转自：新华财经 新华财经北京1月7日电（吴郑思、郭洲洋） 在金属板块持续走强的带动下，国内商品期货市场多头情绪蔓延。1月7日，化工、钢铁等其他商品板块大面积 开启补涨。截至收盘时，中证商品期货价格指数收报1630.09点，较前一交易日上涨20.20点，涨幅1.25%；中证商品期货指数收报2249.33点，较前一交易日 上涨27.87点，涨幅1.25%。 分品种来看，日内金属板块虽整体依然表现强势，但部分金属高位压力显现。截至收盘，主要工业金属普涨，其中镍强势封板涨停，锡则大涨超5%，但铜 在刷新历史新高后回落，终盘涨幅仅不足0.2%。贵金属同样出现获利了结的迹象，沪金尾盘更是温和收跌。相比之下，能化、钢铁等前期持续走弱的板块 日内强势反弹。其中双焦、不锈钢收盘涨停，纯碱盘中触及涨停，玻璃涨超6%，铁矿、烧碱、氧化铝等收盘涨幅也均在4%以上。 原油市场的走势更反映出短期过剩仍主导油价整体态势。尽管市场此前对地缘局势紧张可能冲击油市供应的担忧较为普遍，但从实际情况来看，一方面多艘 油轮突破美封锁离开委内瑞拉水域，另一方面，特朗普隔夜表示将从委内瑞拉运走数千万桶石油，这都令短期市场对油市过剩的担忧升温。目前普遍的分 ...

原油回归过剩逻辑驱动， 化工品后续仍是分化对待。 行情综述： 油：美对委袭击对原油影响有限，委内瑞拉早已沦为原油边缘生 产国，约 1%的产量占比与 50-80 万桶/日的日均出口对全球原油供给 影响不大，并且委内瑞拉也没有 6 月以伊冲突中霍尔木兹海峡作为全 球原油关键航道的地理条件。美对委袭击事件落地后市场对加勒比地 缘担忧的靴子落地，或回归一季度过剩压力带来的下行驱动。 数据来源：天富期货研询部、文华财经 图 1.2：原油 2602 小时图 图 1.1：原油日线图 （二）沥青： 逻辑：美国袭击委内瑞拉后国内沥青原料受实质性影响，目前委 内瑞拉原油出口瘫痪后作为主要国内沥青原料占比超 4 成的委内瑞 拉马瑞重油面临实质断供，若委原油出口迟迟未恢复国内炼厂后续面 临减产停工，原料替代（加拿大重油、中东重油）涉及时间滞后与成 本上移，沥青盘面面临原料断供下供应端减少与成本提升的双重向上 驱动。 化工：美国袭击委内瑞拉后国内沥青原料受实质性影响出现重大 逻辑影响，沥青盘面面临原料断供下供应端减少与成本提升的双重向 上驱动。沥青可作为当下的重点多头品种。而前期龙头品种 PX-PTA 在下游终端接受度较低带来短期负反 ...

据新华社消息，美军1月3日凌晨对委内瑞拉发动大规模军事打击，抓走委内瑞拉总统马杜罗，并将其强 行带往美国。美国总统特朗普当天公开宣称，美国将"管理"委内瑞拉，并宣布美国大型石油企业将进入 委内瑞拉，投资数以十亿计美元，"维修"石油基础设施并创造收益。 光大期货认为，近期全球陆上及水上库存累库速度虽有所放缓，但绝对库存依然处于高位，维持对于 2026年一季度供需压力较大的判断不变。受地缘事件影响，假期结束后国内市场能化品种开盘可能出现 较大波动，建议投资者密切关注事态进展，做好风险管理。 国金证券石油化工团队认为，当前原油价格仍在地缘冲突与供需过剩的矛盾中博弈，主要支撑来自地缘 因素。地缘冲突引发的原油价格上涨都将是一时性的，中期将进一步加剧原油过剩的压力。如委内瑞拉 冲突结束，委内瑞拉产量可能修复至110万桶/天以上。 1月2日，美油主力合约收跌0.16%，报57.33美元/桶，周涨1.04%；布伦特原油主力合约跌0.08%，报 60.8美元/桶，周涨0.93%。 （文章来源：21世纪经济报道） 据新华社报道，委内瑞拉已探明石油储量3000亿桶，约占全球已探明储量的17%，居世界首位。 尽管储量巨大，但其产能 ...

