品种晨会纪要：宝城期货原油早报-2026-01-06-20260106

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Report's Core View - The report believes that the crude oil market is dominated by supply - demand surplus, and the price of domestic crude oil futures is expected to run weakly with a volatile trend. Although geopolitical risks may drive up oil prices, the long - term logic of weak supply - demand fundamentals will suppress oil prices [1][5] 3) Summary by Related Catalogs 3.1 Time - cycle Views - Short - term: The short - term view of crude oil 2602 is "oscillating", and the short - term downward trend of domestic crude oil futures still exists [1][5] - Medium - term: The medium - term view of crude oil 2602 and domestic crude oil futures is "oscillating" [1][5] - Intraday: The intraday view of crude oil 2602 and domestic crude oil futures is "weak", with a reference view of "running weakly" [1][5] 3.2 Core Logic - Positive Factor: During the New Year's Day holiday, geopolitical risks have rapidly increased due to the US military operation in Venezuela and the US president's threat to other South American countries, which may drive up oil prices after the holiday [5] - Negative Factor: The long - term logic of the weak supply - demand situation in the crude oil market is the main reason for the suppression of oil prices. The global supply surplus concern persists, and the pessimistic sentiment among funds remains [5]