Group 1: Oil Price Overview - International oil prices increased as of the week ending August 22, 2025, with Brent and WTI prices reaching $67.22 and $63.66 per barrel, respectively [1][2] - The rise in oil prices was supported by a decrease in U.S. crude and gasoline inventories, despite ongoing geopolitical tensions between the U.S. and Russia, as well as between Ukraine and Russia [1][2] Group 2: Oil Price Details - As of August 22, 2025, Brent crude futures settled at $67.22 per barrel, up $1.37 per barrel (+2.08%) from the previous week, while WTI crude futures settled at $63.66 per barrel, up $0.86 per barrel (+1.37%) [2] - Russian Urals crude spot price remained stable at $65.49 per barrel, while Russian ESPO crude spot price increased by $1.25 per barrel (+2.01%) to $63.46 [2] Group 3: U.S. Oil Supply and Demand - U.S. crude oil production reached 13.382 million barrels per day as of August 15, 2025, an increase of 55,000 barrels per day from the previous week [3] - U.S. refinery crude processing averaged 17.208 million barrels per day, up 28,000 barrels per day, with a refinery utilization rate of 96.60%, an increase of 0.2 percentage points [3] Group 4: U.S. Oil Inventory - As of August 15, 2025, total U.S. crude oil inventories stood at 824 million barrels, a decrease of 5.791 million barrels (-0.70%) from the previous week [3] - Strategic crude oil inventories increased by 223,000 barrels (+0.06%), while commercial crude oil inventories decreased by 6.014 million barrels (-1.41%) [3] Group 5: U.S. Product Inventory - As of August 15, 2025, U.S. gasoline inventories decreased by 272,000 barrels (-1.20%), while diesel inventories increased by 234,300 barrels (+2.06%) [4] - The overall inventory levels for gasoline, diesel, and jet fuel showed mixed trends, indicating varying demand across different fuel types [4] Group 6: Related Companies - Relevant companies in the oil sector include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [4]

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core Viewpoints of the Report As of the week ending August 15, the national commercial crude oil inventory decreased more than expected, driven by the rebound in exports from the Gulf Coast. There were significant regional supply - demand differences, with the Cushing delivery point inventory rising for seven consecutive weeks, a sharp drop in the West Coast inventory, and a slight increase in the Midwest inventory. In refined oil products, gasoline inventory reached the lowest level since May, diesel inventory rose to a March high, and aviation kerosene demand was strong. The import - export structure was significantly adjusted, domestic crude oil production increased slightly but had limited long - term growth potential, and refinery processing volume generally remained high. In the derivatives market, inventory changes affected futures spreads and crack spreads [1]. 3) Summary by Relevant Catalogs I. Regional Differentiation in Crude Oil Inventory - The national commercial crude oil inventory decreased by 6 million barrels, a week - on - week decline of 1.4%, mainly driven by the increase in exports from the Gulf Coast (PADD 3) to 4.38 million barrels per day, the highest since April [2]. - The Cushing delivery point inventory increased by 420,000 barrels to 23.47 million barrels, reaching the highest level since early June, narrowing the WTI near - month futures spread [2]. - The West Coast (PADD 5) inventory decreased by 4.89 million barrels to 44.73 million barrels due to the increase in refinery operating rate to 90.2%. The Midwest (PADD 2) inventory slightly increased by 1.74 million barrels because of the