最新非农报告显示，劳动力就业状况和之前类似，就业维持弱势。美联储面临的难题没有得到解决，必须在阻止劳动力市场疲软，和防止通胀进一步恶化之 前，做出艰难的选择。美联储坚称劳动力市场不是通胀的根源，就业数据也印证了此观点。 百利好特约智昇研究投资策略师麦东认为，非农报告并没有把黄金带出震荡区域，黄金也没有向4380美元的历史高点冲锋。 技术面：昨日日线收十字星。1小时级别，价格在4275-4350美元之间震荡，并且震荡有收敛的态势，关注今日价格能否取得区间破位。 黄金方面： 12月16日，美国公布10月和11月非农数据，其中10月就业人数负10.5万人，11月就业数据6.4万人，失业率4.6％。考虑到当时美国政府仍处在停摆之中，数 据的有效性较差，金价仍在高位整理。 原油方面： 黄金小时图 供应端信息，欧美对俄罗斯原油的制裁或已被市场消化，俄油的出口回升，促使原油进一步走弱。美国仍在推动俄乌和谈，当前美乌双方在柏林达成进一步 共识，后续取决于俄罗斯态度。在此影响下，油价进一步下行。同时，美国和委内瑞拉的局势仍然不明，美方扣押了委方油轮，后续不排除军事升级。 需求端信息，美国原油库存数据显示，截至12月5日当周EI ...

Core Viewpoint - The oil stocks have collectively declined following a significant drop in international oil prices, marking the largest decrease since June [1] Group 1: Company Performance - CNOOC (00883) fell by 2.96%, trading at HKD 22.26 [1] - China Oilfield Services (02883) decreased by 2.86%, trading at HKD 7.82 [1] - PetroChina (00857) dropped by 1.43%, trading at HKD 8.94 [1] - Sinopec (00386) declined by 1.57%, trading at HKD 4.40 [1] Group 2: Market Conditions - WTI crude oil futures for December delivery fell by 4.2%, erasing gains from the previous three trading days [1] - January Brent crude oil decreased by 3.8% [1] - OPEC's monthly oil market report indicates a slight oversupply in the oil market by 2026 due to increased global supply, contrasting previous forecasts of prolonged supply shortages [1]

1. Report Industry Investment Rating The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The energy and chemical industry will continue to consolidate in a volatile manner. The OPEC monthly report confirmed an oversupply of 500,000 barrels per day in the global crude oil market in Q3 2025, which is different from the previous shortage forecast. The strengthening of refined oil products is reflected in both crack spreads and calendar spreads, while the calendar spreads of crude oil are gradually weakening. The rise in crude oil prices has not driven the chemical sector, and various chemical products are showing different trends [2][3]. 3. Summary by Relevant Catalogs 3.1 Market Views - **Crude Oil**: The expectation of oversupply is intensifying, and geopolitical disturbances still exist. The API data shows that the US crude oil inventory continued to build up last week, and the EIA short - term energy outlook report raised the forecast of US crude oil production. The OPEC monthly report adjusted its estimate of the global oil market from a deficit to a surplus. The short - term outlook is volatile [8]. - **Asphalt**: The spot price in Shandong has stabilized, and the futures price of asphalt is oscillating. The supply tension has been relieved, and the over - valuation premium is starting to decline. The absolute price of asphalt is over - estimated, and the calendar spread is expected to decline with the increase of warehouse receipts [10]. - **High - Sulfur Fuel Oil**: The futures price of fuel oil is oscillating. Pay attention to the progress of the Russia - Ukraine conflict. Although the Israel - Palestine conflict has ended, the Russia - Ukraine conflict continues to escalate, and the demand for fuel oil is still weak [11]. - **Low - Sulfur Fuel Oil**: Due to the strength of refined oil products, low - sulfur fuel oil may run strongly. It is affected by the decline in Russian refined oil exports, but also faces negative factors such as the decline in shipping demand and green energy substitution [13]. - **PX**: Market sentiment tends to be rational. Under the situation of strong supply and demand, the processing fee is strongly supported. It is expected that the short - term price will oscillate slightly upwards [14]. - **PTA**: Market sentiment is flat, and the basis is under pressure. The short - term increase slows down, and it turns to range - bound consolidation [14]. - **Pure Benzene**: The port resumes inventory accumulation, and pure benzene runs weakly. The current upward driving force is insufficient, but the valuation is at a low level [16]. - **Styrene**: There are still concerns about inventory overflow, and styrene oscillates weakly. The pressure in November is mainly on the cost side of pure benzene [18]. - **Ethylene Glycol**: The spot circulation is loose, and there are still production profits. The hope of reversing the downward trend in the short - term market is slim. The price will maintain a low - level range - bound operation [19]. - **Short - Fiber**: The market follows the "buy - on - dips" principle, and pay attention to the conversion between peak and off - peak seasons. The short - fiber price follows the upstream to oscillate, and the processing fee is expected to be compressed [22]. - **Bottle Chip**: The market performance is flat, and it passively follows the cost. The