Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report indicates that due to geopolitical easing, crude oil may enter a weak phase. The trend strength of crude oil is -1, suggesting a bearish outlook [1][9] Summary by Relevant Catalogs International Crude Oil - NYMEX WTI March crude oil futures closed down $0.21/barrel, a month - on - month decrease of -0.32%, at $65.21/barrel; ICE Brent crude futures contract 03 closed down $0.02/barrel, a month - on - month decrease of -0.03%, at $70.69/barrel; SC2603 crude oil futures closed down $12.90, a decline of 2.67%, at $470.00/barrel [1] European Market Crude Oil Arbitrage - Arab Extra, Arab Light, Nemba, Agbami, and Forties in different regions all have a closed arbitrage state, with reasons including price disadvantages, refining value disadvantages, and high freight costs [2] Atlantic Crude Oil Arbitrage - Forties in the North Sea has a closed arbitrage state due to a significant refining value disadvantage despite a tariff advantage [3] Southeast Asian Crude Oil Arbitrage - WTI in the US has a closed arbitrage state due to freight costs; Eagle Ford in the US has an open arbitrage state, relying on its refining value advantage [5] Mediterranean Crude Oil Arbitrage - Saharan Blend, Azeri Light, and Bonny Light all have a closed arbitrage state, mainly due to the price advantage of Urals [6] Chinese Crude Oil Arbitrage - Murban, Bonny Light, Forties, and Eagle Ford in different regions all have a closed arbitrage state, with price disadvantages and high freight costs being the main reasons [7] Key Market News - US and Iranian senior officials are expected to meet in Istanbul on Friday to ease tensions. Iran is willing to close or suspend its nuclear plan. The US will cancel the 25% additional tariff on Indian imports due to India's reduced purchase of Russian oil [10]

Report Summary 1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View The report indicates that short - term resonance callbacks in the crude oil market are caused by liquidity risks, suggesting a wait - and - see approach [1]. 3. Summary by Section International Crude Oil - NYMEX WTI March crude oil futures closed down $0.21 per barrel, a month - on - month decrease of 0.32%, at $65.21 per barrel; ICE Brent crude futures contract 03 closed down $0.02 per barrel, a month - on - month decrease of 0.03%, at $70.69 per barrel; SC2603 crude oil futures closed down $12.90, a decline of 2.67%, at $470.00 per barrel [1] European Market Crude Oil Arbitrage - For Arab Extra Light, the slight refining value advantage is outweighed by the obvious price disadvantage and fixed freight costs, with an arbitrage incentive of - $4.15 per barrel [2]. - Arab Light has a significant disadvantage in refining value (heavy oil), which is the main reason for the closed arbitrage, with an arbitrage incentive of - $5.63 per barrel [2]. - Nemb a has refining value and price advantages, but extremely high freight (from West Africa to USGC) leads to closed arbitrage, with an arbitrage incentive of - $4.76 per barrel [2]. - Agbami has a serious negative arbitrage due to freight and price differences, with an arbitrage incentive of - $6.51 per barrel [2]. - Forties has a huge price disadvantage, indicating it is over - priced relative to WTI MEH, with an arbitrage incentive of - $10.47 per barrel [2]. Atlantic Crude Oil Arbitrage - In the North Sea, Forties to USAC has a slight negative arbitrage. Although there is a price advantage (+$2.08), the refining value disadvantage (-$2.24) is greater, with an arbitrage incentive of - $2.57 per barrel [4]. - From the Middle East, Arab Ex Light to USAC has an open arbitrage, mainly due to the price advantage (-$1.49) barely offsetting the refining value disadvantage (-$3.57) and freight, with an arbitrage incentive of $0.3 per barrel [4]. - From Algeria, Saharan Blend to USAC has a strong arbitrage driven by significant price advantage (+$0.04) and refining value advantage (+$0.28), with an arbitrage incentive of $4.81 per barrel [4]. - From Angola, Cabinda to USAC has a closed