closure of the BP Whiting refinery caused by heavy rain [2]. II. Differentiated Trends in Refined Oil Inventory - Gasoline inventory decreased by 2.72 million barrels to 223.57 million barrels, the lowest since May, supported by the increase in exports to 1.02 million barrels per day. However, the implied demand dropped to 8.84 million barrels per day, indicating the end of the summer driving season [3]. - Diesel inventory increased by 2.34 million barrels to 116.03 million barrels, reaching the highest level since March, mainly due to the decrease in exports. Although the weekly demand climbed to 39.67 million barrels [3]. - Aviation kerosene demand remained strong, with a weekly consumption of 1.9 million barrels per day, reaching the peak in the same period since 2019, supported by the high - level TSA airport security checks [3]. - The continuous accumulation of Cushing inventory suppressed the WTI futures term structure, with the October/November contract spread narrowing to less than $0.2 per barrel. The increase in Gulf Coast exports widened the Brent - WTI spread to $4.5 per barrel, stimulating active arbitrage trading. The increase in diesel inventory weakened the support for crack spreads, while the strong demand for aviation kerosene maintained its crack spread at the annual high of $28 per barrel [3]. III. Significant Adjustment in Import - Export Structure - The net crude oil imports decreased by 36.4% to 2.13 million barrels per day, with imports decreasing by 420,000 barrels to 6.5 million barrels per day. Iraqi imports jumped 131% to 330,000 barrels per day, reflecting the diversification of refinery raw material selection under the background of OPEC+ production increase [4]. - The utilization rate of Gulf Coast infrastructure increased, driving crude oil exports to grow 22.2% to 4.37 million barrels per day, expanding for the fourth consecutive week and becoming the core driving force for inventory reduction [4]. IV. Production and Refinery Operation Dynamics - Domestic crude oil production increased slightly by 0.4% to 13.38 million barrels per day, reaching the highest level since early July. However, the slowdown in drilling activities indicated limited long - term production growth potential [5]. - Refinery processing volume increased by 0.2% to 17.21 million barrels per day. The processing volume in the East Coast (PADD 1) increased by 4% to 830,000 barrels per day due to the restart of refineries, leading to a 1.3% decrease in the regional inventory. The national refinery capacity utilization rate remained at a high level of 96.6%, but the utilization rate in the Midwest (PADD 2) decreased by 0.4 percentage points to 100.8% and may face further pressure due to equipment failures [5].

原油库存骤降驱动短期利多 供需弱化延阻续涨动能 一、库存情况观点 EIA报告显示，截止08月15日当周美国商业原油库存超预期减少601.4万 桶，降幅1.41%，创三个月最大单周降幅，库欣库存增加41.9万桶但未突破 五年均值区间。炼厂开工率意外升至96.6%高位（预期95.7%），印证炼厂 加速赶工以完成夏季检修前任务。成品油净出口增至5211千桶/日创新高， 出口放量叠加加工量提升推动库存持续去库，但馏分油库存逆季节性回升 至116百万桶（+2.06%）反映柴油需求疲软。 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 1/10 二、周度数据跟踪 | | 2025-08- | 2025-08- | 2025-08- | 2025-07- | 変化 | 变化率 | 走势 | 单位 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 15 | 08 | 01 | 25 | | | | | | WTI ...

资金流向方面，8月20日主力资金净流入794.33万元，近五个交易日累计净流入2072.92万元。 风险提示：投资有风险，入市需谨慎。 来源:金融界 截至2025年8月20日收盘，上海石化股价报2.90元，较前一交易日上涨1.75%。当日成交量为47.28万 手，成交金额达1.36亿元。股价波动区间为2.84元至2.90元。 上海石化是中国石油化工股份有限公司的控股子公司，主要从事石油炼制、石油化工及相关产品的生产 和销售。公司产品包括汽油、柴油、航空煤油等石油产品，以及合成纤维、树脂及塑料等化工产品。 2024年年报显示，石油产品占公司营收比重达71.24%。 8月20日公司发布公告称召开第十一届第十九次董事会会议，审议了与中国石化财务有限责任公司的关 联交易风险持续评估报告等文件。同日公布的2025年半年报显示，公司上半年营业收入395.23亿元，同 比下降9.21%；归母净利润亏损4.62亿元，较去年同期由盈转亏。其中第二季度亏损3.72亿元，亏损幅 度较第一季度有所扩大。 ...

