Group 1: Company News - Meta Platforms (META.O) has recruited three researchers from OpenAI [1] - Amazon (AMZN.O) founder Jeff Bezos and other Blue Origin executives have urged White House officials to seek more government contracts [1] - Microsoft (MSFT.O) and OpenAI are experiencing disagreements over terms in two contracts related to artificial intelligence [2] - Google (GOOG.O) has open-sourced its AI Agent framework Gemini CLI on its official website [2] - Micron Technology (MU.O) reported Q3 revenue of $9.301 billion for fiscal year 2025, with a net profit of $1.885 billion and EPS of $1.68 [2] - Shell (SHEL.N) has stated that it is not actively considering a takeover bid for BP (BP.N) [2] - Eli Lilly (LLY.N) announced that India's drug regulatory authority has approved its Mounjaro pre-filled injection pen for market [2] Group 2: Economic Indicators - The number of initial jobless claims in the U.S. last week was 236,000, with the previous value revised from 245,000 to 246,000 [2] - The final annualized Q1 GDP in the U.S. decreased by 0.5%, with the revised value showing a decrease of 0.2% [2] - The final annualized quarterly core PCE price index for Q1 in the U.S. was 3.5%, compared to the expected 3.4% and the previous value of 3.40% [2] - U.S. May goods exports fell by 5.2%, marking the largest decline since 2020 [2]

Report Industry Investment Ratings - Crude oil: ★☆☆, indicating a slightly bullish/bearish trend with limited trading operability [1] - Fuel oil: ★☆☆, suggesting a slightly bullish/bearish trend with limited trading operability [1] - Low-sulfur fuel oil: ★☆☆, showing a slightly bullish/bearish trend with limited trading operability [1] - Asphalt: ☆☆☆, meaning the short-term bullish/bearish trend is in a relatively balanced state, and it's advisable to wait and see [1] - Liquefied petroleum gas: ☆☆☆, indicating the short-term bullish/bearish trend is in a relatively balanced state, and it's advisable to wait and see [1] Core Viewpoints - Crude oil may fluctuate weakly in the short term, influenced by macro and supply-demand factors, with attention on the progress of US-Iran nuclear talks and the recurrence risk of the Middle East situation [1] - Fuel oil and low-sulfur fuel oil futures are running weakly, with different trends in their cracking spreads [2] - Asphalt has shown strong performance recently, with potential increases in supply and demand [3] - LPG's fundamentals are generally loose, and the market is oscillating after the geopolitical impact fades [4] Summary by Related Catalogs Crude Oil - Overnight international oil prices declined slightly, with the SC08 contract dropping 1.12% during the day [1] - Last week, US EIA crude oil inventories decreased by 5.836 million barrels more than expected, but the four-week average of refined oil apparent demand was still 1.6% lower than the same period last year [1] - In the third-quarter peak season, the global oil inventory accumulation may narrow, but the loose situation is difficult to fundamentally change under the OPEC+ production increase pressure [1] Fuel Oil & Low-Sulfur Fuel Oil - The decline of SC has led to the weak operation of fuel oil futures [2] - As the geopolitical premium of high-sulfur fuel oil fades, FU is weaker than LU [2] - The demand for ship bunkering and deep processing is sluggish, and the demand boost for high-sulfur fuel oil in the Middle East and North Africa in summer is discounted due to the high cracking valuation [2] - The cracking spread of low-sulfur fuel oil has rebounded from a low level [2] Asphalt - BU remained strong today despite SC leading the decline [3] - In July, refineries plan to produce 2.47 million tons of asphalt, with some refinery overhauls postponed and others resuming production [3] - The supply of asphalt may be compressed due to the expected increase in the operating rate of Sinopec's deep processing units [3] - The cumulative year-on-year increase in the shipment volume of 54 sample refineries is considerable, and the terminal demand is expected to be substantially boosted soon [3] LPG - After the geopolitical situation eases, the Middle East market has declined significantly [4] - The domestic chemical demand has rebounded, and the cost advantage of PG in the chemical industry has increased [4] - The supply pressure may decrease, and the market is oscillating after the geopolitical impact fades [4]

金十数据6月26日讯，AJ Bell分析师Dan Coatsworth在市场评论中说，壳牌可能会面临一些股东对收购 竞争对手英国石油的反对。"壳牌可能很难让所有大股东都支持收购英国石油公司。投资者可能不欢迎 收购一家混乱的公司，这将使之成为一项风险较高的投资，"这位分析师说。这种规模的潜在交易可能 意味着壳牌的管理者会分心整合业务，并为任何被视为非核心的继承资产寻找买家。在《华尔街日报》 报道壳牌和英国石油正在就交易进行早期谈判后，壳牌表示无意收购英国石油。英国石油公司发言人拒 绝对此报道发表评论。 分析师：壳牌可能难获股东对收购英国石油的支持 ...

