Oil Price Sector - As of February 2, 2026, the prices for Brent crude, WTI crude, Russian ESPO crude, and Russian Urals crude are $66.30, $62.14, $52.90, and $65.49 per barrel respectively [1][2] - The price changes over the past month for major oil products are as follows: Brent crude (+9.14%), WTI crude (+8.41%), Russian ESPO (+8.34%), and Russian Urals (0.00%) [1][2] Oil Inventory Sector - According to the January 2026 report, IEA, EIA, and OPEC predict global oil inventory changes of +372.24, +282.58, and -56.86 thousand barrels per day respectively, compared to December 2025 predictions which were -14.27, +56.86, and -59.34 thousand barrels per day [2] - The average forecast for global oil inventory changes in 2026 is +199.32 thousand barrels per day, which is a decrease of 5.58 thousand barrels per day from the December 2025 average [2] Oil Supply Sector - The January 2026 report from IEA, EIA, and OPEC forecasts global oil supply for 2026 to be 10,870.29, 10,765.19, and 10,593.14 million barrels per day respectively, showing increases of 251.53, 138.75, and 122.43 million barrels per day compared to 2025 [3] - For Q1 2026, the predicted global oil supply changes are +421.90, +353.62, and -166.79 thousand barrels per day from IEA, EIA, and OPEC respectively [3] Oil Demand Sector - The January 2026 report indicates that IEA, EIA, and OPEC predict global oil demand for 2026 to be 10,498.05, 10,482.61, and 10,650.00 million barrels per day respectively, with increases of 93.22, 113.81, and 136.34 million barrels per day compared to 2025 [4] - For Q1 2026, the forecasted changes in global oil demand are +84.07, +140.81, and +133.59 thousand barrels per day from IEA, EIA, and OPEC respectively [4] Related Companies - Relevant listed companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (CNPC) among others [5]

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry [1] Core Insights - As of January 23, 2026, international oil prices have seen a slight increase due to multiple favorable factors, including temporary production halts in Kazakhstan, an upward revision of global economic growth forecasts, the cancellation of tariffs on eight European countries by Trump, and extreme cold weather potentially affecting supply and demand [2][9] - Brent and WTI crude oil prices were reported at $65.07 and $61.07 per barrel, respectively, marking increases of 1.47% and 2.92% from the previous week [2][20] - The oil and petrochemical sector outperformed, with a 7.71% increase, while the broader Shanghai and Shenzhen 300 index fell by 0.62% [10][13] Summary by Sections Oil Price Review - Brent crude futures settled at $65.07 per barrel, up $0.94 (+1.47%) from the previous week, while WTI crude futures rose to $61.07 per barrel, an increase of $1.73 (+2.92%) [2][20] Offshore Drilling Services - As of January 19, 2026, the number of global offshore self-elevating drilling platforms was 376, a decrease of 1 from the previous week, while floating drilling platforms increased by 3 to a total of 133 [29] Oil Supply - U.S. crude oil production was reported at 13.732 million barrels per day as of January 16, 2026, a decrease of 21,000 barrels from the previous week [39] - The number of active drilling rigs in the U.S. increased by 1 to 411 as of January 23, 2026 [39] Oil Demand - U.S. refinery crude oil processing volume was 16.604 million barrels per day as of January 16, 2026, down by 354,000 barrels from the previous week, with a refinery utilization rate of 93.30%, a decrease of 2.0 percentage points [47] Oil Inventory - As of January 16, 2026, total U.S. crude oil inventories stood at 841 million barrels, an increase of 4.408 million barrels (+0.53%) from the previous week [48] Related Stocks - Key stocks in the sector include China National Offshore Oil Corporation (CNOOC), PetroChina, Sinopec, and China Oilfield Services [3]

