Report Information - Report Title: Crude Oil Daily Report [1] - Date: November 26, 2025 [2] Investment Rating - Not provided Core View - Geopolitical risks in the market have eased recently, and with significant inventory build - up pressure in the 4th quarter, the overall idea for crude oil is to take a short position. Operationally, consider shorting on rebounds or conducting reverse spreads [6] Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: WTI's opening price was $58.05, closing at $58.89, with a high of $59.06, a low of $57.42, a daily increase of 1.43%, and a trading volume of 21.86 million lots. Brent's opening price was $61.9, closing at $62.73, with a high of $62.92, a low of $61.34, a daily increase of 1.28%, and a trading volume of 27.47 million lots. SC's opening price was 447.9 yuan/barrel, closing at 448.6 yuan/barrel, with a high of 450.6 yuan/barrel, a low of 443.3 yuan/barrel, a daily increase of 0.67%, and a trading volume of 8.62 million lots [6] - **Operation Suggestions**: Given the easing of geopolitical risks and the large inventory build - up pressure in the 4th quarter, maintain a short - selling strategy for crude oil. Consider shorting on rebounds or conducting reverse spreads [6] 2. Industry News - **India's Russian Oil Imports**: Indian refiners are turning to alternative products to avoid violating Western sanctions, and India's oil imports from Russia in December will reach the lowest level in at least three years, contrasting with the multi - month high in November [7] - **US Sanctions on Russia**: The US, UK, and EU have strengthened sanctions against Russia. The latest US measures target major Russian oil producers Rosneft and Lukoil, and buyers must stop trading with these two companies by November 21. The EU has set a deadline of January 21, after which it will reject imports of crude oil from refineries processing Russian crude [7] - **Venezuela's Supply Issue**: Venezuela is seeking key raw material supplies from Chevron. A US warship intercepted a Russian cargo ship near Venezuela, threatening the transportation of urgently needed supplies. Chevron can only start loading crude oil after delivering a batch of diluted naphtha to Venezuela [7] - **Russian Oil and Gas Revenue**: Russia's oil and gas revenue is expected to decline by 35% year - on - year in November, dropping to 520 billion rubles [7] 3. Data Overview - **Data Sources**: Data sources include EIA, Bloomberg, and wind, and are compiled by the Research and Development Department of CCB Futures [9][13][14] - **Data Graphs**: Include graphs on global high - frequency crude oil inventories, EIA crude oil inventories, US crude oil production growth rate, Dtd Brent price, WTI spot price, Oman spot price, US gasoline consumption, and US diesel consumption [10][11][14][21]

格隆汇11月25日｜据知情人士称，委内瑞拉正向雪佛龙(CVX.US)寻求关键原料供应，此前一艘美国军 舰在该国近海拦截了俄罗斯货轮，威胁到这批急需物资的运输。雪佛龙只有在交付一批稀释石脑油到委 内瑞拉后，才能开始装载原油。 ...

Core Viewpoint - Venezuela is seeking critical raw material supplies from Chevron (CVX.US) after a U.S. warship intercepted a Russian cargo ship near its waters, threatening the transportation of these essential materials [1] Group 1 - Chevron can only begin loading crude oil after delivering a batch of diluted bitumen to Venezuela [1]