1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - This week's weekly oil prices closed lower. Trump's order to "block" Venezuelan oil tankers and the geopolitical situation in Venezuela had limited impact on crude oil supply and demand. Global supply and demand remained weak, and the market was in a state of oversupply. In the first quarter, the oversupply was significant, and it was advisable to short - sell the calendar spread and absolute prices [5]. 3. Summary by Relevant Catalog 3.1 Daily News - Iran's natural gas supply interruption caused Iraq to lose about 4500 megawatts of power - generating capacity due to technical issues and increased domestic energy demand in Iran during winter [3] - Ukrainian President Zelensky had a phone call with US envoy Witkoff and Trump's senior advisor Kushner, and the Ukrainian military attacked a Russian refinery with "Storm Shadow" missiles [4] - The early - batch crude oil quota for 2026 was issued with a year - on - year increase, and the expectation of fuel oil feedstock weakened. The market was worried about Venezuelan fuel oil supply due to US sanctions, and the short - term sentiment was dominant [4] 3.2 Inventory - US API crude oil inventory in the week ending December 19 was 239.1 million barrels, with a previous value of - 932.2 million barrels; API refined oil inventory was 68.5 million barrels, with a previous value of 251.1 million barrels; API gasoline inventory was 109 million barrels, with a previous value of 483.5 million barrels [4] - EIA report: Commercial crude oil inventory excluding strategic reserves decreased by 127.4 million barrels to 424 million barrels, a decrease of 0.3% [4] - EIA report: In the week ending December 12, the US Strategic Petroleum Reserve (SPR) inventory increased by 24.9 million barrels to 412.2 million barrels, an increase of 0.06% [5] - EIA report: In the week ending December 12, US domestic crude oil production decreased by 1 million barrels to 1384.3 million barrels per day [5] - EIA report: The four - week average supply of US crude oil products was 2052.1 million barrels per day, a year - on - year increase of 0.82% [5] - EIA report: In the week ending December 12, US crude oil exports increased by 65.5 million barrels per day to 466.4 million barrels per day [5] - EIA report: The import of commercial crude oil excluding strategic reserves last week was 652.5 million barrels per day, a decrease of 6.4 million barrels per day compared with the previous week [5] 3.3 Weekly Viewpoints - This week's weekly oil prices closed lower. Trump's order to "block" Venezuelan oil tankers led to an oil price rebound, and geopolitical events such as the Venezuela situation and the Russia - Ukraine conflict continued to occur [5] - Global supply and demand remained weak, and the market was in a state of oversupply. The oil market de - stocked this week, and on Friday, the calendar spreads of the three major crude oil markets rebounded slightly, while the crack spreads of global gasoline and diesel continued to weaken [5] - The US refinery operating rate was at a high level, and the domestic operating rate fluctuated. The oversupply in the fundamentals was confirmed, and the geopolitical situation in Venezuela had limited impact on crude oil supply and demand. Attention should be paid to the Israel - Iran situation [5] - In the first quarter, the oversupply was significant, and it was advisable to short - sell the calendar spread and absolute prices [5]

Core Viewpoint - The recent geopolitical tensions, particularly involving Ukraine and Russia, have influenced oil prices, with domestic SC crude oil rising by 2.2 yuan per barrel, approximately 0.5% [3][15]. Market Analysis - Domestic SC crude oil experienced a price increase, with a notable rise in high-sulfur fuel oil, which surged over 2% [3][15]. - The market reacted to news of Ukraine's missile strike on a major Russian oil facility, which is significant for fuel supply to Russian military forces [3][15]. - Despite the geopolitical tensions, Russian officials claim that they have replenished oil product inventories, which are reportedly higher than the previous year [3][15]. Geopolitical Context - Both China and Russia condemned the U.S. blockade against Venezuela, with Russia labeling it as a revival of "pirate behavior" [5][18]. - The geopolitical landscape continues to support oil prices, although the overall sentiment in the commodity market is optimistic, with a recent eight-day rise in the domestic commodity index [5][16]. - The oil market is expected to face resistance due to oversupply, with predictions of a sideways movement in oil prices for the remainder of the year [5][16]. Russian Energy Sector Developments - Russia's Deputy Prime Minister confirmed that Western sanctions have delayed the country's goal of producing 100 million tons of LNG by several years, indicating a significant setback in its LNG expansion strategy [6][17]. - Despite challenges in LNG projects, Russia is advancing its pipeline projects, particularly the "Power of Siberia 2" pipeline, highlighting its commitment to diversifying export routes [6][17]. - The Russian oil product market is reportedly balanced, with current inventories exceeding those of the previous year, suggesting resilience in its refining and supply chain amid sanctions [6][17]. U.S. Military and Economic Strategy - The White House has directed U.S. military focus towards enforcing sanctions on Venezuelan oil for at least the next two months, indicating a strategic shift towards economic pressure rather than immediate military action [8][19].

