption [8]. - In Europe, the crude oil inventory in February was 310 million barrels, a decrease of 12.48 million barrels from the previous month. The inventory was at a relatively low level and the market supply - demand was tight [8]. 3.3 Asia - In February 2026, the estimated Asian crude oil inventory was about 2.13 billion barrels, an increase of 17.51 million barrels from the previous month. China's inventory was about 1.2 billion barrels, still at a high level but with a marginal slowdown in the inventory - building speed. Japan planned to release 8000000 barrels of oil [13]. 3.4 Sensitive Oil - In February, Russia's crude oil inventory was still high. After the temporary exemption, the floating storage inventory decreased. Iran's in - transit and floating storage inventory increased after the conflict. Venezuela's inventory and floating storage continued to rise [15][16].