processing fee is expected to be sorted out within the range in the short - term [24]. - **Methanol**: The high - inventory reality suppresses, and overseas disturbances are not significant. Methanol oscillates and consolidates. Wait for overseas disturbance information in the short - term [26]. - **Urea**: There is still an incremental production capacity, and the futures price is under pressure in the short - term. It is in a state of high - inventory suppression and coal - cost support, and pay attention to the implementation of export quotas and coal - price trends [26]. - **Plastic**: The maintenance rate declines, and plastic oscillates weakly. The fundamental support is limited, and the production pressure is large due to the increase in production capacity [28]. - **PP**: The maintenance support is still limited, and PP oscillates weakly. The inventory in the middle reaches is at a high level in the same period in recent years, and pay attention to the change and sustainability of maintenance [29]. - **PL**: The inventory needs time to be digested, and PL oscillates weakly. The downstream replenishment enthusiasm weakens, and the trading range changes little [30]. - **PVC**: Weak reality suppresses, and PVC oscillates weakly. The macro - level disturbance fades, and the fundamentals are under pressure [31]. - **Caustic Soda**: It has a low valuation and weak expectations, and caustic soda oscillates. The supply - demand expectation is poor, but the falling price of liquid chlorine pushes up the cost [32]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Indicator Monitoring - **Inter - period Spreads**: Different varieties have different inter - period spread values and changes. For example, Brent's M1 - M2 spread is 0.27 with a change of - 0.02, and PX's 1 - 5 month spread is - 28 with a change of - 8 [34]. - **Basis and Warehouse Receipts**: Various varieties show different basis values, changes, and warehouse receipt quantities. For example, the basis of asphalt is - 43 with a change of 7, and the number of warehouse receipts is 7690 [35]. - **Inter - variety Spreads**: Different inter - variety spreads also have different values and changes. For example, the 1 - month PP - 3MA spread is 136 with a change of - 47 [37]. 3.2.2 Chemical Basis and Spread Monitoring The report only lists the names of various varieties such as methanol, urea, etc., but does not provide specific monitoring data. 3.3 Index Information - **Comprehensive Index**: The comprehensive index of CITIC Futures commodities on November 12, 2025, shows that the commodity index is 2258.82 (+0.40%), the commodity 20 index is 2563.42 (+0.48%), the industrial products index is 2223.46 (+0.58%), and the PPI commodity index is 1344.72 (+0.44%) [280]. - **Sector Index**: The energy index on November 12, 2025, has a current value of 1169.87, with a daily increase of 1.34%, a 5 - day increase of 0.97%, a 1 - month increase of 4.26%, and a year - to - date decrease of 4.73% [281].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - This week, oil prices declined. The first - stage cease - fire agreement in the Gaza region led to the withdrawal of the Middle East geopolitical risk premium. Trump reignited the trade war, worsening the macro - sentiment, and Brent crude fell to $62 per barrel with a daily decline of over 4%. Fundamentally, crude oil supply continued to be released. OPEC confirmed a production increase of 137,000 barrels per day in November and was expected to do the same in December. Since September, OPEC+ net crude oil exports increased significantly, and Russian crude oil exports also rose. Global floating storage of crude oil increased substantially. The US EIA commercial crude oil inventory increased, and production rose while the number of drilling rigs decreased. Global refinery profits declined with the fall of diesel cracking. Next week, the Dangote refinery in West Africa is expected to resume, restoring global gasoline supply. Considering the sanctions on Iran and Russia, the fourth - quarter refinery start - up rate is slightly lowered. In the baseline scenario, there will be an oversupply of over 2 million barrels per day in the fourth quarter of 2025 and 1.8 - 2.5 million barrels per day in 2026. The oversupply pattern remains unchanged. The absolute price center in the fourth quarter is expected to fall to $55 - 60 per barrel [5] 3. Summary by Relevant Catalogs 3.1 Price Data - From October 10 to 16, 2025, WTI crude oil price dropped from $58.90 to $57.46, a decrease of $0.81; Brent crude oil price decreased from $62.73 to $61.06, a decline of $0.85; Oman crude oil price decreased from $62.55 to $62.10 (data on October 16 is