宝城期货原油早报-2026-02-11-20260211

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The crude oil futures are expected to run strongly, with short - term and medium - term trends being oscillatory and the intraday trend being strong. The core logic is that the marginal improvement of supply - demand fundamentals provides solid support, and geopolitical risks are rising [1][5]. 3. Summary by Relevant Catalogs 3.1 Time - cycle Views - Short - term: The short - term view of crude oil 2604 is oscillatory [1]. - Medium - term: The medium - term view of crude oil 2604 is oscillatory, and the medium - term view of SC crude oil is also oscillatory [1][5]. - Intraday: The intraday view of crude oil 2604 and SC crude oil is strong [1][5]. 3.2 Price Movement and Core Logic - Supply - demand fundamentals: OPEC +'s eight major oil - producing countries announced to continue to suspend production increase in March 2026, maintaining the production level of December 2025, which eases the concern about oversupply. The US winter storm affects crude oil production, with last week's crude oil inventory decreasing by 3.5 million barrels and Cushing area inventory dropping by 743,000 barrels, strengthening the bullish logic [5]. - Geopolitical risks: Due to the large differences between the US and Iran, the Pentagon's "pizza index" has risen again, and geopolitical risks are rising, which boosted the domestic crude oil futures to maintain an oscillatory and strong trend on Tuesday night, and the futures price closed slightly higher. It is expected that the domestic crude oil futures may maintain an oscillatory and strong pattern on Wednesday [5].