On July 23, the latest inventory data indicated a simultaneous increase in crude oil and key refined product stockpiles. The data showed that crude oil inventories rose by approximately two million barrels for the week, with gasoline and distillate fuel stocks also recording gains, leading to an adjustment in supply-demand balance expectations.

The inventory build coincided with changes in refinery operations. It is believed that short-term prices will continue to find direction between supply figures, consumption strength, and refinery utilization rates, with weekly data potentially amplifying intraday volatility.

From a market structure perspective, rising crude inventories typically bring periodic pressure. However, product crack spreads, export flows, and seasonal demand will still influence the strength of the inventory signal, and traders will also verify whether subsequent data confirms the trend.

Inventory trends and refinery utilization rates should be monitored over the coming weeks. It is anticipated that if consecutive inventory builds are confirmed, price levels may face downward pressure; conversely, if recovering demand absorbs the surplus stock, market fluctuations may gradually subside.