原油：多单加仓，或再次大涨

1. Report Industry Investment Rating - The report suggests adding long positions in crude oil, indicating a bullish outlook, with a trend strength of 2, representing the most bullish view [1][9]. 2. Core View of the Report - International crude oil prices have risen significantly. NYMEX WTI April crude oil futures closed up $3.80, or 4.55%, at $87.25 per barrel; ICE Brent crude oil futures for May closed up $4.18, or 4.76%, at $91.98 per barrel; SC2604 crude oil futures closed up 45.80 yuan per barrel, or 7.05%, at 695.00 yuan per barrel [1]. 3. Summary by Relevant Catalogs 3.1 International Crude Oil - Different crude oil varieties have different price differences and changes. For example, the price difference of Arab Extra Light decreased month - on - month, mainly due to the expansion of the crude oil price disadvantage relative to WTI MEH; the price difference of Vasconia changed from negative to positive, with a significant month - on - month increase, driven by the deep discount of the crude oil price [1]. 3.2 Atlantic Crude Oil Arbitrage - The price difference of Forties increased month - on - month (the negative value decreased) because the crude oil price disadvantage relative to Bonny Light narrowed compared to January; the price difference of Arab Extra Light decreased month - on - month and turned negative due to the sharp expansion of the crude oil price disadvantage [3]. 3.3 Northwest European Crude Oil Arbitrage - The price difference of WTI MEH increased significantly month - on - month, mainly because the trans - Atlantic freight decreased and the crude oil price disadvantage relative to Forties narrowed significantly compared to January; the price difference of Azeri Light increased month - on - month, driven by strong refining value and significant price advantage [5]. 3.4 Mediterranean Crude Oil Arbitrage - The price difference of Saharan Blend was basically flat month - on - month, with a slight decline, mainly because the relative price advantage of the benchmark oil Urals was still huge, suppressing alternative oil varieties; the price difference of Bonny Light decreased significantly month - on - month, due to the price advantage of Urals and high freight and structural costs [6]. 3.5 Chinese Crude Oil Arbitrage - The price difference of Napo widened month - on - month and remained at a high level, driven by the huge discount of its crude oil price relative to Dubai; the price difference of Mars changed from negative to positive, with a month - on - month increase, because the refining value improved significantly, reversing the negative arbitrage space in January [7]. 3.6 Key Market News - The Trump administration launched a new round of 301 trade investigations into the industrial over - capacity of 16 major trading partners; Iraq's oil ports were "completely shut down"; the International Energy Agency's 32 member countries agreed to coordinate the release of 400 million barrels of crude oil and refined oil from their reserves; Iran's Islamic Revolutionary Guard Corps carried out a joint operation with Lebanese resistance forces, launching missile attacks on Israel and US military bases [8][9].