行 业 研 究 石油石化行业：中国天然气产量和 消费量降低，欧美库存减少 国内 LNG 出厂价格月环比同比下跌；到岸价环比下降。美英天然气期货价格 环比下降，加天然气期货价格环比上升。截至 12 月 15 日，国内 LNG 出厂价 格为 4143.00 元/吨，环比下降 212 元/吨，降幅为 8.06%；同比下跌 363.00 元/吨，跌幅 4.87%。中国天然气到岸价为 9.66 美元/百万英热单位，环比下降 1.28 美元/百万英热单位，降幅为 11.74%；美国 NYMEX 天然气期货收盘价为 4.04 美元/百万英热单位，环比下降 0.50 美元/百万英热单位，降幅为 10.94%； 加拿大天然气期货价格为 3.05 加元/千兆焦耳，环比上升 0.74 加元/千兆焦耳， 涨幅为 31.77%。英国天然气期货价格为 72.92 便士/色姆，环比下降 7.11 便士 /色姆，降幅为 8.88%。 供需：中国天然气 11 月产量环比下降；中国天然气表观消费量环比下降，同 比增长。11 月，中国天然气单月产量为 589350.00 吨，环比上月下降 12090.00 吨，降幅为 2.01%。10 月，中国天 ...

Core Insights - The report from Dongxing Securities indicates an increase in U.S. oil product supply and a decrease in crude oil exports as of August 8. Brent, WTI, and ESPO crude oil spot prices have declined, while OPEC and domestic crude oil prices have risen in July [1] Group 1: Oil Price Trends - As of August 8, Brent crude futures settled at $66.59 per barrel, down 2.99% month-over-month, while WTI futures settled at $63.88 per barrel, down 4.04% [1] - ESPO crude spot price was $62.49 per barrel, reflecting a 4.23% decrease [1] - In July, OPEC crude spot price was $70.97 per barrel, up 1.78% month-over-month [1] - China's crude oil spot average price (Daqing) was $65.59 per barrel, down 0.80%, while prices for South China Sea and Shengli increased slightly [1] Group 2: U.S. Oil Supply Dynamics - U.S. refinery utilization rate increased to 96.4%, up 2.5 percentage points [2] - Weekly gasoline supply in the U.S. reached 9,000 thousand barrels per day, up 511 thousand barrels per day, a 6.02% increase [2] - Gasoline inventory decreased to 226,290 thousand barrels, down 6,577 thousand barrels, a 2.82% decline [2] - Total U.S. oil product supply was 21,356 thousand barrels per day, up 2,172 thousand barrels per day, an 11.32% increase [2] Group 3: Import and Export Trends - U.S. crude oil imports averaged 6,214.25 thousand barrels per day in July, up 98.75 thousand barrels per day, a 1.61% increase [3] - U.S. crude oil exports averaged 3,207.00 thousand barrels per day, down 9.80% month-over-month [3] - China's crude oil imports were 47.20 million tons, down 269.00 thousand tons, a 5.39% decrease [3]

Investment Rating - The industry investment rating is "Positive" for the oil and petrochemical sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% over the next six months [4]. Core Insights - As of August 8, 2025, Brent and WTI crude oil prices have decreased, while OPEC and domestic crude oil prices have increased in July [3][14]. - U.S. refinery utilization rates have risen, and the supply of finished gasoline and petroleum products has increased, while gasoline inventories have decreased month-over-month [2][3]. - U.S. crude oil imports have increased month-over-month, while exports have decreased; in contrast, China's crude oil imports have declined significantly, but exports have surged [2][44][48]. Summary by Sections 1. Crude Oil Prices - Brent crude futures settled at $66.59 per barrel, down 2.99% month-over-month; WTI crude futures settled at $63.88 per barrel, down 4.04% [8][9]. - OPEC crude prices increased to $70.97 per barrel in July, up 1.78% month-over-month [14]. 2. Supply and Demand - OPEC crude oil production increased to 27,543 thousand barrels per day in July, up 1.13% month-over-month [21]. - U.S. refinery crude oil production decreased slightly to 17.24 million barrels per day, down 0.06% month-over-month but up 1.71% year-over-year [24]. 3. Inventory - Total U.S. crude oil and petroleum product inventories rose to 1,670,549 thousand barrels, up 0.72% month-over-month [32]. - U.S. gasoline inventories decreased to 226,290 thousand barrels, down 2.82% month-over-month [32]. 4. Imports and Exports - U.S. crude oil imports averaged 6,214.25 thousand barrels per day in July, up 1.61% month-over-month [44]. - China's crude oil imports fell to 4,720,000 tons, down 5.39% month-over-month, while exports increased significantly [44][48].