宝城期货原油早报-20251030

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Core View of the Report - The crude oil market has returned to a market dominated by supply - demand fundamentals after the weakening of previous macro - bullish driving factors and geopolitical factors. The current macro and industrial factors in the crude oil market remain weak. However, due to the positive expectations from the meeting between Chinese and US leaders, the domestic crude oil futures 2512 contract is expected to maintain a slightly stronger oscillating trend on Thursday [5]. 3) Summary by Related Catalogs Price and Market Trends - The domestic crude oil futures 2512 contract showed an oscillating and stable trend in the night session on Wednesday, with the futures price rising slightly by 1.28% to 465.1 yuan/barrel [5]. - The short - term view of crude oil 2512 is oscillating, the medium - term view is weakly oscillating, the intraday view is strongly oscillating, and the reference view is a relatively strong operation [1]. Market Driving Factors - After the weakening of previous macro - bullish driving factors and geopolitical factors, the crude oil market is back to being dominated by supply - demand fundamentals. Currently, both macro and industrial factors in the crude oil market are weak [5]. - Eight OPEC+ oil - producing countries decided to increase production by 137,000 barrels per day in November, increasing the supply pressure in the oil market [5]. - The meeting between Chinese and US leaders in Seoul, South Korea may convey positive expectations to the market [5].