Report Industry Investment Rating - The investment rating for crude oil in the short - term is to continue watching [1] Core Views - The prices of major crude oil futures have increased, and there are various situations in crude oil arbitrage opportunities in different regions, along with some significant market news affecting the crude oil market [1][2][12] Summary by Relevant Catalogs 1. Crude Oil Futures Price Movements - NYMEX WTI futures 01 contract rose by $0.67 per barrel, a month - on - month increase of 1.21%, reaching $55.94 per barrel; ICE Brent oil futures 02 contract rose by $0.76 per barrel, a month - on - month increase of 1.29%, reaching $59.68 per barrel; SC2602 crude oil futures closed up by 3.10 yuan per barrel, a gain of 0.73%, at 427.40 yuan per barrel [1] 2. Mexican Gulf Crude Oil Arbitrage - The arbitrage windows for Arab Extra Light, Arab Light, Nemba, Agbami, Forties, Arab Heavy, and Vasconia crude oils are closed, while Castilla and Napo crude oils present arbitrage opportunities, and Maya crude oil is close to the break - even point [2][4] 3. Atlantic Crude Oil Arbitrage - The arbitrage window for Forties is closed, while Arab Extra Light, Saharan Blend, and Urals crude oils present arbitrage opportunities, and Cabinda crude oil has insufficient competitiveness [4] 4. Northwest Europe Crude Oil Arbitrage - WTI MEH, Eagle Ford, Azeri Light, Saharan Blend, and Bonny Light crude oils all present arbitrage opportunities in the Northwest Europe market [6] 5. Mediterranean Crude Oil Arbitrage - The arbitrage windows for Saharan Blend, Azeri Light, Bonny Light, Ekofisk, and Eagle Ford crude oils are all closed when using Urals as the benchmark [7][8] 6. Asian Crude Oil Arbitrage - Duri, Napo, and Mars crude oils present arbitrage opportunities, while Basrah Heavy and Maya crude oils have their arbitrage windows closed [9] 7. Key Market News - The Trump administration is inquiring if US oil companies are interested in returning to Venezuela, but the industry shows little interest due to low oil prices and other factors; several Venezuelan oil - by - product ships sailed out under naval escort; the Amuay refinery in Venezuela has restarted; US EIA crude oil inventory data shows changes; PDVSA declares normal export operations [12] 8. Trend Intensity - The trend intensity of crude oil is 0, indicating a neutral state [11]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - For crude oil, it is recommended to reduce and take profit on short positions and conduct short - term observation [1] - The trend strength of crude oil is 0, indicating a neutral outlook [11] 3. Summary by Relevant Catalogs 3.1 International Crude Oil Prices - NYMEX WTI futures contract 01 fell $0.62, a 1.08% decline, to $56.82 per barrel; ICE Brent futures contract 02 fell $0.56, a 0.92% decline, to $60.56 per barrel; SC2602 crude oil futures closed down 5.50 yuan per barrel, a 1.26% decline, to 431.70 yuan per barrel [1] 3.2 Mexican Gulf Crude Oil Arbitrage - Most crude oil varieties' arbitrage windows are closed, such as Arab Extra Light, Arab Light, etc. Only Ecuador's Napo crude oil presents significant arbitrage opportunities with an arbitrage space of $5.25 per barrel [2][4] 3.3 Atlantic Crude Oil Arbitrage - Forties is close to the break - even point with intense competition; Arab Extra Light and Saharan Blend present arbitrage opportunities, especially Urals has a huge arbitrage space of $24.95 per barrel due to sanctions [4] 3.4 Northwest Europe Crude Oil Arbitrage - WTI MEH, Eagle Ford, Azeri Light, Saharan Blend, and Bonny Light all present arbitrage opportunities, with Eagle Ford having a relatively competitive advantage [6] 3.5 Mediterranean Crude Oil Arbitrage - The arbitrage windows of most crude oil varieties against Urals are closed, such as Saharan Blend, Azeri Light, etc. [7][8] 3.6 Asian Crude Oil Arbitrage - Duri, Napo, and Mars present arbitrage opportunities, while Basrah Heavy and Maya have their arbitrage windows closed or lack competitiveness [9] 3.7 Key Market News - Regarding the Fed, there are speculations about the candidate for the Fed chair; API crude oil inventory data shows a significant decrease; Bostic suggests maintaining interest rates in 2026; the US November non - farm payrolls increased by 64,000 and the unemployment rate reached a four - year high of 4.6% [12]

