Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The EIA report is a mixed bag. Real - time indicators are relatively positive, with inventories of crude oil and refined products all decreasing and the decline in refinery operating rate being limited. However, leading indicators are persistently weak, with terminal demand remaining poor. The lackluster performance of distillates during the peak season may speed up autumn maintenance, offsetting the positive impact of inventory data. Despite the short - term upward trend in oil prices after the report release, the upward potential of oil prices is limited due to weak forward - looking indicators [12] Group 3: Summary by Relevant Catalog Inventory Data - As of September 19, U.S. commercial crude oil inventory was 414.754 million barrels, a week - on - week decrease of 607,000 barrels, contrary to the expected increase of 235,000 barrels. Cushing inventory increased by 177,000 barrels, and strategic reserve inventory increased by 230,000 barrels. Gasoline inventory decreased by 1.081 million barrels, contrary to the expected increase of 200,000 barrels, and distillate inventory decreased by 1.685 million barrels, exceeding the expected decrease of 500,000 barrels. The total inventory of the U.S. crude oil chain decreased by 244,000 barrels [2][3] Production, Import, and Processing Data - U.S. crude oil production increased by 19,000 barrels per day to 13.501 million barrels per day. Crude oil net imports increased by 1.596 million barrels per day to 2.011 million barrels per day. Crude oil processing volume increased by 52,000 barrels per day to 16.476 million barrels per day. The refinery operating rate decreased by 0.3% week - on - week to 93.0% [3] Terminal Demand Data - The four - week smoothed terminal apparent demand for U.S. crude oil decreased by 205,250 barrels per day to 20.46575 million barrels per day. The four - week smoothed apparent demand for gasoline decreased by 70,250 barrels per day to 8.8485 million barrels per day. The four - week smoothed apparent demand for distillates decreased by 100,750 barrels per day to 3.626 million barrels per day. The four - week smoothed apparent demand for jet fuel decreased by 57,500 barrels per day to 1.64525 million barrels per day. Terminal demand for refined products remains poor [3][8]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - This week, oil prices fluctuated within a narrow range, and the absolute price declined on Friday. The peak season of refinery operations in summer is coming to an end, and the inflection point of the crude oil fundamentals has emerged. The monthly spreads of Brent and WTI crude oil strengthened slightly, while that of Dubai crude oil strengthened significantly. The refining margins of European and American refineries declined slightly, the gasoline crack spread in the US strengthened, and the European diesel crack spread fluctuated. The balance sheet is expected to have a surplus of 1.8 million barrels per day in the fourth quarter and 1.8 - 2.5 million barrels per day in 2026. Global oil inventories increased slightly, US commercial crude oil inventories decreased seasonally, the absolute inventory is at a historically low level in the same period, Cushing inventories decreased, and US gasoline and diesel inventories decreased. Institutions estimate that refinery maintenance in October globally will exceed previous levels (in Europe and Africa), and the crude oil monthly spread is expected to face pressure. Recently, the absolute price of crude oil has been fluctuating. Pay attention to the switch between the off - peak and peak seasons. The market focuses on the medium - and long - term surplus pattern, and the absolute price is under downward pressure. It is expected that the price center in the fourth quarter will drop to $60 per barrel. Due to the adjustment of the European autumn maintenance expectations, the European diesel crack spread price expectation for the fourth quarter is raised [5] 3. Summary by Relevant Catalogs 3.1 Oil Price Data - From August 27 to September 2, 2025, the price of BRENT crude oil increased by $0.99. The price of OMAN increased by $1.92, and the price of domestic gasoline increased by $60.00. The price of Japanese naphtha - BRT decreased by $3.03, the price of Singapore fuel oil 380CST increased by $0.35, the price of the SHFE FU main contract increased by 15, and the price of the SHFE BU main contract increased by 11. The price of HH natural gas decreased by $0.74 [3] 3.2 Daily News - Trump will hold an emergency meeting on tariff rulings on Wednesday, and will appeal to the Supreme Court as soon as possible. If the tariff appeal is rejected, tariffs will have to be withdrawn. If the tariff ruling is unfavorable, trillions of dollars will have to be refunded, and he will urge the Supreme Court to speed up the ruling [3] - Russian Foreign Minister Lavrov said that India did not yield to US pressure to stop buying resources from Russia, and Russia appreciates this [3] - US Treasury Secretary Bessent said that by targeting Iran's oil revenue sources, the Treasury will further weaken Iran's ability to attack the US and its allies. The US is still committed to ensuring that oil supply is not affected by Iran and will continue to prevent Iran's ongoing attack attempts [3] - US Secretary of State Rubio said that the US military carried out a fatal strike on a drug - carrying vessel departing from Venezuela in the South Caribbean Sea [3] 3.3 Regional Fundamentals - According to the EIA report, in the week of August 15, US crude oil exports increased by 795,000 barrels per day to 4.372 