Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The report suggests that the crude oil 2601 contract is expected to show a weakening trend in the short - term, medium - term, and intraday periods, with an overall view of weak operation. This is due to the increasing bearish sentiment in the market [1]. 3) Summary by Related Catalogs Time - cycle Analysis - Short - term (within one week): The crude oil 2601 contract is expected to oscillate [1]. - Medium - term (two weeks to one month): The crude oil 2601 contract is expected to oscillate [1]. - Intraday: The crude oil 2601 contract is expected to be weak, with a view of weak operation [1][5]. Driving Logic - Geopolitical factor: The potential cooling of the Russia - Ukraine conflict, with the US mediating to end the war, has weakened the geopolitical premium and reduced the impetus for the rebound of international oil prices [5]. - Supply factor: Saudi Arabia has lowered the prices of its main crude oil varieties for Asia to the lowest level in five years, and global crude oil inventories are continuously accumulating, indicating increasing supply pressure in the crude oil market [5]. - Market structure factor: The weakening of the crude oil market's monthly spread and refined oil cracking spread shows a weak supply - demand structure in the oil market [5]. - Market performance: On Tuesday night, domestic and international crude oil futures prices declined slightly, and it is expected that domestic crude oil futures will maintain a weak pattern on Wednesday [5].

Group 1: Investment Rating - No investment rating information provided Group 2: Core Views - The short - term view on crude oil 2601 is oscillatory, the medium - term view is oscillatory, and the intraday view is bullish, with an overall reference view of bullish operation [1] - Due to the expected cooling of the Russia - Ukraine conflict, the geopolitical premium has weakened, but the demand for crude oil is expected to improve with the arrival of the winter consumption season in the Northern Hemisphere, and the domestic crude oil futures may continue to operate in a bullish pattern on Thursday [5] Group 3: Summary by Category Time - cycle Views - For crude oil 2601, short - term (within a week) is oscillatory, medium - term (two weeks to one month) is oscillatory, and intraday is bullish [1] Price Movement Calculation Rules - For varieties with night trading, calculate the price change from the night - trading closing price to the day - trading closing price; for those without night trading, calculate from the previous day's closing price to the day - trading closing price [2] Strength Classification Rules - A decline greater than 1% is considered weak, a decline of 0 - 1% is considered bearish, a rise of 0 - 1% is considered bullish, and a rise greater than 1% is considered strong [3] Scope of Strength Classification - The bullish/bearish classification only applies to intraday views, not short - term and medium - term views [4] Price Movement Logic - The expected cooling of the Russia - Ukraine conflict weakens the geopolitical premium and the rebound power of international oil prices. The arrival of the winter consumption season in the Northern Hemisphere improves the demand expectation, and the domestic crude oil futures showed an oscillatory and stable trend on Wednesday night, with a slight increase in price, and may continue to be bullish on Thursday [5]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The crude oil 2601 contract is expected to run strongly, with short - term and medium - term trends being oscillatory and the intraday trend being strong [1][5] - Due to the expected cooling of the Russia - Ukraine conflict, the geopolitical premium weakens, but with the arrival of the winter consumption peak in the Northern Hemisphere, the demand for crude oil is expected to improve, and the supply - demand structure of the oil market is expected to get better, so the domestic crude oil futures may continue to run strongly on Monday [5] Group 3: Summary by Related Catalog Price and Trend - The short - term view of the crude oil 2601 contract is oscillatory, the medium - term view is oscillatory, and the intraday view is strong, with a reference view of strong operation [1] Driving Logic - The expected cooling of the Russia - Ukraine conflict weakens the driving force for the continued rebound of international oil prices, while the arrival of the winter consumption peak in the Northern Hemisphere improves the crude oil demand expectation and the supply - demand structure of the oil market [5] Market Performance - Last Friday night, domestic crude oil futures showed an oscillatory and slightly rebounding trend under the dominance of a bullish atmosphere [5]

