UBS-Weekly Oil Data Crude build, products draw-20251016
这篇研报讲什么？
摘要原文摘录Another crude build, bearish vs. Consensus
机构观点归属瑞银集团，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
Another crude build, bearish vs. Consensus
Crude oil inventories increased by 3.5Mb, bearish vs. the consensus build of 0.3Mb and the 5-year average draw of 1.2Mb. API data released yesterday indicated a larger build of 7.4Mb. Refinery utilisation fell sharply by 670bps w/w to 85.7% of operable capacity (consensus of -10bps w/w). Net imports fell by 1.8Mb/d w/w, while crude production flat w/w at 13.6Mb/d.
Product demand declined w/w
Implied oil products consumption declined by 2.3Mb/d w/w to 19.7Mb/d. The decrease was mainly driven by propane -1.0Mb/d, followed by "Others" -0.8Mb/d, gasoline -0.5Mb/d, and distillate -0.1Mb/d. Fuel oil increased slightly by 0.1Mb/d, while jet fuel stayed broadly flat. On a 4-week average, total demand fell by 1% w/w, to 20.7Mb/d.
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