Group 1 - The article discusses Trump's decision to impose additional tariffs on India while refraining from similar actions against China, suggesting a strategic choice to avoid escalating tensions with China [3][21] - India's exports to the U.S. have significantly slowed, dropping from double-digit growth to less than three percent, indicating a weakening trade relationship [3][19] - The U.S. maintains tariffs on Chinese goods, with the White House citing an "observation period," which can be extended indefinitely, reflecting a cautious approach towards China [3][21] Group 2 - India imports two million barrels of oil daily from Russia, primarily for domestic use, while China processes a significant portion of its Russian oil for export, highlighting differences in energy strategies [4][18] - The potential impact of U.S. tariffs on Chinese refineries could lead to a spike in global fuel prices, directly affecting U.S. inflation, which is a concern for the Trump administration [5][21] - China's financial leverage, including its holdings of U.S. Treasury bonds and its role in the dollar clearing network, provides it with significant bargaining power [6][32] Group 3 - The article emphasizes the asymmetrical vulnerabilities in the U.S.-China-India dynamic, where India's reliance on low-margin pharmaceutical sectors limits its ability to compete with China's manufacturing capabilities [11][19] - The U.S. pharmaceutical, electronics, and automotive industries have a high dependency on China, complicating any potential shifts to India [8][19] - India's manufacturing sector struggles with foundational issues, making it difficult to replace Chinese supply chains effectively [11][19] Group 4 - The article highlights the psychological aspect of Trump's tariff strategy, using India as a scapegoat to project a tough stance on China without triggering a market backlash [9][21] - India's "Make in India" initiative faces challenges due to a lack of foundational capabilities in critical sectors like semiconductors and precision machinery [11][19] - The geopolitical landscape is shifting, with China's Belt and Road Initiative enhancing its influence in the Indian Ocean, while India's strategic position remains precarious [16][23] Group 5 - The article notes that the U.S. is cautious about imposing severe sanctions on China due to the potential backlash on its own economy, while India is left to bear the brunt of U.S. tariff policies [21][32] - The capital markets reacted differently to the tariff news, with the Indian rupee depreciating and foreign capital exiting, while the Chinese yuan remained stable [19][46] - The contrasting paths of China and India in terms of industrial strategy and infrastructure development are highlighted, with China focusing on heavy industry and technology while India remains reliant on services [19][41]

Group 1 - The geopolitical landscape has experienced significant turbulence, with the U.S. adjusting its economic policies towards China and India, drawing global media and investor attention [1] - Trump's decision to delay tariffs on Chinese oil purchases is influenced by concerns over rising global oil prices and inflationary pressures in the U.S. [2][3] - Rubio's comments highlight the potential global energy price repercussions of sanctions on China, indicating a shift in U.S. policy towards China [5] Group 2 - India has been adversely affected by U.S. tariffs, with a cumulative 50% tariff on Indian goods due to oil purchases from Russia, impacting over $42 billion in exports [5] - The U.S. has accused India of "arbitraging" Russian oil, which has led to widespread discontent in India's political and business circles [7] - Modi's government remains firm against U.S. pressure, emphasizing the protection of Indian farmers amidst ongoing trade negotiations [9] Group 3 - The U.S. and India have been unable to resolve agricultural trade issues, with five rounds of negotiations failing to break the deadlock [6] - China's dominant position in the global energy market is a critical factor in U.S. decision-making, with projections indicating that by 2025, China will account for 27% of global crude oil imports [13] - The U.S. strategy towards India is seen as a double standard, as it seeks to use India as a counterbalance to China without fully elevating India's status [16] Group 4 - The ongoing geopolitical tensions and trade disputes are reshaping global economic relationships, with the upcoming SCO summit being a focal point for potential India-China cooperation [19] - Financial markets are closely monitoring these developments, with potential volatility in Asia-Pacific markets if U.S.-China trade tensions escalate [21]

