原油：俄港口供应恢复，空单持有

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report focuses on the international crude oil market, including price movements, various crude oil arbitrage opportunities, and key market news. It indicates that the Russian port's supply has resumed, and the trend strength of crude oil is -1, suggesting a bearish outlook, with a recommendation to hold short positions [1][13]. 3. Summary by Related Catalogs International Crude Oil Prices - WTI December crude oil futures rose $1.40, or 2.39%, to $60.09 per barrel; Brent January crude oil futures rose $1.38, or 2.19%, to $64.39 per barrel; SC2512 crude oil futures rose 4.70 yuan per barrel, or 1.02%, to 463.60 yuan per barrel [1]. Crude Oil Arbitrage - Mexican Gulf Crude Oil Arbitrage: Most crude oil arbitrage paths are unprofitable, such as Saudi light, medium, and heavy crude oils, West African crude oils, and heavy crude oils from Colombia and Mexico [2][5]. - Atlantic Crude Oil Arbitrage: North Sea, Saudi light, Algerian, and Russian crude oils show some profitability, while West African crude oil is unprofitable [4][5]. - North - Western European Crude Oil Arbitrage: Crude oils from the US, the Caspian Sea, North Africa, and West Africa are unprofitable [8]. - Mediterranean Crude Oil Arbitrage: Crude oils from Algeria, Azerbaijan, Nigeria, and the North Sea are unprofitable [9]. - Asian Crude Oil Arbitrage: Middle - East light crude oil is basically at break - even, and Middle - East benchmark crude oil is unprofitable. However, West African and US crude oils show some profitability when shipped to Asia [10][11]. Key Market News - Russia's Novorossiysk port resumed oil loading after a two - day suspension due to a Ukrainian drone attack. The port had suspended daily exports of 2.2 million barrels, about 2% of global supply, which previously pushed up international oil prices [11]. - Iran's Islamic Revolutionary Guard Corps Navy seized an oil tanker in the Persian Gulf [11]. - A senior official in the Trump administration plans to meet with the White House and the National Security Council to dissuade Trump from resuming US nuclear weapons tests [11]. - China's Ministry of Finance will strengthen counter - cyclical and cross - cyclical adjustments [11]. - China and the Netherlands will discuss the ASML issue [11]. - China's top legislature head will visit New Zealand and Australia [11]. - China's Ministry of Education issued a study - abroad warning for Japan, and the Ministry of Culture and Tourism advised Chinese tourists to avoid Japan [11][12]. - South Korea unified the order of Northeast Asian countries' names [12]. Trend Intensity The trend intensity of crude oil is -1, indicating a bearish view, with -2 being the most bearish and 2 being the most bullish [13].