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - The short - term view of crude oil 2601 is oscillatory, the medium - term view is oscillatory, the intraday view is bullish, and the overall reference view is bullish operation. The core logic is that the bullish sentiment has warmed up, and crude oil is oscillating strongly [1]. - Due to the significantly worse - than - expected September non - farm payroll data in the US, the macro sentiment has weakened. The latest quarterly report of OPEC has changed the global oil market in the third quarter from "supply shortage" to "a daily surplus of 500,000 barrels", amplifying the expectation of loose supply. The current weak supply - demand structure of the oil market is gradually competing with geopolitical sentiment. As the market is worried about a possible cease - fire agreement in the Russia - Ukraine conflict, the geopolitical premium in the oil market has retreated. On Thursday night, domestic crude oil futures maintained an oscillatory and bullish trend with a slight increase in prices, and it is expected that they may maintain a bullish trend on Friday [5]. Group 3: Summary by Category Price and Market Performance - For domestic crude oil futures, on Thursday night, they maintained an oscillatory and bullish trend with a slight increase in prices [5]. Driving Factors - Macro factor: The significantly worse - than - expected September non - farm payroll data in the US has led to a weakening of macro sentiment [5]. - Supply - demand factor: OPEC's latest quarterly report has changed the global oil market in the third quarter from "supply shortage" to "a daily surplus of 500,000 barrels", increasing the expectation of loose supply [5]. - Geopolitical factor: The market's worry about a possible cease - fire agreement in the Russia - Ukraine conflict has led to the retreat of the geopolitical premium in the oil market [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The crude oil 2601 contract is expected to run strongly in the short - term, with a short - term view of "oscillation", a medium - term view of "oscillation", and an intraday view of "stronger". The reference view is "stronger operation"[1][5] 3. Summary by Relevant Catalog 3.1 Time Cycle and View - Short - term (within one week): The crude oil 2601 contract shows an oscillatory trend[1] - Medium - term (two weeks to one month): It is in an oscillatory state[1] - Intraday: It is expected to be stronger[1] 3.2 Core Logic - The macro sentiment weakened due to the significantly worse - than - expected September non - farm payroll data released by the US last weekend[5] - The latest quarterly report of OPEC changed the global oil market in the third quarter from "supply - demand deficit" to "a daily surplus of 500,000 barrels", amplifying the expectation of loose supply[5] - The weak supply - demand structure of the oil market is gradually competing with geopolitical sentiment. The market's concern that the Russia - Ukraine conflict may reach a ceasefire agreement has led to the retracement of the geopolitical premium in the oil market[5] - The domestic crude oil futures maintained an oscillatory and stronger trend on Wednesday night, with the futures price slightly rising. It is expected to maintain a stronger trend on Thursday[5]

Report Summary of Crude Oil 1. Investment Rating - No specific investment rating for the industry is provided in the report [1] 2. Core View - The crude oil 2601 contract is expected to run weakly in the short - term, medium - term, and intraday. It is likely to maintain a weakening trend, with the market showing a weak supply - demand structure and geopolitical sentiment in a state of game [1][5] 3. Summary by Related Catalogs - **Time - cycle View** - Short - term (within one week): The crude oil 2601 contract is in a state of oscillation [1] - Medium - term (two weeks to one month): The crude oil 2601 contract is in a state of oscillation, and the overall crude oil market is also expected to oscillate [1][5] - Intraday: The crude oil 2601 contract is expected to be weak, and domestic crude oil futures on Friday are expected to maintain a weakening trend [1][5] - **Driving Logic** - The latest OPEC quarterly report shows that the global oil market in the third quarter has changed from "supply shortage" to a "daily surplus of 500,000 barrels", which amplifies the expectation of loose supply [5] - After the geopolitical factors become prominent, the crude oil futures price shows an oscillating and stabilizing trend under the boost of optimistic funds [5] - After digesting the positive factors of the rebound in European diesel prices, the oil market is facing the pressure of oversupply again. The domestic crude oil futures maintained a weakly - oscillating trend in the night session on Thursday, with the futures price slightly lower [5]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The crude oil futures price is expected to run strongly, with a short - term weak trend, a medium - term oscillatory trend, and an intraday strong trend [1][5] Group 3: Summary by Related Content Price and Trend - The short - term view of crude oil 2601 is weak, the medium - term view is oscillatory, and the intraday view is strong, with a reference view of strong operation [1] - The domestic crude oil futures 2601 contract rebounded slightly on the night of last Friday, and it is expected to maintain a strong trend on Monday [5] Driving Logic - OPEC's latest quarterly report changed the global oil market in the third quarter from "supply shortage" to "a daily surplus of 500,000 barrels", amplifying the expectation of loose supply [5] - With the prominence of geopolitical factors and the boost of optimistic funds, the crude oil futures price showed an oscillatory and stable trend [5] - The current weak supply - demand structure of the oil market is in a game with geopolitical sentiment [5]