million barrels per day, and domestic crude oil production increased by 55,000 barrels to 13.382 million barrels per day [4] - Commercial crude oil inventories excluding strategic reserves decreased by 6.014 million barrels to 421 million barrels, a decrease of 1.41%. The four - week average supply of US crude oil products was 21.093 million barrels per day, a year - on - year increase of 3.34% [4] - In the week of August 15, the US Strategic Petroleum Reserve (SPR) inventory increased by 223,000 barrels to 403.4 million barrels, an increase of 0.06%. The import of commercial crude oil excluding strategic reserves was 6.497 million barrels per day, a decrease of 423,000 barrels per day compared with the previous week [4] - From August 15 to August 22, US EIA gasoline inventory was - 2.72 million barrels (expected - 0.915 million barrels, previous value - 0.792 million barrels), and EIA refined oil inventory was 2.343 million barrels (expected 0.928 million barrels, previous value 0.714 million barrels) [4][5] - From August 22 to 29, the operating rate of major refineries decreased slightly, and the operating rate of Shandong local refineries increased slightly. Domestic gasoline production decreased while diesel production increased, and both gasoline and diesel inventories decreased. The comprehensive profit of major refineries fluctuated weakly, and the comprehensive profit of local refineries decreased month - on - month [5]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - The EIA weekly report is relatively bullish as inventories of crude oil and major refined products have all declined. Although the refinery operating rate has decreased, the strong diesel demand is reassuring for market bulls. With the start of the autumn harvest, diesel demand will seasonally strengthen, and the relatively low distillate inventory may keep distillate cracking firm, thus supporting refining demand. After the data was released last night, oil prices generally fluctuated upwards [7] Summary by Related Catalogs Inventory Data - As of August 22, U.S. commercial crude oil total inventory was 418.292 million barrels, a week-on-week decrease of 2.392 million barrels, exceeding the expected decrease of 1.9 million barrels. Cushing inventory decreased by 838,000 barrels, and strategic reserve inventory increased by 776,000 barrels. Gasoline inventory decreased by 1.236 million barrels, falling short of the expected decrease of 2.2 million barrels. Distillate inventory decreased by 1.786 million barrels, contrary to the expected increase of 900,000 barrels [2] - From August 15 to August 22, U.S. commercial crude oil inventory decreased from 420.684 million barrels to 418.292 million barrels; Cushing crude oil inventory decreased from 23.47 million barrels to 22.632 million barrels; U.S. strategic reserve inventory increased from 403.425 million barrels to 404.201 million barrels; U.S. gasoline inventory decreased from 223.57 million barrels to 222.334 million barrels; U.S. distillate inventory decreased from 116.028 million barrels to 114.242 million barrels; U.S. total crude oil chain inventory decreased from 1.666537 billion barrels to 1.662919 billion barrels [3] Production, Import, Processing, and Demand Data - From August 15 to August 22, U.S. crude oil production increased from 13.382 million barrels per day to 13.439 million barrels per day; U.S. crude oil net imports increased from 2.125 million barrels per day to 2.424 million barrels per day; U.S. crude oil processing volume decreased from 17.208 million barrels per day to 16.88 million barrels per day [3] - The four - week smoothed U.S. crude oil terminal apparent demand increased from 21.093 million barrels per day to 21.14975 million barrels per day; the four - week smoothed U.S. gasoline apparent demand increased from 9.0085 million barrels per day to 9.0305 million barrels per day; the four - week smoothed U.S. distillate apparent demand increased from 3.74825 million barrels per day to 3.88225 million barrels per day; the four - week smoothed U.S. jet fuel apparent demand decreased from 1.8815 million barrels per day to 1.7905 million barrels per day [3] Market Analysis - Last week, U.S. crude oil and refined product inventories decreased. Although the commercial crude oil inventory decreased more than expected, the decline in the refinery operating rate slightly diluted the positive effect. The weekly refinery operating rate decreased by 2.0% to 94.6%. From a seasonal perspective, the driving peak season usually ends on the Labor Day weekend in early September, after which the refinery operating rate shows a seasonal decline [4] - In the refined product market, gasoline demand remains lower than last year and the same period in previous years, suggesting insufficient consumption ability or willingness of U.S. residents in the context of low oil prices. However, distillate demand has continued to rebound, far exceeding last year's level and the average of previous years last week, leading to an unexpected decrease in distillate inventory. As autumn approaches, distillate demand will increase with the autumn harvest while the inventory is relatively low, and distillate cracking is expected to remain firm. The market will focus more on distillates in the future [6]