Report Information - Report Title: Crude Oil Weekly Report: Increase in US Crude Oil Inventory and Decline in International Oil Prices [1] - Report Date: August 17, 2025 [1] - Chief Analyst: Chen Shuxian [1] - Analyst: Zhou Shaowen [1] Report Industry Investment Rating No relevant information provided. Core Viewpoints - This week, the weekly average prices of Brent/WTI crude oil futures were $66.2/$63.3 per barrel, down $1.0/$1.4 per barrel from last week. The total US crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory were 8.3/4.3/4.0/0.2 billion barrels, with a week-on-week increase of 3.26/3.04/0.23/0.05 million barrels respectively. The US crude oil production was 13.33 million barrels per day, up 40,000 barrels per day week-on-week. The number of active US crude oil rigs this week was 412, an increase of 1 from the previous week. The number of active US fracturing fleets this week was 163, an increase of 4 from the previous week. The US refinery crude oil processing volume was 17.18 million barrels per day, up 60,000 barrels per day week-on-week, and the US refinery crude oil operating rate was 96.4%, down 0.5 pct week-on-week [2]. - The weekly average prices of US gasoline, diesel, and jet fuel were $87/$95/$90 per barrel, down $0.3/$0.9/$4.1 per barrel week-on-week. The spreads with crude oil were $21/$29/$24 per barrel, up $1.1/$0.4/ -$2.7 per barrel week-on-week. The US gasoline, diesel, and aviation kerosene inventories were 2.3/1.1/0.4 billion barrels, with a week-on-week change of -0.79/+0.71/ -0.62 million barrels respectively. The US gasoline, diesel, and aviation kerosene production were 9.81/5.14/1.97 million barrels per day, with a week-on-week change of +10,000/+30,000/ -20,000 barrels per day respectively. The US gasoline, diesel, and aviation kerosene consumption were 9.00/3.70/1.83 million barrels per day, with a week-on-week change of -40,000/ -20,000/+120,000 barrels per day respectively. The net exports of US gasoline, diesel, and aviation kerosene were 0.58/1.33/0.23 million barrels per day, with a week-on-week change of -0.25/ -0.13/+0.09 million barrels per day respectively [2]. - Recommended companies include CNOOC Limited (600938.SH/0883.HK), PetroChina Company Limited (601857.SH/0857.HK), Sinopec Corporation (600028.SH/0386.HK), CNOOC Oilfield Services Limited (601808.SH), Offshore Oil Engineering Co., Ltd. (600583.SH), and CNOOC Energy Technology & Services Limited (600968.SH). Companies to be noted include Sinopec Oilfield Service Corporation (600871.SH/1033.HK), China National Petroleum Corporation Engineering Co., Ltd. (600339.SH), and Sinopec Mechanical Engineering Co., Ltd. (000852.SZ) [3] Summary by Directory 1. Crude Oil Weekly Data Briefing - Upstream Key Company Price Changes: Among the upstream key companies, the Hong Kong - listed shares of some companies such as China National Offshore Oil Corporation and PetroChina Company Limited showed an upward trend in the near - week, near - month, and near - three - month periods, while some A - shares showed a downward trend [9] - Key Company Valuations: The report provides the total market capitalization,归母净利润, PE, and PB of key companies from 2024A to 2027E [9] - Crude Oil Sector: The weekly average prices of Brent, WTI, Russian Urals, and Russian ESPO crude oils were $66.2, $63.3, $61.9, and $62.8 per barrel respectively, all showing a week - on - week decline. The US dollar index was 97.8, down 1.0 week - on - week. The LME copper spot price was $9,165.0 per ton, down $411.5 week - on - week [9] - Inventory Sector: The US total crude oil inventory, commercial crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory all increased week - on - week [9] - Production Sector: The US crude oil production, the number of crude oil rigs, and the number of fracturing fleets all increased week - on - week [9] - Refinery Sector: The US refinery crude oil processing volume increased week - on - week, while the operating