原油：流动性风险再现，短期观望

Report Summary 1. Industry Investment Rating - The report does not provide an overall industry investment rating. 2. Core Viewpoint - The report indicates that there is a recurrence of liquidity risk in the crude oil market, suggesting a short - term wait - and - see approach [1]. 3. Summary by Directory International Crude Oil - NYMEX WTI 3 - month crude oil futures fell $1.79, a 2.77% drop, to $62.84 per barrel; ICE Brent crude oil futures contract 04 fell $1.88, a 2.71% drop, to $67.52 per barrel; SC2604 crude oil futures fell $24.70, a 5.14% drop, to $456.30 per barrel [1]. Mexican Gulf Market Crude Oil Arbitrage - The spreads of different alternative crude oils showed various changes. For example, the spread of Arab Extra Light was basically stable, while that of Forties deteriorated significantly. The changes were affected by factors such as refining value and crude oil price [2]. Atlantic Crude Oil Arbitrage - The spreads of different alternative crude oils also had different trends. For instance, the spread of Forties worsened, while that of Saharan Blend widened significantly, driven by factors like refining value, crude oil price, and freight [3]. Northwest Europe Crude Oil Arbitrage - The spreads of alternative crude oils generally improved. For example, the spread of WTI MEH improved slightly, mainly due to significant crude oil price advantages offsetting high trans - Atlantic freight [4]. Mediterranean Crude Oil Arbitrage - The spreads of some alternative crude oils improved to varying degrees, such as Saharan Blend and Azeri Light, mainly due to the narrowing of Urals' price advantage. However, the spread of Ekofisk remained basically unchanged [5]. China Crude Oil Arbitrage - The spreads of different alternative crude oils had different changes. The spread of Napo widened significantly due to a large discount in crude oil price relative to Dubai, while the spread of Duri deteriorated due to a negative refining value [6]. Key Market News - US President Trump stated that the US "must" reach an agreement with Iran, warning of a "very serious" situation if not. The US Treasury will further relax sanctions on Venezuela, and the US has completed over $1 billion in Venezuelan oil sales, expecting an additional $5 billion. Russia has proposed "re - embracing the dollar" as part of an economic partnership with the US. A Russian refinery stopped oil processing after a drone attack [6]. Trend Intensity - The trend intensity of crude oil is 0, indicating a neutral outlook [7].