宝城期货原油早报-2025-09-26：品种晨会纪要-20250926

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The price of crude oil futures is expected to run strongly, with short - term and medium - term trends being volatile, and an intraday bias towards a volatile and strong trend [1][5]. 3. Summary by Relevant Catalog 3.1 Time - cycle Views - Short - term: The short - term view of crude oil 2511 is volatile [1]. - Medium - term: The medium - term view of crude oil 2511 is volatile [1]. - Intraday: The intraday view of crude oil 2511 is volatile and strong, and it is expected to run strongly [1][5]. 3.2 Core Logic - Geopolitical factors support the price of crude oil. Recently, Ukraine has continuously attacked Russian oil production facilities, Russia has stated that it may extend the ban on refined oil exports if necessary, and Trump has said that the US will impose strong tariff sanctions on Russia. These actions by Western countries and Ukraine aim to strike at Russia's oil exports, enhancing geopolitical risks and causing a phased rebound in crude oil futures prices [5]. 3.3 Price Performance - On Thursday night, domestic and international crude oil futures prices showed a volatile and strong trend. The domestic crude oil futures 2511 contract slightly rose 0.45% to 491.1 yuan per barrel, and it is expected that the domestic crude oil futures price on Friday will maintain a volatile and strong trend [5].