Group 1: Report Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - The EIA report for the week is relatively bullish. The decline in inventory is due to the demand side, with overseas exports rebounding and refineries maintaining high operating rates, which may slow down the seasonal decline in demand. The structural issues in the diesel market are worth attention, as the demand for diesel will seasonally strengthen with the start of the autumn harvest while the distillate inventory is relatively low, which may make the previously slowing distillate cracking recover and drive refinery demand [8]. Group 3: Summary of Key Data - As of August 15, U.S. commercial crude oil inventories decreased by 6014 thousand barrels to 420684 thousand barrels, exceeding the expected decrease of 1800 thousand barrels. Cushing inventories increased by 419 thousand barrels, and strategic reserve inventories increased by 223 thousand barrels. Gasoline inventories decreased by 2720 thousand barrels, exceeding the expected decrease of 900 thousand barrels, while distillate inventories increased by 2343 thousand barrels, exceeding the expected increase of 900 thousand barrels [2][3]. - U.S. crude oil net imports decreased by 1218 thousand barrels per day to 2125 thousand barrels per day, and the single - week export volume reached 4372 thousand barrels per day, a new high since April [3][4]. - The refinery operating rate increased by 0.2% to 96.6% [4]. - The four - week smoothed U.S. crude oil terminal apparent demand decreased by 66 thousand barrels per day to 21093 thousand barrels per day, gasoline apparent demand decreased by 31.25 thousand barrels per day to 9008.5 thousand barrels per day, distillate apparent demand increased by 156 thousand barrels per day to 3748.25 thousand barrels per day, and jet fuel apparent demand increased by 54.25 thousand barrels per day to 1881.5 thousand barrels per day [3]. Group 4: Market Analysis - The significant decline in U.S. commercial crude oil inventories last week was due to a sharp drop in net imports caused by a surge in exports, indicating an improvement in previously weak overseas demand, and the high - level refinery operating rate [4]. - Gasoline demand remains lower than last year and the same period in previous years, suggesting insufficient consumer ability or willingness. Distillate demand has rebounded significantly, and its inventory is still at a low level. As autumn approaches, the market will focus more on distillates [7].

Core View - Propane dehydrogenation unit operating rate increased to 73.13% (weekly increase of 1.35%), and the support for chemical demand marginally strengthened [2] - Saudi CP prices were lowered (propane at $575/ton, butane at $545/ton), reducing the import cost at the port of arrival and partially alleviating domestic price pressure [2] - Domestic refinery operating rate was at a high level, with the commercial volume maintained above 520,000 tons and port inventory exceeding 3 million tons [2] - Consumption was sluggish during the off - season, and the sales - to - production ratios in East China and South China dropped to 99% and 93% respectively (weekly decrease of 1% - 7%) [2] - Despite the marginal improvement in chemical demand, supply pressure and the off - season for combustion dominated the market. Coupled with high port inventory, the price rebound space was limited [3] Data Charts - The report includes multiple data charts, such as the daily settlement price of propane's Far - East Inbound Price FEI: M1, the seasonal comparison between FEI and Brent, PDH profit/operating rate, FEI/MOPJ spread seasonality, propane's US FOB price, MB and WTI ratio seasonality, VLGC freight, US propane weekly production, import volume, inventory, and export volume [4][5][7]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoint of the Report - The EIA weekly report shows that although the surface data is bullish due to the decline in crude oil and gasoline inventories, the terminal refined oil demand data is very weak, casting doubt on the sustainability of the high operating rate of US refineries, especially the gasoline demand data that should be at its peak within the year [7] Summary According to Relevant Catalogs Main Data - As of July 18, US commercial crude oil inventories decreased by 3.169 million barrels to 418.993 million barrels, exceeding the expected decrease of 1.6 million barrels; Cushing inventories increased by 455,000 barrels; strategic reserve inventories decreased by 200,000 barrels; gasoline inventories decreased by 1.738 million barrels, exceeding the expected decrease of 900,000 barrels; distillate inventories increased by 2.931 million barrels, contrary to the estimated decrease of 1.1 million barrels [2][3] - US crude oil production decreased by 102,000 barrels per day to 13.273 million barrels per day; net imports decreased by 740,000 barrels per day to 2.121 million barrels per day; processing volume increased by 87,000 barrels per day to 16.936 million barrels per day [3] - US total crude oil chain inventories decreased by 5.353 million barrels; the four - week smoothed terminal apparent demand for crude oil increased by 314,250 barrels per day; the four - week smoothed apparent demand for gasoline decreased by 180,250 barrels per day; the four - week smoothed apparent demand for distillate decreased by 112,750 barrels per day; the four - week smoothed apparent demand for jet fuel decreased slightly [3] Report Review - Last week, US commercial crude oil inventories declined more than expected. US weekly crude oil production continued to decline, falling below the same period last year for the first time this year. Refinery operating rates remained high, increasing by 1.6% to 95.5%. The continuous rebound of US weekly crude oil exports also contributed to the decline in inventories [4] - Although the total terminal demand increased, mainly from the chemical sector, the apparent demand for gasoline and distillates, which the market is more concerned about, declined. The four - week smoothed gasoline demand has declined significantly for two consecutive weeks, and this week's demand curve has further deviated from the normal range, approaching the levels of the 2020 COVID - 19 year [6] - After the release of this week's report, oil prices had no obvious short - term direction, but rebounded slightly in the early morning due to the progress of trade negotiations between the US and the EU [7]