Summary of Conference Call Notes Industry Overview - The notes primarily focus on the shipping and logistics industry, particularly container and bulk shipping sectors, with specific references to various shipping companies and their pricing strategies. Key Points and Arguments Shipping Rates and Contracts - December contract delivery pricing is expected to be around 1,630 points, with potential ceilings between 1,670 and 1,690 points due to suboptimal delivery outcomes from shipping companies like Maersk [2][6] - January pricing shows significant divergence among shipping companies, with expectations ranging from 1,300 to 1,700 points, suggesting a strategy of light valuation and heavy driving [2][7] - VLCC (Very Large Crude Carrier) rates are performing strongly, while Suezmax rates are average; LR2 rates have surged to $45,000 per day, influenced by the strength of European naphtha and diesel spreads [2][13] Container Shipping Insights - Container shipping rates on the US routes have stabilized, with improved loading rates for shipowners; however, there is market caution regarding price increases planned by companies like Hangzhou [2][15] - European route pricing for the second week of December ranges from $1,900 to $2,400, with an average of $2,250, reflecting a decrease from the previous week [3] Pricing Strategies of Major Shipping Companies - Maersk and CMA CGM announced price increases for late December to $3,500, but actual FAK (Freight All Kinds) prices were lower at $2,640 and $2,440 respectively [4] - The PA alliance is expected to follow suit with price increases, but faces challenges due to insufficient long-term cargo volumes [5] Future Price Expectations - The first delivery index for December contracts is projected at 1,630 points, with potential difficulties in maintaining current prices due to Maersk's underperformance in spot cargo [6][9] - There is a possibility of unexpected performance in December pricing, contingent on cargo releases in mid-December [9] Impact of Geopolitical Events - The recent attack on the CPC pipeline has raised concerns, particularly affecting European oil supply and Suezmax rates [10] - The ongoing Russia-Ukraine conflict could influence VLCC demand depending on the status of sanctions and economic viability for China and India to purchase discounted Russian oil [11][12] Bulk Shipping Market Performance - Cape-sized bulk carriers have shown strong performance, with rates nearing $38,000 per day, the highest in two years, expected to continue for over two weeks [14] - The demand for iron ore and bauxite is projected to grow, with significant contributions from major mining companies, leading to an overall demand growth of approximately 2.3% for Cape-sized vessels in 2026 [16][17] Stock Market and Investment Outlook - Recent stock market fluctuations are attributed to sentiment rather than fundamental changes, with predictions for shipping rates in 2026 causing sell-off pressures [18] - Long-term investors are advised to focus on building positions during market dips, as the outlook for the shipping sector remains positive despite short-term volatility [18] Additional Important Insights - The shipping industry is experiencing a complex interplay of pricing strategies, geopolitical influences, and market dynamics that require careful analysis for investment opportunities and risk assessment [2][18]

Report Industry Investment Rating - Not provided Core Viewpoints - BZ2603 showed a slight fluctuation, closing at 5,526 yuan/ton. Last week, the operating load of petroleum benzene decreased while the operating rate of hydrobenzene increased, resulting in an overall decline in domestic pure benzene production. The operating rates of downstream industries mostly decreased, with the weighted operating rate of pure benzene downstream industries declining on a week-on-week basis. Inventory was reduced to a neutral level. The profit of petroleum benzene changed little and was at a low valuation level due to weak supply and demand. This week, petroleum benzene plants are expected to operate with a slight reduction in load, but with the increase in the load of hydrobenzene and the arrival of imported resources, the domestic supply of pure benzene is still expected to be at a relatively high level. Terminal demand is weak, and downstream plants are expected to mainly reduce their operating rates. The recent new capacity launch in the downstream is difficult to offset the negative impact of the reduction in the load of existing plants. In terms of cost, the market expects a slight increase in production by OPEC+ in December, and combined with the weak demand side of crude oil, international oil prices are under pressure. In the short term, BZ2603 is expected to show a fluctuating trend, and technically, attention should be paid to the previous low support around 5,440 and the previous high pressure around 5,640 [2]. