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].

Report Summary 1. Investment Rating - The report doesn't provide an overall industry investment rating. 2. Core View - Hold long positions in crude oil and guard against short - term negotiation disturbances [1] 3. Summary by Directory International Crude Oil - NYMEX WTI April crude futures fell $10.10, or 10.28%, to $88.13 per barrel; ICE Brent crude futures for May fell $12.25, or 10.92%, to $99.94 per barrel; SC2605 crude futures fell 62.90 yuan per barrel, or 7.81%, to 742.20 yuan per barrel [1] Mexican Gulf Market Crude Oil Arbitrage - Different crude oils have different spread changes, such as Arab Extra Light with a spread of -$5.79, a -$1.94 MoM change due to price disadvantage expansion; Vasconia spread turned positive with a +$1.83 MoM change as price shifted from disadvantage to advantage [1] Atlantic Crude Oil Arbitrage - Forties' spread fell significantly by -$7.11 MoM, due to the deterioration of refining value and price disadvantage; Urals' spread narrowed but still had a large arbitrage space as its price advantage to Bonny Light narrowed [3] Northwest Europe Crude Oil Arbitrage - WTI MEH spread rose significantly by $3.6 MoM, driven by strong refining value; Azeri Light spread turned negative with a -$2.39 MoM change as price disadvantage and costs offset the strong refining value [6] Mediterranean Crude Oil Arbitrage - Saharan Blend's spread rose significantly (negative value shrank) as the relative price advantage of benchmark oil Urals narrowed; Azeri Light's spread rose as refining value improved despite Urals' large price advantage [7] Key Market News - Japan's February core CPI annual rate was 1.6%, lower than the expected 1.70% and the previous 2.00%; New Zealand's central bank governor said inflation and supply - side impacts would last even if the war ended; Kuwait's power lines stopped due to damage; the US envoy went to Pakistan for potential talks; Iran is reviewing the US letter; Japan may intervene in oil futures; Trump said there were productive talks with Iran and would suspend strikes for five days; Iran said it controlled the Strait of Hormuz and didn't need to deploy mines [8][10] Trend Intensity - The crude oil trend intensity is 1, with a range of [-2, 2], where -2 is most bearish and 2 is most bullish [9]

Report Industry Investment Rating - The report gives a bullish rating on crude oil, suggesting adding long positions as the price may fluctuate upwards [1] Core Viewpoints - The report provides a comprehensive analysis of the price trends and spread changes of various crude oil varieties, as well as key market news related to the crude oil market [1][7] Summary by Directory International Crude Oil - NYMEX WTI April crude oil futures closed down $0.18, a decline of over 0.18%, at $96.14 per barrel; ICE Brent crude oil futures for May closed up $1.27, a gain of 1.18%, at $108.65 per barrel; SC2605 crude oil futures closed down 46.30 yuan per barrel, a decline of 5.76%, at 757.10 yuan per barrel [1] - The spreads of most crude oil varieties showed significant changes, with some narrowing and some widening, mainly driven by factors such as crude oil price differentials, refining value changes, and freight rates [1] Atlantic Crude Oil Arbitrage - The spreads of Forties, Saharan Blend, and Cabinda decreased significantly, mainly due to the deterioration of refining value and crude oil price differentials; the spread of Urals narrowed but still had a large arbitrage space, driven by its significant crude oil price advantage [3] Northwest European Crude Oil Arbitrage - The spreads of WTI MEH, Saharan Blend, and Bonny Light increased significantly, mainly due to the strong refining value; the spread of Azeri Light narrowed, mainly due to the change of crude oil price advantage to disadvantage and high freight rates [4] Mediterranean Crude Oil Arbitrage - The spreads of Saharan Blend, Azeri Light, and Bonny Light increased, mainly due to the narrowing of the price advantage of the benchmark oil Urals; the spread of Ekofisk decreased, mainly due to the strengthening of Urals [5][6] Key Market News - US Treasury Secretary Besent stated that after a period of temporary price increases, prices will eventually fall, and the US will gain 50 years of peace in the Middle East; he also defended the US and Israel's attacks on Iranian infrastructure and considered various options against Iran [7] - Tehran is promoting the "monetization of control over the Strait of Hormuz," and the Iranian Revolutionary Guard warned that if the US attacks Iran's energy facilities, the Strait of Hormuz will be completely closed [7]