arbitrage, with the huge refining value disadvantage (-$5.21) being the core factor, with an arbitrage incentive of - $4.23 per barrel [4]. - From the US, WTI MEH to NWE is almost at the break - even point, but the slight refining value advantage (+$1.06) is not enough to fully offset other costs, with an arbitrage incentive of - $0.07 per barrel [4]. - From the US, Eagle Ford to NWE has an open arbitrage, similar to WTI MEH, relying on the refining value advantage, with an arbitrage incentive of $0.38 per barrel [4]. Southeast Asian Crude Oil Arbitrage - Murban against Tapis has an open arbitrage window. Murban has a price discount to Tapis and reasonable freight, with an arbitrage incentive of $2.48 per barrel [5]. - Dubai against Tapis has an open arbitrage. Although the refining value is lower, the overall arbitrage is positive due to the more attractive price, with an arbitrage incentive of $1.73 per barrel [5]. - Bonny Light against Tapis has a slightly positive arbitrage incentive, indicating a weak economic feasibility for West African light crude to flow into Asia, with an arbitrage incentive of $0.81 per barrel [5]. - WTI MEH against Tapis has a slightly open arbitrage window. Long - distance freight is the main constraint, and the economic feasibility is very limited, with an arbitrage incentive of $0.34 per barrel [5]. - Eagle Ford against Tapis has a better arbitrage opportunity than WTI MEH because of its higher refining value, with an arbitrage incentive of $1.19 per barrel [5]. Mediterranean Crude Oil Arbitrage - From Algeria, Saharan Blend has a closed arbitrage. The huge price disadvantage (+$22.44) is the absolute dominant factor, indicating that Urals has a huge discount relative to Saharan Blend, with an arbitrage incentive of - $22.57 per barrel [6]. - From Azerbaijan, Azeri Light has a closed arbitrage. Similar to Saharan Blend, affected by the deep discount of Urals, the price difference (+$24.54) leads to a severely closed arbitrage, with an arbitrage incentive of - $20.61 per barrel [7]. - From Nigeria, Bonny Light has a closed arbitrage. The price difference (+$22.40) is the main reason, indicating that Bonny Light cannot compete with the discounted Urals here, with an arbitrage incentive of - $23 per barrel [7]. - North Sea's Ekofisk has a closed arbitrage. The discount of Urals makes it uncompetitive, with an arbitrage incentive of - $27.37 per barrel [7]. - From the US, Eagle Ford has a closed arbitrage. US crude cannot overcome the price advantage of Urals, with an arbitrage incentive of - $26.47 per barrel [7]. Chinese Crude Oil Arbitrage - From the UAE, Murban has a closed arbitrage. The huge price disadvantage (-$13.16) is the main obstacle, indicating that ESPO has strong price competitiveness, with an arbitrage incentive of - $11.93 per barrel [8]. - From Nigeria, Bonny Light has a closed arbitrage. Although there is a refining value advantage (+$3.38), the huge price disadvantage (-$14.19) and freight lead to the closure, with an arbitrage incentive of - $13.13 per barrel [8]. - North Sea's Forties has the worst economic feasibility, facing both a refining value disadvantage and extremely high freight, with an arbitrage incentive of - $20.54 per barrel [8]. - From the US, Eagle Ford has a closed arbitrage. The price disadvantage (-$9.89) and high freight are the main reasons, with an arbitrage incentive of - $10.73 per barrel [8]. Key Market News - Iranian officials deny plans to hold military exercises in the Strait of Hormuz [9]. - The US signals willingness to negotiate with Iran, and there may be a meeting in Turkey this week [9]. - Eight OPEC+ member countries will maintain the original plan to suspend the increase in oil production in March [9]. - The US House Speaker is confident that the partial government shutdown will end before Tuesday [9]. - A new round of tri - party talks between Ukraine, the US, and Russia will be held on February 4th and 5th [10]. Trend Intensity The trend intensity of crude oil is 0, with the value ranging from - 2 to 2, indicating a neutral trend [11].