Report Industry Investment Rating - Hold short positions in crude oil and pay attention to geopolitical disturbances [1] Core Viewpoints - On December 12, 2025, NYMEX WTI futures contract 01 fell $0.86, or 1.47%, to $57.60 per barrel; ICE Brent futures contract 02 fell $0.93, or 1.49%, to $61.28 per barrel; SC2601 crude oil futures closed down 6.40 yuan per barrel, or 1.45%, to 434.80 yuan per barrel [1] - The trend strength of crude oil is -1, indicating a bearish outlook [10] Summary by Directory 1. Mexican Gulf Crude Oil Arbitrage - The arbitrage windows for various crude oils such as Arab Extra Light, Arab Light, Nemba, etc., are closed, with negative arbitrage spaces ranging from -1.16 to -8.39 USD/barrel, showing weak competitiveness [2] 2. Atlantic Crude Oil Arbitrage - Forties has no cost - advantage against Bonny Light, with an arbitrage space of -0.3 USD/barrel; Arab Extra Light and Saharan Blend present arbitrage opportunities with spaces of 0.93 and 2.68 USD/barrel respectively; Urals has a huge arbitrage space of 23.2 USD/barrel due to sanctions [4] 3. Northwest Europe Crude Oil Arbitrage - WTI MEH, Eagle Ford, Saharan Blend, and Bonny Light show arbitrage opportunities against Forties, with arbitrage spaces ranging from 0.9 to 2.23 USD/barrel; Azeri Light has a weak arbitrage space [5] 4. Mediterranean Crude Oil Arbitrage - The arbitrage windows for Saharan Blend, Azeri Light, Bonny Light, Ekofisk, and Eagle Ford against Urals are closed, with large negative arbitrage spaces, indicating weak competitiveness [6][7] 5. Asian Crude Oil Arbitrage - Duri, Napo, and Mars against Dubai present arbitrage opportunities, with spaces of 1.2, 5.08, and 1.33 USD/barrel respectively; Basrah Heavy and Maya have closed arbitrage windows [8] 6. Key Market News - Trump promised to contribute to Ukraine's security efforts if Russia - Ukraine peace agreement is reached; Trump mentioned that actions in Venezuela will soon take place on land; the Central Economic Work Conference was held on December 10 - 11 [11]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoint - Hold short positions in crude oil and monitor geopolitical disturbances [1] 3. Summary by Directory 3.1 International Crude Oil - NYMEX WTI futures contract 01 rose by $0.21, or 0.36%, to $58.46 per barrel; ICE Brent futures contract 02 rose by $0.27, or 0.44%, to $62.21 per barrel; SC2601 crude oil futures closed down by 3.80 yuan per barrel, or 0.86%, to 440.50 yuan per barrel [1] 3.2 Mexican Gulf Crude Oil Arbitrage - The arbitrage windows of Saudi extra - light crude, Angolan crude, Nigerian crude, North Sea crude, and some Saudi heavy crude are closed; Vasconia crude shows a weak arbitrage opportunity; Ecuador's Napo crude has a significant arbitrage space; Maya crude is close to the break - even point [2][4] 3.3 Atlantic Crude Oil Arbitrage - Forties and Cabinda crudes have insufficient competitiveness; Arab Extra Light and Saharan Blend crudes show arbitrage opportunities, with Urals crude having a huge arbitrage space due to sanctions - related discounts [4] 3.4 Northwest Europe Crude Oil Arbitrage - WTI MEH, Eagle Ford, Saharan Blend, and Bonny Light crudes present arbitrage opportunities; Azeri Light crude has a weak arbitrage space [6] 3.5 Mediterranean Crude Oil Arbitrage - The arbitrage windows of Saharan Blend, Azeri Light, Bonny Light, Ekofisk, and Eagle Ford crudes against Urals are all closed [7][8] 3.6 Asian Crude Oil Arbitrage - Duri, Napo, and Mars crudes show arbitrage opportunities; Basrah Heavy and Maya crudes have their arbitrage windows closed [9] 3.7 Key Market News - Venezuelan opposition leader Machado fled the country; the Fed announced short - term bond purchases and a 25BP interest rate cut; the US seized a Venezuelan oil tanker; Venezuela's President Maduro made a tough statement; a Russian "shadow fleet" oil tanker was sunk in the Black Sea [12] 3.8 Trend Intensity - The crude oil trend intensity is - 1, indicating a bearish outlook [11]