Report Investment Rating - The report suggests holding long positions in crude oil, indicating a view that the price may oscillate upwards [1] Core View - The report analyzes the price movements of international crude oil futures and the arbitrage situations in different markets, including the Gulf of Mexico, the Atlantic, Northwest Europe, and the Mediterranean. It also provides key market news that may affect the crude oil market [1][3][4][6] Summary by Directory International Crude Oil - NYMEX WTI April crude oil futures closed down $0.18, a decline of over 0.18%, at $96.14 per barrel; ICE Brent crude oil futures for May closed up $1.27, a gain of 1.18%, at $108.65 per barrel; SC2605 crude oil futures closed down 46.30 yuan per barrel, a decline of 5.76%, at 757.10 yuan per barrel [1] Mexican Gulf Market Crude Oil Arbitrage - For most crude oils, the spreads decreased compared to January. The main drivers include the deterioration of crude oil price disadvantages and high freight costs [1] Atlantic Crude Oil Arbitrage - The spreads of most crude oils decreased compared to January. The core drivers are the expansion of crude oil price disadvantages and the negative impact of refining value [3] Northwest European Crude Oil Arbitrage - The spreads of some crude oils increased, mainly due to the strong refining value. While the spreads of some others decreased, mainly due to the change of crude oil price advantages to disadvantages and high freight costs [4] Mediterranean Crude Oil Arbitrage - The spreads of some crude oils changed slightly. The main influencing factors are the change of the relative price advantage of the benchmark oil Urals and high freight costs [6] Key Market News - Israel and the US have carried out 20 - day air strikes on Iran, and the military action will continue until necessary. The US Treasury has issued a new license to allow the delivery and sale of Russian - origin crude oil and petroleum products loaded before March 12 [9]

Report Summary 1. Report Industry Investment Rating - The report suggests holding long positions in crude oil, with Brent potentially challenging the range of $130 - $160 per barrel [1]. 2. Core View - The report analyzes the current situation and price differences of various crude oil varieties in different markets, and provides investment suggestions based on the price trends and influencing factors of crude oil [1]. 3. Summary by Directory International Crude Oil - NYMEX WTI April crude oil futures rose $0.11, or 0.11%, to $96.32 per barrel; ICE Brent crude oil futures for May rose $3.96, or 3.83%, to $107.38 per barrel; SC2605 crude oil futures rose 36.90 yuan per barrel, or 4.91%, to 788.10 yuan per barrel [1]. Mexican Gulf Market Crude Oil Arbitrage - The price differences of most crude oil varieties decreased month - on - month, mainly due to factors such as the expansion of crude oil price disadvantages, negative refining values, and high freight rates. However, the price differences of Vasconia and Castilla turned positive and increased significantly, mainly due to the deep discount of crude oil prices [1]. Atlantic Crude Oil Arbitrage - The price differences of most crude oil varieties decreased month - on - month. The main reasons include the deterioration of refining value and the change of crude oil price from advantage to disadvantage. The price difference of Saharan Blend decreased, mainly due to the significant deterioration of its refining value [3]. Northwest European Crude Oil Arbitrage - The price differences of WTI MEH and Saharan Blend increased significantly, mainly due to strong refining value and large price advantages. The price difference of Azeri Light decreased and turned negative, although the refining value improved, it was offset by price disadvantages and high freight rates [5]. Mediterranean Crude Oil Arbitrage - The price differences of most crude oil varieties decreased month - on - month, mainly due to the expansion of Urals' price advantage, high freight rates, and structural costs. The price difference of Saharan Blend increased (the negative value decreased significantly), mainly due to the significant improvement of refining value [6]. Key Market News - The Trump administration is considering deploying thousands of US troops in the Middle East; Saudi Arabia's trust in Iran has completely broken; the former US counter - terrorism center director is under FBI investigation; the Pentagon has requested a budget of over $200 billion from the White House for the Iran war; the Bank of Canada maintains the interest rate; a ballistic missile from Iran hit a liquefied natural gas hub in Qatar [9]. Trend Intensity - The trend intensity of crude oil is 1, indicating a moderately bullish trend [8].

