摩根士丹利：石油数据摘要：欧洲：周度石油库存摘要

原标题：Weekly Oil Stock Summary

摘要

上周全球石油总库存减少1120万桶。原油库存减少350万桶，主要受日本和西北欧地区去库驱动。成品油库存减少770万桶，主要受美国和亚洲去库驱动。美国商业原油库存增加310万桶，但战略石油储备（SPR）减少170万桶，净增加130万桶。美国炼厂开工率下降0.1个百分点至92.0%。汽油库存减少160万桶，馏分油库存减少310万桶。报告提供了美国、ARA（安特卫普-鹿特丹-阿姆斯特丹）、日本、新加坡和富查伊拉地区的周度库存数据及图表。

主要观点

• 全球石油总库存上周减少1120万桶。
• 原油库存减少350万桶，主要受日本和西北欧去库驱动。
• 成品油库存减少770万桶，主要受美国和亚洲去库驱动。
• 汽油库存减少130万桶，主要受美国和新加坡去库驱动。
• 馏分油库存减少420万桶，主要受美国和新加坡去库驱动。
• 燃料油库存减少170万桶，主要受新加坡和富查伊拉去库驱动。
• 美国商业原油库存增加310万桶，SPR减少170万桶，净增加130万桶。
• 库欣库存周度基本持平。
• 美国原油进口周度持平，出口增加20万桶/日。
• 美国原油产量周度持平于1370万桶/日。
• 美国炼厂开工率下降0.1个百分点至92.0%，PADD 3开工率下降约24.5万桶/日。
• 美国汽油库存仍高于5年区间，馏分油库存与5年均值持平。

论述逻辑

报告从全球主要地区（美国、ARA、日本、新加坡、富查伊拉）的周度石油库存数据出发，分别统计原油和成品油（汽油、馏分油、燃料油）的库存变化，并对比历史均值。通过分地区和分品种的库存变动，揭示去库的主要驱动因素（如日本和西北欧的原油去库、美国和亚洲的成品油去库）。进一步聚焦美国EIA数据，分析商业原油、SPR、库欣库存、炼厂开工、进出口及产量变化，并评估汽油和馏分油的库存水平相对于历史区间的健康程度。

关键展望

报告未明确给出未来验证点、时间窗口、价格或评级预测。

推荐标的

报告未明确给出推荐标的。

关键图表

Exhibit 1: Total oil stocks (crude + products) drew by 11.2 mln bbls last week

Exhibit 2: Crude stocks drew by 3.5 mln bbls, driven by draws in Japan and NW Europe

Exhibit 3: Refined product stocks drew by 7.7 mln bbls, driven by draws in the US and Asia

Exhibit 4: Gasoline stocks drew by 1.3 mln bbls, driven by draws in the US and Singapore

Exhibit 5: Distillate stocks drew by 4.2 mln bbls, driven by draws in the US and Singapore

Exhibit 6: Fuel oil stocks drew by 1.7 mln bbls, driven by draws in Singapore and Fujairah

Exhibit 7: Summary table

Exhibit 8: Week-over-week change compared to 10y average

Exhibit 9: Total Oil: -1.61 mb/d vs avg +0.30 mb/d

Exhibit 10: Crude Oil: -0.50 mb/d vs avg +0.58 mb/d

Exhibit 11: Refined Products: -1.10 mb/d vs avg -0.28 mb/d

Exhibit 12: Gasoline: -0.19 mb/d vs avg +0.17 mb/d

Exhibit 13: Distillate: -0.60 mb/d vs avg -0.21 mb/d

Exhibit 14: Fuel Oil: -0.25 mb/d vs avg -0.03 mb/d

Exhibit 15: US: Total oil stocks drew by 3.6 mln bbls

Exhibit 16: Europe (ARA): Total oil stocks drew by 2.3 mln bbls

Exhibit 17: Japan: Crude inventories drew by 1.6 mln bbls (no products data since end-March 2026)

Exhibit 18: Singapore: Product inventories drew by 2.0 mln bbls

Exhibit 19: Fujairah: Product inventories drew by 0.8 mln bbls

Exhibit 20: Total inventories drew by 11.3 mln bbls

Exhibit 21: Total gasoline stocks

Exhibit 22: US gasoline stocks

Exhibit 23: Europe (ARA) gasoline stocks

Exhibit 24: Japan gasoline stocks

Exhibit 25: Singapore gasoline stocks

Exhibit 26: Fujairah gasoline stocks

Exhibit 27: Total distillate stocks

Exhibit 28: US distillate stocks

Exhibit 29: Europe (ARA) distillate stocks

Exhibit 30: Japan distillate stocks

Exhibit 31: Singapore distillate stocks

Exhibit 32: Fujairah distillate stocks

Exhibit 33: Total fuel oil stocks

Exhibit 34: US fuel oil stocks

Exhibit 35: Europe (ARA) fuel oil stocks

Exhibit 36: Japan fuel oil stocks

Exhibit 37: Singapore fuel oil stocks

Exhibit 38: Fujairah fuel oil stocks

Exhibit 39: US EIA Oil Stock Summary Table

Exhibit 40: US crude stocks (incl. SPR) built by 1.3 mln bbls WoW

Exhibit 41: US crude stocks (excl. SPR) built by 3.1 mln bbls WoW

Exhibit 42: Cushing stocks were flat WoW

Exhibit 43: US crude production fell 60 kbpd WoW

Exhibit 44: US refinery runs fell 130 kbpd WoW

Exhibit 45: Refinery utilisation decreased by 0.1pp WoW, with refineries operating at 92.0% of their operable capacity

Exhibit 46: US crude imports fell 0.1 mbpd WoW

Exhibit 47: US crude exports rose by 0.6 mbpd WoW

Exhibit 48: US total stocks (crude + products) incl. SPR

Exhibit 49: US total stocks (crude + products) excl. SPR

Exhibit 50: US total stocks incl. SPR

Exhibit 51: US total stocks excl. SPR

Exhibit 52: US gasoline stocks

Exhibit 53: US gasoline stocks

Exhibit 54: US gasoline implied demand

Exhibit 55: US gasoline days of supply

Exhibit 56: US distillate stocks

Exhibit 57: US distillate stocks

Exhibit 58: US distillate implied demand

Exhibit 59: US distillate days of supply

Exhibit 60: US fuel oil stocks

Exhibit 61: US fuel oil stocks