宝城期货原油早报-20250430

1. Report's Industry Investment Rating - No specific industry investment rating provided. 2. Core View of the Report - The domestic crude oil futures contract 2506 is expected to maintain a weak and volatile trend on Wednesday, due to the combined effects of increasing supply and weakening demand[5]. 3. Summary by Relevant Catalog 3.1 Time - Cycle Analysis - Short - term (within a week): The trend of crude oil 2506 is volatile[1]. - Medium - term (two weeks to one month): The trend of crude oil 2506 is volatile and weak[1]. - Intraday: The trend of crude oil 2506 is volatile and weak[1][5]. 3.2 Price and Market Performance - The domestic crude oil futures 2506 contract closed significantly lower by 2.07% to 478.0 yuan/barrel on Tuesday night[5]. 3.3 Driving Logic - Supply: After OPEC+ oil - producing countries increased the daily crude oil supply by 411,000 barrels in May 2025, they may further increase production in June, and Kazakhstan may not strictly abide by the compensatory production - cut plan, increasing supply pressure[5]. - Demand: In May, North American crude oil demand is in the off - season, refinery operating rates are at a low level, consumer demand is insufficient, and inventory accumulation pressure is prominent[5].