Report Summary 1. Investment Rating - The report suggests holding long positions in crude oil, indicating a positive outlook. Brent crude oil is expected to challenge the $70 mark [1]. 2. Core Viewpoint - The report provides a comprehensive analysis of the crude oil market, including price movements, arbitrage opportunities in different regions, and key market news. It indicates that the crude oil market is influenced by various factors such as geopolitical events and supply - demand dynamics [1][2][7]. 3. Summary by Directory 3.1 International Crude Oil Prices - NYMEX WTI March crude oil futures rose $1.76, or 2.90%, to $62.39 per barrel; ICE Brent crude oil futures contract 03 rose $1.98, or 3.02%, to $67.57 per barrel; SC2603 crude oil futures rose $6.90, or 1.54%, to $456.00 per barrel [1]. 3.2 Crude Oil Arbitrage Opportunities - **Mexico Gulf**: Arab Extra Light, Arab Light, Nemba, Arab Heavy, and Vasconia all had negative spreads on January 26, indicating closed arbitrage windows. The negative spreads suggest import uneconomical or lack of competitiveness [2]. - **Atlantic**: Forties had a negative spread of -$4.28 on January 26, meaning it's uneconomical to transport North Sea Forties crude oil to USAC [2]. - **Northwest Europe**: WTI MEH, Eagle Ford, Azeri Light, and Bonny Light all had positive spreads on January 26, with their arbitrage windows open. Azeri Light had a significant arbitrage space and strong competitiveness [3]. - **Mediterranean**: Saharan Blend and Azeri Light had large negative spreads on January 26, unable to compete with Urals crude oil, so their arbitrage windows were closed [4]. - **Asia**: In Singapore vs Tapis, Murban, Dubai, Bonny Light, and WTI MEH all had positive spreads, with their arbitrage windows open. However, the arbitrage window for US crude oil to Asia was extremely narrow. In Northeast Asia vs ESPO, Murban, Bonny Light, Forties, and Eagle Ford had negative spreads, indicating closed arbitrage windows due to the advantage of ESPO crude oil [5]. 3.3 Key Market News - Trump mentioned that a fleet was heading towards Iran and was not worried about the dollar's depreciation. - US Secretary of State Rubio said the Trump administration was ready to use force to ensure Venezuela's cooperation. - On January 27, an infrastructure in Brody, Lviv Oblast, Ukraine, was attacked. There were reports that the facility was connected to the "Friendship" oil pipeline, but Hungary said the pipeline itself was not attacked [7][8]. 3.4 Trend Intensity - The trend intensity of crude oil is 1, indicating a moderately positive trend within the [-2, 2] range [8].

Report Summary 1. Report Industry Investment Rating - The trend strength of crude oil is 1, indicating a moderately bullish outlook. The range of trend strength is from -2 (most bearish) to 2 (most bullish) [7]. 2. Core View of the Report - Crude oil prices are driven higher by geopolitical factors, and Brent may challenge $70 per barrel [1]. 3. Summary by Relevant Catalogs International Crude Oil Prices - NYMEX WTI March crude oil futures rose $1.71 per barrel, a 2.88% increase, to $61.07 per barrel. ICE Brent crude futures contract 03 rose $1.82 per barrel, a 2.84% increase, to $65.88 per barrel. SC2603 crude oil futures rose $10.40, a 2.37% increase, to $449.80 per barrel [1]. Crude Oil Arbitrage - **Mexico Gulf**: The negative spreads of Vasconia, Castilla, and Napo widened, while the negative spread of Arab Heavy narrowed slightly, and the spread of Maya remained stable [2]. - **Atlantic**: The spread of WTI narrowed significantly, possibly due to rising freight costs. The spreads of Eagle and Azeri widened, indicating strong import demand and geographical advantages respectively [2]. - **Northwest Europe**: Similar to the Atlantic, the spread of WTI MEH narrowed, while those of Eagle Ford and Azeri widened [4]. - **Mediterranean**: The negative spreads of Saharan Blend, Azeri Light, and Bonny Light all improved, with the latter two showing significant improvement [4]. - **Asia**: The spreads of Duri and Maya remained stable, while the negative spread of Basrah Heavy increased slightly. The spread of Napo narrowed but the arbitrage window remained open, and the spread of Mars remained negative [5]. Key Market News - The Caspian Pipeline Consortium restored the transportation capacity of a major oil - export route from Kazakhstan. Kazakhstan's oil production was affected in December, with daily output dropping to just over 1.5 million barrels [6]. - Iraq's oil exports in December totaled 1.07651 billion barrels [6]. - Saudi Arabia's export value increased by 10.0% in November, with oil export value rising by 5.4% [6]. - Iran's missile capabilities and defense efficiency have improved compared to the "12 - day war" in 2025. An Iranian official warned the US and Israel against taking aggressive actions [6]. - Mexico is evaluating whether to stop oil shipments to Cuba due to concerns about US retaliation. The Trump administration is considering a full - scale blockade of Cuba's oil imports [6]. - There are signs that Israel is still seeking to attack Iran [6].

