Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - The crude oil 2507 contract is expected to run strongly, with short - term, medium - term, and intraday trends being volatile, volatile, and volatile but on the stronger side respectively [1][5]. - The main reasons are the increasing geopolitical risks, the approaching US debt crisis in June which may trigger a new round of macro negative impacts, and OPEC+ accelerating the production increase rhythm. After the Dragon Boat Festival holiday, the domestic crude oil futures 2507 contract is expected to maintain a volatile and slightly stronger trend [5]. 3. Summary According to Related Content Price and Trend - The short - term, medium - term, and intraday trends of crude oil 2507 are volatile, volatile, and volatile but on the stronger side respectively, with a reference view of strong operation [1]. Driving Logic - With the approaching of the US debt crisis in June, the "gray rhino" effect may trigger a new round of macro negative impacts [5]. - OPEC+ is accelerating the production increase rhythm, with a production increase of 411,000 barrels per day in July. It may completely cancel the remaining 2.2 million barrels per day of voluntary production cuts by the end of October [5]. - Due to the escalation of the Russia - Ukraine conflict and increasing geopolitical risks, international crude oil futures prices rose slightly during the Dragon Boat Festival holiday, so the domestic crude oil futures 2507 contract is expected to be volatile and slightly stronger after the holiday [5].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The crude oil 2507 contract is expected to run strongly, with a short - term outlook of oscillation, a medium - term outlook of oscillation and weakening, and an intraday outlook of oscillation and strengthening [1][5]. - Due to OPEC+ accelerating production increase in June and the steady growth of US shale oil production, the expectation of oil market supply surplus has increased. However, as the crude oil consumption peak season approaches in mid - May, demand factors may gradually strengthen, and the progress of Sino - US economic and trade negotiations has boosted market risk appetite. The domestic crude oil futures price rose 1.92% to 482.5 yuan/barrel on Tuesday night, and the 2507 contract is expected to maintain an oscillation and strengthening trend on Wednesday [5]. 3. Summary by Related Catalog 3.1 Time - period Viewpoints - **Short - term**: The short - term view of the crude oil 2507 contract is oscillation [1]. - **Medium - term**: The medium - term view of the crude oil 2507 contract is oscillation and weakening [1][5]. - **Intraday**: The intraday view of the crude oil 2507 contract is oscillation and strengthening [1][5]. 3.2 Price Calculation and Fluctuation Definition - For varieties with night trading, the starting price is the night - trading closing price; for those without night trading, the starting price is the previous day's closing price. The ending price is the day - trading closing price to calculate the price change [2]. - A decline greater than 1% is considered a fall, a decline between 0 - 1% is oscillation and weakening, an increase between 0 - 1% is oscillation and strengthening, and an increase greater than 1% is a rise [3]. - Oscillation and strengthening/weakening are only applicable to intraday views, not for short - term and medium - term views [4]. 3.3 Market Driving Logic - Supply side: OPEC+ is accelerating production increase in June, and US shale oil production is growing steadily, increasing the expectation of oil market supply surplus [5]. - Demand side: As the crude oil consumption peak season approaches in mid - May, demand factors may strengthen, providing support for crude oil futures prices [5]. - Macro factor: The progress of Sino - US economic and trade negotiations has boosted market risk appetite, leading to a 1.92% increase in domestic crude oil futures prices on Tuesday night [5].

Report Summary 1) Report Industry Investment Rating No relevant content provided. 2) Report's Core View - The short - term view of crude oil 2507 is oscillatory, the medium - term view is oscillatory and weakening, and the intraday view is oscillatory and strengthening. It is expected to run strongly [1][5]. - The supply glut expectation of the oil market has increased due to OPEC+ accelerating production increase in June and the steady growth of US shale oil production. But as the bearish sentiment is digested, approaching the peak consumption season in mid - May, the demand factor may strengthen steadily, which will support the crude oil futures price. With the progress of Sino - US economic and trade negotiations, the market risk appetite is boosted, and the domestic crude oil futures price rose 1.44% to 472.3 yuan/barrel on the night session of Monday. It is expected that the domestic crude oil futures 2507 contract will maintain an oscillatory and strengthening trend on Tuesday [5]. 3) Summary by Related Catalog Variety Morning Meeting Minutes - For crude oil 2507, the short - term is oscillatory, the medium - term is oscillatory and weakening, the intraday is oscillatory and strengthening, with a reference view of strong operation. The core logic is the improvement of macro - sentiment [1]. Main Variety Price Market Driving Logic - Commodity Futures Energy and Chemicals Sector - The intraday view of crude oil (SC) is oscillatory and strengthening, the medium - term view is oscillatory and weakening, with a reference view of strong operation. The core logic is the supply glut expectation caused by production increase and the potential demand boost in the peak consumption season, along with the improvement of market risk appetite [5].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The crude oil futures 2507 contract is expected to run strongly. It shows a volatile trend in the short - term, a volatile and slightly weak trend in the medium - term, and a volatile and slightly strong trend intraday [1][5] 3. Summary According to Related Catalogs 3.1 Price and Market Performance - Last Friday night, the price of domestic crude oil futures rose slightly by 1.31% to 464.6 yuan per barrel [5] 3.2 Core Logic - OPEC+ oil - producing countries will further accelerate the pace of production increase in June, and US shale oil production is also growing steadily, which increases the expectation of oversupply in the oil market. After the digestion of negative sentiment, as the crude oil consumption peak season approaches in mid - May, the demand factor may gradually strengthen, supporting the crude oil futures price. The progress in China - US economic and trade negotiations boosts market risk appetite [5]