据华尔街日报：据消息人士透露，壳牌正在就收购竞争对手英国石油进行早期谈判。 订阅原油市场资讯 +订阅 ...

Group 1 - China Petroleum's stock price has declined for four consecutive days, with a total drop of 6.05% during this period, currently trading at 8.69 CNY per share and a market capitalization of 1,590.45 billion CNY [1] - The company's main business includes exploration, development, production, transportation, and sales of crude oil and natural gas, as well as refining and chemical production [1] - Revenue composition shows that refining products account for 73.89%, crude oil for 45.28%, natural gas for 39.06%, chemical products for 10.48%, and other sales for 5.75% [1] Group 2 - Hongde Fund has one fund heavily invested in China Petroleum, with Hongde Huixiang Mixed A holding 11,200 shares, representing 0.11% of the fund's net value [2] - The fund has experienced a floating loss of approximately 6,272 CNY during the four-day decline, with a current floating loss of about 224 CNY [2] - Hongde Huixiang Mixed A has a total asset size of 49.74 million CNY and has returned 4.12% year-to-date, ranking 3,064 out of 8,232 in its category [2]

Core Viewpoint - The successful commissioning of the shale oil storage and distribution transformation project at the Shengli Oilfield marks a significant step towards integrated development and sales of shale oil, breaking away from traditional mixed oil sales models and achieving "one station, two oils" [1][2] Group 1: Project Overview - The project, constructed by Sinopec Petroleum Engineering Design Company, has a designed processing capacity of 450,000 tons per year [1] - The transformation fills the gap in differentiated sales of shale oil in the Shengli Oilfield and provides resource support for the transition and upgrade of oil conversion [1] Group 2: Construction Process - The project team adopted a "three-dimensional modular design" approach to efficiently deliver 1,072 drawings across 134 volumes, addressing safety and progress challenges during the renovation [1][2] - The construction was completed in just 176 days, achieving safety, efficiency, and environmental goals, serving as a model for rapid delivery in complex projects without production interruptions [2] Group 3: Economic Impact - The new system is expected to increase oil sales benefits by over 100 million yuan annually, creating a replicable "five modernization" model for shale oil surface construction [1]

Summary of Conference Call Records Industry Overview - The records primarily discuss the **LPG (Liquefied Petroleum Gas)** market and its relationship with the **crude oil** market, particularly in the context of geopolitical tensions in the Middle East and trade dynamics between the US and China [1][2][3][4][6][16]. Key Points and Arguments 1. **Geopolitical Impact on Oil Prices**: - The easing of geopolitical tensions in the Middle East has led to a decrease in geopolitical premiums, with Brent crude oil prices expected to fluctuate and struggle to return to $80 per barrel [1][4][15]. - Recent events, including US military actions and diplomatic negotiations, have caused significant volatility in oil prices, with Brent crude reaching a peak of $79.4 per barrel before falling to $66.5-$67 [2][15]. 2. **LPG Market Trends**: - The LPG market is closely linked to crude oil prices, showing a weakening trend influenced by trade wars and geopolitical developments [1][6][7][16]. - Future LPG market performance is anticipated to remain weak, driven by global economic conditions and energy price fluctuations [1][7][16]. 3. **Carbon Four's Role**: - Carbon four (C4) has gained importance in the LPG futures market as a deliverable commodity, with its price being influenced by crude oil and its derivatives [8][9][10]. - The relationship between crude oil prices and LPG is primarily transmitted through C4 prices, affecting the pricing of LPG significantly [8][10][16]. 4. **Supply and Demand Dynamics**: - The supply of LPG has been impacted by increased production from domestic refineries, which has limited price increases despite rising crude oil prices [12][13]. - The demand for C3 (propane) is increasing, while C4 demand remains weak, potentially making C4 the cheapest deliverable commodity in the LPG futures market [3][24]. 5. **Future Price Predictions**: - The overall outlook for the LPG futures market is pessimistic, with expectations of continued price declines as C4 becomes the cheapest deliverable commodity [14][24]. - The LPG market is expected to follow crude oil prices more closely than propane demand, indicating a bearish trend [17][24]. 6. **Impact of Trade Policies**: - Changes in China's import structure have led to increased demand for Middle Eastern sources, making Saudi CP propane prices more resilient compared to oil prices [20]. - The ongoing trade tensions and tariff uncertainties have shifted Chinese importers' preferences towards Middle Eastern LPG, affecting pricing dynamics [11][20]. 7. **Shipping Costs and Geopolitical Risks**: - Shipping costs from the Middle East to the Far East have increased due to geopolitical instability, currently averaging $85-$86 per ton [21]. - The geopolitical situation has caused many importers to adopt a wait-and-see approach, impacting LPG trade flows and inventory levels [21][22]. 8. **Domestic Demand Trends**: - Residential demand for LPG is declining due to the increasing adoption of natural gas pipelines, while industrial demand remains uncertain due to economic conditions and trade policies affecting propane and butane usage [23][24]. Other Important Insights - The records highlight the significant influence of US political figures, particularly President Trump, on oil market expectations through public statements regarding oil prices [5][15]. - The relationship between domestic LPG prices and international benchmarks is complex, with various factors including tariffs, geopolitical risks, and market dynamics influencing pricing strategies [19][20]. This comprehensive analysis provides a detailed understanding of the current state and future outlook of the LPG market in relation to crude oil prices and geopolitical factors.