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of pure benzene was 5,526 yuan/ton, up 31 yuan; the settlement price was 5,501 yuan/ton, down 28 yuan. The trading volume was 6,746 lots, up 1,863 lots; the open interest was down 65 lots. The mainstream price in the East China market was 5,450 yuan/ton, unchanged; in the North China market, it was 5,495 yuan/ton, up 495 yuan [2]. Spot Market - The mainstream price of pure benzene in the South China market was 5,435 - 5,450 yuan/ton, unchanged; in the Northeast region, it was 5,130 - 5,170 yuan/ton, down 21 - 100 yuan. The mainstream price of hydrobenzene in Jiangsu was 5,325 yuan/ton, down 25 yuan; in Shanxi, it was 5,105 yuan/ton. The FOB mid - price of pure benzene in South Korea was 660 US dollars/ton, down 11 US dollars; the CFR mid - price of pure benzene in China was 675.84 US dollars/ton, down 11.13 US dollars [2]. Upstream Situation - The spot price of Brent DTD crude oil was 64.5 US dollars/barrel, down 1.96 US dollars. The CFR mid - price of naphtha in Japan was 568.63 US dollars/ton, down 9 US dollars. The capacity utilization rate of pure benzene was 78.14%, up 0.13 percentage points; the weekly output was 42.61 tons, down 1.19 tons [2]. Industry Situation - The port inventory of pure benzene was 9.9 tons, up 0.9 tons. The production cost of pure benzene was 5,327.8 yuan/ton, down 118.2 yuan; the production profit was 737 yuan/ton, up 76 yuan [2]. Downstream Situation - The total operating rate of styrene was 69.25%, down 2.63 percentage points; the capacity utilization rate of caprolactam was 95.72%, up 6.41 percentage points; the capacity utilization rate of phenol was 78.54%, down 0.46 percentage points; the capacity utilization rate of aniline was 69.24%, down 0.1 percentage point; the capacity utilization rate of adipic acid was 64.3%, up 2 percentage points [2]. Industry News - From October 18th to 24th, the capacity utilization rate of petroleum benzene decreased by 2.75% to 72.73% week - on - week, while the capacity utilization rate of hydrobenzene increased by 1.07% to 63.46%. The operating rates of styrene, caprolactam, and adipic acid decreased, the operating rate of phenol remained stable, and the operating rate of aniline increased. The weighted operating rate of pure benzene downstream industries decreased by 1.97% to 73.40% week - on - week. As of October 27th, the port inventory of pure benzene in Jiangsu decreased by 14.14% to 8.5 tons week - on - week. From October 17th to 23rd, the profit of petroleum benzene in China was 385 yuan/ton [2].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report -中美贸易摩擦影响减弱，俄美谈判破裂以及美国再次采购战略石油储备利多油价 [4] -供应端，OPEC+增产幅度不及预期且实际产量增幅弱于预期，增产进度仍需观察；需求端，美国需求旺盛，中国需求回稳，需求端整体稳中有升 [4] -关税问题负面影响逐渐消退，原油基本面较好，对油价有一定支撑作用，建议轻仓试多 [4] 3. Summaries Based on Relevant Catalogs 3.1 Weekly Views and Strategies - **Inventory**: 上周美国原油、汽油及馏分油库存下降，因炼油活动和需求增强。美国商业原油库存减少96.1万桶，至4.228亿桶；汽油库存减少210万桶，至2.167亿桶；馏分油库存减少150万桶，至1.156亿桶 [4][21] - **Supply**: OPEC+决定10月开始增产，此轮增产意味着开始解除第二层减产计划，但实际产量增幅不及预期；美国原油产量上升至1360万桶/日，但页岩油产量触及天花板，供应端存在不确定性 [4][31][35] - **Demand**: 美国炼厂原油加工量增加，产能利用率上升，石油总供应量增加，需求强劲；中国9月原油加工较快增长，需求回稳 [4][45] - **View and Strategy**: 中美贸易摩擦影响减弱等因素利多油价，建议轻仓试多 [4] 3.2 Balance Sheet and Industrial Chain Structure - **Global Supply - Demand Balance Sheet**: 提供了2024 - 2025年全球原油产量、消费量、库存净提取量等数据 [6] - **Industrial Chain Structure**: 展示了原油从常减压装置开始，经过一系列加工转化为各种产品的产业链结构 [10] 3.3 Futures and Spot Markets - 展示了国内外价差、月间价差、INE原油期现价差、BRENT原油期限价差、运费指数、港口运价等图表 [12][15][16][17] 3.4 Inventory - **US Inventory**: 美国原油、汽油及馏分油库存下降，东海岸炼油厂原油净进口量增加 [4][21] - **China Inventory**: 中国6 - 9月库存增量有所回落，因国内原油加工需求环比回升 [23] - **Crude Oil Warehouse Receipts**: 上海能源交易所INE原油仓单近期维持低位 [27] 3.5 Supply Side - **OPEC Production**: OPEC+决定增产，10月开始解除第二层减产计划；OPEC 9月原油产量增加52.4万桶/日 [31] - **US Production**: 上周美国原油产量维持在1360万桶/日，页岩油产量触及天花板，未来增产概率较低 [35] - **Global Production**: 供应端存在不确定性，包括OPEC+增产进程、俄罗斯受制裁、美国页岩油产量瓶颈等问题 [39] 3.6 Demand Side - **China Demand**: 中国9月原油加工较快增长，出行需求有望拉动原油消费；9月原油进口量为4,725.20万吨，1 - 9月累计进口量同比增加2.6%；9月成品油出口量为514.1万吨，1 - 9月累计出口量同比减少4.9% [45][50][53] - **US Demand**: 美国炼厂原油加工量增加，产能利用率上升，石油总需求强劲，季节性需求略好于去年同期 [55][58]

