1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - This week, oil prices fluctuated and closed higher. The G7 and the EU considered banning Russian export shipping services instead of the oil price cap, Ukraine attacked a refinery and a small port of Rosneft, and CPC exports were blocked, leading to a decline in Kazakhstan's daily oil production and a rebound in absolute prices. Fundamentally, global oil inventories are accumulating, Saudi Aramco lowered the price of Arab Light crude oil for Asia in January, U.S. EIA crude oil and refined oil inventories are accumulating, and the refinery operating rate in the U.S. has recovered above 94%. The crack spreads of gasoline and diesel in Europe and the U.S. have declined, and the short - term diesel fundamentals are stronger. The price range of Brent in the fourth quarter is $55 - 65 per barrel, maintaining a short - selling idea. With a small short - term valuation deviation, it is advisable to stay on the sidelines [4] 3. Summary by Relevant Catalogs 3.1 Daily News - Trump plans to sanction Maduro's nephews and several companies transporting Venezuelan oil. The Trump administration imposed new sanctions on three nephews of Venezuelan President Maduro, a businessman closely related to the Maduro regime, and six companies transporting Venezuelan oil. The day before the sanctions, the U.S. seized a ship carrying Venezuelan crude oil [3] - The U.S. is preparing to seize more oil tankers off the Venezuelan coast. After seizing an oil tanker this week, the U.S. is preparing to intercept more ships transporting Venezuelan oil to increase pressure on Maduro. The U.S. has drawn up a list of target tankers that may be seized [3] - Russia's crude oil production increased slightly in November but remained below the quota. Russia's daily crude oil production rose slightly to 9.367 million barrels in November, an increase of 100,000 barrels per day from October, but still below the OPEC + quota of 9.532 million barrels per day. OPEC + has increased the crude oil production target by more than 2.7 million barrels per day this year, and decided to maintain the current production level in the first quarter of 2026. Kazakhstan's crude oil production exceeded the quota in November [4] 3.2 Inventory - U.S. EIA crude oil inventory for the week ending December 5th was - 1.812 million barrels, with an expected - 2.31 million barrels and a previous value of 0.574 million barrels; strategic petroleum reserve inventory was 0.248 million barrels, with a previous value of 0.25 million barrels; gasoline inventory was 6.397 million barrels, with an expected 2.764 million barrels and a previous value of 4.518 million barrels; refined oil inventory was 2.502 million barrels, with an expected 1.943 million barrels and a previous value of 2.059 million barrels; Cushing crude oil inventory in Oklahoma was 0.308 million barrels, with a previous value of - 0.457 million barrels; refinery equipment utilization rate was 94.5%, with an expected 94.4% and a previous value of 94.1% [4] 3.3 Weekly View - This week, oil prices fluctuated and closed higher. The G7 and the EU considered banning Russian export shipping services instead of the oil price cap, Ukraine attacked a refinery and a small port of Rosneft, and CPC exports were blocked, leading to a decline in Kazakhstan's daily oil production and a rebound in absolute prices. Fundamentally, global oil inventories are accumulating, Saudi Aramco lowered the price of Arab Light crude oil for Asia in January, U.S. EIA crude oil and refined oil inventories are accumulating, and the refinery operating rate in the U.S. has recovered above 94%. The crack spreads of gasoline and diesel in Europe and the U.S. have declined, and the short - term diesel fundamentals are stronger. The price range of Brent in the fourth quarter is $55 - 65 per barrel, maintaining a short - selling idea. With a small short - term valuation deviation, it is advisable to stay on the sidelines [4]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - This week, oil prices fluctuated and closed higher. The G7 and the EU considered banning Russian export shipping services instead of the oil price cap. Ukraine attacked a refinery and a small port of Rosneft. The CPC export was disrupted and Kazakhstan's daily oil production declined, leading to a rebound in absolute prices. Fundamentally, global oil inventories increased, Saudi Aramco lowered the January selling price of Arab Light crude oil to Asia, and US EIA crude oil and refined product inventories also rose. Recently, the US refinery operating rate recovered above 94%, and the crack spreads of gasoline and diesel in Europe and the US declined. In the short term, the diesel fundamentals are stronger. Attention should be paid to the seasonal regression of the gasoline - diesel price spread. The Brent price range in the fourth quarter is $55 - 65 per barrel, maintaining a high - short strategy, and it is advisable to wait and see in the short term as the valuation deviation is not high [4] 3. Summary by Relevant Catalogs 3.1 Daily News - The Trump administration is considering more tanker - related operations in relation to Venezuela and Iran [3] - Venezuelan President Maduro said Venezuela is ready to "knock out the teeth of the North American empire" if necessary. Trump confirmed that the US seized an oil tanker near Venezuela on December 10 [3][4] 3.2 Inventory - US EIA crude oil inventory for the week ending December 5 was - 1.812 million barrels, expected - 2.31 million barrels, and the previous value was 0.574 million barrels [4] - US EIA strategic petroleum reserve inventory for the week ending December 5 was 0.248 million barrels, and the previous value was 0.25 million barrels [4] - US EIA gasoline inventory for the week ending December 5 was 6.397 million barrels, expected 2.764 million barrels, and the previous value was 4.518 million barrels [4] - US EIA refined oil inventory for the week ending December 5 was 2.502 million barrels, expected 1.943 million barrels, and the previous value was 2.059 million barrels [4] - US EIA Cushing crude oil inventory in Oklahoma for the week ending December 5 was 0.308 million barrels, and the previous value was - 0.457 million barrels [4] - US EIA refinery utilization rate for the week ending December 5 was 94.5%, expected 94.4%, and the previous value was 94.1% [4] 3.3 Weekly View - Oil prices fluctuated and closed higher this week. The G7 and EU's consideration of banning Russian shipping services, Ukraine's attacks, and CPC export disruptions led to a price rebound. Fundamentally, inventories are rising, refinery operating rates are recovering, and crack spreads are falling. The short - term diesel fundamentals are stronger. The fourth - quarter Brent price range is $55 - 65 per barrel, with a high - short strategy and short - term waiting and seeing advised [4]

