Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The crude oil market is expected to run strongly, with a short - term and medium - term outlook of oscillation and an intraday view of oscillation with a slight upward bias. The main reason is the prominent geopolitical risks [1][5] 3. Summary by Relevant Content Price and Market Outlook - The crude oil 2507 contract has a short - term, medium - term, and intraday outlook of oscillation, with the intraday being oscillation with a slight upward bias and a reference view of running strongly [1] - Although the domestic crude oil futures 2507 contract closed 1.09% lower at 463.1 yuan/barrel on Wednesday night, the retracement space is limited, and it is expected to maintain an oscillation with a slight upward bias on Thursday [5] Driving Logic - On the one hand, Sino - US economic and trade relations have made substantial progress, and macro - factors have turned optimistic. On the other hand, the US debt crisis in June is approaching, which may trigger a new round of negative macro - impacts. OPEC+ oil - producing countries are accelerating production increases, and the demand for crude oil is expected to be weak [5] - The Middle East situation has become chaotic again. Yemen's Houthi rebels have imposed a missile blockade on Israeli ports, and the Chinese embassy has issued an evacuation warning. Israel may face attacks from multiple countries, leading to a resurgence of geopolitical risks and an increase in crude oil premiums [5]

Market Overview - On May 19, US stock indices experienced slight gains, with the Dow Jones Industrial Average, Nasdaq, and S&P 500 rising by 0.32%, 0.02%, and 0.09% respectively [3] - Major US tech stocks mostly increased, although the Wind US Tech Seven Index fell by 0.09%. Notable individual stock movements included Microsoft rising over 1%, while Apple and Tesla fell by over 1% and 2% respectively [5][6] Chinese Stocks - Chinese stocks showed mixed performance, with the Nasdaq Golden Dragon China Index declining by 0.17%. Among Chinese stocks, Donis rose over 19% and Hesai Technology increased by over 10% [5] Precious Metals - International precious metal futures generally rose, with COMEX gold futures increasing by 1.41% to $3232.2 per ounce, and COMEX silver futures rising by 0.44% to $32.495 per ounce [9] - As of May 20, gold and silver futures showed slight declines [9] Oil Prices - International oil prices saw an increase, with ICE Brent crude rising by 0.11% and NYMEX WTI crude increasing by 0.08% [11][12] US Treasury Yields - The 30-year US Treasury yield surpassed 5% during trading on May 19, influenced by Moody's downgrade of the US sovereign credit rating, which also affected US stock index futures. The 10-year Treasury yield also crossed 4.5% [14]