Crude Oil Weekly Report

GUOTAI JUNAN FUTURES Research InstituteChief Analyst, Administrative Head of Energy and Chemical Group ·HuangLiunanInvestment consultingprofessional qualification number：Z0015892Date：2025-11-23 CONTENTS Overview Supply Price and Spread Demand Inventory Macroscopic Operating rates of refineries inEurope and AmericaOperating rate of Chineserefineries Inventory of various types of oilproducts in the United Statesand EuropeInventory of various types of oilproducts in the Asia Pacificregion Overview of Export Volume ofOPEC+CoreMember CountriesOverview of Export Volume ofNon-OPEC+CoreMemberCountriesUS shale oil production Oil:Short position holding, Futures and spot basis difference theremaystillbedeep precious metals, and oil price adjustmentsattheendofthetrends Price difference between SC,WTI & Brent Overseas service industry data China Credit Data Net position change Overview Macroscopic View Supply Monthly export volume overview ofOPEC+coremember countries The operating rates in the US and Europe have stabilized, while the operating rate of China's major refinerieshas declined. The "Rizhao Port Incident" may continue to have an impact. Demand The operating rates of the United States and Europe may gradually increase seasonally, while the operatingrates of China's main refineries have rebounded and the operating rates of local refineries have stabilized Inventory U.S. business inventories have declined; inventories in the Cushing area remainsignificantly below the historical average. European diesel inventories have rebounded, while gasoline stocks have decreased Domestic refined oil gross profit has declined Price and Spread Net long positions rebound TheviewsandinformationinthiscontentareforprofessionalinvestorsofGuotaiJunanFuturesonly.Itisdifficulttosetupaccessprivilegesforthiscontent,sopleaseunderstandifitcausesanyinconveniencetoyou.IfyouarenotaprofessionalinvestoramongtheclientsofGuotaiJunanFutures,pleasedonotread,subscribetoorreceiveanyrelatedinformation.Thiscontentdoesnotconstitutearecommendationofanyspecificbusinessorproduct,norshoulditberegardedasinvestmentadviceonthecorrespondingfinancialderivatives.Pleasemakeyourowninvestmentdecisionsandbeartheinvestmentrisksaccordingtoyourownrisktolerance,andshouldnotrelyonthiscontentforspecificoperations. AnalystStatement TheauthorhasapracticingqualificationinfuturesinvestmentconsultingorequivalentprofessionalcompetencegrantedbytheChinaFuturesIndustryAssociation.Itisherebydeclaredthatthedatausedinthereportarefromcompliantsources,thelogicoftheanalysisisbasedontheauthor'sprofessionalunderstanding,thereportclearlyandaccuratelyreflectstheauthor'sresearchviewpoints,andthereportstrivestobeindependent,objectiveandunbiased,andtheconclusionsarenotsubjecttoanythird-party'sauthorizationorinfluence. Disclaimer TheinformationinthisreportisderivedfrompubliclyavailableinformationandtheCompanydoesnotguaranteetheaccuracy,completenessorreliabilityofsuchinformation.Theinformation,opinionsandassumptionscontainedinthisreportreflectthejudgmentoftheCompanyasofthedateofissuanceofthisreport.Pricesoftheunderlyingfuturesreferredtointhisreportmaygoupaswellasdown,andpastperformanceshouldnotbetakenasthebasisforfutureperformance.TheCompanymay,fromtimetotime,issuereportsthatareinconsistentwiththeinformation,opinionsandassumptionscontainedinthisreport.TheCompanydoesnotwarrantthattheinformationcontainedinthisreportisup-to-date.Theinformationcontainedinthisreportissubjecttochangewithoutnotice,andinvestorsshouldbeawareofanysuchupdatesorchanges. Theresearchservicesreferredtointhisreportmaynotbesuitableforindividualclientsanddonotconstituteprivateadvice.Undernocircumstancesdoestheinformationoropinionsexpressedinthisreportconstituteinvestmentadvicetoanyone.UndernocircumstancesdoestheCompany,itsemployeesoraffiliatespromiseinvestorsanycertaintyofprofit,shareinvestmentreturnswithinvestors,oracceptanyresponsibilityforanylossincurredbyanypersonasaresultoftheuseofanyofthecontentsofthisreport.InvestorsshouldnotethatanyinvestmentdecisionmadeonthebasisofthisreporthasnothingtodowiththeCompany,itsemployeesoraffiliatedorganizations. Themarketinvolvesrisksandinvestmentshouldbemadewithcaution.Investorsshouldnotusethisreportasthesolereferenceformakinginvestmentdecisions,norshouldtheyconsiderthisreportasasubstitutefortheirownjudgment.Beforedecidingtoinvest,investorsshouldalwaysseekprofessionaladviceandexercisecautionifnecessary.ThecopyrightofthisreportissolelyownedbytheCompany.Withoutwrittenpermission,noinstitutionorindividualmayreproduce,duplicateordistributethisreportinanyform.Ifquotedorpublished,thesourcemustbeindicatedas“GuotaiJunanFuturesResearch”,andthisreportshallnotbequoted,abridgedormodifiedinawaythatiscontrarytotheoriginalintent. Copyrightstatement ThecopyrightofthisreportisownedbytheCompanyonly,withoutwrittenpermission,anyinstitutionorindividualmaynotbereproduced,copied,publishedorquotedinanyform.IfyouobtaintheCompany'sconsenttoquoteorpublish,youmustuseitwithinthepe