行 业 研 究 石油石化行业：原油价格下降，中 国原油进口数量提升 原油价格下降。截至 2026 年 1 月 2 日，Brent 原油期货结算价和 现货价分别为 60.75 美元/桶和 61.33 美元/桶，环比下降 2.72%和 2.14%；WTI 原油期货结算价和现货价格分别为 57.32 美元/桶、 57.95 美元/桶，环比分别降 2.25%、1.70%；ESPO 原油现货价格 为 48.91 美元/桶，环比下降 3.34 美元/桶，降幅为 6.39%。2025 年 12 月，OPEC 原油现货价格为 61.78 美元/桶，环比上月下降 2.68 美元/桶，降幅为 4.16%；中国原油现货月度均价（大庆）为 58.20 美元/桶，环比下降 2.54 美元/桶，降幅为 4.19%；中国原油现货月 度均价（南海）为 54.38 美元/桶，环比下降 2.31 美元/桶，降幅为 4.08%；中国原油现货月度均价（胜利）为 57.66 美元/桶，环比下 降 2.48 美元/桶，降幅为 4.12%。 美国，炼油厂可运营产能利用率上涨；成品车用汽油供应量环比上 升；石油产品的供应量环比下降。截至 2025 年 12 ...

截至2025年12月26日，美国炼油厂可运营周平均产能利用率为94.7%，环比上月上升0.6个百分点；美国 每周成品车用汽油供应量为8563千桶/天，环比上月上升237千桶/天，增幅为2.85%；美国车用汽油库存 量为234334千桶，环比上升19912千桶，涨幅为9.29%；美国石油产品供应量为19376千桶/天，环比下降 813千桶/天，降幅为4.03%。 美国原油进口出口数量环比上升；中国原油进口数量环比上升，出口数量环比下降 2025年12月，美国原油进口数量均值为6170.40千桶/日，环比上月上升了480.20千桶/日，增幅为 8.44%；出口数量月度均值为3932.25千桶/日，环比上月上升386千桶/日，涨幅为10.88%。2025年11月， 中国原油进口数量为5089.00万吨，环比上月上升253.00万吨，涨幅为5.23%；出口数量为79460.25吨， 环比下降92659.89吨，降幅为53.83%。 智通财经APP获悉，东兴证券发布研报称，截至2026年初，国际油价环比普遍下跌。中国原油进口环比 上升，出口显著回落。总体来看，原油市场呈现供应相对充裕、需求增长乏力的格局，短期价格承压。 ...

Core Insights - The report from Dongxing Securities indicates an increase in U.S. oil product supply and a decrease in crude oil exports as of August 8. Brent, WTI, and ESPO crude oil spot prices have declined, while OPEC and domestic crude oil prices have risen in July [1] Group 1: Oil Price Trends - As of August 8, Brent crude futures settled at $66.59 per barrel, down 2.99% month-over-month, while WTI futures settled at $63.88 per barrel, down 4.04% [1] - ESPO crude spot price was $62.49 per barrel, reflecting a 4.23% decrease [1] - In July, OPEC crude spot price was $70.97 per barrel, up 1.78% month-over-month [1] - China's crude oil spot average price (Daqing) was $65.59 per barrel, down 0.80%, while prices for South China Sea and Shengli increased slightly [1] Group 2: U.S. Oil Supply Dynamics - U.S. refinery utilization rate increased to 96.4%, up 2.5 percentage points [2] - Weekly gasoline supply in the U.S. reached 9,000 thousand barrels per day, up 511 thousand barrels per day, a 6.02% increase [2] - Gasoline inventory decreased to 226,290 thousand barrels, down 6,577 thousand barrels, a 2.82% decline [2] - Total U.S. oil product supply was 21,356 thousand barrels per day, up 2,172 thousand barrels per day, an 11.32% increase [2] Group 3: Import and Export Trends - U.S. crude oil imports averaged 6,214.25 thousand barrels per day in July, up 98.75 thousand barrels per day, a 1.61% increase [3] - U.S. crude oil exports averaged 3,207.00 thousand barrels per day, down 9.80% month-over-month [3] - China's crude oil imports were 47.20 million tons, down 269.00 thousand tons, a 5.39% decrease [3]

Investment Rating - The industry investment rating is "Positive" for the oil and petrochemical sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% over the next six months [4]. Core Insights - As of August 8, 2025, Brent and WTI crude oil prices have decreased, while OPEC and domestic crude oil prices have increased in July [3][14]. - U.S. refinery utilization rates have risen, and the supply of finished gasoline and petroleum products has increased, while gasoline inventories have decreased month-over-month [2][3]. - U.S. crude oil imports have increased month-over-month, while exports have decreased; in contrast, China's crude oil imports have declined significantly, but exports have surged [2][44][48]. Summary by Sections 1. Crude Oil Prices - Brent crude futures settled at $66.59 per barrel, down 2.99% month-over-month; WTI crude futures settled at $63.88 per barrel, down 4.04% [8][9]. - OPEC crude prices increased to $70.97 per barrel in July, up 1.78% month-over-month [14]. 2. Supply and Demand - OPEC crude oil production increased to 27,543 thousand barrels per day in July, up 1.13% month-over-month [21]. - U.S. refinery crude oil production decreased slightly to 17.24 million barrels per day, down 0.06% month-over-month but up 1.71% year-over-year [24]. 3. Inventory - Total U.S. crude oil and petroleum product inventories rose to 1,670,549 thousand barrels, up 0.72% month-over-month [32]. - U.S. gasoline inventories decreased to 226,290 thousand barrels, down 2.82% month-over-month [32]. 4. Imports and Exports - U.S. crude oil imports averaged 6,214.25 thousand barrels per day in July, up 1.61% month-over-month [44]. - China's crude oil imports fell to 4,720,000 tons, down 5.39% month-over-month, while exports increased significantly [44][48].