Report Summary 1. Report Industry Investment Rating - The report suggests holding long positions in crude oil, indicating an expectation of a potential upward trend in the market. The trend strength of crude oil is rated as 1, suggesting a relatively positive outlook [1][8]. 2. Core View of the Report - The report analyzes the spread changes of various crude oil grades in different regions. Some spreads are declining, mainly due to factors such as the deterioration of refining value, the expansion of crude oil price disadvantages, and high freight rates. However, some spreads are rising or turning from negative to positive, driven by factors such as significant crude oil price discounts and the narrowing of price disadvantages [1][2][5]. 3. Summary by Relevant Catalogs 3.1 Crude Oil Spread Analysis - **Multiple Crude Oils**: For many crude oil types like Arab Extra Light, Arab Light, and Nemba, their spreads decreased compared to January. The reasons include the expansion of price disadvantages, negative refining values, and high freight rates. For example, the spread of Arab Extra Light decreased by $3.45, with the price disadvantage relative to WTI MEH expanding from $2.11 to $5.70 [1]. - **Vasconi, Castilla, Napo, Maya**: These crude oils saw their spreads turn from negative to positive, with significant month - on - month increases. The key factor was the deep discounts in crude oil prices. For instance, Vasconi's spread increased by $11.18, benefiting from a price discount of $13.73 [1]. 3.2 Atlantic Crude Oil Arbitrage - **Forties**: The spread increased (the negative value decreased) as the price disadvantage relative to Bonny Light narrowed from $1.63 in January to $2.28 [2]. - **Arab Extra Light**: The spread decreased and turned negative, mainly because the price disadvantage expanded sharply to $3.97, reversing the advantage in January [2]. - **Saharan Blend**: The spread increased. Although the refining value was slightly negative ($ - 0.95), the price advantage ($ - 1.04) supported the arbitrage window [2]. 3.3 Northwest European Crude Oil Arbitrage - **WTI MEH, Eagle Ford**: The spreads increased. The main reasons were the decrease in trans - Atlantic freight rates and the narrowing of price disadvantages relative to Forties. For example, the price disadvantage of WTI MEH relative to Forties narrowed from $ - 5.76 in January to $ - 4.02 [5]. - **Azeri Light, Saharan Blend**: Their spreads increased significantly. Strong refining values and significant price advantages were the core driving forces. For example, the refining value of Saharan Blend was $7.58, and the price advantage was $ - 3.32 [5]. 3.4 Mediterranean Crude Oil Arbitrage - **Saharan Blend**: The spread increased (the negative value decreased). The relative price advantage of the benchmark oil Urals slightly expanded, and the improvement in refining value provided some support [5]. - **Azeri Light, Bonny Light, Ekofisk, Eagle Ford**: Their spreads decreased. The significant expansion of Urals' price advantage was the main factor, and high freight rates also contributed to the deterioration in some cases [5]. 3.5 Chinese Crude Oil Arbitrage - **Basrah Heavy, Maya**: Their spreads decreased. Negative refining values were the main drag for Basrah Heavy, while for Maya, negative refining values offset price advantages and high freight rates were also a factor [6]. - **Duri, Napo, Mars**: The current spread data of these crude oils were abnormal, making it impossible to conduct month - on - month analysis [6]. 3.6 Key Market News - **US Treasury Authorization**: The US Treasury is providing temporary authorization to allow countries to purchase Russian oil stranded at sea to expand the global coverage of existing supplies [7]. - **Strategic Petroleum Reserve**: Multiple countries, including the US and Japan, will release about 400 million barrels of oil from their reserves. However, it may take weeks for the reserves to be shipped and even longer to reach the final destinations, and the release rate can only cover less than one - tenth of the current supply interruption [7]. - **CME Warning**: The CME's CEO warned that if the US government intervenes in the oil futures market, it may lead to a "catastrophic consequence" and undermine market confidence [7]. - **Iran's Stance**: Iran stated that it will not close the Strait of Hormuz but has the right to maintain the peace and safety of the waterway. Also, an American military tanker was reported to be shot down in western Iraq [7][8].