Industry Updates - The National Energy Administration reported that from January to November, the national electricity market transaction volume exceeded 6 trillion kilowatt-hours, marking a year-on-year increase of 7.6%. This accounted for 63.7% of the total electricity consumption, up 1.3 percentage points year-on-year. Intra-provincial transactions reached 4.583 trillion kilowatt-hours, a 6.3% increase, while inter-provincial transactions were 1.447 trillion kilowatt-hours, up 12.1% [2] - The first climate resource economic blue book was released, emphasizing the transformation of climate resources into goods and services through policies, market mechanisms, and technological innovation. This aims to create economic value and promote sustainable use of climate resources, which is significant for food security, industrial upgrading, and improving people's well-being [2] - The Zhejiang Tiantai Pumped Storage Power Station, the largest single-unit capacity pumped storage power station in China, has successfully connected its first unit to the grid. The project has a total investment of over 10 billion yuan and a total installed capacity of 1.7 million kilowatts [3] - The Tarim Oilfield's Bozi-Dabei gas field, China's largest ultra-deep condensate gas field, has achieved an annual gas production of over 10 billion cubic meters, significantly enhancing natural gas supply capabilities and ensuring national energy security [3] - Yunnan Province is promoting the integration of "artificial intelligence + wind-solar-water-storage" to optimize energy construction and scheduling, enhancing the management of renewable energy resources [4] - Guangdong Province is advancing the research and listing of futures products such as lithium hydroxide, aiming to develop a comprehensive system for new energy products and support the growth of strategic emerging industries [4] Corporate Developments - The State Grid Corporation of China is expected to exceed 650 billion yuan in fixed asset investment for the year, setting a historical record. During the 14th Five-Year Plan period, the total investment is projected to exceed 2.85 trillion yuan, accelerating the construction of a new power system [7] - China Huadian's installed capacity of renewable energy has surpassed 100 million kilowatts, with several projects including wind and solar power successfully connected to the grid [7]

Core Insights - Iraq's current electricity generation capacity is approximately 17,000 megawatts, with a loss of about 4,500 megawatts due to the interruption of natural gas supply from Iran [1] - The Iranian government cited technical issues and increased domestic energy demand due to cold winter weather as reasons for the gas supply disruption [1] - The gas supply from Iran to Baghdad and central regions of Iraq has already been halted, and the supply to southern Iraq has also been restricted [1]

Group 1 - The Russian government has developed a plan to respond to potential confiscation of Russian overseas assets by the West, which will be implemented if necessary [1] - A presidential decree has been issued allowing reciprocal responses based on court rulings in the event of asset confiscation [1] - The Russian economy is projected to grow at a rate of 1% in 2025, 1.3% in 2026, and 2.7% in 2027, aligning with global average growth rates [1] Group 2 - Russian oil production is expected to remain stable at approximately 516 million tons in 2025, with a projected increase of 2% to 525 million tons in 2026 [1] - Russia aims to develop liquefied natural gas production, targeting a production level of 100 million tons by 2030 [1] - Trade relations are being shifted towards rapidly developing countries, particularly in the Asia-Pacific, Africa, and Latin America, with trade volumes in the Asia-Pacific region increasing several times over the past three years [2]

Core Viewpoint - New Natural Gas announced the appointment of Zhongshen Zhonghuan as the auditing firm for the company's 2025 financial statements and internal controls, with changes in the signing accountants due to personnel adjustments [2] Group 1 - Zhongshen Zhonghuan was originally assigned to provide auditing services with Li Qian and Luo Nan as signing accountants [2] - Due to work adjustments, Li Qian will no longer serve as the signing accountant for the 2025 audit project [2] - Zhongshen Zhonghuan has appointed Luo Nan and Xu Xiaozhe to be responsible for the auditing of the company's 2025 financial statements and internal controls [2]

格隆汇12月25日｜乌克兰方面表示，其无人机袭击了位于俄罗斯奥伦堡地区的最大天然气处理厂，该厂 同时处理来自哈萨克斯坦卡拉恰甘纳克油气田的天然气。奥伦堡地区州长叶夫根尼·索恩采夫在 Telegram上发布消息称，无人机曾试图袭击该地区一处工业设施（未具体说明名称），相关基础设施受 到轻微损坏。 ...

Group 1 - The Russian Federal Security Service reported on December 25 that it thwarted a terrorist plot orchestrated by the Ukrainian intelligence agency targeting a natural gas storage facility in Kaluga region [2] - The suspects, directed by the Ukrainian intelligence agency, planned to detonate explosive devices at a natural gas storage facility and a parking lot of a defense factory [2] - During the arrest, the suspects resisted and were shot dead, with law enforcement seizing foreign-made plastic explosives, detonators, handguns, and ammunition from their hideout [2]

▲ 巨融能源哈密生产中心。巨融能源/供图 入围中国能源企业500强，是对巨融能源多年发展积累的一次阶段性认可。这是社会信任和时代责任的体现，是对巨融能源在夯实LNG 产储供销全产业链体系、服务民生保供方面所作努力的一种认可。 巨融能源的成长，体现在其实体业务的规模化与网络化建设上，并完成三重跨越。 巨融能源从早期扎根新疆的区域运营角色，不断成长为全国性能源供应链服务商之一。该公司的核心布局深度嵌入国家能源通道关键节 点，在新疆巴州、哈密、甘肃古浪、内蒙古通辽等地建设多个天然气液化生产中心，总年产能达300万吨。目前，巨融能源构建了覆盖 全国的高效物流网络，拥有300余辆LNG运输槽车，年运力超百万吨，实现了从生产到供应的全链路保障，"保供稳价"作用不断凸显。 新发展形势下，入围" 500强"需要企业具备整合国内外资源、平抑市场波动的强大韧性支撑。为此，巨融能源着力构建"西北资源基地 +沿海贸易网络+国际资源池"的三级引擎，创新"资源池"供应模式，整合西部天然气资源与东部进口LNG，实现多气源互补，以应对复 杂多变的市场环境。 "双碳"目标背景下，天然气作为通向新能源时代的"伙伴能源"，其清洁属性和调峰价值愈发 ...

Core Viewpoint - Shaanxi Natural Gas (002267) primarily focuses on the construction and operation of long-distance natural gas pipelines, providing transportation and sales services for natural gas to upstream suppliers and various cities and users along the provincial pipelines [1] Group 1: Company Operations - The company does not engage in natural gas exploration and development, thus it does not directly participate in the allocation of natural gas production [1] - The existing pipeline network has established multiple interconnection points with the national pipeline network, allowing for the transportation of natural gas to markets outside the province based on downstream user demand [1]