原油：暂时震荡格局，短期观望

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The international crude oil market is in a temporary oscillating pattern, and short - term observation is recommended [1]. 3. Summary by Directory International Crude Oil - NYMEX WTI March crude oil futures closed down $1.85, a 2.84% decline, at $63.29 per barrel; ICE Brent crude oil futures contract 04 closed down $1.91, a 2.75% decline, at $67.55 per barrel; SC2604 crude oil futures closed down $3.50, a 0.75% decline, at 463.90 yuan per barrel [1] Mexican Gulf Market Crude Oil Arbitrage - Arab Extra Light vs WTI MEH: spread -$3.69,环比 up 0.1, long - term negative but showing improvement [2] - Arab Light vs WTI MEH: spread -$4.94,环比 down - 0.06, continuous negative with deteriorating trend [2] - Nemba vs WTI MEH: spread -$5.13,环比 down - 0.14, negative fluctuation, difficult for arbitrage [2] - Agbami vs WTI MEH: spread -$6.67,环比 down - 0.15, deep negative, no arbitrage opportunity [2] - Forties vs WTI MEH: spread -$10.37,环比 down - 0.55, extremely negative, significant deterioration [2] - Arab Heavy vs Mars: spread -$3.46,环比 down - 0.13, negative and stable, small arbitrage space [2] - Vasconia vs Mars: spread -$0.07,环比 up 0.8, near - zero fluctuation, limited opportunity [2] - Castilla vs Mars: spread -$2.71,环比 up 1.2, negative but with significant improvement [2] - Napo vs Mars: spread -$6.94,环比 down - 1.48, deep negative, no opportunity [2] - Maya vs Mars: spread -$0.79,环比 up 1.38, near - zero fluctuation, slight opportunity emerging [2] Atlantic Crude Oil Arbitrage - Forties vs Bonny Light: spread -$2.74,环比 up 0.24, continuous deep negative, still no arbitrage opportunity [4] - Arab Extra Light vs Bonny Light: spread $0.76,环比 down - 0.12, fluctuating around zero, limited opportunity [4] - Saharan Blend vs Bonny Light: spread $6.02,环比 up 0.59, significantly positive and improving, strong arbitrage opportunity [4] - Cabinda vs Bonny Light: spread -$3.49,环比 down - 0.14, deep negative, no arbitrage possibility [4] - Urals vs Bonny Light: spread $24.47,环比 down - 0.01, extremely positive, huge arbitrage space [4] Northwest European Crude Oil Arbitrage - WTI MEH vs Forties: spread $1.44,环比 down - 0.16, long - term fluctuating around zero, narrow arbitrage window [6] - Eagle Ford vs Forties: spread $1.77,环比 down - 0.11, similar to WTI MEH trend, slight opportunity [6] - Azeri Light vs Forties: spread $3.36,环比 down - 0.15, continuously positive and relatively high, opportunity exists [6] - Saharan Blend vs Forties: spread $3.46,环比 down - 0.05, similar to Azeri Light, best performance, stable [6] - Bonny Light vs Forties: spread $2.94,环比 down - 0.25, remaining positive, opportunity still exists [6] Mediterranean Crude Oil Arbitrage - Saharan Blend vs Urals: spread -$21.64,环比 up 1.17, deep negative, still no opportunity [7] - Azeri Light vs Urals: spread -$20.06,环比 up 1.62, long - term negative, slight improvement [7] - Bonny Light vs Urals: spread -$22.4,环比 up 0.81, extremely negative, still deteriorating [7] - Ekofisk vs Urals: spread -$26.57,环比 up 0.51, extremely negative, no space [7] - Eagle Ford vs Urals: spread -$24,环比 up 0.78, deep negative, still negative trend [7] Chinese Crude Oil Arbitrage - Duri vs Dubai: spread -$2.48,环比 up 0.56, negative but with limited opportunity [8] - Basrah Heavy vs Dubai: spread -$1.06,环比 up 0.3, long - term negative, stable [8] - Napo vs Dubai: spread $3.46,环比 down - 0.08, positive, opportunity exists [8] - Maya vs Dubai: spread -$0.29,环比 up 0.87, near - zero fluctuation, slight opportunity emerging [8] - Mars vs Dubai: spread $0.05,环比 up 0.06, near - zero fluctuation, slight opportunity [8] Key Market News - Saudi Arabia cut the prices of its main crude grades sold to Asian buyers to the lowest level in years, indicating that global oil supply exceeds demand. Saudi Aramco cut the price of "Arab Light" oil for Asian buyers by 30 cents per barrel [8] - Iranian Foreign Minister Araqchi arrived in Oman [8] - On February 4, Wan Jinsong, the deputy director of the National Energy Administration of China, met with Joao Claudio de Oliveira Ferreira, the CEO of Petrobras. Both sides discussed cooperation in oil and gas, renewable energy, and energy transition [8] Trend Intensity The trend intensity of crude oil is 0, indicating a neutral trend [8]