Core Viewpoint - The article discusses the easing of trade concerns, with positive movements in stock futures and commodities, while highlighting the impact of U.S.-China trade tensions on various markets [1][4]. Group 1: Stock Indices - U.S. stock futures opened higher, with the S&P 500 futures up 1.1% and Nasdaq futures up 1.4% [1]. - The market experienced a significant pullback due to escalating U.S.-China trade tensions, with a trading volume of 2.53 trillion yuan [2]. - The financing balance increased by 50.8 billion yuan to 2.429195 trillion yuan, indicating a potential shift towards a bullish trend despite short-term volatility [2][12]. Group 2: Precious Metals - Gold prices reached a new high, surpassing $4,060 per ounce, driven by renewed trade tensions and a lack of pressure from traditional bearish factors [3][20]. - Central banks continue to increase their gold holdings, reflecting a growing recognition of gold as a safe-haven asset amid rising global tensions [3][20]. Group 3: Oil Market - Oil prices fell approximately 4% following the announcement of a 100% tariff on Chinese goods, indicating the significant impact of trade tensions on global supply chains [4][14]. - The trade war is expected to disrupt supply chain efficiency, leading to reduced demand for oil and petrochemical products [4][15]. - Market sentiment has shifted towards safe-haven assets like gold and the U.S. dollar, resulting in a potential downward trend for oil prices [4][15]. Group 4: Economic Indicators - The Chinese Ministry of Commerce announced export controls on rare earths, emphasizing the need for dialogue with the U.S. to resolve trade issues [1][8]. - The Small and Medium Enterprises Development Index (SMEDI) in China showed a slight decline to 89.0 in September, indicating challenges amid a complex external environment [9].

Report Industry Investment Rating - The medium - to long - term outlook for oil prices is bearish, but the short - term market is subject to supply - side disturbances [8] Core View of the Report - The EIA weekly report is relatively bearish. Although refinery operating rates indicate that U.S. refineries have not fully started autumn maintenance, inventory and demand indicators suggest it is inevitable. With declining refining demand and increasing supply, oil prices are bearish in the medium to long term, while the short - term market is affected by supply - side factors [8] Summary by Relevant Catalog 1. Main Data - As of September 5, U.S. commercial crude oil inventories were 424,646 thousand barrels, a week - on - week increase of 393,900 barrels, contrary to the expected decrease of 100,000 barrels. Cushing inventories decreased by 36,500 barrels, and strategic reserve inventories increased by 51,400 barrels [2][3] - Gasoline inventories increased by 145,800 barrels, contrary to the expected decrease of 20,000 barrels, and distillate inventories increased by 471,500 barrels, exceeding the expected increase of 4,000 barrels [2][3] - U.S. crude oil production increased by 72 thousand barrels per day to 13,495 thousand barrels per day, and net imports increased by 668 thousand barrels per day to 3,526 thousand barrels per day [3] - U.S. crude oil processing volume decreased by 51 thousand barrels per day to 16,818 thousand barrels per day [3] - The four - week smoothed values of U.S. crude oil, gasoline, distillate, and jet fuel terminal apparent demand all decreased [3] 2. Report Review - Last week, U.S. crude oil inventories unexpectedly increased due to a significant drop in exports leading to increased net imports. However, the sustainability of the export decline needs further observation as there is a periodic decline pattern at the beginning of the month [4] - Refinery operating rates increased by 0.6% week - on - week to 94.9%, indicating that traditional autumn maintenance has not fully begun [4] 3. Product Oil Situation - All major crude oil product inventories rose this week, with gasoline inventories unexpectedly rising and distillate inventories rising far more than expected, driving a significant increase in the total crude oil chain inventory [6] - Except for propane and propylene, the four - week smoothed values of all terminal demand categories decreased. The single - week implied demand for gasoline was only 850,800 barrels per day, far lower than the previous level of around 900,000 barrels per day, which is in line with seasonal patterns [6] - The significant increase in distillate inventories is counter - seasonal. Usually, after September, distillate inventories tend to decline during refinery autumn maintenance and the autumn harvest consumption peak, but this week's large - scale inventory build - up will suppress future refinery operating rates and corresponding refining demand [6]