原油：以伊仍存不确定性，油价波动扩大 正信期货原油周报 20250623 研究员：付馨苇 投资咨询编号：Z0022192 Email: fuxw@zxqh.net Tel：027-68851659 研究员：赵婷 投资咨询编号：Z0016344 Email: zhaot@zxqh.net Tel：027-68851659 5 原油供需平衡总结 PPT模板：www.1ppt.com/moban/ PPT素材：www.1ppt.com/sucai/ PPT背景：www.1ppt.com/beijing/ PPT图表：www.1ppt.com/tubiao/ PPT下载：www.1ppt.com/xiazai/ PPT教程： www.1ppt.com/powerpoint/ 资料下载：www.1ppt.com/ziliao/ 范文下载：www.1ppt.com/fanwen/ 试卷下载：www.1ppt.com/shiti/ 教案下载：www.1ppt.com/jiaoan/ PPT论坛：www.1ppt.cn PPT课件：www.1ppt.com/kejian/ 语文课件：www.1ppt.com/kejian/y ...

Core Insights - The event aimed to enhance value management for listed companies under China National Petroleum Corporation (CNPC) and involved a reverse roadshow in Xinjiang with participation from various investment institutions [1][2][3] - Investors expressed confidence in CNPC's ability to integrate traditional and renewable energy, innovate in refining and chemical sectors, and expand its sales network, indicating a strong belief in the company's future high-quality development [1][2] Group 1: Investor Engagement - A total of 28 investors from 26 domestic and international institutions participated in the roadshow, visiting key operational sites such as Xinjiang Oilfield and Karamay Petrochemical [1] - Investors showed significant interest in innovative projects like the world's first SAGD heavy oil tower-type thermal extraction and high-temperature solar thermal coupling project [1][2] Group 2: Company Achievements - Karamay Petrochemical and Dushanzi Petrochemical have made substantial progress in "reducing oil and increasing chemicals," maintaining high profitability during the refining industry's downturn [2] - The Kunlun Energy Xinjiang Company received high praise for its efforts in natural gas terminal utilization and its role in local economic development [2] Group 3: Future Plans - The company plans to continue enhancing its investor relations management system, focusing on strategic development, communication, brand image, and shared operational success with investors [3]

Market Overview - A-shares continued to decline, with the Shanghai Composite Index down 0.07% to 3,359 points, while the Shenzhen Component fell 0.47% and the ChiNext Index dropped 0.84%[14] - The Hang Seng Index rebounded, rising 1.26% to recover above 23,500 points, ending a three-day losing streak, supported by gains in large financial and technology stocks[10] - U.S. markets showed mixed results, with the Dow Jones up 0.08% to 42,206 points, while the S&P 500 fell 0.22% to 5,967 points, and the Nasdaq dropped 0.51% to 19,447 points[8] Geopolitical Impact - The U.S. military's strike on three key Iranian nuclear facilities has escalated tensions in the Middle East, leading to a near 6% spike in Brent crude oil futures[4] - Historical analysis indicates that geopolitical conflicts in the Middle East often lead to increased demand for safe-haven assets like gold, while oil prices are primarily driven by supply and demand dynamics[5] Commodity and Currency Trends - Brent crude oil prices are expected to remain volatile, with predictions of breaching $80 per barrel in the short term, depending on the escalation of conflicts and OPEC+ production levels[12] - The U.S. dollar index decreased by 0.2% to 98.71, while the euro appreciated by 0.2% against the dollar, trading at 1.152[23] Sector Performance - In the U.S., the energy sector led gains with a 1.05% increase, while the telecommunications sector fell by 1.83%[8] - In Hong Kong, the financial sector rose by 1.8%, while the energy sector declined by 0.6%[10] Investment Insights - Salesforce announced a price increase of 6% on several products starting August 1, 2025, driven by the integration of AI features, indicating strong market acceptance and potential revenue growth[7] - The Chinese investment-grade bond market showed slight stabilization, with minimal changes in yield spreads amid geopolitical uncertainties[28]