Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In 2025, the main factors influencing the crude oil market are OPEC+ production policies, US tariff policies, and global crude oil demand. OPEC+ is in an expansion cycle, and with the global energy transition, there is a growing supply surplus, leading to limited upward momentum for oil prices and potential for a lower price center. Geopolitical factors such as the Russia-Ukraine conflict, US-Iran nuclear talks, and US policies towards Venezuela increase price volatility but do not change the overall supply surplus situation. In June - July, which is the consumption peak season, oil prices may find some support and are expected to trade in a range with a gradually declining center. Recommended strategies include shorting on rallies, selling call options, or using bull spread options. The recommended trading ranges are WTI [55, 65] and SC [420, 500] [6][108]. Summary by Directory 1. Market Review and Outlook - **Market Outlook**: In 2025, the crude oil market is mainly affected by OPEC+ production policies, US tariff policies, and global demand. OPEC+ is expanding production, and combined with the global energy transition, there is a supply surplus. Geopolitical factors increase price volatility but do not change the supply - surplus trend. In June - July, oil prices may be supported by peak - season consumption and are expected to trade in a range with a declining center [6][108]. - **Macro - economic Situation**: On May 7, the People's Bank of China cut the reserve requirement ratio by 0.5 percentage points, injecting about 1 trillion in long - term liquidity. As of May, the probability of the Fed keeping interest rates unchanged in June is 97.8%, and the probability of a 25 - basis - point cut is 2.2%. By July, the probability of unchanged rates is 76.6%, with a 22.9% chance of a 25 - basis - point cut and a 0.5% chance of a 50 - basis - point cut. The IMF has lowered the global economic growth forecast for 2025 from 3.3% to 2.8%, and the expected growth rate for 2026 is 3% [6][27]. - **Supply and Demand, and Inventory**: - **Supply**: OPEC+ did not adjust production policies at the Wednesday meeting but proposed a mechanism for setting 2027 production benchmarks. There is a possibility of accelerated production increases in July. In April 2025, OPEC's production decreased by 62,000 barrels per day to 26.71 million barrels per day. The US crude oil production remained stable at 13.4 million barrels per day as of the week ending May 23 [7][43][47]. - **Demand**: The IEA's May report maintained the 2025 global crude oil demand growth rate at 740,000 barrels per day and raised the 2026 growth rate by 70,000 barrels per day to 760,000 barrels per day. In May 2025, EIA, OPEC, and IEA predicted global crude oil demand at 10.371 million, 10.5 million, and 10.39 million barrels per day respectively, with year - on - year increases of 970,000, 130,000, and 740,000 barrels per day [7][52]. - **Inventory**: As of the week ending May 23, US commercial crude inventories decreased by 2.8 million barrels to 440.36 million barrels, strategic reserves increased by 820,000 barrels to 401.31 million barrels, gasoline inventories decreased by 2.44 million barrels to 223.08 million barrels, and distillate fuel oil inventories decreased by 720,000 barrels to 103.41 million barrels. Chinese port inventories increased by 319,000 tons to 28.216 million tons, and Shandong refinery inventories increased by 23,000 tons to 2.499 million tons [7][71][75]. 2. Core Drivers - **OPEC+ Production Policies since 2017**: In 2017, OPEC+ implemented production cuts. Since October 2022, there have been multiple rounds of production cuts and extensions, with actual production decreasing by about 3 million barrels per day, mainly contributed by Saudi Arabia, Russia, Iraq, and Kuwait. The overall production cut implementation rate is 51.02% [10][12][14]. - **2025 OPEC+ Production Increase Path**: In 2025, OPEC+ has a production increase plan through quota increases and compensatory production cuts. It is expected that by the end of the year, the net increase in OPEC+ production will be about 1 million barrels per day [15][16][21]. 3. Price Spreads and Positions - **Cross - market Spreads**: The WTI monthly spread increased slightly. As of May 29, the M1 - M2 spread was $0.74 per barrel, and the M1 - M6 spread was $2.21 per barrel. The US refined product crack spreads declined, while the domestic refined product crack spreads rebounded [90][94][95]. - **Fund Positions**: No specific information on changes in WTI and Brent fund positions was provided. The SC warehouse receipt volume is low, and the total SC positions increased [102][104].

印度石油公司计划在帕尼帕特建造年产1万吨的绿色氢装置。 ...

