Report Summary of Crude Oil 1. Investment Rating No investment rating information is provided in the report. 2. Core View The domestic crude oil futures contract 2507 is expected to maintain a relatively strong trend on Wednesday, with a short - term and medium - term outlook of oscillation and an intraday view of upward movement [1][5]. 3. Summary by Relevant Information - **Price and Movement** - On Tuesday night, the domestic crude oil futures 2507 contract slightly rose 0.69% to 467.8 yuan/barrel [5]. - News that Israel is preparing to attack Iranian nuclear facilities caused international oil prices to jump 3% on Wednesday morning [5]. - **Driving Factors** - Positive factors: The "gray rhino" effect of the approaching US debt crisis in June may trigger a new round of negative macro - impacts. OPEC+ oil - producing countries are accelerating the pace of production increase, and the expected demand for crude oil is weak. However, geopolitical risks in the Middle East have increased again due to the decreasing expectation of the US - Iran nuclear negotiation and the news of Israel's potential attack on Iranian nuclear facilities [5]. - Negative factors: Although Sino - US economic and trade relations have made substantial progress and the macro - factors have turned optimistic [5].

Report Summary 1) Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2) Core View of the Report - The report believes that the crude oil 2507 contract will run weakly, with short - term, medium - term being in a state of shock, and intraday being shock - weak [1][5]. 3) Summary by Relevant Directory Time - cycle Viewpoints - Short - term (within a week): The crude oil 2507 contract is expected to be in a state of shock [1]. - Medium - term (two weeks to a month): The crude oil 2507 contract is expected to be in a state of shock [1]. - Intraday: The crude oil 2507 contract is expected to be shock - weak and run weakly [1][5]. Core Logic - Although Sino - US economic and trade relations have made substantial progress and macro factors have turned optimistic, the US debt crisis in June is approaching, which may trigger a new round of negative macro - impacts. OPEC+ oil - producing countries are accelerating the pace of production increase, and the crude oil demand forecast is weak. With the expectation of a soon - to - be - reached Iran - US nuclear negotiation and the increasing expectation of a cease - fire between Russia and Ukraine, as well as the cease - fire between the Yemeni Houthi and the US, the geopolitical risks in the Middle East have weakened, and the crude oil premium has declined. With the dominance of bearish factors, the domestic crude oil futures 2507 contract is expected to maintain a shock - weak trend on Monday [5]. Price Performance - Last Friday night, the domestic crude oil futures prices showed a shock - consolidation trend, with the futures price slightly rising 0.30% to 462.5 yuan per barrel [5].