missing); SC crude oil price increased by $0.10; domestic gasoline price dropped by $50, and domestic diesel price decreased by $28. Other related products also showed different price changes [3] 3.2 Daily News - Affected by the weakening of Brent crude oil and firm freight rates, the price of Russian Urals crude oil fell below the EU price cap of $47.60 per barrel for the first time. Deutsche Bank believes that the UK economy is losing momentum. The US Treasury Secretary hopes that Japan will stop importing Russian energy. Indian refiners expect a gradual reduction in Russian oil imports. Trump said that Modi promised that India would stop buying Russian oil, but it would be a process [3][4] 3.3 Regional Fundamentals - In the week ending October 10, US crude oil exports increased by 876,000 barrels per day to 4.466 million barrels per day; domestic crude oil production increased by 700 barrels to 13.636 million barrels per day; commercial crude oil inventory (excluding strategic reserves) increased by 3.5 million barrels to 424 million barrels, a growth rate of 0.8%; the four - week average supply of US crude oil products was 20.669 million barrels per day, a 0.5% decrease compared to the same period last year; strategic petroleum reserve (SPR) inventory increased by 400,000 barrels to 408 million barrels, a growth rate of 0.2%; commercial crude oil imports (excluding strategic reserves) decreased by 878,000 barrels per day to 5.255 million barrels per day. US EIA gasoline inventory decreased by 267,000 barrels, and refined oil inventory decreased by 4.529 million barrels [4] 3.4 Weekly View - Due to the cease - fire in the Gaza region and the trade war, oil prices declined. Crude oil supply continued to increase, and OPEC planned to increase production. Global floating storage of crude oil increased, and refinery profits declined. The Dangote refinery in West Africa is expected to resume next week. Considering the sanctions on Iran and Russia, the fourth - quarter refinery start - up rate is slightly lowered. There is an oversupply of crude oil, and the absolute price center in the fourth quarter is expected to fall to $55 - 60 per barrel [5]

Core Viewpoint - Major commodity traders indicate that signs of an oil surplus are finally emerging, which could lead to lower oil prices. Brent crude oil prices have dropped by 11% since the end of last month due to increased supply from OPEC+ and other countries, leading to a bearish outlook for the U.S. oil market next year [1][2]. Group 1: Market Supply and Demand - The International Energy Agency (IEA) forecasts a surplus of approximately 4 million barrels per day by 2026, an increase of 18% from previous predictions [1]. - Traders from Gunvor Group, Vitol Group, and Trafigura Group expect oil prices to decline in the short term before recovering next year [1]. - The influx of oil into the market is attributed to steady increases in OPEC production and slight increases from non-OPEC countries like Guyana, Norway, and Brazil [3]. Group 2: Price Predictions - Vitol Group predicts that the average oil price next year will be around $60 per barrel, while Gunvor anticipates a drop followed by a recovery to $62 per barrel [2][3]. - Trafigura expects prices to fall to around $50 per barrel by the end of the year before rising to approximately $60 per barrel next year [3]. - Despite these predictions, the decline is not expected to be catastrophic, but it represents a 14% decrease compared to the average price from 2025 to date, which is disappointing for oil-dependent companies [3]. Group 3: Market Dynamics - The current market situation shows an influx of oil without a corresponding increase in demand, compounded by escalating trade tensions [4]. - There are concerns that the market may be overestimating the production capabilities of Venezuela and Iran, both under sanctions, while global refineries are operating at full capacity to meet demand [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - This week, oil prices declined as the first - stage cease - fire agreement in the Gaza region was reached, leading to the unwinding of the Middle East geopolitical risk premium. On Friday, Trump reignited the trade war, which hit the U.S. stock market at night, worsening the macro - sentiment. Brent crude fell to $62 per barrel, with a single - day decline of over 4%. [5] - Fundamentally, crude oil supply continued to be released. OPEC confirmed a production increase of 137,000 barrels per day in November, and the market expected a further increase of 137,000 barrels per day in December. Since September, OPEC+ crude net exports have increased significantly month - on - month, and Russian