【原油价格】截至2025年11月14日当周，布伦特原油期货结算价为64.39美元/桶，较上周上升0.76美元/ 桶（+1.19%）；WTI原油期货结算价为59.39美元/桶，较上周下降0.45美元/桶（-0.75%）；俄罗斯Urals 原油现货价为65.49美元/桶，与上周持平；俄罗斯ESPO原油现货价为55.47美元/桶，较上周下降1.43美 元/桶（-2.51%）。 国信证券近日发布金属行业2026年投资策略：截至2025年11月14日当周，国际油价小幅波动。本周，前 半周，10月中国原油进口增长，美元汇率下跌，美国推进结束政府停摆的法案提振市场风险偏好，叠加 此前美国对俄罗斯的最新制裁影响正在发酵，且乌克兰继续对俄基础设施进行打击，利好支撑下，国际 油价实现上涨。周后期，欧佩克月报预测调整为供应过剩，释放看空市场信号，国际油价下挫。整体 看，本周布伦特油价较上周末实现小幅上涨，WTI则出现小幅下跌。截至本周五（11月14日），布伦 特、WTI油价分别为64.39、59.39美元/桶。 以下为研究报告摘要： 本期内容提要： 【油价回顾】截至2025年11月14日当周，国际油价小幅波动。本周，前半周，10月 ...

国信证券近日发布金属行业2026年投资策略：截至2025年11月14日当周，国际油价小幅 波动。本周，前半周，10月中国原油进口增长，美元汇率下跌，美国推进结束政府停摆的法 案提振市场风险偏好，叠加此前美国对俄罗斯的最新制裁影响正在发酵，且乌克兰继续对俄 基础设施进行打击，利好支撑下，国际油价实现上涨。周后期，欧佩克月报预测调整为供应 过剩，释放看空市场信号，国际油价下挫。整体看，本周布伦特油价较上周末实现小幅上 涨，WTI则出现小幅下跌。截至本周五（11月14日），布伦特、WTI油价分别为64.39、 59.39美元/桶。 以下为研究报告摘要： 本期内容提要： 【油价回顾】截至2025年11月14日当周，国际油价小幅波动。本周，前半周，10月中国 原油进口增长，美元汇率下跌，美国推进结束政府停摆的法案提振市场风险偏好，叠加此前 美国对俄罗斯的最新制裁影响正在发酵，且乌克兰继续对俄基础设施进行打击，利好支撑 下，国际油价实现上涨。周后期，欧佩克月报预测调整为供应过剩，释放看空市场信号，国 际油价下挫。整体看，本周布伦特油价较上周末实现小幅上涨，WTI则出现小幅下跌。截至 本周五（11月14日），布伦特、WTI ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - International oil prices experienced slight fluctuations, with Brent crude oil price at $64.39 per barrel (up 1.19%) and WTI at $59.39 per barrel (down 0.75%) as of November 14, 2025 [2][19] - The oil and petrochemical sector outperformed the market, with a 2.29% increase compared to a 1.08% decline in the CSI 300 index [10] - The oil and gas extraction sector has seen a significant increase of 210.63% since 2022, indicating strong growth potential [12] Summary by Sections Oil Price Review - Brent crude oil futures settled at $64.39 per barrel, increasing by $0.76 per barrel, while WTI crude oil futures settled at $59.39 per barrel, decreasing by $0.45 per barrel [2][19] Offshore Drilling Services - As of November 10, 2025, the number of global offshore self-elevating drilling platforms was 370, an increase of 1 from the previous week, while floating drilling platforms decreased to 128 [21] Oil Supply - As of November 7, 2025, U.S. crude oil production was 13.862 million barrels per day, an increase of 211,000 barrels per day from the previous week [35] - The number of active drilling rigs in the U.S. was 417, with an increase of 3 rigs [35] Oil Demand - U.S. refinery crude oil processing volume was 15.973 million barrels per day, an increase of 717,000 barrels per day, with a refinery utilization rate of 89.40% [47] Oil Inventory - As of November 7, 2025, total U.S. crude oil inventory was 838 million barrels, an increase of 7.211 million barrels [55]

Core Viewpoint - Despite pressure from the United States, India continues to purchase Russian oil, indicating a strong commitment to its energy needs and strategic partnerships [1][2]. Group 1: Oil Purchases - Indian Oil Corporation has made payments for five batches of Russian oil scheduled for delivery in December, totaling approximately 3.5 million barrels of Russian ESPO crude [1]. - The procurement process includes a requirement that the oil must not come from entities sanctioned by the US, UK, EU, UN, or India [2]. Group 2: Strategic Positioning - The CFO of Indian Oil Corporation stated that the company has no intention of abandoning cooperation with Moscow, as long as transactions comply with sanction regulations [2]. - Indian Oil Corporation is maintaining regular procurement of Far East Russian crude while also considering low-sulfur crude offers from West Africa and the US [1].

