On Wednesday, December 3, data released by the U.S. Energy Information Administration (EIA) showed that U.S. commercial crude oil, gasoline, and distillate fuel inventories all increased last week. For the week ending November 28, U.S. crude oil inventories increased by 574,000 barrels to 427.5 million barrels. Analysts had expected a decrease of 800,000 barrels. Gasoline inventories increased by 4.518 million barrels to 214.42 million barrels, compared to analysts' expectations of an increase of approximately 1.5 million barrels. Distillate fuel inventories, including diesel and heating oil, increased by 2.1 million barrels to 114.3 million barrels, compared to analysts' expectations of an increase of approximately 700,000 barrels.

Rationale: The EIA data showed an unexpected increase of 574,000 barrels in U.S. crude oil inventories last week, far exceeding analysts' expectations of an 800,000-barrel decrease, indicating oversupply and weak demand, constituting a significant bearish factor. Impact Analysis: The larger-than-expected increase in inventories will exacerbate the oversupply pressure in the spot market, potentially leading to a short-term decline in crude oil spot prices and a shift in market sentiment towards pessimism.

Rating Reason: Gasoline inventories increased by 4.518 million barrels, far exceeding analysts' expectations of a 1.5 million barrel increase, indicating insufficient consumer demand and a faster rate of inventory accumulation, constituting a significant bearish factor. Impact Analysis: This data reflects weak end-user demand, which will directly suppress gasoline spot prices, increase refiner inventory pressure, and the spot market may face further downside risks.

Rating Reason: Distillate fuel oil inventories (including diesel and heating oil) increased by 2.1 million barrels, far exceeding analysts' expectations of a 700,000 barrel increase, indicating weak industrial and heating demand, constituting a significant bearish factor. Impact Analysis: The large accumulation of inventories will lead to ample distillate fuel oil spot supply, putting downward pressure on prices. Especially against the backdrop of the peak demand season in the Northern Hemisphere winter, the unexpected increase in inventories may accelerate the spot price correction.

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