Report Summary 1. Industry Investment Rating No information provided. 2. Core View The report suggests patience and caution in the crude oil market, warning of potential geopolitical risks. It also presents the latest prices of international crude oil futures and analyzes the arbitrage situations and market supply - demand in different regions [1]. 3. Summary by Directory International Crude Oil Prices - NYMEX WTI futures were closed for the US Martin Luther King Memorial Day. ICE Brent crude futures 03 contract dropped $0.19/barrel, a - 0.30% decline, to $63.94/barrel. SC2603 crude oil futures fell $2.30, a 0.52% decrease, to $440.30/barrel [1]. Crude Oil Arbitrage - **Mexico Gulf**: The arbitrage windows for various crude oils against WTI MEH or Mars are mostly closed due to factors like sufficient domestic supply, weak demand, and high freight costs [2]. - **Atlantic**: Some crude oils have limited arbitrage space, while others like Saudi and Russian crude oils have open arbitrage opportunities, reflecting different supply - demand situations [4]. - **North - Western Europe**: The arbitrage windows for some US and African crude oils against Forties are open, indicating strong demand for light crude in the region [6]. - **Mediterranean**: Most crude oils cannot compete with Russian Urals crude, with closed arbitrage windows due to supply surpluses and high freight costs [7]. - **Asia**: Most crude oils face challenges in the Asian market against ESPO or Dubai, except for Ecuadorian heavy crude which has an open arbitrage window [8]. Key Market News - An Indian company is considering buying Venezuelan oil and stopping Russian oil imports to comply with Western sanctions. - Israel's prime minister warns of a strong response if Iran attacks. - Iran says the Internet will return to normal this week. - December oil exports via the CPC decreased from 509 million tons in November to 398 million tons. - China's December 2025 crude oil production was 17.8 million tons, a 0.6% year - on - year decrease and a 1% month - on - month increase; the annual output was 216.05 million tons, a 1.5% year - on - year increase [11]. Trend Intensity The crude oil trend intensity is 0, indicating a neutral stance [10].

