1. Report Industry Investment Rating No relevant content. 2. Core View of the Report - Crude oil is experiencing a short - term corrective rebound, and long - short spreads should be held [1]. 3. Summary according to Related Catalogs International Crude Oil - WTI9 crude oil futures rose by $0.62 per barrel, or 0.99%, to $63.42 per barrel; Brent October crude oil futures rose by $0.75 per barrel, or 1.14%, to $66.60 per barrel; SC2510 crude oil futures rose by 3.40 yuan per barrel, or 0.70%, to 488.60 yuan per barrel [1]. News Events - After Ukraine attacked a pipeline transformer station, Russia's oil supply to Hungary was interrupted [2]. - An executive of the Indian Oil Corporation said they would continue to purchase Russian oil based on economic conditions [3]. - Trump had a phone conversation with Putin and started arranging a meeting between Putin and Zelensky, with the location to be determined [5]. - As part of an agreement, Ukraine will promise to buy US weapons worth $100 billion with European funding to get US security guarantees after a peace agreement with Russia; Kiev and Washington will also reach a $500 - million agreement to cooperate with Ukrainian drone - producing companies [5]. - Hamas and other Palestinian factions agreed to the latest cease - fire proposal from Egypt and Qatar [5]. - Hamas agreed to a 60 - day cease - fire and release half of the detainees [5]. - Trump thought there would be a solution today, and the resolution might include security measures [5]. 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 [4].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The market risk preference for crude oil has improved, and investors are advised to hold long positions in the positive spread. [1] 3. Summary by Related Catalogs International Crude Oil - WTI September crude oil futures rose $1.31 per barrel, or 2.09%, to $63.96 per barrel; Brent October crude oil futures rose $1.21 per barrel, or 1.84%, to $66.84 per barrel; SC2510 crude oil futures rose 4.60 yuan per barrel, or 0.95%, to 490.50 yuan per barrel. [1] Geopolitical News - The Ukrainian military hit a Russian refinery in the Volgograd region in a nighttime drone attack. [3] - US Middle East envoy Witkoff, Russian Finance Minister, Russian Defense Minister, and Russian Presidential Envoy and Sovereign Wealth Fund负责人 Kirill Dmitriev are expected to attend the "Trump-Putin meeting" in Alaska. [3] - Russian President Putin said the US is making positive efforts to end the conflict and promote a nuclear weapons control agreement. [3] - Trump told European and Ukrainian leaders that the US is willing to provide security guarantees to Ukraine under certain conditions. [3] - Iran has reached an agreement to resume negotiations with the US. [3] Supply and Demand - Russian Deputy Prime Minister Novak supports extending the gasoline export ban until September. [2] - Indian state - owned refiners have started inquiring about purchasing Russian oil as the discount improves. [3] - Despite increased drone attacks on Russian refineries by Ukraine in early August, Russian oil product exports increased, with total refined product exports rising to 2.31 million barrels per day in the first 10 days of August, the highest since February and 9% higher than the daily average in July. [3] - Russian announced production cuts of 85,000 barrels per day from July to November and an additional 9,000 barrels per day in December. It will also extend oil production cuts for the rest of 2025 to compensate for previous over - production beyond OPEC+ quotas. [3] Inventory Data - As of the week ending August 8, US natural gas inventories totaled 318.6 billion cubic feet, an increase of 56 billion cubic feet from the previous week, a year - on - year decrease of 79 billion cubic feet (2.4% decline), and 196 billion cubic feet (6.6% increase) higher than the five - year average. [3] - As of the week ending August 13, Singapore fuel oil inventories decreased by 1.674 million barrels to 24.645 million barrels, a three - week low. [3] Monetary and Policy - Some Fed officials believe that a significant interest rate cut next month is not appropriate, and a 50 - basis - point cut does not match the current economic situation or data. [5] - The EU hopes to pass the 19th round of sanctions against Russia next month. [5] Trend Intensity The trend intensity of crude oil is 1, indicating a relatively neutral outlook. [4]

