宝城期货原油早报-20251217

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The crude oil futures contract 2602 is expected to run weakly, with a short - term and medium - term trend of oscillation and an intraday trend of weakness [1][5] 3. Summary by Related Catalogs 3.1 Time - period Views - Short - term (within one week): The trend of crude oil 2602 is oscillatory [1] - Medium - term (two weeks to one month): The trend of crude oil 2602 is oscillatory [1] - Intraday: The trend of crude oil 2602 is weak, and it is expected to run weakly [1][5] 3.2 Core Logic - Geopolitical premium is weakening as there are signs of compromise in Ukraine and the US is mediating to end the Russia - Ukraine conflict, which weakens the upward momentum of international oil prices [5] - Saudi Arabia has lowered the price of its main crude oil products for Asia to the lowest level in five years, and global crude oil inventories are accumulating, increasing the supply pressure in the crude oil market [5] - The contango in the crude oil market and the weakening of refined oil crack spreads indicate a weak supply - demand structure in the oil market [5] - The domestic crude oil futures price oscillated weakly and dropped significantly on Tuesday night, and it is expected to maintain a weak pattern on Wednesday [5]