2025-06-11-Jefferies-原油库存降幅大于预期；汽油和柴油库存增加_96页_1mb

Summary:

Inventories: Crude stocks decreased more than expected (-3.64 million bbls vs. BBG median estimate of a -1.15 million bbls draw). Gasoline
stocks built (+1.50 million bbls vs. BBG estimate of a 0.75 million bbls build), and distillate invent stocks built (+1.25 million bbls, +0.70 million estimated draw). Cushing crude dropped ~30% YoY to 23.68 million bbls.

Demand: Crude demand implied decreased (-0.24 mmbpd vs previous week), while gasoline demand rose (+827 kbpd, YoY above), distillate demand also increased (+267 kbpd). Finished motor gasoline demand YoY above is by 1%. Reformulated gasoline and other finished motor gas demand improved by 0.4% and 3%, respectively.

Analysts' Views: According to the report, combustion engine vehicles demand remains strong despite electric vehicle growth, and global oil demand is expected to remain resilient. Red Hat is cautious on demand outlook and believes net oil production continues to decline globally, although 2024-2025 growth estimates might be lower than earlier projections. Market price expectations likely align with inventory and demand trends, indicating potential further upside if tight markets persist.