Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoint - Hold short positions in crude oil and monitor geopolitical disturbances [1] 3. Summary by Directory 3.1 International Crude Oil - NYMEX WTI futures contract 01 rose by $0.21, or 0.36%, to $58.46 per barrel; ICE Brent futures contract 02 rose by $0.27, or 0.44%, to $62.21 per barrel; SC2601 crude oil futures closed down by 3.80 yuan per barrel, or 0.86%, to 440.50 yuan per barrel [1] 3.2 Mexican Gulf Crude Oil Arbitrage - The arbitrage windows of Saudi extra - light crude, Angolan crude, Nigerian crude, North Sea crude, and some Saudi heavy crude are closed; Vasconia crude shows a weak arbitrage opportunity; Ecuador's Napo crude has a significant arbitrage space; Maya crude is close to the break - even point [2][4] 3.3 Atlantic Crude Oil Arbitrage - Forties and Cabinda crudes have insufficient competitiveness; Arab Extra Light and Saharan Blend crudes show arbitrage opportunities, with Urals crude having a huge arbitrage space due to sanctions - related discounts [4] 3.4 Northwest Europe Crude Oil Arbitrage - WTI MEH, Eagle Ford, Saharan Blend, and Bonny Light crudes present arbitrage opportunities; Azeri Light crude has a weak arbitrage space [6] 3.5 Mediterranean Crude Oil Arbitrage - The arbitrage windows of Saharan Blend, Azeri Light, Bonny Light, Ekofisk, and Eagle Ford crudes against Urals are all closed [7][8] 3.6 Asian Crude Oil Arbitrage - Duri, Napo, and Mars crudes show arbitrage opportunities; Basrah Heavy and Maya crudes have their arbitrage windows closed [9] 3.7 Key Market News - Venezuelan opposition leader Machado fled the country; the Fed announced short - term bond purchases and a 25BP interest rate cut; the US seized a Venezuelan oil tanker; Venezuela's President Maduro made a tough statement; a Russian "shadow fleet" oil tanker was sunk in the Black Sea [12] 3.8 Trend Intensity - The crude oil trend intensity is - 1, indicating a bearish outlook [11]

格隆汇11月11日｜数据显示，关键的北海原油市场指标跌至一年多以来的最低点，表明随着供应持续增 长，未来几个月的价格前景正在黯淡。据交易员称，在S&P Global Commodity Insights旗下Platts运营的 定价窗口中，WTI Midland（六个供应布伦特原油的等级之一）周一的交易价格比全球基准高出40美分/ 桶——这是自2024年5月以来的最低溢价。与此同时，用于对冲北海货物的周度布伦特原油掉期（被称 为差价合约）也有所缓解。根据PVM Oil Associates的数据显示，第一周的差价合约交易价格比第六周 低41美分，这是一年多以来最大的看跌正价差结构。这种模式意味着近期价格比远期价格便宜，通常反 映了即期供应充足或需求疲软。北海市场的疲软并不令人意外，此前石油市场正为明年供应过剩做准 备。国际能源署已预测原油将出现创纪录的供应过剩，非欧佩克的产量增长加剧了这种过剩。 ...