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].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - NYMEX WTI April crude oil futures rose $3.87, or 4.26%, to $94.77 per barrel; ICE Brent crude oil futures for May rose $6.27, or 6.76%, to $98.96 per barrel; SC2604 crude oil futures rose 2.50 yuan per barrel, or 0.33%, to 749.10 yuan per barrel [1] - The report suggests holding long positions in crude oil as appropriate and paying attention to the resumption of flights Summary by Directory 1. Mexican Gulf Market Crude Oil Arbitrage - Arab Extra Light: Spread closed, down $11.67 month-on-month. Core driver is the significant expansion of the crude oil price disadvantage relative to WTI MEH [2] - Arab Light: Spread closed, down $14.73 month-on-month. Due to the dual deterioration of refining value and crude oil price disadvantage, and the soaring structure cost [2] - Nemba: Spread closed, down $0.42 month-on-month. High freight is the main drag despite the significant crude oil price advantage [2] - Agbami: Spread closed, down $1.65 month-on-month. The advantage of crude oil price is offset by high freight and structure cost [2] - Forties: Spread closed, down $1.75 month-on-month. Core drag is the crude oil price disadvantage relative to WTI MEH and high freight [2] - Arab Heavy: Spread closed, down $3.95 month-on-month. Mainly due to the significant increase in structure cost, eroding the arbitrage space [2] - Vasconia: Spread open, up $20.14 month-on-month. Key driver is the extremely deep discount of crude oil price, providing a huge price advantage [2] - Castilla: Spread open, up $16.13 month-on-month. Core driver is the extremely deep discount of crude oil price [2] - Napo: Spread open, up $14.01 month-on-month. Decisive factor is the huge discount of crude oil price [2] - Maya: Spread open, up $9.61 month-on-month. Benefit from the significant crude oil price discount, offsetting the negative impact of refining value [4] 2. Atlantic Crude Oil Arbitrage - Forties: Spread closed, up $1.08 month-on-month. The crude oil price changes from disadvantage to significant advantage relative to Bonny Light, but is partially offset by the increase in structure cost [5] - Arab Extra Light: Spread closed, down $13.94 month-on-month, turning deeply negative. Core drag is the sharp expansion of the crude oil price disadvantage [5] - Saharan Blend: Spread open, up $1.17 month-on-month. Although the refining value turns negative, the crude oil price turns into an advantage to support the arbitrage window [5] - Cabinda: Spread closed, down $4.6 month-on-month. The deep negative refining value is the decisive factor for the closure of the arbitrage window [5] - Urals: Spread open, up $2.37 month-on-month, with a huge arbitrage space. Core driver is the huge advantage of its crude oil price relative to Bonny Light [5] 3. Northwest European Crude Oil Arbitrage - WTI MEH: Spread closed, down $4.09 month-on-month, turning negative. Mainly because the crude oil price advantage relative to Forties weakens significantly and the structure cost soars [7] - Eagle Ford: Spread closed, down $7.12 month-on-month, turning negative. Similar reasons to WTI MEH, the weakening of price advantage and high structure cost are the main causes [7] - Azeri Light: Spread open, up $1.25 month-on-month. Strong refining value and significant price advantage jointly drive the arbitrage space [7] - Saharan Blend: Spread open, up $5.79 month-on-month. Abnormally strong refining value and significant price advantage are the core driving forces [7] - Bonny Light: Spread open, down $2.33 month-on-month. The extremely high refining value is largely offset by the significant price disadvantage and high structure cost [7] 4. Mediterranean Crude Oil Arbitrage - Saharan Blend: Spread closed, up $0.83 month-on-month (negative value decreases). Mainly because the relative price advantage of benchmark oil Urals slightly narrows [8] - Azeri Light: Spread closed, down $0.61 month-on-month. The price advantage of Urals still suppresses alternative oil types [8] - Bonny Light: Spread closed, down $8.34 month-on-month. The price advantage of Urals, high freight and soaring structure cost lead to deterioration [8] - Ekofisk: Spread closed, down $7.28 month-on-month. The strength of Urals is the systematic factor [8] 5. Chinese Crude Oil Arbitrage - Duri: Spread open. The current spread data of Duri is abnormal and cannot be analyzed month-on-month [9] - Basrah Heavy: Spread closed, down $5.13 month-on-month. The significantly negative refining value is the main drag [9] - Napo: Spread open, up $10.52 month-on-month, maintaining a high level. Core driving force is the huge discount of its crude oil price relative to Dubai [9] - Maya: Spread closed, down $4.92 month-on-month. The negative refining value offsets its price advantage [9] - Mars: Spread open, up $5.04 month-on-month, turning from negative to positive. Mainly because the refining value significantly improves, reversing the negative arbitrage space in January [9] 6. Key Market News - Iran's Foreign Ministry Spokesman Bahram Qassemi on the 9th firmly denied that Iran attacked Turkey, Azerbaijan and Cyprus, and called for vigilance against "false flag" operations [11] - Iran said that if it can be guaranteed not to be attacked again, the war can end [11] - US President Trump said that the US military action against Iran will "soon" end, oil and gas prices will rise, and he will lift some sanctions to reduce oil prices. He also threatened Cuba and claimed to transport 100 million barrels of oil from Venezuela [11] - According to British media, due to the military conflict between the US, Israel and Iran, many LNG carriers bound for Europe diverted to Asia, resulting in a decline in the UK's energy reserves, with only two days of natural gas reserves left [11]