Report Overview - The report is about the international crude oil market on August 14, 2025, providing price information, industry news, and data updates [1]. Industry Investment Rating - Not provided in the report. Core Viewpoints - Hold long positions in the positive spread of crude oil as appropriate and pay attention to the meeting between Russian and US leaders [1]. Summary by Related Catalogs Crude Oil Futures Prices - WTI September crude oil futures closed down $0.52/barrel, a 0.82% decline, at $62.65/barrel [1]. - Brent October crude oil futures closed down $0.49/barrel, a 0.74% decline, at $65.63/barrel [1]. - SC2510 crude oil futures closed down 4.50 yuan/barrel, a 0.92% decline, at 485.70 yuan/barrel [1]. Industry News - US President Trump told Zelensky and allies that he would not discuss territorial division with Putin this week [1]. - Trump appointed David Rosner as the chairman of the Federal Energy Regulatory Commission [1]. - Trump will propose to jointly develop rare - earth mineral resources in Alaska with Putin during the Russia - US summit and lift the export ban on Russian aircraft parts [1]. - Trump said Russia would face consequences if it did not stop the war [1]. - The 4 - week average supply of petroleum products reached the highest level since August 2023 [1]. - France, the UK, and Germany's foreign ministers said they would activate the sanctions "restoration mechanism" against Iran if a satisfactory solution was not found by the end of August [1]. US Oil Data (Week Ending August 8) - Crude oil exports increased by 259,000 barrels/day to 3.577 million barrels/day [1]. - Domestic crude oil production increased by 43,000 barrels to 13.327 million barrels/day [1]. - Commercial crude oil inventories (excluding strategic reserves) increased by 3.036 million barrels to 427 million barrels, a 0.72% increase [1]. - The four - week average supply of US petroleum products was 21.159 million barrels/day, a 2.89% increase year - on - year [1]. - Strategic Petroleum Reserve (SPR) inventory increased by 226,000 barrels to 403.2 million barrels, a 0.06% increase [1]. - Commercial crude oil imports (excluding strategic reserves) were 6.92 million barrels/day, an increase of 958,000 barrels/day from the previous week [1]. - EIA crude oil inventory in Cushing, Oklahoma was 45,000 barrels, compared with 453,000 barrels in the previous value [1]. Russia's Production Cut Plan - Russia announced a production cut of 85,000 barrels/day per month from July to November and an additional 9,000 barrels/day in December [1]. IEA Monthly Report Forecasts - Global oil supply is expected to have a record surplus next year [1]. - Global crude oil refinery runs will approach the highest level in history in August, reaching 85.6 million barrels/day [1]. - The average total demand in 2025 is predicted to be 103.7 million barrels/day [1]. - The 2025 global oil supply growth forecast was raised from 2.1 million barrels/day to 2.5 million barrels/day, and the 2026 forecast was raised from 1.3 million barrels/day to 1.9 million barrels/day [1]. - The 2025 global oil demand growth forecast was lowered from 704,000 barrels/day to 685,000 barrels/day, and the 2026 forecast was lowered from 722,000 barrels/day to 699,000 barrels/day [1]. Trend Intensity - The trend intensity of crude oil is 0, indicating a neutral outlook [2].

2025 年 8 月 11 日 原油：正套持有，关俄美领导人会晤 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan021151@gtjas.com 【国际原油】 WTI9 原油期货收平，报 63.88 美元/桶；布伦特 10 月原油期货收涨 0.16 美元/桶，涨幅 0.24%， 报 66.59 美元/桶；SC2509 原油期货收跌 2.00 元/桶，跌幅 0.40%，报 494.40 元/桶。 受关注的指标。马拉松石油公司首席商务官里克・赫斯林在本周的电话会议上表示："我们预 计今年下半年（重质与轻质原油的）价差将会扩大。"重质原油重返市场的一个意外来源是加 利福尼亚州。该州的钻井商表示，民主党州长加文・纽瑟姆最近的监管调整可能会使石油钻探 活动复苏。 5. 金十期货 8 月 8 日讯，据外媒报道，本周，受欧佩克+供应增加以及需求担忧影响，中东原油 基准价下跌，并录得周线跌幅。主要因特朗普关税言论打击了经济前景，以及市场对美俄领导 人会晤可能影响油市的担忧。同时，印度石油公司和印度第二大国有炼油商分别通过招标和谈 判，购买了大量来自美国、巴西、利比亚等非俄罗斯来源的原油，总计至少 220 ...

