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].

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The report predicts that the prices of domestic and international crude oil futures on Wednesday, April 23, 2025, may maintain a pattern of fluctuating slightly upward. The short - term view of crude oil 2506 is oscillating, the medium - term view is oscillating weakly, and the intraday view is oscillating strongly, with an overall reference view of strong operation [1][5]. 3. Summary by Related Catalog Crude Oil Market Analysis - **Supply - side Changes**: After OPEC+ decided on compensatory production cuts for over - producing Kazakhstan and Iraq, the supply - side expectations of crude oil were revised. The US Treasury's sanctions on Iran to limit its oil exports to zero also adjusted the expected increase in crude oil supply [5]. - **Geopolitical Factors**: The sanctions on Iran intensified the conflict between the US and Iran, strengthening the premium boost of geopolitical factors on crude oil [5]. - **Market Sentiment**: After US President Trump stated that he had no intention of dismissing the Fed Chairman, the risk appetite of the global financial market was restored, leading to a slight rebound in international crude oil futures prices [5]. - **Price Performance**: On Tuesday night, the domestic crude oil futures 2506 contract closed up 2.15% at 498 yuan per barrel [5].

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].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View - The crude oil futures 2506 contract is expected to run strongly, with an intraday view of oscillating strongly and a medium - term view of oscillating weakly [1][5] 3. Summary by Relevant Catalog Market Conditions - On Monday, the domestic crude oil futures 2506 contract rose slightly by 1.91% to 474.0 yuan/barrel, and in the night session, it continued to oscillate strongly, rising slightly by 1.13% to 474.9 yuan/barrel [5] Core Logic - The macro - sentiment has eased, and the US President Trump has actively reduced the intensity of the tariff war, releasing positive signals and increasing the risk appetite of the financial market [1][5] - The global crude oil supply trend remains in a growth state. Starting from May this year, 8 OPEC and non - OPEC oil - producing countries have decided to increase daily production by 411,000 barrels, far exceeding market expectations [5] - Since April 2025, the international crude oil futures prices have shown a weak downward trend, and the market's long - making power has continued to decline [5]