Crude Oil Weekly Report

GUOTAI JUNAN FUTURES Research InstituteChief Analyst, Administrative Head of Energy and Chemical Group ·HuangLiunanInvestment consultingprofessional qualification number：Z0015892Date：2025-12-7 CONTENTS Overview Supply Price and Spread Inventory Demand 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 Futures and spot basis difference geopoliticaldisturbancesinoilprecious metals, and oil price Futures monthly spread Price difference between SC,WTI & Brent short-termwait-and-seeOverseas service industry data China Credit Data approach Net position change Overview 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 stabilize; Cushing region inventories remain significantlybelow historical averages European diesel inventories decline, gasoline stocks accumulate 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,youmustuseitwithinthepermittedscopeandindicatethesourceas“GuotaiJunan