Report Summary 1. Report Industry Investment Rating - The report suggests holding long positions in crude oil, with Brent potentially challenging the range of $130 - $160 per barrel [1]. 2. Core View - The report analyzes the current situation and price differences of various crude oil varieties in different markets, and provides investment suggestions based on the price trends and influencing factors of crude oil [1]. 3. Summary by Directory International Crude Oil - NYMEX WTI April crude oil futures rose $0.11, or 0.11%, to $96.32 per barrel; ICE Brent crude oil futures for May rose $3.96, or 3.83%, to $107.38 per barrel; SC2605 crude oil futures rose 36.90 yuan per barrel, or 4.91%, to 788.10 yuan per barrel [1]. Mexican Gulf Market Crude Oil Arbitrage - The price differences of most crude oil varieties decreased month - on - month, mainly due to factors such as the expansion of crude oil price disadvantages, negative refining values, and high freight rates. However, the price differences of Vasconia and Castilla turned positive and increased significantly, mainly due to the deep discount of crude oil prices [1]. Atlantic Crude Oil Arbitrage - The price differences of most crude oil varieties decreased month - on - month. The main reasons include the deterioration of refining value and the change of crude oil price from advantage to disadvantage. The price difference of Saharan Blend decreased, mainly due to the significant deterioration of its refining value [3]. Northwest European Crude Oil Arbitrage - The price differences of WTI MEH and Saharan Blend increased significantly, mainly due to strong refining value and large price advantages. The price difference of Azeri Light decreased and turned negative, although the refining value improved, it was offset by price disadvantages and high freight rates [5]. Mediterranean Crude Oil Arbitrage - The price differences of most crude oil varieties decreased month - on - month, mainly due to the expansion of Urals' price advantage, high freight rates, and structural costs. The price difference of Saharan Blend increased (the negative value decreased significantly), mainly due to the significant improvement of refining value [6]. Key Market News - The Trump administration is considering deploying thousands of US troops in the Middle East; Saudi Arabia's trust in Iran has completely broken; the former US counter - terrorism center director is under FBI investigation; the Pentagon has requested a budget of over $200 billion from the White House for the Iran war; the Bank of Canada maintains the interest rate; a ballistic missile from Iran hit a liquefied natural gas hub in Qatar [9]. Trend Intensity - The trend intensity of crude oil is 1, indicating a moderately bullish trend [8].