Group 1 - The Trump administration's tariffs faced legal challenges, with a federal appeals court temporarily halting a lower court's ruling that blocked several tariff orders [2] - The U.S. stock market showed positive performance, with the Dow Jones up 0.28%, Nasdaq up 0.39%, and S&P 500 up 0.4% [3][5] - Major Chinese concept stocks mostly rose, with the Nasdaq China Golden Dragon Index increasing by 1.44% [4] Group 2 - The White House indicated that a judge's ruling on tariffs would be overturned, and multiple trade agreements are nearing completion [8] - The Federal Reserve's Goolsbee suggested that if trade policies revert to pre-tariff conditions, there could be room for interest rate cuts [9][10] - Goldman Sachs predicted gold prices could reach $4,000 per ounce by mid-next year, viewing gold as a safer hedge compared to Bitcoin [11] Group 3 - Nvidia's CEO plans to sell up to 6 million shares, potentially worth around $809 million based on recent closing prices [12] - Dell Technologies saw a significant stock increase after reporting Q1 revenue of $23.38 billion, exceeding analyst expectations [13] - Hyundai is considering a 1% price increase on all its U.S. products to mitigate the impact of Trump’s tariffs [14] Group 4 - NIO reported Q1 revenue of 25.93 billion yuan, a year-on-year increase of 1.1%, with a delivery volume of 92,864 vehicles, up 15.5% [17] - JD.com and Xiaohongshu launched a strategic cooperation plan to enhance business growth for brands and merchants [18] - Tesla plans to deliver its first autonomous Model Y vehicles in June, ahead of schedule [19]

OPEC+或将延续产量政策，油价强势反弹 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn 一、日度市场总结 日度市场总结 数据变化分析（2025年5月28日） 原油价格： SC原油（中国）价格从458.3元/桶小幅回落至453.0元/桶（跌幅1.16%）， 盘中波动区间较前日扩大，显示市场分歧。 WTI和Brent价格则分别上涨0.79美元/桶（1.29%）和0.59美元/桶 （0.93%），Brent-WTI价差小幅收窄0.2美元至2.47美元/桶，反映大西洋 盆地供需平衡趋紧。价差方面，SC-Brent价差从-0.04美元/桶大幅走弱 至-1.33美元/桶，SC-WTI价差亦收窄1.49美元至1.14美元/桶，表明SC原油 相对国际油种贴水加深，或受区域库存压力影响。SC连续-连3价差从7.1 元/桶收窄至4.0元/桶（降幅43.66%），显示近月合约抛压增强，短期供需 预期偏弱。 供给端： 燃料油期货仓单维持稳定（28,950吨），中质含硫原油仓单持平于402.9万 ...

Core Viewpoint - The China Securities Hong Kong 300 Upstream Index (H300 Upstream) has shown significant growth, with a 8.71% increase over the past month, 10.63% over the past three months, and a 5.02% increase year-to-date [2]. Group 1: Index Performance - The H300 Upstream Index is currently reported at 2474.02 points, reflecting a strong upward trend [1]. - The index is based on a sample of securities selected from the China Securities Hong Kong 300 Index, representing the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [2]. Group 2: Index Composition - The top ten holdings of the H300 Upstream Index include: - China National Offshore Oil Corporation (29.31%) - PetroChina Company Limited (12.7%) - China Shenhua Energy Company (10.38%) - Zijin Mining Group (9.79%) - Sinopec Limited (9.47%) - China Hongqiao Group (3.57%) - China Coal Energy Company (3.32%) - Zhaojin Mining Industry Company (3.14%) - Yanzhou Coal Mining Company (2.77%) - Luoyang Molybdenum Company (2.28%) [2]. Group 3: Sector Allocation - The sector allocation of the H300 Upstream Index is as follows: - Oil and Gas: 51.89% - Coal: 18.54% - Precious Metals: 14.87% - Industrial Metals: 10.17% - Rare Metals: 2.98% - Oil and Gas Extraction and Field Services: 1.05% - Other Non-ferrous Metals and Alloys: 0.49% [3]. Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day following the second Friday of June and December each year. Temporary adjustments may occur under special circumstances [3].

Group 1: Macro Insights - The total amount of special bond acquisition plans for stock land announced by various regions exceeds 350 billion yuan, but the actual issued special bond scale is low at only 56.1 billion yuan, indicating that the issuance pace needs further tracking [2] - Land "storage" is concentrated in regions with better economic and debt conditions, with issued land storage special bonds primarily from "self-audit" pilot areas [2] - Third and fourth-tier cities, facing significant destocking pressure, show higher enthusiasm for "storage" [2] Group 2: Industry Research - The report maintains a positive outlook on undervalued, high-dividend, and well-performing "three barrels of oil" and oil service sectors, recommending companies such as China Petroleum, China Petrochemical, China National Offshore Oil Corporation, and others [3] - There is a continued focus on domestic substitution trends benefiting material companies, particularly in semiconductor and panel materials, with recommendations for companies like Jingrui Electric Materials and Tongcheng New Materials [3] - The report highlights optimism for the pesticide, fertilizer, and private refining sectors, suggesting attention to companies like Wanhua Chemical and Hualu Hengsheng [3] - The vitamin and methionine sectors are also viewed positively, with recommendations for companies such as Andis and Zhejiang Medicine [3] Group 3: Company Research - The report on the company New Yisheng indicates that it is a leading high-end optical module company, with potential high performance growth driven by 800G/1.6T high-speed optical modules, raising profit forecasts for 2025-2027 to 6.721 billion, 8.883 billion, and 10.659 billion yuan respectively, with current PE ratios of 12X/9X/7X [4] - Longji Technology is positioned in high-growth areas, with an optimized business structure, and profit forecasts for 2025-2027 are set at 2.155 billion, 2.504 billion, and 3.044 billion yuan, maintaining a "buy" rating [5]

据知情人士透露，英国石油公司（BP）的Castrol润滑油业务吸引到Reliance Industries Ltd.等能源公司的 的收购意向。 阿波罗和Lone Star Funds等买断公司也感兴趣。（彭博） ...

