Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The market generally believes the Fed will likely remain cautious about interest rate cuts in June and July. After the suspension of Sino - US tariffs, the market atmosphere is good, but the impact of tariffs on inflation remains to be seen. OPEC+ is likely to increase production, and the supply growth expectation is relatively certain, but the timing of the supply increase needs data verification. Geopolitical conflicts may be moving towards negotiation, but there is still a risk of short - term escalation. The demand side may enter the summer peak season, but if there is a significant increase in supply, the impact of seasonal demand on prices may be limited. Oil prices may fluctuate based on supply - demand expectations, and attention should be paid to geopolitical factors [2]. - Technically, after the oil price broke through the multi - year production - cut bottom in a sharp decline, it is testing the resistance level for the second time. The weekly chart of US oil shows a state of breakdown, retest, and oscillation. The trading side should maintain the idea of selling on rallies, and short positions and put options should be held [2]. Group 3: Summary by Related Catalogs 1. Crude Oil Data - **Futures Prices**: On May 22, the price of Sc was 453.70 yuan/barrel, down 3.49% from the previous day and 1.52% from the previous week; WTI was 61.34 dollars/barrel, unchanged from the previous day and down 0.57% from the previous week; Brent was 64.03 dollars/barrel, down 0.85% from the previous day and 0.91% from the previous week [2]. - **Spot Prices**: OPEC's basket of crude oil was 65.60 dollars/barrel, unchanged from the previous day and up 2.37% from the previous week; Brent DTD was 65.36 dollars/barrel, unchanged from the previous day and up 0.54% from the previous week; Oman was 66.06 dollars/barrel, unchanged from the previous day and up 3.62% from the previous week; Dubai was 66.06 dollars/barrel, unchanged from the previous day and up 3.62% from the previous week; ESPO was 62.95 dollars/barrel, unchanged from the previous day and up 3.54% from the previous week [2]. - **Spreads**: The Sc - WTI spread was 1.76 dollars/barrel, down 56.12% from the previous day and 24.48% from the previous week; the Sc - Brent spread was - 0.93 dollars/barrel, down 221.10% from the previous day and up 54.93% from the previous week; the Brent - WTI spread was 2.69 dollars/barrel, up 249.87% from the previous day and down 547.59% from the previous week [2]. - **Sc Month - to - Month Spreads**: Sc_C1 - C2 was - 4.30 yuan/barrel, down 10.26% from the previous day and 272.00% from the previous week; Sc_C1 - C6 was 0.20 yuan/barrel, down 91.30% from the previous day and 97.89% from the previous week; Sc_C1 - C13 was 6.50 yuan/barrel, down 26.14% from the previous day and 61.76% from the previous week [2]. - **Ascending and Descending Premiums**: OPEC's basket of crude oil ascending premium was 1.57 dollars/barrel, up 101.28% from the previous day and down 270.65% from the previous week; Brent DTD descending premium was 1.33 dollars/barrel, down 10.14% from the previous day and 154.51% from the previous week; Oman ascending premium was 2.03 dollars/barrel, up 498.04% from the previous day and down 184.58% from the previous week [2]. - **Finished Product Spot Prices**: Diesel in East China was 6651.73 yuan/ton, up 0.25% from the previous day and 0.27% from the previous week; gasoline in East China was 7636.73 yuan/ton, up 0.08% from the previous day and down 0.64% from the previous week [2]. - **Other Spreads**: Diesel in East China/Sc was 14.661070, up 3.87% from the previous day and 1.82% from the previous week; gasoline in East China/Sc was 16.832108, up 3.70% from the previous day and 0.89% from the previous week; diesel - gasoline in East China was - 985.00 yuan/ton, down 1.02% from the previous day and 6.36% from the previous week [2]. 2. Inventory Data - **Sc Warehouse Receipts**: The total warehouse receipts were 402.90 million barrels, unchanged from the previous day; the strategic petroleum reserve was 400.49 million barrels, up 0.21% from the previous week [2]. - **EIA US Data**: Commercial crude oil was 443.16 million barrels, up 0.30% from the previous week; Cushing crude oil was 23.44 million barrels, down 1.91% from the previous week; gasoline was 225.52 million barrels, up 0.36% from the previous week; distillates were 104.13 million barrels, up 0.56% from the previous week [2]. 3. CFTC Position Data - Non - commercial net positions were 18.53 million contracts, up 5.63% from the previous week; commercial net positions were - 18.48 million contracts, down 2.35% from the previous week; non - reported net positions were - 0.05 million contracts, down 108.97% from the previous week [2]. 4. Industry News - The US is "not yet convinced" to accept the G7's proposal to lower the price cap on Russian crude oil. The EU proposed to lower the price cap to $50 per barrel, while Ukraine advocates lowering it to $30 per barrel. The US is open to further discussion [3]. - Iran warned Israel not to take any adventurous actions and will respond decisively to any threats or illegal actions. Yemen's Houthi rebels launched a hypersonic ballistic missile attack on Israel's Ben - Gurion International Airport, causing flight disruptions [4]. - The number of initial jobless claims in the US last week decreased by 2,000 to 227,000, indicating stable employment growth in May. Economists expect an increase in layoffs in the second half of 2025 due to import tariffs [5]. - According to CME's "FedWatch", the probability of the Fed keeping interest rates unchanged in June is 94.6%, and the probability of a 25 - basis - point rate cut is 5.4%. In July, the probability of keeping rates unchanged is 73.1%, the probability of a cumulative 25 - basis - point rate cut is 25.7%, and the probability of a cumulative 50 - basis - point rate cut is 1.2% [5]. - The US is negotiating with Hamas through intermediaries in Doha, Qatar, to promote a cease - fire agreement between Palestine and Israel. US President Trump is increasingly disappointed with Israel's handling of the Palestine - Israel issue [5]. - OPEC+ members are discussing whether to agree on another large - scale production increase at the June 1 meeting, and a daily production increase of 411,000 barrels in July is one of the options under discussion [6].