Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Report's Core View - The domestic crude oil futures 2506 contract is expected to run strongly, with short - term volatility, medium - term volatility and weakness, and intraday volatility and strength. It is expected to maintain a stable and volatile trend on Monday [1][5]. 3. Summary According to Relevant Catalogs 3.1 Time - Cycle Views - Short - term (within a week): The crude oil 2506 contract shows a volatile trend [1]. - Medium - term (two weeks to one month): The crude oil 2506 contract shows a volatile and weak trend [1]. - Intraday: The crude oil 2506 contract shows a volatile and strong trend [1]. 3.2 Price and Market Conditions - On the night of last Friday, the prices of domestic and international crude oil futures first rose and then fell. The domestic crude oil futures 2506 contract slightly closed down 0.26% to 492.6 yuan/barrel [5]. 3.3 Core Logic - Kazakhstan, which promised compensatory production cuts, stated that its oil production is determined by national interests and it is not an OPEC+ oil - producing country. This makes the market further confirm that compensatory production cuts by over - producing OPEC+ countries are difficult to implement. There are also long - short differences in the short - term crude oil market [5].

投资咨询业务资格：证监许可【2011】1778 号 晨会纪要 宝城期货原油早报-2025-04-23 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 原油 2506 | 震荡 | 震荡 偏弱 | 震荡 偏强 | 偏强运行 | 风险偏好回暖，原油震荡偏强 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 < END > 仅供参考，不构成任何投资建议 专业研究·创造价值 1 / 2 请务必阅读文末免责条款 ----------------------------------------------------------------------------------------------------- 主要 ...

Report Summary 1. Investment Rating - No report industry investment rating is provided in the content. 2. Core View - The reference view of crude oil 2506 is to run strongly, with short - term being volatile, medium - term being volatile and weakening, and intraday being volatile and strengthening. The core logic is the escalation of US - Iran conflict and the reduction of supply expectations in the crude oil market [1][5]. 3. Summary by Related Content Time - cycle and View - For crude oil 2506, short - term (within a week) is volatile, medium - term (two weeks to one month) is volatile and weakening, and intraday is volatile and strengthening. The reference view is to run strongly [1]. Price and Market Performance - Due to the short - term positive factors, on Thursday night, domestic and international crude oil futures prices rose significantly. The domestic crude oil futures 2506 contract closed up 3.40% to 495.3 yuan/barrel, and it is expected to maintain a volatile and strengthening trend on Friday [5]. Core Logic - The US President Trump reduced the intensity of the tariff war, releasing positive signals and increasing the risk appetite of the financial market. The US Treasury imposed new sanctions on Iran's energy, escalating the US - Iran conflict. OPEC+ required Kazakhstan and Iraq to compensate for the insufficient crude oil production cuts, reducing the future supply expectations of the crude oil market [5].

投资咨询业务资格：证监许可【2011】1778 号 晨会纪要 宝城期货原油早报-2025-04-15 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 原油 2506 | 震荡 | 震荡 偏弱 | 震荡 偏强 | 偏强运行 | 宏观情绪缓和，原油震荡偏强 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 ----------------------------------------------------------------------------------------------------- 投资咨询业务资格：证监许可【2011】1778 号 晨会纪 ...