1. Report Industry Investment Rating - The report suggests holding long positions in crude oil as appropriate and continuing to monitor upside risks [1] 2. Core View of the Report - The prices of major crude oil futures contracts have increased, and the market situation and arbitrage opportunities in different regions have changed [1] 3. Summary by Relevant Catalogs International Crude Oil - NYMEX WTI April crude oil futures rose $3.33 per barrel, a 4.67% increase, to $74.56 per barrel; ICE Brent crude futures contract 04 rose $3.66 per barrel, a 4.71% increase, to $81.40 per barrel; SC2604 crude oil futures rose 78.70 yuan per barrel, a 13.99% increase, to 641.10 yuan per barrel [1] Mexican Gulf Market Crude Oil Arbitrage - The arbitrage windows of most crude oils are closed, with significant changes in spreads compared to January. The main factors include price disadvantages, negative refining values, and high freight costs. However, Vasconia, Castilla, Napo, and Maya have positive spreads due to significant price discounts [2] Atlantic Crude Oil Arbitrage - Forties' spread turned from negative to positive, with a significant increase. Arab Extra Light's spread remained basically flat. Saharan Blend's spread widened significantly, and Urals' spread increased with a large arbitrage space [4] Northwest Europe Crude Oil Arbitrage - The spreads of WTI MEH and Eagle Ford narrowed, with WTI MEH approaching the break - even point and Eagle Ford turning negative. Azeri Light's spread remained basically flat, Saharan Blend's spread increased, and Bonny Light's spread turned negative [7] Mediterranean Crude Oil Arbitrage - The spreads of Saharan Blend, Azeri Light, Bonny Light, and Ekofisk all decreased, mainly due to the expanding price advantage of the benchmark oil Urals [8] China Crude Oil Arbitrage - The spreads of Duri and Mars turned from negative to positive, with significant increases. Napo's spread narrowed but remained high. The spreads of Basrah Heavy and Maya decreased [9] Key Market News - The US API crude oil inventory for the week ending February 27 was 564.7 million barrels, higher than expected. There are political events in Iran, including the possible selection of a new leader and the CIA's plan to support the Kurdish armed forces. The US Senate will vote on the "War Powers Resolution" regarding Iran. Iraq may be forced to cut production by over 3 million barrels per day, and it has already cut production at the West Qurna 2 oil field by 450,000 barrels per day. There are also reports of a possible Saudi attack on Iran [10][11][13] Trend Intensity - The trend intensity of crude oil is 1, indicating a relatively neutral to slightly positive outlook [12]

Report Industry Investment Rating - The report suggests holding long positions in crude oil and continuing to monitor upward risks [1] Core Viewpoints - NYMEX WTI April crude oil futures rose $4.21, or 6.28%, to $71.23 per barrel; ICE Brent crude futures contract 04 rose $4.87, or 6.68%, to $77.74 per barrel; SC2604 crude oil futures rose 55.0 yuan per barrel, or 10.94%, to 566.90 yuan per barrel [1] - The trend strength of crude oil is 1, indicating a relatively neutral outlook [11] Summaries by Directory 1. Mexican Gulf Market Crude Oil Arbitrage - The spreads of most alternative crude oils decreased compared to January, mainly due to price disadvantages, deteriorating refining values, and high freight costs. However, the spreads of Vasconia, Castilla, Napo, and Maya increased, driven by significant price discounts [2][4] 2. Atlantic Crude Oil Arbitrage - The spreads of Forties, Saharan Blend, and Urals increased, mainly due to price advantages. The spread of Arab Extra Light decreased due to deteriorating refining values [5] 3. Northwest European Crude Oil Arbitrage - The spreads of WTI MEH and Eagle Ford decreased, mainly due to weakened price advantages and decreased freight costs. The spreads of Azeri Light and Saharan Blend increased, supported by strong refining values and price advantages. The spread of Bonny Light decreased due to price disadvantages and high freight costs [7] 4. Mediterranean Crude Oil Arbitrage - The spreads of all alternative crude oils decreased, mainly due to the increasing price advantage of the benchmark oil Urals [8] 5. Chinese Crude Oil Arbitrage - The spreads of Duri increased, while the spreads of Basrah Heavy, Maya, and Mars decreased. The spread of Napo decreased but remained at a high level, driven by a large price discount [9] 6. Key Market News - The US is preparing for a "large-scale attack" on Iran, and Iran's Islamic Revolutionary Guard Corps has launched an attack on a US military base. The US will introduce measures to deal with the oil price surge caused by the conflict with Iran. There are navigation interferences in the Strait of Hormuz, and Iran may restrict oil exports [12]