Group 1: Report Investment Rating - The report is slightly bearish on the oil market [8] Group 2: Core Viewpoints - The large increase in US commercial crude oil inventories was mainly due to import - export disturbances, with high domestic refinery operating rates but weak overseas demand [4][8] - Gasoline demand this year has been disappointing, reflecting concerning macro - economic implications despite low retail prices [6][8] - The continuous increase in distillate inventories is beneficial for alleviating the strong distillate cracking situation but is not good news for oil prices [6][8] - Recent oil prices have remained strong due to factors such as Trump's ultimatum to Russia, smooth trade negotiations, and better - than - expected Q2 economic data, and the EIA report cannot reverse the positive market sentiment [8] Group 3: Summary by Related Data Crude Oil Inventory - As of July 25, US commercial crude oil total inventory was 426,691 thousand barrels, a sharp increase of 7,698 thousand barrels from the previous week, contrary to the expected decrease of 1,100 thousand barrels; Cushing inventory increased by 690 thousand barrels; strategic reserve inventory increased by 238 thousand barrels [2][3] Product Oil Inventory - Gasoline inventory decreased by 2,724 thousand barrels, exceeding the expected decrease of 600 thousand barrels; distillate inventory increased by 3,635 thousand barrels, exceeding the expected increase of 300 thousand barrels [2][3] Production and Consumption - US crude oil production increased by 41 thousand barrels per day to 13,314 thousand barrels per day; net imports increased by 1,317 thousand barrels per day to 3,438 thousand barrels per day; processing volume decreased by 25 thousand barrels per day to 16,911 thousand barrels per day [3] - US crude oil terminal apparent demand (four - week smoothing) increased by 225 thousand barrels per day to 20,801 thousand barrels per day; gasoline apparent demand (four - week smoothing) increased by 128 thousand barrels per day to 8,941.75 thousand barrels per day; distillate apparent demand (four - week smoothing) decreased by 109.5 thousand barrels per day to 3,509.75 thousand barrels per day; jet fuel apparent demand (four - week smoothing) increased by 89.75 thousand barrels per day to 1,831.75 thousand barrels per day [3] Refinery and Demand - The refinery operating rate decreased 0.1% to 95.4% [4] - Total terminal demand for refined oil increased slightly by 1%, but gasoline demand was still lower than last year and the 5 - year average affected by the COVID - 19 period [6]