Group 1: Report Information - Industry: Crude Oil [1] - Date: July 30, 2025 [2] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Viewpoints - In the short - term, against the backdrop of the peak season, crude oil demand is slightly lower than expected, and it is expected to move in a volatile manner. Attention should be paid to new macro and geopolitical positives [7] Group 4: Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: WTI's opening price was $66.15, closing at $65.07, with a high of $66.74, a low of $65.00, a decline of 1.45%, and a trading volume of 21.5 million lots. Brent's opening price was $69.36, closing at $68.39, with a high of $69.86, a low of $68.12, a decline of 1.14%, and a trading volume of 16.67 million lots. SC's opening price was 513.4 yuan/barrel, closing at 505.9 yuan/barrel, with a high of 513.7 yuan/barrel, a low of 501 yuan/barrel, a decline of 0.53%, and a trading volume of 11.77 million lots [6] - **Operation Suggestions**: The JMMC meeting did not make suggestions on OPEC's production policy. Attention should be paid to whether the eight countries will continue to increase production by 550,000 barrels per day. Trump set a new 10 - 12 - day deadline for Russia. If no agreement is reached, secondary sanctions will be imposed on Russian oil. From EIA weekly data, US crude oil consumption in the peak season was slightly lower than expected. Although crude oil inventories declined and refinery operating rates were high, the apparent consumption of gasoline and diesel weakened. The sustainability of high refinery operating rates in the US needs further observation. OPEC+ is likely to continue to increase production by 550,000 barrels per day in September, completing the withdrawal of the 2.2 million - barrel - per - day production cut one year ahead of schedule [6][7] 2. Industry News - The Kuwaiti oil minister is optimistic about the fundamentals of the oil market. The OPEC+ Joint Ministerial Monitoring Committee urged member states to fully comply with quotas. Traders expect OPEC+ to significantly increase production again to complete the current production recovery action [8] 3. Data Overview - The report provides multiple data charts, including WTI spot price, Oman spot price, Brent fund net position, Dtd Brent price, global high - frequency crude oil inventory, WTI fund position, US crude oil production growth rate, and EIA crude oil inventory, with different data sources such as wind, CFTC, Bloomberg, and EIA [11][13][14]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the context of the peak season, crude oil consumption may be lower than expected, and oil prices are likely to move sideways in the short term. It is necessary to continue to monitor consumption and Saudi Arabia's supply changes [7] 3. Summary by Directory 3.1行情回顾与操作建议 - **Market Quotes**: WTI closed at $65.45 per barrel, down 0.76%; Brent closed at $68.67 per barrel, down 0.78%; SC closed at 503.7 yuan per barrel, down 0.57%. API data showed that as of the week ending on the 18th, U.S. crude oil inventories decreased by 575,000 barrels week - on - week, but gasoline inventories increased significantly, causing oil prices to fall again [6] - **Supply and Demand Analysis**: The three major institutions' July reports showed little adjustment on the demand side. On the supply side, most OPEC countries completed compensatory production cuts, but there were differences in the estimates of Saudi Arabia's oil production. High - frequency data indicated that U.S. refined oil consumption was slightly lower than expected [7] 3.2 行业要闻 - The IEA stated that global LNG supply will see the largest increase since 2019 next year. The U.S. Energy Information Administration reported that the U.S. has become a net exporter of crude oil to Nigeria for the first time [10] 3.3 数据概览 - The report presents multiple data charts, including global high - frequency crude oil inventories, WTI fund positions, U.S. crude oil production growth rate, and EIA crude oil inventories [11][14]

Report Overview - Report Title: Crude Oil Daily Report - Report Date: July 23, 2025 - Report Industry: Energy - Chemical (Crude Oil) 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - In the peak season, the single - week crude oil consumption is slightly lower than expected, but there are no new negatives in the market, so the market is expected to have an upward potential. It is necessary to continue tracking consumption and Saudi Arabia's supply changes [6][7] 3. Summary by Relevant Catalogs 3.1. Market Review and Operation Suggestions - **Market Review**: WTI's opening price was $66.04/barrel, closing at $65.78/barrel, with a high of $66.44/barrel, a low of $65.21/barrel, a decline of 0.41%, and a trading volume of 22.7 million hands. Brent's opening price was $69.21/barrel, closing at $69.09/barrel, with a high of $69.63/barrel, a low of $68.4/barrel, a decline of 0.27%, and a trading volume of 28.12 million hands. SC's opening price was 511 yuan/barrel, closing at 504.3 yuan/barrel, with a high of 512.1 yuan/barrel, a low of 501.6 yuan/barrel, a decline of 2.13%, and a trading volume of 14.38 million hands [6] - **Supply - Demand Situation**: The three major institutions' July