品种晨会纪要：宝城期货原油早报-20251204

Group 1: Investment Rating - No investment rating information provided Group 2: Core Views - The short - term view on crude oil 2601 is oscillatory, the medium - term view is oscillatory, and the intraday view is bullish, with an overall reference view of bullish operation [1] - Due to the expected cooling of the Russia - Ukraine conflict, the geopolitical premium has weakened, but the demand for crude oil is expected to improve with the arrival of the winter consumption season in the Northern Hemisphere, and the domestic crude oil futures may continue to operate in a bullish pattern on Thursday [5] Group 3: Summary by Category Time - cycle Views - For crude oil 2601, short - term (within a week) is oscillatory, medium - term (two weeks to one month) is oscillatory, and intraday is bullish [1] Price Movement Calculation Rules - For varieties with night trading, calculate the price change from the night - trading closing price to the day - trading closing price; for those without night trading, calculate from the previous day's closing price to the day - trading closing price [2] Strength Classification Rules - A decline greater than 1% is considered weak, a decline of 0 - 1% is considered bearish, a rise of 0 - 1% is considered bullish, and a rise greater than 1% is considered strong [3] Scope of Strength Classification - The bullish/bearish classification only applies to intraday views, not short - term and medium - term views [4] Price Movement Logic - The expected cooling of the Russia - Ukraine conflict weakens the geopolitical premium and the rebound power of international oil prices. The arrival of the winter consumption season in the Northern Hemisphere improves the demand expectation, and the domestic crude oil futures showed an oscillatory and stable trend on Wednesday night, with a slight increase in price, and may continue to be bullish on Thursday [5]