2025 年 8 月 8 日 原油：正套持有，关注美对俄能源制裁 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan021151@gtjas.com 【国际原油】 研 究 所 商 品 研 究 1. 金十数据 8 月 8 日讯，当地时间 8 月 7 日，乌克兰总统泽连斯基与欧洲多国领导人通电话，讨 论俄乌局势。意大利总理梅洛尼当地时间 8 月 7 日分别与特朗普、泽连斯基以及阿联酋总统穆 罕默德分别通电话，聚焦俄乌冲突。意大利总理府公告说，意大利总理梅洛尼呼吁俄乌双方达 成停火协议，通过谈判途径确保乌克兰实现公正持久的和平。泽连斯基 7 日在社交媒体上称， 他与阿尔巴尼亚总理埃迪·拉马进行了卓有成效的电话会谈。此外，泽连斯基与到访的罗马尼 亚外交部长瓦娜-西尔维娅·措尤举行了会晤。 2. 美国财政部：发布针对伊朗的新制裁措施，针对若干个人和实体。 3. 金十数据 8 月 7 日讯，数据提供商 Kpler 的数据显示，由于美国和欧盟对俄罗斯石油买家的压 力打击了需求，俄罗斯对印度出口的主要石油价格出现了折扣。"印度炼油商需求下降正开始 产生强烈影响，尤其是国有炼油商，据报道，它们正考虑全面暂停进 ...

Report Summary 1. Industry Investment Rating There is no information provided about the report's industry investment rating. 2. Core View The report suggests holding a light long position in the bull spread of crude oil and paying attention to geopolitical risks. The WTI June crude oil futures closed down 0.13 dollars per barrel, a 0.21% decline, at 62.56 dollars per barrel; Brent July crude oil futures closed down 0.16 dollars per barrel, a 0.24% decline, at 65.38 dollars per barrel; SC2507 crude oil futures closed up 3.20 yuan per barrel, a 0.69% increase, at 467.80 yuan per barrel. The trend strength of crude oil is 1, indicating a neutral outlook [1][4]. 3. Summary by Related Catalogs International Crude Oil Market - WTI June crude oil futures closed at 62.56 dollars per barrel, down 0.13 dollars per barrel (-0.21%); Brent July crude oil futures closed at 65.38 dollars per barrel, down 0.16 dollars per barrel (-0.24%); SC2507 crude oil futures closed at 467.80 yuan per barrel, up 3.20 yuan per barrel (0.69%) [1] Global News and Events - Vietnam's rubber group plans to build an industrial park in the US, the national oil company seeks to increase crude oil purchases from ExxonMobil, and the shipping group plans to establish a logistics center in the US [2] - Indonesia's finance minister expects the country's crude oil price to be between 60 - 80 dollars per barrel in 2026 [2] - India plans to spend 10 billion dollars to buy 112 crude oil tankers by 2040 [2] - In April, China's industrial added - value of large - scale industries increased by 6.1% year - on - year and 0.22% month - on - month [2] - China's one - year loan prime rate as of May 20 was 3%, in line with expectations and down from the previous 3.10% [2] - Australia's central bank interest rate decision as of May 20 was 3.85%, in line with expectations and down from the previous 4.10% [2] - Germany's April PPI monthly rate was - 0.6%, worse than the expected - 0.3% [2] - The eurozone's seasonally adjusted current account in March was 50.9 billion euros, up from the previous 34.3 billion euros [2] - The EU has approved the 17th round of sanctions against Russia, targeting nearly 200 shadow fleet vessels, with more sanctions in the pipeline [2] - China's total social electricity consumption in April was 772.1 billion kWh, down from the previous 828.2 billion kWh [2] - Canada's April CPI monthly rate was - 0.1%, better than the expected - 0.2% [2] - The eurozone's May consumer confidence index preliminary value was - 15.2, better than the expected - 16 [2] - Qatar's North Field East expansion project is expected to be put into production in mid - 2026 [2] - The key point of new sanctions against Russia is the oil price cap [2] - Kazakhstan's Tengiz oilfield has reached its production capacity limit, and oil production is not expected to rise further this year [2] - Kazakhstan's oil production increased by 2% this month to 1.86 million barrels per day, with Tengiz producing 932,000 barrels per day [2] - NATO countries are trying to control shipping through the Baltic Sea [2] - Ukraine suggests lowering the price cap on Russian oil to 30 dollars per barrel [2] - Iraq states that all investment transactions should go through the government [2] - The UK and its partners are working to tighten the oil price cap [2] - Saudi Arabia's economy is ready to handle various oil price scenarios [2] - Poland's oil company discovered a new small oilfield with reserves of up to 2 million barrels [3]