reports show little adjustment on the demand side. On the supply side, except for Kazakhstan, seven other countries have completed compensatory production cuts according to OPEC. There are differences among the three institutions regarding Saudi Arabia's crude oil production this month. IEA expects Saudi Arabia's production to reach 9.8 million barrels per day, while OPEC and EIA estimate it to be around 9.3 million barrels per day. High - frequency data shows that US refined oil consumption is slightly lower than expected, and the apparent demand for gasoline and diesel has declined [6] - **Operation Suggestions**: Continue to track consumption and Saudi Arabia's supply changes [7] 3.2. Industry News - Israel's Chief of Staff stated that actions against Iran are not over - Iran's Foreign Minister said Iran is willing to talk with the US but will not have direct talks for now - The UK government imposed 137 new sanctions on Russia's key energy and oil industries, targeting 135 oil tankers that are part of a fleet that has illegally transported $24 billion worth of goods since early 2024 [10] 3.3. Data Overview - The report presents multiple data charts, including global high - frequency crude oil inventory, WTI fund positions, Brent fund net positions, WTI and Oman spot prices, US crude oil production growth rate, and EIA crude oil inventory [11][14][16]

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core View of the Report The report suggests that crude oil prices are expected to be volatile and slightly bullish in the short term due to rising refining processing rates to meet summer travel and power generation demand, a slowdown in US production growth, and potential further sanctions on Russia. In the medium term, the production increase stance of OPEC+ may lead to an expected increase in crude oil supply. The recommended short - term trading strategy is to go long at low levels [2][28]. 3) Summary by Relevant Sections Chapter 1: Market Review - Crude oil prices were volatile and slightly bullish. The SC2509 contract opened at 497, reached a high of 513, a low of 490, and closed at 503, with a weekly increase of 5.1 or 1.05% [3]. Chapter 2: Analysis of Price Influencing Factors - **OPEC**: On July 5, eight OPEC+ member countries announced a production increase of 548,000 barrels per day in August, exceeding market expectations. OPEC+ has increased production for five consecutive months, with a cumulative production recovery of 1.918 million barrels per day, and 282,000 barrels per day short of the 2.2 million barrels per day target. The IEA increased its forecast of global oil supply this year by 300,000 barrels per day to 2.1 million barrels per day. OPEC+ maintains its stance of increasing production, and Saudi Arabia shows signs of accelerating production release, resulting in continuous supply pressure [5]. - **Russia**: In 2024, Russia's crude oil production was 516 million tons (about 9.9 million barrels per day). In June, Russia's crude oil and refined oil exports were at abnormally low levels, and its refined oil exports dropped to an eight - month low due to government policies. The decline in exports has raised questions about Russia's ability to maintain upstream production capacity and increased supply - tight sentiment in the European and American markets [6]. - **US**: As of the week ending July 4, 2025, US crude oil production was 13.385 million barrels per day, a decrease of 48,000 barrels per day from the previous week. The US Energy Information Administration predicts that US crude oil production will decline next year [7]. - **Americas' Production Increase**: The IEA expects global oil production capacity to increase by more than 5 million barrels per day by 2030, reaching 114.7 million barrels per day. OPEC says that the supply from non - OPEC+ countries will increase by about 800,000 barrels per day in 2025, lower than last month's forecast [14]. - **Inventory**: In May, global oil inventories surged by 73.9 million barrels to 7.818 billion barrels. As of the week ending July 4, 2025, US crude oil inventories increased, with total inventory rising by 7.308 million barrels (+0.89%), strategic inventory by 238,000 barrels (+0.06%), commercial inventory by 7.07 million barrels (+1.69%), and Cushing area inventory by 464,000 barrels (+2.24%) [15]. - **Consumption**: OPEC's forecast of global oil demand growth remains basically unchanged, while the IEA has lowered its average oil demand growth forecast for 2025 to 704,000 barrels per day and for 2026 to 722,000 barrels per day. As of the week ending July 4, 2025, US refinery crude processing volume decreased, and refinery operating rates declined. Refinery processing fees showed different trends in different regions, and refinery operating rates were at a low level in some areas [18][21][23]. Chapter 3: Market Outlook and Investment Strategy - In the short term, rising refining processing rates, a slowdown in US production growth, and potential sanctions on Russia provide support for crude oil prices. In the medium term, the production increase stance of OPEC+ may lead to an increase in supply. The recommended short - term trading strategy is to go long at low levels [28].