原油：驱动偏弱，继续观望

Report Summary Investment Rating - The investment rating for the crude oil industry is to continue waiting and seeing, indicating a weak driving force [1]. Core View - The driving force for crude oil is weak, and it is recommended to continue waiting and seeing. The trend strength of crude oil is 0, indicating a neutral stance [1][8]. Summary by Directory International Crude Oil - WTI November crude oil futures closed down $0.02/barrel, a decrease of 0.03%, at $57.52/barrel; Brent December crude oil futures closed down $0.28/barrel, a decrease of 0.46%, at $61.01/barrel; SC2512 crude oil futures closed down 0.70 yuan/barrel, a decrease of 0.16%, at 438.40 yuan/barrel [1]. Crude Oil Arbitrage - Mexico Gulf Crude Oil Arbitrage: The arbitrage windows for Arab Extra Light, Arab Light, Nemba, Agbami, and Forties are all closed, mainly due to high costs, lack of competitiveness, and low refining profits [2]. - Atlantic Crude Oil Arbitrage: The arbitrage windows for Forties, Saharan Blend, and Urals are open, while that for Cabinda is closed. Urals has a significant price advantage, but there may be risks related to logistics or sanctions [4]. - Northwest Europe Crude Oil Arbitrage: The arbitrage windows for Eagle Ford, Azeri Light, and Saharan Blend are open, while those for WTI MEH and Bonny Light are closed. The trans - Atlantic price difference for WTI MEH is very narrow, and Bonny Light has a slight disadvantage compared to Forties [5]. - Mediterranean Crude Oil Arbitrage: The arbitrage windows for Saharan Blend, Azeri Light, Bonny Light, Ekofisk, and Eagle Ford are all closed because of the deep discount of Urals and high transportation costs [6]. - Asia Crude Oil Arbitrage: The arbitrage windows for Duri, Basrah Heavy, Napo, and Maya are all closed, mainly due to high transportation costs and low competitiveness compared to the Dubai benchmark [7]. Key Market News - On October 20, US Middle East envoys warned Israeli Prime Minister Netanyahu not to undermine the Gaza cease - fire agreement. - Russia is ready to expand cooperation with Iran in various fields. - Shanghai International Energy Exchange approved an increase in the storage capacity of Dalian North Oil Storage Co., Ltd. from 100,000 cubic meters to 200,000 cubic meters [9].