Report Information - Report Type: Crude Oil Daily Report [1] - Date: November 7, 2025 [2] Investment Rating - Not provided Core Viewpoints - EIA data shows that U.S. crude oil inventories increased significantly, but refined oil inventories declined, with a neutral impact. OPEC+ decided to suspend production increases in Q1 next year, which provides some support to the supply side but cannot change the oversupply situation. The market is supported by macro and geopolitical factors, leading to a rebound in oil prices. After the positive factors are digested, oil prices may decline again under the pressure of oversupply. It is recommended to maintain a short - term bearish strategy, such as shorting on rebounds or reverse arbitrage [6][7] Summary by Directory 1. Market Review and Operation Suggestions - **Market Performance**: WTI closed at $59.64 per barrel, down 1.52%; Brent closed at $63.55 per barrel, down 1.38%; SC closed at 460.4 yuan per barrel, down 0.37%. The trading volumes of WTI, Brent, and SC were 26.38 million lots, 33.45 million lots, and 9.28 million lots respectively [6] - **Operation Suggestions**: Maintain a bearish strategy, short on rebounds or conduct reverse arbitrage [7] 2. Industry News - India's Reliance Industries, usually a major oil importer, is seeking to sell some Middle - Eastern oil cargoes. After U.S. sanctions on Russia, it bought millions of barrels of crude oil from the Middle East last month [8] - Kazakhstan's crude oil production in October decreased by 10% month - on - month to 1.69 million barrels per day [8] - U.S. crude oil inventories increased by 5.202 million barrels last week due to increased imports and reduced refining activities, higher than market expectations [8] - Commodity trader Mercuria said that an oversupply is slowly forming and may impact the market in the next few months [8] 3. Data Overview - The report presents multiple data charts, including WTI and Oman spot prices, global high - frequency crude oil inventories, EIA crude oil inventories, U.S. crude oil production growth rate, Dtd Brent price, U.S. gasoline and diesel consumption [11][12][15][22]

Group 1: Market News and Important Data - The price of light crude oil futures for December delivery on the New York Mercantile Exchange fell 17 cents to settle at $59.43 per barrel, a decline of 0.29%; the price of Brent crude oil futures for January delivery fell 14 cents to settle at $63.38 per barrel, a decline of 0.22%. The main contract of SC crude oil closed down 1.32% at 454 yuan per barrel [1] - In October 2025, Russia's oil and gas revenues decreased by 26.6% year-on-year from 1.2118 trillion rubles (about $14.9 billion) in the same period last year to 888.6 billion rubles (about $10.9 billion), but increased by 52.6% from the previous month. From January to October, oil and gas revenues decreased by 21.4% to 7.498 trillion rubles (about $92.5 billion) [1] - Nigerian media reported that Nigeria has lost up to $300 billion due to oil theft. The Senate committee investigating the losses recommended that the government set up a special court to prosecute oil thieves and use state funds to reduce pipeline damage [1] - India's largest private refiner, Reliance Industries, is seeking to sell some Middle Eastern oil cargoes to domestic and international buyers. It bought millions of barrels of crude oil from the Middle East last month after US sanctions on Russia [1] - The CEO of energy giant Gunvor said the oil market has become more stable, and oil and gas will continue to grow. Sanctions on Russia and Iran are causing record-high oil storage on ships, preventing a global supply glut [1] Group 2: Investment Logic - There are differences in views on seaborne cargoes. According to Kpler data, more than half of the current seaborne cargo is compliant crude oil, mainly from the Middle East, the US, and Latin America. Due to high freight and demand issues, the physical premium of crude oil from West Africa and Latin America continues to decline, which may lead to a contango structure in the near-term forward curve and stimulate onshore and floating storage [2] Group 3: Strategy - Oil prices will fluctuate in the short term, with a bearish configuration in the medium term. The strategy is to buy far-month contracts and sell near-month contracts to short the Brent spread [3] Group 4: Figures - Figures include the price trend of crude oil futures, the comparison of crude oil futures and domestic refined oil prices, the comparison of crude oil futures and US Treasury yields, the comparison of crude oil futures and copper prices, the comparison of crude oil futures and gold prices, and China's refinery profits [5]