Group 1 - Despite U.S. pressure, India continues to purchase Russian oil, with Indian Oil Corporation paying for five batches of oil to be delivered in December [1] - Indian Oil Corporation procured approximately 3.5 million barrels of Russian ESPO crude oil at prices close to Dubai quotes, indicating a strategic procurement approach [1][3] - The U.S. government has approved potential buyers to negotiate with Lukoil for its overseas assets, highlighting the complexities of U.S.-Russia relations in the energy sector [1] Group 2 - India's energy strategy emphasizes soft power considerations, including risk diversification through multiple supply sources and a focus on renewable energy [3] - The Indian government has established a three-tier energy security framework, balancing long-term LNG agreements with the U.S. and Australia, emergency reserves from discounted Russian oil, and investments in hydrogen energy [3] - The procurement of Russian oil is driven by economic rationality, with discounts of up to $5 per barrel compared to other sources, showcasing a cost-optimization strategy [3] Group 3 - The limitations of U.S. pressure tactics are evident, as punitive tariffs on Indian imports have not deterred India from its energy procurement strategy [4] - India's firm stance against U.S. pressure reflects a broader geopolitical strategy, emphasizing its energy needs as a third-largest oil consumer [4] - The dynamics of global oil supply and demand remain influenced by India's continued engagement with Russian oil, despite U.S. sanctions [4] Group 4 - The deepening cooperation between Russia and India in energy and nuclear sectors indicates a strategic partnership that transcends geopolitical tensions [5] - India's flexible diplomatic approach allows it to maintain energy ties with Russia while exploring oil offers from other regions, reflecting a non-aligned strategy [5] - The operational stability of the Caspian pipeline, which transports over 1.6 million barrels of oil daily, is crucial for India's energy security [5] Group 5 - The ongoing purchase of Russian oil by India illustrates a shift in international energy competition from resource control to soft power dynamics, emphasizing rule-making and technological standards [6] - India's approach to energy procurement integrates diplomatic and technological cooperation, enhancing its strategic autonomy in the global energy landscape [6] - This case serves as a reference for developing countries in navigating global energy governance amidst geopolitical rivalries [6]

Investment Rating - The report maintains a "Positive" investment rating for the oil processing industry, consistent with the previous rating [1]. Core Insights - International oil prices have declined due to concerns over interest rate cuts and strong demand for safe-haven assets, alongside weak manufacturing data from Asia and the US. As of November 7, 2025, Brent and WTI prices were $63.63 and $59.84 per barrel, respectively [2][9]. - The oil and petrochemical sector has shown strong performance, with the sector rising by 4.47% as of November 7, 2025, compared to a 0.82% increase in the CSI 300 index [10][13]. - The report highlights significant increases in US crude oil imports and a rise in total crude oil inventory, indicating a potential shift in market dynamics [49][53]. Summary by Sections Oil Price Review - As of November 7, 2025, Brent crude futures settled at $63.63 per barrel, down $1.14 (-1.76%) from the previous week, while WTI crude futures also fell by $1.14 (-1.87%) to $59.84 per barrel [22][24]. Offshore Drilling Services - The number of global offshore self-elevating drilling rigs remained stable at 369, and floating drilling rigs at 130 as of November 3, 2025 [26]. Crude Oil Supply - US crude oil production reached 13.651 million barrels per day as of October 31, 2025, an increase of 0.07 million barrels per day from the previous week. The number of active drilling rigs was stable at 414 [40][41]. Crude Oil Demand - US refinery crude oil processing increased to 15.256 million barrels per day as of October 31, 2025, with a refinery utilization rate of 86.00%, down 0.6 percentage points from the previous week [52]. Crude Oil Inventory - Total US crude oil inventory was 831 million barrels as of October 31, 2025, reflecting an increase of 5.7 million barrels (+0.69%) from the previous week [53]. Refined Oil Prices - In North America, the average prices for diesel, gasoline, and jet fuel were $102.44, $80.90, and $94.67 per barrel, respectively, as of November 7, 2025 [82][86].