Report Overview - The report focuses on the international crude oil market, including price movements, arbitrage opportunities in different regions, and key market news [1] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - Hold short positions in crude oil, and prices may gradually decline to new lows [1] Summary by Related Catalogs International Crude Oil Prices - NYMEX WTI futures contract 01 fell $0.63, or 1.07%, to $58.25 per barrel; ICE Brent futures contract 02 fell $0.55, or 0.88%, to $61.94 per barrel; SC2601 crude oil futures closed down 5.90 yuan per barrel, or 1.31%, at 443.40 yuan per barrel [1] Crude Oil Arbitrage Mexican Gulf Crude Oil Arbitrage - Most crude oil varieties have closed arbitrage windows, with only Vasconia showing a weak arbitrage opportunity of $0.76 per barrel, and Ecuador's Napo crude oil having a significant arbitrage space of $3.66 per barrel [2][4] Atlantic Crude Oil Arbitrage - Forties is close to the break - even point with intense competition; Arab Extra Light and Saharan Blend present arbitrage opportunities, and Urals has a huge arbitrage space of $22.82 per barrel due to sanctions [4] Northwest European Crude Oil Arbitrage - Multiple crude oil varieties such as WTI MEH, Eagle Ford, and Bonny Light present arbitrage opportunities, with varying degrees of arbitrage space [5] Mediterranean Crude Oil Arbitrage - Most crude oil varieties have closed arbitrage windows, with weak competitiveness against Urals [6][7] Asian Crude Oil Arbitrage - Duri, Napo, and Mars crude oils present arbitrage opportunities, while Basrah Heavy and Maya crude oils have closed arbitrage windows [8] Key Market News - US API crude oil inventory decreased by 4779000 barrels in the week ending December 5, API Cushing crude oil inventory increased by 47000 barrels, and API gasoline inventory increased by 6955000 barrels [9][10] - EIA raised the 2025 US oil production forecast by 20000 barrels per day to a record - high average of 13.61 million barrels per day, but lowered the 2026 forecast by 50000 barrels per day to 13.53 million barrels per day [11] - EIA slightly raised the 2025 Brent and WTI crude oil price forecasts and also slightly raised the 2026 forecasts [11] - Russia's average daily crude oil production in November was about 9.43 million barrels, still more than 100000 barrels per day below the OPEC+ quota [11]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The report indicates that the international crude oil market has turned weak again, with a trend strength of -1, suggesting a bearish outlook. It is recommended to consider short - selling. NYMEX WTI 01 - contract, ICE Brent 02 - contract, and SC2601 crude oil futures all declined on December 9, 2025 [1][10]. 3. Summary by Relevant Catalogs 3.1 International Crude Oil Prices - NYMEX WTI 01 - contract dropped by $1.20 per barrel, a 2.00% decline, closing at $58.88 per barrel; ICE Brent 02 - contract fell by $1.26 per barrel, a 1.98% decline, at $62.49 per barrel; SC2601 crude oil futures decreased by 8.40 yuan per barrel, an 1.84% decline, to 448.00 yuan per barrel [1]. 3.2 Crude Oil Arbitrage Analysis - **Mexican Gulf Crude Oil Arbitrage**: The arbitrage windows for various crude oils such as Arab Extra Light, Arab Light, Nemba, etc. were closed, indicating no cost - advantage or weak competitiveness compared to benchmark oils [2]. - **Atlantic Crude Oil Arbitrage**: Forties against Bonny Light was close to the break - even point with fierce competition; Arab Extra Light showed a slight arbitrage opportunity; Saharan Blend had a significant arbitrage space; Cabinda had insufficient competitiveness; Urals had a huge arbitrage space due to sanctions - related discounts [3]. - **North - Western Europe Crude Oil Arbitrage**: WTI MEH, Eagle Ford, Azeri Light, Saharan Blend, and Bonny Light all presented arbitrage opportunities, indicating certain competitiveness in the North - Western Europe market [5]. - **Mediterranean Crude Oil Arbitrage**: The arbitrage windows for Saharan Blend, Azeri Light, Bonny Light, Ekofisk, and Eagle Ford against Urals were closed, showing weak competitiveness [6][7]. - **Asian Crude Oil Arbitrage**: Duri, Napo, and Mars showed arbitrage opportunities, while Basrah Heavy and Maya had their arbitrage windows closed or insufficient competitiveness [8]. 