Please see below information about transactions made under the second tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO). Date on which the buy-back tranche was announced: 30 April 2025. The duration of the buy-back tranche: 16 May to no later than 21 July 2025. Further information on the tranche can be found in the stock market announcement on its commencement dated 30 April 2025, available here: https://newsweb.oslobors.no/message/644796 From 20 May ...

Core Insights - China has maintained its position as the world's largest oil consumer for three consecutive years, with an average daily consumption exceeding 14 million barrels [1] - A strategic shift in global energy dynamics is underway, highlighted by Russia's decision to increase oil supply to China via Kazakhstan, breaking a two-decade technical monopoly [1][3] - The development of energy infrastructure and technology in China is rapidly advancing, with significant achievements in deep-water drilling and shale gas production [3][5] Group 1: Oil Consumption and Supply Dynamics - China's average daily oil consumption has surpassed 14 million barrels, solidifying its status as the top global consumer [1] - In 2023, China's imports of Russian crude oil increased by 28% year-on-year, exceeding 90 million tons, as Western sanctions reduced Russian oil exports to Europe by 42% [3] - The agreement to increase oil supply through the Kazakhstan pipeline will raise annual transport capacity to 12.5 million tons, enhancing China's refining capacity in Kazakhstan by 27% [1][3] Group 2: Technological Advancements - The successful drilling of the Tazhong 1 well at a depth of 10,038 meters has set a new record for onshore drilling in Asia, enabling China to master ultra-deep oil and gas extraction technology [3] - The "Deep Sea No. 1" project has achieved a 95% localization rate in underwater production systems, reducing operational costs by 40% compared to international peers [3] - The development of the "Xuanji" rotary steering system has significantly shortened drilling cycles and reduced costs, demonstrating rapid technological advancement in shale gas extraction [3][5] Group 3: Global Energy Strategy - China's overseas oil and gas equity production has reached 120 million tons, covering 32 oil-producing countries, establishing a four-pole linkage across the Middle East, Central Asia, Africa, and the Americas [5] - The strategic oil reserve has surpassed 500 million barrels, ensuring a safety line equivalent to 90 days of net imports, supported by a unique three-tier system of commercial, strategic, and enterprise reserves [5] - China's diversified oil import strategy has resulted in a decrease in the concentration of its top ten suppliers to 68%, allowing for better cost control during international price fluctuations [5] Group 4: Energy Governance and Cooperation - The International Energy Agency noted that China is reshaping global energy governance with its model of "technology output + capacity cooperation + infrastructure connectivity," providing an alternative to traditional Western approaches [6] - The rapid development of energy projects in Iraq has been recognized as a benchmark for Middle Eastern energy cooperation, showcasing China's efficiency and speed in project execution [6][8] - China's global energy strategy is characterized by a comprehensive innovation in technology standards, operational models, and strategic thinking, challenging traditional energy power dynamics [8]

Group 1 - French President Macron's proposal to impose a 500% tariff on Russian oil purchases by countries like China and India has sparked international debate but lacks practical implementation due to WTO rules and EU member state consensus requirements [1][3] - The internal divisions within the EU, with countries like Germany and Hungary maintaining energy cooperation with Russia, undermine Macron's proposal, highlighting the challenges of achieving a unified stance [3][7] - The U.S. has shown reluctance to support Macron's aggressive tariff proposal, as American companies benefit from trade with China and Russia, indicating a complex interdependence in global energy markets [3][6] Group 2 - The resilience of China-Russia energy cooperation is evident, with Russia agreeing to increase oil supply to China by 2.5 million tons annually, reflecting a strong historical partnership that has developed since the 2014 Crimea crisis [4][6] - By 2024, China is expected to import 108 million tons of crude oil from Russia, accounting for a significant portion of Russia's total exports, and over 90% of their trade is settled in local currencies, bypassing the dollar [4][6] - China's diversified energy sourcing strategy, with over 50% of its oil imports coming from the Middle East and minimal reliance on U.S. imports, positions it well against external pressures [6][9] Group 3 - The ongoing energy crisis in Europe, exacerbated by the loss of cheap Russian gas, has led to increased industrial costs and public discontent, prompting Macron's tariff threats as a potential distraction from domestic issues [7][9] - The global energy landscape is shifting, with China projected to account for 20% of global oil demand by 2025, enhancing its influence through new contracts and investments in Africa [9] - The deepening economic ties between China and Russia, with trade expected to reach $244.8 billion in 2024, underscore the strategic importance of energy cooperation amidst Western sanctions [9]