Dongxing: Crude oil prices in the petroleum and petrochemical industry have dropped, and the amount of crude oil imported by China has increased.

Dongxing released a research report stating that as of early 2026, international oil prices have generally declined compared to the previous period. China's crude oil imports have increased, while exports have significantly decreased. Overall, the crude oil market is characterized by relatively abundant supply and weak demand growth, putting pressure on short-term prices. Key points from Dongxing: Decrease in crude oil prices As of January 2, 2026, the settlement prices for Brent crude oil futures and spot prices were $60.75 per barrel and $61.33 per barrel respectively, representing a decrease of 2.72% and 2.14% compared to the previous period. The settlement prices for WTI crude oil futures and spot prices were $57.32 per barrel and $57.95 per barrel respectively, showing decreases of 2.25% and 1.70%. The spot price for ESPO crude oil was $48.91 per barrel, marking a 6.39% decrease. In December 2025, the spot price for OPEC crude oil was $61.78 per barrel, with a 4.16% decrease from the previous month. The monthly average spot price for Chinese crude oil (Daqing) was $58.20 per barrel, representing a 4.19% decrease from the previous period. In the US, refinery operating capacity utilization rates have increased; gasoline supply for finished motor vehicles has increased month-on-month; and the supply of petroleum products has decreased. As of December 26, 2025, the weekly average operating capacity utilization rate for US refineries was 94.7%, marking a 0.6 percentage point increase from the previous month. The weekly gasoline supply for finished motor vehicles in the US was 8563 thousand barrels per day, showing a 2.85% increase from the previous month. Gasoline inventories in the US were 234334 thousand barrels, showing a 9.29% increase. The supply of petroleum products in the US decreased by 4.03%. Import and export quantities of crude oil increased month-on-month in the US; import quantity increased month-on-month in China while export quantity decreased. In December 2025, the average daily import quantity of crude oil in the US was 6170.40 thousand barrels, showing an 8.44% increase from the previous month. The average daily export quantity was 3932.25 thousand barrels, showing a 10.88% increase from the previous month. In November 2025, China's crude oil import quantity was 5089.00 million tons, showing a 5.23% increase from the previous month. The export quantity was 79460.25 tons, marking a 53.83% decrease from the previous month. Conclusion: Decrease in crude oil prices In the US, refinery operating capacity utilization rates have increased; gasoline supply for finished motor vehicles has increased month-on-month, while the supply of petroleum products has decreased. Gasoline inventories for finished motor vehicles have increased month-on-month. Import and export quantities of crude oil have increased month-on-month in the US, while import quantity increased month-on-month in China and export quantity decreased. Risk alert: Geopolitical risks; risks of significant fluctuations in energy prices; risks of lower-than-expected demand.