1. Report's Investment Rating for the Industry - Not provided in the report 2. Core Viewpoints of the Report - The short - term trend of crude oil is weak, and investors should beware of the recurrence of geopolitical risks [1] - The trend strength of crude oil is - 1, indicating a relatively weak outlook [11] 3. Summary by Relevant Catalogs International Crude Oil - NYMEX WTI futures 02 contract rose $0.25 per barrel, a month - on - month increase of + 0.42%, at $59.44 per barrel; ICE Brent futures 03 contract rose $0.37 per barrel, a month - on - month increase of + 0.58%, at $64.13 per barrel; SC2603 crude oil futures closed up $6.50, a gain of 1.48%, at 446.0 yuan per barrel [1] Mexican Gulf Crude Oil Arbitrage - The import arbitrage windows for various crude oil varieties such as Arab Extra Light, Arab Light, etc. are closed due to factors like sufficient domestic supply, weak demand, and high freight costs [2] Atlantic Crude Oil Arbitrage - The cross - Atlantic arbitrage space for Forties is limited, while Saudi's Arab Extra Light and Algeria's Saharan Blend have arbitrage opportunities in the US East [5] Northwest European Crude Oil Arbitrage - The inflow of US light crude oil is economical, and the demand for US shale oil is strong. The arbitrage windows of some crude oil varieties are open, while the demand for high - sulfur crude oil is weak [6] Mediterranean Crude Oil Arbitrage - Crude oil varieties such as Saharan Blend, Azeri Light, etc. have no competitiveness in the Mediterranean market, with closed arbitrage windows due to supply surplus and high freight costs [7] Asian Crude Oil Arbitrage - Most Middle Eastern, African, and North American crude oil varieties face challenges in the Asian market, with closed arbitrage windows. However, Ecuador's Napo has an open arbitrage window [8] Key Market News - European eight - nation joint statement: Trump's threat to impose tariffs may damage trans - Atlantic relations [10] - US Treasury Secretary: Trump is committed to ensuring the independence of the Federal Reserve and has four good candidates [10] - US Treasury Secretary: Greenland is crucial for US national security [10] - German military personnel secretly left Greenland, and Berlin has not provided an explanation [10] - French President Macron may request the EU to activate anti - coercion tools in response to US tariff threats [10]

Report Industry Investment Rating - No specific investment rating for the industry is provided in the report Core View - The report suggests short - term observation of crude oil and warns of the recurrence of geopolitical risks [1] Summary by Relevant Catalog International Crude Oil - NYMEX WTI futures 02 contract dropped $2.83, a decline of 4.56%, closing at $59.19 per barrel; ICE Brent crude futures 03 contract fell $2.76, a decrease of 4.15%, at $63.76 per barrel; SC2603 crude oil futures closed down $10.60, a 2.34% drop, at 441.80 yuan per barrel [1] Crude Oil Arbitrage Mexican Gulf Crude Oil Arbitrage - Arab Extra Light, Arab Light, Nemba, Agbami, and Forties all have a closed arbitrage state, with respective arbitrage values of -$3.78, -$4.82, -$5.95, -$6.65, and -$10.4 per barrel due to factors like high freight, low cracking profit, weak demand, and lack of competitiveness [2] Atlantic Crude Oil Arbitrage - Forties has a closed arbitrage state with an arbitrage value of -$1.95 per barrel due to limited trans - Atlantic arbitrage space; Arab Extra Light, Saharan Blend, and Urals have an open arbitrage state, with values of $2.22, $0.6, and $26.19 per barrel respectively, due to arbitrage opportunities, improved cost - effectiveness, and strong demand [2] Northwest Europe Crude Oil Arbitrage - WTIMEH, Eagle Ford, and Bonny Light have an open arbitrage state, with values of $2.1, $2.5, and $2.45 per barrel respectively, due to good cracking profit and strong demand; Azeri Light has a closed arbitrage state with a value of -$0.36 per barrel because of environmental policy suppression [4] Mediterranean Crude Oil Arbitrage - Saharan Blend, Bonny Light, and Ekofisk all have a closed arbitrage state, with values of -$24.36, -$23.81, and -$27.19 per barrel respectively, due to low demand and structural over - supply [4] Asian Crude Oil Arbitrage - Murban, Bonny Light, Forties, and Eagle Ford all have a closed arbitrage state, with values of -$12.57, -$14.01, -$21.32, and -$11.71 per barrel respectively, due to fierce competition, weak demand, and narrowed arbitrage space [5] Key Market News - Iraq opposes the use of its territory as a springboard for attacks on Iran [5] - The US Treasury Department announced new sanctions against Iran [6] - At least one US aircraft carrier is being deployed to the Middle East [7] - Netanyahu asked Trump to postpone the strike on Iran [9] - Trump is closely monitoring the situation in Iran and keeps all options open [9] - Trump informed Iran that he has no intention to attack and asked for restraint [9] - Venezuela's oil production reached 1.2 million barrels per day in December [9] - Trump is delaying the decision on striking Iran and is consulting internally and with allies [9] - Venezuela's oil industry has been operating through phone and hand - written reports after a cyber - attack on PDVSA [9] Trend Intensity - The trend intensity of crude oil is 0, indicating a neutral state [8]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Attention should be paid to upward risks such as the Iran issue, and Brent may challenge $68 - 70 per barrel [1] - The trend strength of crude oil is 1, indicating a relatively neutral trend [6] 3. Summary by Relevant Catalogs International Crude Oil - NYMEX WTI futures contract 02 rose $1.65 per barrel, a month - on - month increase of 2.77%, to $61.15 per barrel; ICE Brent futures contract 03 rose $1.60 per barrel, a month - on - month increase of 2.51%, to $65.47 per barrel; SC2602 crude oil futures closed up 12.70 yuan per barrel, a 2.90% increase, at 450.40 yuan per barrel [1] Crude Oil Arbitrage Mexican Gulf Crude Oil Arbitrage - Arab Extra Light, Arab Light, Nemba, Agbami, and Forties all had closed arbitrage windows, with reasons including unprofitable imports, insufficient cracking profits, high freight, supply surplus, and lack of competitiveness [2] Atlantic Crude Oil Arbitrage - Forties had a closed arbitrage window with limited cross - Atlantic arbitrage space; Arab Extra Light had an open arbitrage window, indicating that Saudi light crude oil had an arbitrage opportunity in the US East [2] Northwest European Crude Oil Arbitrage - WTIMEH, Eagle Ford, and Bonny Light had open arbitrage windows due to可观 cracking profits, strong demand, and improved cost - effectiveness; Azeri Light had a closed window due to environmental policies [4] Mediterranean Crude Oil Arbitrage - Saharan Blend, Azeri Light, Bonny Light, and Ekofisk all had closed arbitrage windows because of low demand, high freight, and structural surplus [4] Asian Crude Oil Arbitrage - Murban, Bonny Light, Forties, and Eagle Ford all had closed arbitrage windows due to intense competition, weak demand, and narrowed arbitrage space [5] Key Market News - From January 9th, the US API crude oil inventory was 527.8 million barrels, the gasoline inventory was 823.3 million barrels, and the Cushing crude oil inventory was 94.5 million barrels, with different expectations and previous values [5] - The US government applied to the court for seizure orders to seize dozens of oil tankers related to Venezuelan oil trade, and the US military and coast guard had seized five ships in recent weeks [5][6] - The US Energy Secretary said that if the Iranian regime collapses, the US is willing to cooperate with Iran in the oil field [7] - Gulf Arab countries such as Saudi Arabia, Oman, and Qatar are lobbying the Trump administration not to launch a military strike against Iran, fearing disruptions to the oil market and impacts on domestic stability [7]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The report suggests paying attention to the upside risks such as the Iran issue, and Brent crude oil may challenge the range of $65 - $68 per barrel [1] - The trend strength of crude oil is 1, indicating a relatively neutral outlook [6] 3. Summary of Relevant Catalogs 3.1 International Crude Oil Prices - NYMEX WTI futures contract 02 rose $1.36, or 2.35%, to $59.12 per barrel - ICE Brent crude futures contract 03 rose $1.35, or 2.18%, to $63.34 per barrel - SC2602 crude oil futures closed up 11.90 yuan per barrel, or 2.79%, at 437.70 yuan per barrel [1] 3.2 Crude Oil Arbitrage - **Mexico Gulf Crude Oil Arbitrage**: All listed crude oil varieties (Arab Extra Light, Arab Light, Nemba, Agbami, Forties) have a closed arbitrage state, with reasons including unprofitable