1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The crude oil 2601 contract is expected to run weakly in the short - term and fluctuate in the medium - term. It is likely to maintain a weak trend on Thursday, November 14, 2025 [1][5]. 3. Summary by Related Catalogs 3.1 Price Performance - On the night of Wednesday, November 13, 2025, domestic and international crude oil futures prices dropped significantly. The domestic crude oil futures 2601 contract closed down 3.22% to 453.8 yuan/barrel [5]. 3.2 Core Logic - OPEC's latest quarterly report changed the global oil market in the third quarter from "supply shortage" to "a daily surplus of 500,000 barrels", amplifying the expectation of loose supply [5]. - The US EIA lowered the price forecasts of WTI and Brent crude oil for this year and next year. Although the latest weekly inventory continued to decline, the decline was weaker than expected [5]. - There is a lack of new demand drivers at the macro - level, coupled with a slight strengthening of the US dollar. Speculative funds reduced their positions, and the WTI far - month contract showed a contango structure, increasing short - term selling pressure [5].