1. Report Industry Investment Rating - The investment view is "oscillating", with unilateral trading and arbitrage both rated as "oscillating" [3] 2. Core View of the Report - The short - term trend of asphalt follows crude oil, and the medium - term supply - demand fundamentals are weak. In September, the traditional peak season, there will be an increase in both supply and demand, but the contradiction is not prominent [1][3] 3. Summary by Relevant Catalogs 3.1 Main Views and Strategy Overview - **Supply**: - In September 2025, domestic refinery asphalt production is expected to reach 1.48 million tons, a year - on - year increase of 430,000 tons (41%) and a month - on - month increase of 220,000 tons (17%). From January to September, the total production is expected to be about 10.43 million tons, a year - on - year increase of 1.61 million tons (18%). The increase is due to factors such as good profit margins, sufficient low - cost raw materials, and the resumption or planned production increase of some refineries [4] - Southeast Asian asphalt resources are in tight supply, supporting import prices. Korean asphalt prices in September have slightly declined compared to August, while Singapore and Thai asphalt prices remain firm [4] - **Demand**: - Demand release is less than expected. In the north, some demand has slightly increased, and in the south, demand has slightly recovered with less rainfall. This year's peak season may not be prosperous, and the "14th Five - Year Plan" rush - work is likely to be disproven [4] - This week, domestic refinery shipments reached 404,000 tons, a 3.3% increase from the previous period. Shipments in North China decreased due to rain and project suspension, while those in East and South China increased [4] - **Inventory**: - This week, domestic factory inventories decreased, especially in Shandong. The reasons are intermittent production suspension, product conversion, and the fulfillment of previous orders [4] - Social inventories also decreased, with significant regional differentiation. In the Northeast, high prices and reduced production led to inventory reduction, and in the Northwest, project rush - work increased demand [4] - **Cost**: - International oil prices first rose for three consecutive days due to positive inventory data and geopolitical factors, then fluctuated. The initial decline was due to concerns about trade and the re - evaluation of the Russia - Ukraine situation, and the subsequent rise was due to a decline in US inventories [4] 3.2 Price - The report presents the mainstream market prices of heavy - traffic asphalt in different regions (East China, South China, North China, Shandong) from 2021 to 2025 [6][7][8][9][11] 3.3 Spread, Basis, and Delivery Profit - **Spread**: It shows the asphalt cracking spread (BU - (SC*6.35)) and the spread between asphalt and coking materials from 2021 to 2025 [15][16][17] - **Basis**: It presents the basis of asphalt in major regions (South China, East China, Shandong) from 2024 to 2025 [18][19] 3.4 Supply - **Production Forecast**: It shows the monthly production and production forecast of asphalt in China from 2022 to 2025, as well as the production in different regions (Shandong, East China, North China, South China, Northeast) [23][27] - **Capacity Utilization**: It shows the capacity utilization rate of heavy - traffic asphalt in China and different regions (North China, South China, Northeast, Shandong, East China) from 2019 to 2025 [32][35][36][37] - **Maintenance Loss**: It shows the weekly and monthly maintenance loss of asphalt in China from 2018 to 2025 [39] 3.5 Cost and Profit - **Production Gross Margin**: It shows the production gross margin of asphalt in Shandong from 2021 to 2025 [42][43] - **Diluted Asphalt**: It shows the price, premium, and port inventory of diluted asphalt from 2022 to 2025 [46][47] 3.6 Inventory - **Factory Inventory**: It shows the factory inventory and inventory rate of asphalt in China and different regions (Shandong, East China, North China, South China, Northeast) from 2022 to 2025 [51][53][54] - **Social Inventory**: It shows the social inventory