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - As of the week ending October 31, 2025, international oil prices experienced a slight decline due to market skepticism regarding the effectiveness of sanctions on Russia, OPEC+'s inclination to continue modest production increases in December, and increased Iraqi exports in September, leading to concerns about oversupply. However, positive EIA inventory data, optimistic news from US-China leadership talks, and a Federal Reserve interest rate cut contributed to a rebound in oil prices later in the week [2][9] - Brent crude oil futures settled at $64.77 per barrel, down $0.43 (-0.66%) from the previous week, while WTI crude oil futures settled at $60.98 per barrel, down $0.52 (-0.85%) [2][31] - The oil and petrochemical sector showed a slight increase of 0.05% during the same week, while the broader Shanghai and Shenzhen 300 index fell by 0.43% [10][13] Summary by Sections Oil Price Review - Brent crude oil price decreased by 0.66% and WTI crude oil price decreased by 0.85% as of October 31, 2025 [2][31] - The price of Russian Urals crude remained stable, while ESPO crude saw a decline of 1.71% [31] Offshore Drilling Services - As of October 27, 2025, the number of global offshore self-elevating drilling platforms was 369, a decrease of 1 from the previous week, while the number of floating drilling platforms was 130, down by 2 [37] US Oil Supply - As of October 24, 2025, US crude oil production was 13.644 million barrels per day, an increase of 15,000 barrels per day from the previous week. The number of active drilling rigs decreased by 6 to 414 [61][70] US Oil Demand - US refinery crude processing volume was 15.219 million barrels per day, down by 511,000 barrels per day, with a refinery utilization rate of 86.60%, a decrease of 2.0 percentage points [66][73] US Oil Inventory - As of October 24, 2025, total US crude oil inventory was 825 million barrels, a decrease of 6.325 million barrels (-0.76%). Strategic oil inventory increased by 533,000 barrels (+0.13%), while commercial crude oil inventory decreased by 6.858 million barrels (-1.62%) [82]

Core Insights - The article discusses the recent developments in the oil processing industry, highlighting a rebound in international oil prices due to easing trade tensions and supportive inventory data [1][2]. Oil Price Review - As of October 24, 2025, Brent crude oil futures settled at $65.20 per barrel, up $3.91 per barrel (+6.38%) from the previous week, while WTI crude oil futures settled at $61.50 per barrel, up $4.35 per barrel (+7.61%) [2]. - The Urals crude oil spot price remained stable at $65.49 per barrel, while the ESPO crude oil spot price increased by $2.62 per barrel (+4.54%) to $60.35 per barrel [2]. Offshore Drilling Services - As of October 20, 2025, the number of global offshore self-elevating drilling rigs decreased by 3 to 370, with reductions in Africa, the Middle East, North America, and other regions, while Europe saw an increase of 1 rig [2]. - The number of global offshore floating drilling rigs remained unchanged at 132, with decreases in Africa and Europe, and increases in Southeast Asia and other regions [2]. U.S. Crude Oil Supply - As of October 17, 2025, U.S. crude oil production was 13.629 million barrels per day, a decrease of 0.07 million barrels per day from the previous week [3]. - The number of active drilling rigs in the U.S. increased by 2 to 420 as of October 24, 2025, while the number of hydraulic fracturing fleets increased by 3 to 178 [3]. U.S. Crude Oil Demand - As of October 17, 2025, U.S. refinery crude oil processing volume was 15.730 million barrels per day, an increase of 0.600 million barrels per day, with a refinery utilization rate of 88.60%, up 2.9 percentage points from the previous week [3]. U.S. Crude Oil Inventory - As of October 17, 2025, total U.S. crude oil inventory was 831 million barrels, a decrease of 0.142 million barrels (-0.02%) from the previous week [3]. - Strategic crude oil inventory increased by 0.819 million barrels (+0.20%) to 409 million barrels, while commercial crude oil inventory decreased by 0.961 million barrels (-0.23%) to 423 million barrels [3]. U.S. Refined Oil Inventory - As of October 17, 2025, U.S. gasoline, diesel, and jet fuel inventories were 21,667.9 million barrels, 11,555.1 million barrels, and 4,292.9 million barrels, respectively, with changes of -0.2147 million barrels (-0.98%), +0.028 million barrels (+0.18%), and -0.1485 million barrels (-3.34%) [4]. Biofuel Prices - As of October 24, 2025, the FOB price for ester-based biodiesel was $1,190 per ton, while hydrocarbon-based biodiesel was $1,900 per ton, both unchanged from the previous week [4]. - The FOB price for biojet fuel in China was $2,400 per ton, and in Europe, it was $2,710 per ton, both remaining stable [4].