3.3 Key Market News - President Trump demanded Mexico to release water as per the treaty, threatening a 5% tariff if Mexico fails to comply [11]. - China's Jimsar National Continental Shale Oil Demonstration Area completed its construction target ahead of schedule, with an annual output exceeding 1.7 million tons for the first time [11]. - The US November New York Fed 1 - year inflation expectation was 3.2%, slightly lower than the previous value of 3.24% [11]. - As of the week ending December 8, the crude oil arrival volume at Shandong independent refineries was 2.631 million tons, a 18.04% increase from the previous week [11]. - Russia plans to increase its oil exports from western ports by 27% in December compared to November [11]. - G7 and the EU are considering replacing the oil price cap mechanism with a ban on Russian oil export shipping services [11].

Report Industry Investment Rating - The report suggests a "temporary wait-and-see" approach for crude oil, keeping an eye on the geopolitical impact on oil transportation [1] Core Viewpoints - NYMEX WTI futures 01 contract rose $0.41 per barrel, a 0.69% increase, closing at $60.08 per barrel; ICE Brent futures 02 contract rose $0.49 per barrel, a 0.77% increase, closing at $63.75 per barrel; SC2601 crude oil futures closed up 3.70 yuan per barrel, an 0.82% increase, at 457.10 yuan per barrel [1] - The trend strength of crude oil is 0, indicating a neutral stance [10] Summary by Directory 1. Mexican Gulf Crude Oil Arbitrage - Saudi Extra Light, Light, Angolan, Nigerian, and North Sea crude oils have their arbitrage windows closed, reflecting weak competitiveness against WTI MEH or no cost advantage. For example, the arbitrage window for Saudi Extra Light is closed with an arbitrage space of -$5.46 per barrel [2] - Colombian, Ecuadorian Napo, and Castilla crude oils present arbitrage opportunities. Colombian Vasconia crude oil has an open arbitrage window with an arbitrage space of $0.79 per barrel [2] 2. Atlantic Crude Oil Arbitrage - Forties and Cabinda crude oils have their arbitrage windows closed, with Forties close to the break - even point and intense competition [4] - Arab Extra Light, Saharan Blend, and Urals crude oils show arbitrage opportunities. Urals crude oil has a significant arbitrage space of $21.12 per barrel, mainly due to sanctions - induced deep discounts [4] 3. Northwest Europe Crude Oil Arbitrage - WTI MEH, Eagle Ford, Azeri Light, Saharan Blend, and Bonny Light crude oils all have open arbitrage windows, indicating varying degrees of competitiveness in the Northwest European market. For example, Saharan Blend has an arbitrage space of $1.94 per barrel [6] 4. Mediterranean Crude Oil Arbitrage - Saharan Blend, Azeri Light, Bonny Light, and Ekofisk crude oils have their arbitrage windows closed, showing weak competitiveness against Urals crude oil. Ekofisk has an arbitrage space of -$21.48 per barrel [7] 5. Asian Crude Oil Arbitrage - Indonesian Duri, Ecuadorian Napo, and Mars crude oils present arbitrage opportunities. Ecuadorian Napo crude oil has a significant arbitrage space of $4.72 per barrel [8] - Iraqi Basrah Heavy and Mexican Maya crude oils have their arbitrage windows closed, indicating insufficient competitiveness [8] 6. Key Market News - Israeli Prime Minister Netanyahu stated that they are approaching the second stage of the Trump Gaza plan [11] - Iranian Foreign Minister Abbas Araqchi plans to visit Russia and Belarus soon [11] - China's Liaoning aircraft - carrier formation conducted far - sea training, and Japan's malicious monitoring and interference were strongly opposed [11] - G7 and the EU are negotiating to replace the price cap on Russian oil exports with a full ban on shipping services [11]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report indicates that the short - term trend of crude oil is volatile, and it is recommended to continue holding short positions. The current trend strength of crude oil is - 1, suggesting a bearish outlook [1][10]. 