建信期货原油日报-20251202

Report Information - Report Title: Crude Oil Daily Report [1] - Date: December 2, 2025 [2] Investment Rating - Not provided Core View - OPEC+ agreed to suspend the production increase plan in Q1 2026. The conflict between the US and Venezuela has escalated, supporting oil prices to some extent. The Russia-Ukraine conflict continues to ease under US mediation, with a greater impact. There is still significant inventory accumulation pressure in Q4, and the crude oil market should mainly adopt a short-selling strategy. Operationally, consider shorting on rebounds or reverse spreads [6] Summary by Section 1. Market Review and Operational Suggestions - WTI crude oil: Opened at $58.58, closed at $58.48, with a high of $59.64, a low of $58.27, a decline of 0.29%, and a trading volume of 13.84 million lots [6] - Brent crude oil: Opened at $62.88, closed at $62.32, with a high of $63.39, a low of $62.12, a decline of 0.87%, and a trading volume of 23.7 million lots [6] - SC crude oil: Opened at 451.9 yuan/barrel, closed at 455.7 yuan/barrel, with a high of 458.4 yuan/barrel, a low of 449.5 yuan/barrel, an increase of 1.06%, and a trading volume of 7.43 million lots [6] 2. Industry News - Putin met with Hungarian Prime Minister Orbán, stating that energy issues should be discussed [9] - Reuters survey: The expected average price of US crude oil in 2026 is $59.00/barrel, lower than the October forecast of $60.23/barrel; the expected average price of Brent crude oil in 2026 is $62.23/barrel, lower than the October forecast of $63.15/barrel [9] - Venezuelan Vice President Rodríguez accused the US of trying to control Venezuela's oil reserves by force [9] 3. Data Overview - Multiple data charts are presented, including global high-frequency crude oil inventory, EIA crude oil inventory, US crude oil production growth rate, etc. The data sources include EIA, Wind, Bloomberg, etc. [10][11][14]