原油成品油早报 研究中心能化团队 2025/12/09 金十期货12月8日讯，最新数据显示，截至12月8日当周，山东独立炼厂原油到港量263.1万吨，环比上涨40.2万吨，涨 幅为18.04%。相比之下，去年同期，山东独立炼厂原油到港量为106.5万吨，环比下跌103.2万吨，跌幅为49.21%，到 港原油以中质原油为主，其中俄罗斯原油到港29.7万吨，且有1船新的稀释沥青到港。 二、库存 ·美国至11月28日当周API原油库存 248万桶，前值-185.9万桶。 ·美国至11月28日当周API汽油库存 313.6万桶，前值53.9万桶。 · 美国至11月28日当周EIA原油库存 57.4万桶，预期-82.1万桶，前值277.4万桶。 | 日期 | WTI | BRENT | DUBAI | diff FOB dated bre | BRENT 1- 2月差 | WTI-BREN T | DUBAI-B RT（EFS | NYMEX RB OB | RBOB-BR T | NYMEX HO | HO-BRT | | --- | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The Russian Deputy Prime Minister Novak stated that lowering the oil price cap will not affect Russian exports [1] Group 1 - Novak emphasized that the current oil price cap does not impact Russia's ability to export oil [1] - The statement suggests that Russia has strategies in place to maintain its export levels despite potential price cap adjustments [1]

Core Viewpoint - The EU's foreign affairs chief, Kallas, emphasizes the need to implement a price cap on oil [1] Group 1 - Kallas advocates for the advancement of measures to impose a price cap on oil [1]

Group 1 - The UK government has identified 100 targets for sanctions against Russia, focusing on military, energy, and financial sectors, as well as individuals involved in "Putin's information war against Ukraine" [1] - Efforts are being made by the UK and its partners to tighten the oil price cap [1] - Fourteen members of a social design agency, funded by the Kremlin to conduct information warfare activities, have been added to the sanctions list [1]

Group 1 - The UK government, along with its partners, is actively working to tighten the price cap on oil [1]