3. Summary by Relevant Catalogs 3.1 International Crude Oil Prices - NYMEX WTI 01 futures contract rose $0.31/barrel, a 0.53% increase, closing at $58.95/barrel. - ICE Brent 02 futures contract rose $0.22/barrel, a 0.35% increase, closing at $62.67/barrel. - SC2601 crude oil futures rose 1.60 yuan/barrel, a 0.36% increase, closing at 450.90 yuan/barrel [1]. 3.2 Mexican Gulf Crude Oil Arbitrage - The arbitrage windows of various crude oils such as Arab Extra Light, Arab Light, Nemba, etc., are mostly closed, with different negative arbitrage spaces. For example, Arab Extra Light has an arbitrage space of -$5.68/barrel [2]. 3.3 Atlantic Crude Oil Arbitrage - Forties crude oil shows a slight negative arbitrage, with a trade volume of 36 MB/D in October. - Arab Extra Light's arbitrage window is slightly open but has no actual trade volume. - Saharan Blend has a significant arbitrage space, with a trade volume of 9 MB/D in October [5]. 3.4 Northwest European Crude Oil Arbitrage - The arbitrage windows of WTI MEH, Eagle Ford, Azeri Light, etc., are open, with different positive arbitrage spaces. For example, Eagle Ford has an arbitrage space of $1.27/barrel [6]. 3.5 Mediterranean Crude Oil Arbitrage - The arbitrage windows of Saharan Blend, Azeri Light, Bonny Light, etc., are deeply closed. For example, Saharan Blend has an arbitrage space of -$16.12/barrel [7]. 3.6 Asian Crude Oil Arbitrage - Duri and Napo crude oils have open arbitrage windows but no recent trade volume. Basrah Heavy and Maya crude oils' arbitrage windows are closed [8]. 3.7 Key Market News - Venezuelan President Maduro said he had a phone call with US President Trump about 10 days ago. - Venezuela's oil exports in November rose slightly to about 921,000 barrels per day, the third - highest monthly average this year. - US EIA crude inventory and gasoline inventory data for the week ending November 28 deviated from expectations. - PBOC Governor Pan Gongsheng mentioned in an article about monetary policy adjustments [9][10][11].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - The short positions in crude oil should be held, and attention should be paid to geopolitical disturbances. The trend strength of crude oil is -1, indicating a bearish outlook [1][9]. 3. Summary by Related Catalogs International Crude Oil - NYMEX WTI futures 01 contract rose by $0.77 per barrel, a month - on - month increase of 1.32%, to $59.32 per barrel. ICE Brent futures 02 contract rose by $0.79 per barrel, a month - on - month increase of 1.27%, to $63.17 per barrel. SC2601 crude oil futures closed up by 5 yuan per barrel, a gain of 1.11%, to 455.90 yuan per barrel [1]. Mexican Gulf Crude Oil Arbitrage - All light crude oil arbitrage windows flowing into USGC are deeply closed. US domestic crude oil has an overwhelming cost advantage over imported Middle - Eastern light crude oil, strongly suppressing the import demand for such crude oil. For coking refineries, there are selective opportunities. The arbitrage window for Colombian heavy crude Vasconia is slightly open (-$1.94), and the Mexican Maya crude oil arbitrage window is close to balance (-$1.16) [2]. Atlantic Crude Oil Arbitrage - Arbitrage opportunities in this region are differentiated. North Sea Forties, Algerian Saharan Blend, and Russian Urals have economic viability. Notably, the high arbitrage value of Urals crude oil (+$15.60) reflects the large price discount due to geopolitical factors, driving a large