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core View of the Report - The crude oil futures 2507 contract is expected to run strongly, with bullish factors prevailing and showing a slightly stronger - than - expected trend. The contract may maintain a slightly stronger - than - expected trend in Friday night trading [1][5] Group 3: Summary by Related Catalogs Market Condition - For the crude oil 2507 contract, the short - term view is "oscillating", the medium - term view is "oscillating and slightly weak", the intraday view is "oscillating and slightly strong", and the reference view is "running strongly" [1] Driving Logic - OPEC+ oil - producing countries will further accelerate the pace of production increase in June, and US shale oil production is also growing steadily, increasing the expectation of oil market supply surplus. In May, the demand for crude oil in the Northern Hemisphere remains in the off - season mode, and the consumption power will gradually increase in June. The refinery operating rate remains stable, and the pressure of commercial crude oil inventory accumulation is prominent, but the negative impact on the futures price may be limited [5] Price Performance - On Thursday night, the domestic crude oil futures 2507 contract showed a slightly stronger - than - expected trend, with the futures price rising slightly by 1.64% to 459.6 yuan per barrel [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - The crude oil futures 2507 contract is expected to run with a slightly bullish trend in the short - term (Wednesday night), while showing a weakening trend in the medium - term. The market is currently digesting bearish factors, and after the holiday, the contract opened lower to absorb the negative news. With the price rebounding slightly on Tuesday night, it may maintain a slightly bullish trend on Wednesday night [1][5]. 3. Summary by Related Catalogs Crude Oil (SC) Market Analysis - **Supply Situation**: OPEC+ countries will increase production at a faster pace in June, and U.S. shale oil production is also growing steadily, leading to an increased expectation of supply surplus in the oil market [5]. - **Demand Situation**: In May, the demand for crude oil in the Northern Hemisphere remains in the off - season, and the consumption power will gradually increase in June. The refinery operating rate remains stable, and the pressure of commercial crude oil inventory accumulation is prominent [5]. - **Price Movement**: After the holiday, the domestic crude oil futures 2507 contract opened significantly lower and ran weakly to digest bearish factors. On Tuesday night, the oil price stopped falling, stabilized, and rebounded 1.62% to 457.3 yuan/barrel [5]. - **Outlook**: It is expected that the crude oil futures 2507 contract will maintain a slightly bullish trend on Wednesday night [5].

Report Summary 1. Investment Ratings - No specific industry - wide investment ratings are provided in the report. 2. Core Views - The current supply - demand situation of the main varieties in the market shows different characteristics. For the livestock and soft commodities sectors, the supply of pigs is strong and demand is weak in the short - term, while the sugar market is in a state of weak oscillation. In the energy - chemical sector, the oil price has a complex supply - demand relationship and is expected to be under pressure in the medium - term, and the PVC market has marginal improvement in fundamentals but lacks a strong upward drive [1][2][4][5]. 3. Summary by Variety Livestock and Soft Commodities Sector - **Pig**: The short - term supply pressure is large, and the demand is not significantly boosted. The supply - demand pattern of strong supply and weak demand remains unchanged. The pig price center is moving down, and the 07 and 09 contracts on the futures market are still bearish. It presents a volatile pattern with limited upside and a bottom for downside. It is recommended that the breeding side sell out - of - the - money put options or participate in the cumulative sales option products [1][2]. - **Sugar**: Both the short - term and medium - term trends are weakly oscillating. International factors such as Brazil's new - season sugar supply increase and India's production reduction co - exist. Domestically, the production increase expectation has been fulfilled, and there may be additional imports. It is recommended to wait and see [3][4]. Energy - Chemical Sector - **Crude Oil**: In the short - term, pay attention to the phased rebound, and in the medium - term, it will run under pressure. The supply side has certain supporting factors, and the demand side has some positive signals, but the inventory situation is complex. It is recommended to buy futures contracts and buy put options for protection [4][5]. - **PVC**: It shows a range - bound oscillation in the short - term, and lacks an upward drive in the medium - term. The cost has rebounded, supply has increased slightly, demand has some speculative factors, and inventory has decreased. It is recommended to sell out - of - the - money put options on PVC at an appropriate time [6][7].