册货有限公司 美国2025年11月产需双弱 EIA石油月度供应报告 res Company Limited 2026-02-09 资料来源:彭博 中信期货研究所 图表 2:美国汽油月度需求 千桶/日 2025 - 2024 - 2023 - 2022 - 2021 8900 9300 9000 8700 8400 8100 7800 7500 2月 4月 5月 7月 8月 12月 1月 3月 6月 8H 10月 11月 研究员:李云旭 从业资格号 F03141405 投资咨询号 Z0021671 EI A2026年1月石油供应报告对美国2025年11月产需情况进行确认。据彭博援引自EIA数据，2025年11月美国原油产量1378.2万桶/日，环比减 8.2万桶/日，较前期EIA周度数据的连续增产预估相比，产量预期及环比趋势均有向下的调整，需求方面，虽11月烧厂进科季节性走高，但美国汽 油、柴油、航煤表需均回落,石油产品总需求回落至同期低位。 风险提示:地缘冲突,OPEC+产量政策,宏观风险。 图表 1:美国石油产品月度总需求 千摘/日 2025 - 2024 - 2023 - 2022 - 2021 2200 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The EIA's October oil supply report confirmed the production and demand situation in the US in August. US crude oil production reached 1,379,400 barrels per day in August, a month - on - month increase of 86,000 barrels per day, showing continuous production resilience and higher than the EIA's previous weekly estimates. The total demand for US petroleum products decreased against the seasonal trend in August, mainly due to a significant weakening of diesel demand, while gasoline and jet fuel demand continued their seasonal strength [1]. 3) Summary by Relevant Content - **Crude Oil Production**: In August, US crude oil production was 1,379,400 barrels per day, with a month - on - month increase of 86,000 barrels per day, and the production was higher than the EIA's previous weekly estimates [1]. - **Petroleum Product Demand**: The total demand for US petroleum products decreased against the seasonal trend in August. Diesel demand weakened significantly, while gasoline and jet fuel demand maintained seasonal strength [1].

Report Summary Core View - The EIA's July oil supply report confirmed the production and demand situation in the US in June. After the decline in the oil price center, the resilience of US crude oil production was still evident, while the growth of demand was weaker than the seasonal level, and the demand for gasoline and diesel was at a five - year low for the same period. Due to the improvement of refining profits, the net input of refinery feedstock rebounded [3]. Specific Data - **Production**: In May, US crude oil production was 13.488 million barrels per day, a month - on - month increase of 24,000 barrels per day [3]. - **Demand**: In May, US petroleum product demand was 20.023 million barrels per day, a month - on - month increase of 110,000 barrels per day. Gasoline demand showed seasonal growth, with a month - on - month increase of 174,000 barrels per day, while diesel demand decreased by 94,000 barrels per day month - on - month [3]. - **Refinery Feedstock**: In May, the net input of refinery feedstock increased by 724,000 barrels per day month - on - month, getting out of the year - on - year slump from March to April [3].