crude exports have also increased. [5] - Recently, global floating storage of crude oil has increased significantly. The U.S. EIA commercial crude inventory increased by 3.715 million barrels in the week of October 3, U.S. production increased again, the number of drilling rigs decreased (-4), and gasoline and diesel inventories decreased. Global refinery profits declined with the fall of diesel cracking spreads. [5] - Next week, the Dangote refinery in West Africa is expected to resume operations, and global gasoline supply will recover. The U.S. has imposed new sanctions on Iran, affecting Rizhao Port and local refineries. The impact on refinery raw material supply needs to be evaluated, and the fourth - quarter operating rate of local refineries is slightly lowered. [5] - In the baseline scenario, there will be a surplus of over 2 million barrels per day in the fourth quarter of crude oil, and there are signs of the conversion of floating storage inventory to OECD inventory. In 2026, the surplus is expected to be 1.8 - 2.5 million barrels per day. The oversupply pattern of crude oil remains unchanged. The absolute price center in the fourth quarter is expected to fall to $55 - 60 per barrel. [5] 3. Summary by Relevant Catalogs Daily News - Negotiations on the second - stage cease - fire agreement in Gaza have started. The key points of the U.S. government's "20 - point plan" include the complete withdrawal of the Israeli army from the Gaza Strip and the disarmament of Hamas. However, Hamas insists on Israel ending the occupation and the establishment of a Palestinian state as a precondition for complete disarmament, and the Israeli government has not clearly committed to the complete withdrawal of the army from the Gaza Strip. [3] - Russia's seaborne crude oil exports have reached a 28 - month high. In the four weeks up to October 12, the four - week average of Russia's port crude oil exports was 3.74 million barrels per day, the highest since June 2023. Due to increased production and Ukrainian attacks on Russian refineries, some crude oil has been diverted to export terminals. [4] - TotalEnergies CEO Patrick Pouyanne said that if the oil price falls to $60 per barrel, non - OPEC producers will start to cut production. It is expected that from mid - 2026, non - OPEC supply will decline significantly and hardly grow, and OPEC will regain control of the market. [4] Regional Fundamentals - According to the EIA report, in the week of October 3, U.S. crude oil exports decreased by 161,000 barrels per day to 3.59 million barrels per day, while domestic crude oil production increased by 124,000 barrels to 13.629 million barrels per day. [4] - The commercial crude oil inventory excluding strategic reserves increased by 3.715 million barrels to 420 million barrels, a growth rate of 0.89%. The U.S. strategic petroleum reserve (SPR) inventory increased by 285,000 barrels to 407 million barrels, a growth rate of 0.07%. [4] - The four - week average supply of U.S. crude oil products was 20.897 million barrels per day, a year - on - year increase of 1.68%. The import of commercial crude oil excluding strategic reserves was 6.403 million barrels per day, an increase of 570,000 barrels per day compared with the previous week. [4] - From September 19 - 25, the operating rate of major refineries decreased, while that of Shandong local refineries increased. Domestic gasoline production decreased, diesel production increased, gasoline inventory increased, and diesel inventory decreased. The comprehensive profit of major refineries fluctuated downward, and the comprehensive profit of local refineries decreased month - on - month. [5] Weekly View - This week, oil prices dropped due to the cease - fire in Gaza and the deterioration of the macro - environment. Brent crude fell sharply. [5] - Crude oil supply continued to increase, with OPEC's planned production increases and rising Russian exports. Global floating storage and U.S. commercial crude inventory increased. [5] - Global refinery profits declined, and the Dangote refinery in West Africa is expected to resume operations next week, increasing gasoline supply. [5] - U.S. sanctions on Iran may affect refinery raw material supply, and the fourth - quarter operating rate of local refineries is slightly lowered. [5] - Crude oil is expected to be in surplus in the fourth quarter of this year and 2026, and the absolute price center in the fourth quarter is expected to fall to $55 - 60 per barrel. [5]