rate decreased. The operating rates of Chinese local refineries and major refineries showed different trends [9] - Import and Export Sector: The US crude oil net imports increased week - on - week [9] 2. This Week's Petroleum and Petrochemical Sector Market Review - Petroleum and Petrochemical Sector Performance: No specific performance data provided, only the topic is mentioned [14] - Sector Listed Company Performance: The report lists the latest prices, total market capitalizations, and price changes in different time periods of multiple listed companies in the petroleum and petrochemical sector, as well as their valuations [26][28] 3. Crude Oil Sector Data Tracking - Crude Oil Price: It involves the price and spread relationships between different types of crude oils such as Brent, WTI, Russian Urals, and Russian ESPO, as well as the relationships between the US dollar index, LME copper price, and WTI crude oil price [32][41][42] - Crude Oil Inventory: It shows the historical data and trends of the US commercial crude oil inventory, total crude oil inventory, strategic crude oil inventory, and Cushing crude oil inventory, as well as their correlations with oil prices [49][54][63] - Crude Oil Supply: The US crude oil production, the number of crude oil rigs, and the number of fracturing fleets are tracked [68] - Crude Oil Demand: The US refinery crude oil processing volume, operating rate, and the operating rates of Chinese local and major refineries are presented [76][79][83] - Crude Oil Import and Export: The US crude oil import, export, and net import volumes are tracked [87][91] 4. Refined Oil Product Sector Data Tracking - Refined Oil Product Price: When the international crude oil price is above $80 per barrel, the increase in domestic gasoline and diesel prices slows down. The report also shows the price and spread relationships between crude oil and refined oil products in different regions such as China, the US, Europe, and Singapore [97][124][130] - Refined Oil Product Inventory: The inventories of gasoline, diesel, and aviation kerosene in the US and Singapore are tracked, along with their week - on - week and year - on - year changes [138][144][149] - Refined Oil Product Supply: The productions of gasoline, diesel, and aviation kerosene in the US are presented [157][158] - Refined Oil Product Demand: The consumptions of gasoline, diesel, and aviation kerosene in the US are tracked, along with the number of US airport passenger security checks [161][162] - Refined Oil Product Import and Export: The import, export, and net export volumes of gasoline, diesel, and aviation kerosene in the US are tracked [175][179][180] 5. Oilfield Service Sector Data Tracking - The report provides the weekly average, monthly average, quarterly average, and year - to - date average daily fees of self - elevating drilling platforms and semi - submersible drilling platforms [10]

Core Insights - The U.S. Treasury's ultimatum threatens countries purchasing Russian oil with high tariffs, impacting global energy dynamics [1] - China's oil imports from Russia have significantly increased, highlighting the strategic energy partnership between the two nations [3] - China's diversified energy strategy includes both traditional and renewable sources, enhancing its energy security [4] Group 1: U.S. Tariff Threats and Market Reactions - The U.S. is leveraging its shale oil surplus to impose tariffs on countries buying Russian oil, which has led to a drastic drop in U.S. oil exports to China by 54% in Q1 2025 [3] - American companies like Ford and General Motors are experiencing significant financial losses due to the tariff implications [3] Group 2: China's Energy Strategy - China imported 15.68 million tons of oil from Russia in the first two months of 2025, a 23.8% increase, making up 19% of its total oil imports [3] - The construction of the second line of the China-Russia oil pipeline is set to increase capacity to 50 million tons by 2026, enhancing energy supply resilience [4] Group 3: Tactical Adjustments and Balancing Acts - China is adjusting its oil procurement strategy to maintain energy cooperation with Russia while creating negotiation space [7] - The simultaneous docking of U.S. shale oil and Russian oil tankers at Tianjin Port illustrates China's ability to balance energy imports