of asphalt in China and different regions (Shandong, East China, North China, South China, Northeast) from 2022 to 2025 [56][57] 3.7 Demand - **Shipments**: It shows the shipments of asphalt in China and different regions (Shandong, East China, North China, South China, Northeast) from 2022 to 2025 [60] - **Downstream Operating Rate**: It shows the operating rates of road - modified asphalt, modified asphalt, building asphalt, and waterproofing membranes from 2018 to 2025, as well as the operating rates of modified asphalt in different regions (China, Shandong, East China, North China, South China, Northeast) from 2022 to 2025 [62][63][64][66][67][69]

Oil Market Overview - The average weekly price for Brent and WTI crude oil futures was $66.9 and $63.1 per barrel, reflecting a change of +$0.7 and -$0.2 from the previous week [1][2] - Total U.S. crude oil inventory, commercial crude oil inventory, strategic petroleum reserve, and Cushing crude oil inventory were reported at 82 million, 42 million, 40 million, and 2 million barrels, with changes of -579, -601, +22, and +42 thousand barrels respectively [2][3] - U.S. crude oil production was 13.38 million barrels per day, an increase of +60 thousand barrels per day from the previous week [2][3] - The number of active oil rigs in the U.S. was 411, down by 1 rig, while the active fracturing fleet was 167, down by 2 units [2][3] Refined Products Market - Average prices for gasoline, diesel, and jet fuel in the U.S. were $89, $95, and $89 per barrel, with changes of +$1.6, +$0.5, and -$5.1 respectively [3][4] - U.S. gasoline, diesel, and jet fuel inventories were reported at 22 million, 12 million, and 4 million barrels, with changes of -272, +234, and -45 thousand barrels respectively [3][4] - Production levels for gasoline, diesel, and jet fuel were 9.55 million, 5.33 million, and 1.96 million barrels per day, with changes of -26, +19, and -1 thousand barrels per day respectively [3][4] - Consumption levels for gasoline, diesel, and jet fuel were 8.84 million, 3.97 million, and 1.90 million barrels per day, with changes of -16, +27, and +7 thousand barrels per day respectively [3][4] Trade Dynamics - U.S. gasoline imports, exports, and net exports were 0.9 million, 1.02 million, and 0.93 million barrels per day, with changes of -16, +19, and +35 thousand barrels per day respectively [4] - U.S. diesel imports, exports, and net exports were 0.12 million, 1.15 million, and 1.03 million barrels per day, with changes of +2, -29, and -31 thousand barrels per day respectively [4] - U.S. jet fuel imports, exports, and net exports were 0.1 million, 0.22 million, and 0.12 million barrels per day, with changes of +7, -4, and -11 thousand barrels per day respectively [4] Related Companies - Recommended companies include China National Offshore Oil Corporation (CNOOC), PetroChina, Sinopec, CNOOC Services, Offshore Oil Engineering, and CNOOC Development [4]

Oil Price and Inventory - Brent and WTI crude oil futures average prices were $66.9 and $63.1 per barrel, respectively, with week-on-week changes of +$0.7 and -$0.2[2] - Total U.S. crude oil inventory decreased by 579,000 barrels to 82.41 million barrels, while commercial crude oil inventory fell by 601,000 barrels to 42.068 million barrels[2] - U.S. crude oil production increased by 60,000 barrels per day to 13.38 million barrels per day[2] Oil Demand and Supply - U.S. refinery crude processing volume rose by 30,000 barrels per day to 17.21 million barrels per day, with a utilization rate of 96.6%, up by 0.2 percentage points[2] - U.S. crude oil imports decreased by 42,000 barrels per day to 650,000 barrels per day, while exports increased by 80,000 barrels per day to 437,000 barrels per day, resulting in a net import decrease of 122,000 barrels per day[2] Refined Products - Average prices for U.S. gasoline, diesel, and jet fuel were $89, $95, and $89 per barrel, with week-on-week changes of +$1.6, +$0.5, and -$5.1, respectively[2] - U.S. gasoline inventory decreased by 272,000 barrels to 22.357 million barrels, while diesel inventory increased by 234,000 barrels to 11.603 million barrels[2] Market Recommendations - Recommended stocks include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) for potential investment[3] - Risks include geopolitical factors, macroeconomic downturns, and changes in OPEC+ supply plans[3]