【国际原油】：原油：暂时震荡市，多单持有

Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View - The current state of the crude oil market is a temporary sideways market, and long positions should be held [1]. 3. Summary by Directory International Crude Oil - NYMEX WTI May crude oil futures rose $4.22, or 4.79%, to $92.35 per barrel; ICE Brent crude oil futures for May rose $4.55 per barrel, a month - on - month increase of 4.55%, to $104.49 per barrel; SC2605 crude oil futures fell 11.70 yuan per barrel, or 1.56%, to 740.20 yuan per barrel [1]. Mexican Gulf Market Crude Oil Arbitrage - Different crude oils in the Mexican Gulf market have different spread changes. For example, Arab Extra Light's spread decreased by 1.94 compared to January, mainly due to the sharp expansion of the crude oil price disadvantage relative to WTI MEH; Vasconia's spread changed from negative to positive, rising 1.83, driven by the change of crude oil price from a disadvantage to an advantage [1]. Atlantic Crude Oil Arbitrage - Forties' spread decreased significantly month - on - month, mainly due to the double deterioration of refining value and crude oil price disadvantage relative to Bonny Light; Urals' spread narrowed, but the arbitrage space was still large, mainly because the crude oil price advantage relative to Bonny Light narrowed [3]. Northwest European Crude Oil Arbitrage - WTI MEH's spread increased significantly month - on - month, mainly due to the extremely strong refining value; Azeri Light's spread decreased and turned negative, as the strong refining value was offset by the price disadvantage and high freight and structural costs [6]. Mediterranean Crude Oil Arbitrage - The spreads of Saharan Blend, Azeri Light, and Bonny Light all increased month - on - month. For Saharan Blend, it was due to the significant narrowing of the relative price advantage of the benchmark oil Urals; for Azeri Light, it was because the significant improvement in refining value provided support despite the large price advantage of Urals; for Bonny Light, it was due to the significant narrowing of the price advantage of Urals [7]. Key Market News - The API crude oil inventory in the US for the week ending March 20 was 234,800 barrels, compared with an expected - 136,700 barrels and a previous value of 655,600 barrels; the US sent a plan to end the Middle - East war to Iran; Israel's representative to the United Nations stated that Israel was not involved in the US - Iran negotiations; the estimated palm oil exports from Malaysia from March 1 - 20 increased by 61.02% compared to the same period last month; the EU has not announced a new schedule for the plan to completely phase out Russian oil [8][10]. Trend Intensity - The trend intensity of crude oil is 1, with the range of trend intensity being integers in the [-2, 2] interval, where -2 means most bearish and 2 means most bullish [9].