宝城期货原油早报-20250724

Report Summary 1. Report Industry Investment Rating - No investment rating provided in the report. 2. Core View of the Report - The domestic crude oil futures contract 2509 is expected to run strongly, showing a short - term, medium - term and intraday trend of being volatile, with an intraday bias towards strength [1][5]. 3. Summary by Relevant Catalog Price and Trend - The domestic crude oil futures contract 2509 closed slightly up 0.42% to 506.0 yuan/barrel on Wednesday night, and is expected to maintain a volatile and slightly stronger trend on Thursday [5]. Core Logic - Macro factors have improved. The US and Japan reached a trade agreement, China and the US will hold economic and trade meetings in Sweden from July 27th to 30th, and there are rumors that Europe and the US will reach a tariff agreement, which has increased the risk appetite in the commodity market [5]. - Although 8 major oil - producing countries in OPEC and non - OPEC decided to increase production by 548,000 barrels per day in August, exceeding market expectations, as the negative impact of the production increase is gradually digested and the original production increase plan is gradually realized, the room for further production expansion is limited in the future [5].