UBS-Weekly Oil Data Both crude and product build-20251203
这篇研报讲什么？
摘要原文摘录Crude builds, 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
Crude builds, bearish vs. Consensus
Crude oil inventories rose by +0.6Mb, bearish vs. the consensus draw of -0.8Mb and the5-year average draw of -3.3Mb. API data released yesterday had shown a draw of -2.5Mb. Refinery utilisation increased by 180bps w/w to 94.1% of operable capacity(consensus of +70bps w/w). Net imports decreased by 0.5Mb/d w/w, while crudeproduction stayed flat w/w at 13.8Mb/d.
Product demand slightly down w/w
Implied oil products consumption fell by 50kb/d w/w to 20.2Mb/d, driven by gasolineand propane each down -0.4Mb/d. The gain was partly offset by increases in "Others"0.4Mb/d, fuel oil +0.3Mb/d and distillate +0.1Mb/d. The 4-week average total demandalso declined by 1% w/w at 20.3Mb/d.
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