宝城期货原油早报-20260213

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The short - term view of crude oil 2604 is volatile, the medium - term view is volatile, and the intraday view is weak. It is expected to run weakly. The core logic is that risk appetite has cooled, and crude oil is oscillating weakly [1]. - The intraday view of crude oil (SC) is weak, and the medium - term view is volatile. It is expected to run weakly. The recent marginal improvement in supply - demand fundamentals provides solid support. OPEC+ major producers will continue to suspend production increases in March 2026, and US winter storms have affected production with significant inventory drawdown. However, due to the expected US - Iran negotiation, geopolitical risk appetite has cooled, leading to a sharp decline in domestic crude oil futures on Thursday night. It is expected that domestic crude oil futures may maintain a weakly oscillating pattern on Friday [5]. Group 3: Summary by Related Catalogs Time - Cycle Views - For crude oil 2604, the short - term is within one week and is volatile, the medium - term is from two weeks to one month and is volatile, and the intraday view is weak [1]. - For crude oil (SC), the intraday view is weak, and the medium - term view is volatile [5]. Core Logic - For crude oil 2604, risk appetite has cooled, resulting in an oscillating and weak trend [1]. - For crude oil (SC), on the supply side, OPEC+ will continue to suspend production increases in March 2026, and US winter storms have affected production, with last week's crude oil inventory decreasing by 3.5 million barrels and Cushing inventory decreasing by 743,000 barrels. On the demand side, the marginal improvement in supply - demand fundamentals provides support. But due to the expected US - Iran negotiation, geopolitical risk appetite has cooled, causing a sharp decline in domestic crude oil futures on Thursday night [5].