from both nations [9] Group 4: Technological and Financial Innovations - The tariff threats have accelerated advancements in renewable energy technologies, such as the world's largest liquid sunlight fuel project in Qinghai [12] - The proportion of energy trade settled in RMB has surged to 60%, indicating a shift in financial dynamics in energy trade [12] Group 5: Overall Energy Supply and Future Outlook - Russian oil supply to China increased by 11.3% in the first half of 2025, indicating a robust energy partnership despite external pressures [15] - China's energy strategy is evolving to include both traditional and renewable energy sources, creating a comprehensive defense against geopolitical risks [15]

Oil Market Overview - Brent and WTI crude oil futures averaged $67.4 and $64.9 per barrel respectively, down $4.2 and $3.6 from the previous week [2] - Total U.S. crude oil inventory stands at 830 million barrels, with commercial inventory at 420 million barrels, strategic inventory at 400 million barrels, and Cushing inventory at 20 million barrels, showing changes of -2.79 million, -3.03 million, +0.23 million, and +0.45 million barrels respectively [2] - U.S. crude oil production is at 13.28 million barrels per day, a decrease of 30,000 barrels per day from the previous week [2] - U.S. refinery crude oil processing volume is 17.12 million barrels per day, an increase of 210,000 barrels per day, with a refinery utilization rate of 96.9%, up 1.5 percentage points [2] Refined Products - Average prices for gasoline, diesel, and jet fuel in the U.S. are $88, $96, and $89 per barrel respectively, down $3.9, $5.2, and $5.1 from the previous week [3] - U.S. gasoline, diesel, and jet fuel inventories are at 230 million, 110 million, and 40 million barrels respectively, with changes of -1.32 million, -0.57 million, and +0.97 million barrels [4] - Production of gasoline, diesel, and jet fuel in the U.S. is at 980,000, 511,000, and 198,000 barrels per day respectively, with changes of -24, -10, and +11 thousand barrels per day [5] - Consumption of gasoline, diesel, and jet fuel in the U.S. is at 904,000, 372,000, and 171,000 barrels per day respectively, with changes of -11, +12, and -39 thousand barrels per day [6] Trade Dynamics - U.S. gasoline imports, exports, and net exports are 120,000, 950,000, and 820,000 barrels per day respectively, with changes of +1, +6, and +5 thousand barrels per day [6] - U.S. diesel imports, exports, and net exports are 80,000, 1.55 million, and 1.47 million barrels per day respectively, with changes of -15, +23, and +38 thousand barrels per day [6] - U.S. jet fuel imports, exports, and net exports are 0, 140,000, and 140,000 barrels per day respectively, with changes of -6, 0, and +6 thousand barrels per day [6] Related Companies - Recommended companies include China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), and China National Petroleum Corporation (PetroChina) [6]

Group 1: Oil Price Trends - Short-term seasonal demand is strong, supported by concerns over Russian oil supply due to U.S. sanctions[2] - Brent crude oil price is expected to have a support level around $65 per barrel in Q3 2025, but may decline to below $60 after the peak season[7] - EIA predicts the average Brent crude oil price for 2025 to be $69 per barrel, up by $3 from the previous forecast[7] Group 2: OPEC+ Production and Supply - OPEC+ plans to increase production by 548,000 barrels per day starting August 2025, with a total recovery plan of 1.66 million barrels per day under consideration[4] - OPEC's June 2025 oil production was 27,237 thousand barrels per day, an increase of 219 thousand barrels per day from May[9] - Non-OPEC DoC countries' oil production increased by 129 thousand barrels per day in June 2025, with Kazakhstan showing a significant increase[16] Group 3: Global Oil Demand - Global oil demand is projected to reach 105.1 million barrels per day in 2025, with a year-on-year increase of 1.29 million barrels per day[23] - China's oil demand is expected to be 16.9 million barrels per day in 2025, with a slight decrease from the previous month but still showing a year-on-year increase[23] - The demand for gasoline, aviation kerosene, and diesel is expected to drive oil demand growth, despite potential declines in gasoline consumption in China[38]