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report - This week, oil prices declined as the first - stage cease - fire agreement in the Gaza region was reached, causing the geopolitical risk premium in the Middle East to recede. The macro - sentiment worsened, and Brent crude dropped to $62 per barrel with a daily decline of over 4%. [5] - Fundamentally, crude oil supply continued to be released. OPEC confirmed a 137,000 - barrel - per - day production increase in November, and the market expected a similar increase in December. Since September, OPEC+ net crude oil exports and Russian crude oil exports have increased month - on - month. [5] - Recently, global floating storage of crude oil has increased significantly. In the week of October 3rd, the U.S. EIA commercial crude oil inventory increased by 3.715 million barrels, U.S. production rose again, and gasoline and diesel inventories decreased. Global refinery profits declined with the drop in diesel cracking, and short - term cracking pressure exists. [5] - Next week, the Dangote refinery in West Africa is expected to resume operations, and global gasoline supply will recover. [5] - Considering the sanctions on refinery raw material supply, the Q4 refinery start - up expectations for local refineries are slightly lowered. Under the baseline scenario, there will be an excess of over 2 million barrels per day in Q4 2025 and an expected excess of 1.8 - 2.5 million barrels per day in 2026. The absolute price center in Q4 is expected to fall to $55 - 60 per barrel. [5] Summary by Directory 1. Daily News - Trump stated that if Iran is willing to talk, he is ready to lift sanctions on Iran. He believes that Iran is frustrated and needs help, and sanctions are too harsh. He hopes to lift sanctions and achieve peace. [3] - Due to drone attacks on Russian refineries, Russian refined oil maritime exports in September decreased by 17.1% month - on - month to 7.58 million tons. Exports through the Baltic ports decreased by 15.4% to 4.36 million tons, and those through the Black Sea and Azov Sea ports decreased by 23.2% to 2.52 million tons. [3] - Saudi Aramco CEO Amin Nasser said that global oil demand is expected to remain strong in 2025 and 2026, increasing by about 1.2 - 1.4 million barrels per day. He is confident in demand growth due to the population and living standards in developing economies. Saudi Aramco's maximum production capacity is 12 million barrels per day, and the oil extraction cost is $2 per barrel. [4] 2. Regional Fundamentals - From September 19th to 25th, the operating rate of major refineries decreased, while that of Shandong local refineries increased. Domestic gasoline production decreased, diesel production increased, gasoline inventory increased, and diesel inventory decreased. The comprehensive profit of major refineries fluctuated downward, and that of local refineries decreased month - on - month. [4] 3. Weekly Views - This week, oil prices fell due to the cease - fire in the Gaza region and worsened macro - sentiment. Brent crude dropped by over 4% in a single day. [5] - In terms of supply, OPEC will increase production by 137,000 barrels per day in November and is expected to do the same in December. Since September, OPEC+ and Russian crude oil exports have increased. Global floating storage and U.S. commercial crude oil inventory have increased, and U.S. production has risen. [5] - Refinery profits have declined with diesel cracking. Near - term European diesel inventory is high after active restocking, and short - term cracking is under pressure. Next week, the Dangote refinery's resumption will restore global gasoline supply. [5] - The U.S. has imposed new sanctions on Iran, affecting Rizhao Port and local refineries. The impact needs evaluation, and Q4 local refinery start - up expectations are slightly lowered. [5] - Crude oil is expected to have an excess of over 2 million barrels per day in Q4 2025 and 1.8 - 2.5 million barrels per day in 2026. The absolute price center in Q4 is expected to be $55 - 60 per barrel. [5] 4. EIA Report - In the week of October 3rd, U.S. crude oil exports decreased by 161,000 barrels per day to 3.59 million barrels per day. [16] - U.S. domestic crude oil production increased by 124,000 barrels to 13.629 million barrels per day. [16] - Excluding strategic reserves, commercial crude oil inventory increased by 3.715 million barrels to 420 million barrels, a 0.89% increase. [16] - The four - week average supply of U.S. refined oil products was 20.897 million barrels per day, a 1.68% increase year - on - year. [16] - U.S. Strategic Petroleum Reserve (SPR) inventory increased by 285,000 barrels to 407 million barrels, a 0.07% increase. [16] - Excluding strategic reserves, U.S. commercial crude oil imports were 6.403 million barrels per day, an increase of 570,000 barrels per day from the previous week. [16]