宝城期货原油早报-20250912

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoint of the Report - The crude oil market is expected to run weakly, with short - term, medium - term, and intraday trends showing oscillations, and the intraday trend being weakly oscillating [1][5] 3. Summary According to the Catalog 3.1 Variety Morning Meeting Minutes - For the crude oil 2510 variety, the short - term, medium - term, and intraday trends are oscillation, oscillation, and weakly oscillating respectively, with a reference view of weak operation. The core logic is that supply surplus dominates, leading to a weakly oscillating crude oil market [1] 3.2 Main Variety Price Market Driving Logic - Commodity Futures Energy and Chemical Sector - The intraday view of crude oil (SC) is weakly oscillating, and the medium - term view is oscillating, with a reference view of weak operation. The OPEC+产油国's latest monthly report shows that in August, the average OPEC+ crude oil production was 42.4 million barrels per day, a month - on - month increase of 509,000 barrels per day in July. Since the production increase started in April, OPEC+产油国 has cumulatively increased production by 1.48 million barrels per day. After the bearish expectation of increased supply outweighs geopolitical risks, domestic and international crude oil futures prices declined slightly on Thursday night. The domestic crude oil futures 2510 contract closed 1.45% lower at 481.6 yuan per barrel, and it is expected that domestic crude oil futures prices may maintain a weakly oscillating trend on Friday [5]