imports, low cracking profits, high freight, weak demand, and lack of competitiveness [2] - **Atlantic Crude Oil Arbitrage**: Forties has a closed arbitrage state with limited trans - Atlantic arbitrage space, while Arab Extra Light has an open arbitrage state with an arbitrage opportunity in the US East [2] - **North - West Europe Crude Oil Arbitrage**: WTIMEH, Eagle Ford, and Bonny Light have an open arbitrage state due to good cracking profits, strong demand, and improved cost - effectiveness respectively. Azeri Light has a closed state because of environmental policies [3] - **Mediterranean Crude Oil Arbitrage**: All listed crude oil varieties (Saharan Blend, Azeri Light, Bonny Light, Ekofisk) have a closed arbitrage state due to low demand, high freight, and structural oversupply [3] - **Asia Crude Oil Arbitrage**: All listed crude oil varieties (Murban, Bonny Light, Forties, Eagle Ford) have a closed arbitrage state due to intense competition, weak demand, and narrowed arbitrage space [4] 3.3 Key Market News - Iranian President Pezeshkian stated that the government recognizes peaceful protests and is willing to meet with protest groups - Israeli Prime Minister Netanyahu discussed the Iran situation with US Secretary of State Rubio - US President Trump said that the flow of oil and funds from Venezuela to Cuba will end - Chinese Foreign Minister Wang Yi opposed the "Somaliland" colluding with Taiwan authorities for independence - Cuban Foreign Minister stated that Cuba will not yield to US extortion or military coercion [4][5]

1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core View - The report suggests short - term observation on crude oil and focuses on upside risks such as the Iranian issue. The trend strength of crude oil is 0, indicating a neutral stance [1][7]. 3. Summary by Relevant Catalogs 3.1 Mexican Gulf Crude Oil Arbitrage - Arab Extra Light, Arab Light, Nemba, Agbami, and Forties all have closed arbitrage windows, with respective arbitrage values of -$3.41, -$4.12, -$4.16, -$5.81, and -$8.53 per barrel. Reasons include unprofitable imports, insufficient cracking profit, high freight offsetting premium, weak African oil demand, and lack of competitiveness in the US Gulf [1]. 3.2 Atlantic Crude Oil Arbitrage - Forties has a closed arbitrage window with an arbitrage value of -$0.63 per barrel due to limited trans - Atlantic arbitrage space. Arab Extra Light has an open arbitrage window with an arbitrage value of $1.81 per barrel, indicating an arbitrage opportunity for Saudi light crude in the US East [2]. 3.3 Northwest European Crude Oil Arbitrage - WTIME H, Eagle Ford, and Bonny Light have open arbitrage windows with arbitrage values of $1.53, $1.82, and $1.57 per barrel respectively, due to可观 cracking profit, strong demand for US light shale oil, and improved cost - effectiveness of Nigerian crude. Azeri Light has a closed arbitrage window with an arbitrage value of -$0.27 per barrel due to environmental policy constraints on high - sulfur crude [4]. 3.4 Mediterranean Crude Oil Arbitrage - Saharan Blend, Azeri Light, Bonny Light, and Ekofisk have closed arbitrage windows with arbitrage values of -$23.07, -$23.88, -$23.79, and -$26.21 per barrel respectively, due to low Mediterranean demand, high freight, lack of economic viability of Nigerian crude, and structural surplus pressure on North Sea crude [4]. 3.5 Asian Crude Oil Arbitrage - Murban, Bonny Light, Forties, and Eagle Ford have closed arbitrage windows with arbitrage values of -$10.43, -$11.67, -$16.45, and -$8.88 per barrel respectively, due to fierce competition in East Asia, weak demand for Nigerian crude, squeezed market share of North Sea crude, and narrowed arbitrage space for US shale oil [5]. 3.6 Key Market News - The US Energy Secretary said Venezuela's oil production may increase by 50% in 18 months [5]. - The US Senate passed a war - power resolution by 52 to 47 votes, limiting Trump's ability to take military action against Venezuela [6]. - The US December New York Fed 1 - year inflation expectation was 3.4%, up from the previous value of 3.20% [8]. - India's Reliance Industries will consider buying Venezuelan oil if allowed to sell to non - US buyers [8]. - Venezuela is actively cooperating with the Trump administration on a plan to export oil to the US, with the goal of exporting 30 - 50 million barrels of sanctioned oil [8].