amount of Russian crude oil to flow into this region [4]. Northwest European Crude Oil Arbitrage - The trans - Atlantic light crude oil arbitrage window is slightly open. The arbitrage windows of WTI MEH (+$0.56), Eagle Ford (+$1.03), Azeri Light (+$0.04), Saharan Blend (+$1.37), and Bonny Light (+$0.15) are all open, but the economic viability is generally weak [5]. Mediterranean Crude Oil Arbitrage - All arbitrage windows flowing into the Mediterranean are deeply closed. Urals crude oil has an absolute cost advantage in the Mediterranean region, consolidating its position as the main supply source [6]. Asian Crude Oil Arbitrage - For cracking refineries, all alternative crude oil arbitrage windows for ESPO are closed, and the negative values are large, indicating that ESPO has a strong market share and cost advantage in the Northeast Asian market. For coking refineries, there are significant opportunities. The arbitrage window for South American heavy crude Napo is open (+$5.68), and the arbitrage of Indonesian Duri and US Mars crude oil is also open [7]. Key Market News - On December 1st, shipping company Besiktas Shipping confirmed that an oil tanker carrying diesel was attacked by four external explosions near Dakar, Senegal. It was the third Russian - related vessel attacked in the past few days [8].

Report Summary 1. Investment Rating The report does not explicitly mention the industry investment rating. 2. Core View The report suggests that investors should continue to hold short positions in crude oil. The current trend strength of crude oil is -1, indicating a bearish outlook [3][10]. 3. Summary by Section 3.1 Crude Oil Price Quotes - NYMEX crude oil rose by $0.21 per barrel, a 0.33% increase, to $63.34 per barrel. - ICE Brent crude oil futures contract 01 fell by $0.14 per barrel, a -0.22% decrease, to $63.20 per barrel. - SC2601 crude oil futures closed up by 5.00 yuan per barrel, a 1.11% increase, to 455.90 yuan per barrel [3]. 3.2 Crude Oil Arbitrage Analysis - **Mexico Gulf Crude Oil Arbitrage**: All light crude oil arbitrage windows flowing into USGC are deeply closed, indicating that US domestic crude oil has a cost - advantage over imported Middle - Eastern light crude oil. For coking refineries, there are selective opportunities for some heavy crude oils [4]. - **Atlantic Crude Oil Arbitrage**: Arbitrage opportunities in this region are differentiated. North Sea Forties, Algerian Saharan Blend, and Russian Urals have economic viability, especially Urals due to geopolitical price discounts [5]. - **North - Western Europe Crude Oil Arbitrage**: Trans - Atlantic light crude oil arbitrage windows are slightly open, but the economic viability is generally weak, indicating that multiple light crude oils in the European market have a slight cost - advantage over local Forties crude oil [6]. - **Mediterranean Crude Oil Arbitrage**: All arbitrage windows flowing into the Mediterranean are deeply closed. Urals maintains an absolute cost - advantage in this region [7]. - **Asian Crude Oil Arbitrage**: For cracking refineries, ESPO crude oil is highly competitive. For coking refineries, there are significant opportunities, with South American heavy crude oil Napo having very prominent economic viability [8]. 3.3 Key Market News - OPEC + agreed to maintain the 2026 oil production quota and establish a mechanism to evaluate member countries' maximum oil production capacity. Eight OPEC + countries will suspend production increases from January to March 2026 due to seasonal reasons [11]. - Iran is seeking to restore its military potential and re - arm regional forces to confront Israel [11]. - China's official manufacturing PMI in November was 49.2, with a previous value of 49 and an expected value of 49.3 [11]. - The US White House National Economic Council Director Hasset said he would be "very happy to serve" if nominated as the Fed Chairman [11]. - US fighter jets circled near the Venezuelan coast, and the Venezuelan Defense Minister said "war is coming" [11].