Investment Rating - The industry investment rating is "Positive" [1] Core Views - International oil prices rebounded as of October 24, 2025, with Brent and WTI prices at $65.20 and $61.50 per barrel, respectively, supported by favorable U.S. inventory data and easing trade tensions [2][9] - The oil and petrochemical sector outperformed, with a 4.33% increase compared to the 3.24% rise in the CSI 300 index [10] - The oil and gas extraction sector has seen a significant increase of 180.52% since 2022, indicating strong growth potential [13] Summary by Sections Oil Price Review - As of October 24, 2025, Brent crude futures settled at $65.20 per barrel, up $3.91 (+6.38%) from the previous week, while WTI crude futures rose to $61.50 per barrel, an increase of $4.35 (+7.61%) [2][24] Offshore Drilling Services - The number of global offshore self-elevating drilling rigs was 370, a decrease of 3 from the previous week, while the number of floating drilling rigs remained stable at 132 [28] U.S. Oil Supply - U.S. crude oil production was 13.629 million barrels per day as of October 17, 2025, a decrease of 0.07 million barrels from the previous week [48] - The number of active drilling rigs in the U.S. increased by 2 to 420 as of October 24, 2025 [48] U.S. Oil Demand - U.S. refinery crude oil processing increased to 15.730 million barrels per day, up 600,000 barrels from the previous week, with a refinery utilization rate of 88.60%, an increase of 2.9 percentage points [59] U.S. Oil Inventory - Total U.S. crude oil inventory was 831 million barrels as of October 17, 2025, a decrease of 142,000 barrels (-0.02%) [69] - Strategic oil inventory increased by 819,000 barrels (+0.20%) to 409 million barrels, while commercial crude oil inventory decreased by 961,000 barrels (-0.23%) to 423 million barrels [69] Finished Oil Products - As of October 24, 2025, U.S. average prices for diesel, gasoline, and jet fuel were $94.92, $78.22, and $87.91 per barrel, respectively [88]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - International oil prices increased due to geopolitical tensions, including Ukraine's attacks on Russian oil facilities and potential restrictions on fuel exports from Russia, alongside a decrease in US crude oil inventories [2][9] - As of September 26, 2025, Brent and WTI crude oil prices were $69.22 and $65.72 per barrel, respectively, reflecting increases of 4.82% and 5.32% from the previous week [2][27] - The report highlights the performance of the oil and petrochemical sector, noting a slight decline of 0.12% in the sector compared to a 1.07% increase in the broader market [10][13] Summary by Sections Oil Price Review - Brent crude futures settled at $69.22 per barrel, up $3.18 (+4.82%) from the previous week, while WTI crude futures rose to $65.72 per barrel, an increase of $3.32 (+5.32%) [2][27] - Russian Urals crude price remained stable at $65.49 per barrel, while Russian ESPO crude increased by $1.67 (+2.65%) to $64.63 per barrel [2][27] Offshore Drilling Services - As of September 22, 2025, the number of global offshore self-elevating drilling platforms was 371, an increase of 1 from the previous week, while floating drilling platforms decreased to 130 [31] US Crude Oil Supply - US crude oil production reached 13.501 million barrels per day, an increase of 19,000 barrels from the previous week [52] - The number of active drilling rigs in the US rose to 424, with an increase of 6 rigs [52] US Crude Oil Demand - US refinery crude processing averaged 16.476 million barrels per day, up by 52,000 barrels from the previous week, with a refinery utilization rate of 93.00%, down 0.3 percentage points [63] US Crude Oil Inventory - Total US crude oil inventory was 821 million barrels, a decrease of 377,000 barrels (-0.05%) from the previous week [72] - Strategic crude oil inventory increased by 230,000 barrels (+0.06%) to 406 million barrels, while commercial crude oil inventory decreased by 607,000 barrels (-0.15%) to 415 million barrels [72] Finished Oil Products - In North America, the average prices for diesel, gasoline, and jet fuel were $98.74 (+0.47), $83.94 (-0.58), and $85.97 (-1.87) per barrel, respectively [91]