Group 1: Investment Rating - No investment rating provided in the report Group 2: Core View - The short - term view of crude oil 2603 is volatile, the medium - term view is volatile, and the intraday view is weak, with a reference view of weak operation. The core logic is that geopolitical risks have cooled, and crude oil is oscillating weakly. Also, due to the weak supply - demand fundamentals temporarily overriding geopolitical risk sentiment, domestic crude oil futures are expected to maintain a weakly oscillating trend on Tuesday [1][5] Group 3: Summary by Directory Price Movement Rules - For varieties with night trading, the starting price is the night - trading closing price; for those without, it's the previous day's closing price. The ending price is the day - trading closing price, used to calculate the increase or decrease [2] - A decline of more than 1% is considered weak, 0 - 1% is weakly declined, an increase of 0 - 1% is weakly increased, and an increase of more than 1% is strong. The weak/strong categorization only applies to the intraday view, not the short - term and medium - term views [3][4] Driving Logic for Crude Oil Price - Recently, US President Trump has frequently released geopolitical risk signals. With the US military aircraft carrier reaching the Middle East and Iran's tough stance, there may be a new round of military conflict between the US and Iran, threatening Middle East crude oil exports. However, Trump's signal of easing has led to the weak supply - demand fundamentals of the oil market overriding the geopolitical risk sentiment, causing a partial retracement of previous gains in domestic and international crude oil futures prices on Monday night [5]

Report Summary Investment Rating - No investment rating provided in the report Core View - The crude oil market is expected to operate in a moderately strong manner. In the short - term (within a week), it will be volatile; in the medium - term (two weeks to a month), it will also show a volatile trend, and it will be moderately strong on the day [1][5] Summary of Related Content - **Price Movement and Judgment Criteria** - For varieties with night trading, the starting price is the night trading closing price; for those without night trading, it's yesterday's closing price, and the end price is the day - trading closing price to calculate the price change [2] - A decline greater than 1% is considered weak, a decline of 0 - 1% is moderately weak, a rise of 0 - 1% is moderately strong, and a rise greater than 1% is strong [3] - The moderately strong/moderately weak judgment only applies to the intraday view, not to short - term and medium - term views [4] - **Driving Logic of Crude Oil Price** - Recently, US President Trump has frequently sent out geopolitical risk signals, with Greenland and Canada potentially being the next targets for the US to seize and attack. The arrival of a US aircraft carrier in the Middle East and Iran's strong statements may lead to a new round of military conflicts between the US and Iran, threatening Middle East crude oil exports. Geopolitical risks have overshadowed the weak supply - demand fundamentals of the oil market, boosting the sharp rise of domestic and foreign crude oil futures prices on the night of last Friday. It is expected that domestic crude oil futures will maintain a moderately strong and volatile trend on Monday [5]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The crude oil futures are expected to run weakly, with short - term and medium - term trends being oscillatory and the intraday trend being weak. The supply surplus dominates, and the crude oil market is oscillating weakly [1][5] Group 3: Summary by Related Content 1. Time Cycle and View - Short - term (within one week) view of crude oil 2603 is oscillatory, medium - term (two weeks to one month) view is oscillatory, and the intraday view is weak. The reference view is weak operation [1] 2. Price Calculation and Fluctuation Definition - For varieties with night trading, the starting price is the night - trading closing price; for those without, it's 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 weak, a decline of 0 - 1% is weak, a rise of 0 - 1% is strong, and a rise greater than 1% is strong. The strong/weak concept only applies to the intraday view [3][4] 3. Price Driving Logic - Recently, US President Trump frequently released geopolitical risk signals. The US military aircraft carrier bypassed the Strait of Malacca and headed for the Middle East, and Iran made tough remarks, increasing the geopolitical risk in the Middle East. However, the market's concern about the increased global crude oil supply surplus overshadowed the geopolitical risk, leading to a slight decline in domestic and foreign crude oil futures prices on Thursday night. It is expected that domestic crude oil futures will maintain an oscillatory and weak trend on Friday [5]

Report Industry Investment Rating - Not provided in the content Core View - The crude oil futures price is expected to run strongly, with short - term and medium - term trends being volatile and the intraday trend being strong. The core logic is that geopolitical risks still exist, and the geopolitical risks in the Middle East have intensified again due to the US's actions. Although the risks have weakened temporarily, the US - Iran conflict remains the main focus, and the domestic crude oil futures price is expected to maintain a strong pattern on Monday [1][5] Summary by Related Catalog Price and Trend - The short - term trend of crude oil 2603 is volatile, the medium - term trend is volatile, and the intraday trend is strong, with a reference view of strong operation [1] - The intraday view of crude oil (SC) is strong, and the medium - term view is volatile, with a reference view of strong operation [5] Driving Logic - Geopolitical risks still exist, which makes the crude oil market volatile and strong. Recently, US President Trump has frequently released geopolitical risk signals, and the geopolitical risks in the Middle East have intensified again. Although the risks have weakened temporarily, the US - Iran conflict remains the main focus. The domestic crude oil futures price maintained a volatile rebound trend on the night of last Friday and is expected to maintain a strong pattern on Monday [1][5]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint The report predicts that the domestic crude oil futures price (SC) will maintain a weak pattern in the short - term and oscillate in the medium - term. Specifically, it will be weak on the day, with a core logic of weakening geopolitical risks leading to the weakening of crude oil prices [1][5]. 3. Summary by Related Catalog - **Time - cycle Viewpoints** - Short - term: The short - term view of crude oil 2603 is oscillatory [1]. - Medium - term: The medium - term view of crude oil 2603 is oscillatory, and the medium - term view of SC crude oil is also oscillatory [1][5]. - Intraday: The intraday view of crude oil 2603 is weak, and the intraday view of SC crude oil is also weak [1][5]. - **Core Logic** - Recently, US President Trump frequently signaled geopolitical risks, threatening a new round of military strikes on Iran, which intensified Middle - East geopolitical risks. However, after Trump signaled a possible suspension of the strike on Iran, the geopolitical risks weakened, causing international crude oil futures prices to drop significantly. Although domestic crude oil futures prices rebounded on Wednesday night, international oil prices have given back their gains, so it is expected that domestic crude oil futures prices will maintain a weak pattern on Thursday [5].

Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Report's Core View - The crude oil 2603 contract is expected to be volatile in the short - and medium - term, and show a stronger trend intraday, with an overall view of stronger operation. The core reason is the escalation of the US - Iran conflict, which has led to an increase in geopolitical risks and supported the crude oil price [1][5]. 3) Summary by Related Information Time - cycle Views - Short - term (within a week): The crude oil 2603 contract is expected to be volatile [1]. - Medium - term (two weeks to one month): The crude oil 2603 contract is expected to be volatile [1]. - Intraday: The crude oil 2603 contract is expected to be stronger [1]. Price Movement Reference - The reference view is that the crude oil price will run stronger [1][5]. Core Logic - The US President Trump has frequently released geopolitical risk signals, and the US may target Greenland and Mexico. Also, the US has threatened a new round of military strikes against Iran, intensifying the Middle East geopolitical risks. The strengthening of the crude oil risk premium has weakened the dominance of the weak supply - demand pattern in the oil market, supporting the stronger operation of domestic and foreign crude oil futures prices on Tuesday night. It is expected that domestic crude oil futures prices may maintain a volatile and stronger trend on Wednesday [5]. Calculation Notes - For varieties with night trading, the starting price is the night - trading closing price; for those without night trading, it is the previous day's closing price. The ending price is the day - trading closing price for calculating the price change [2]. - A decline of more than 1% is considered weak, a decline of 0 - 1% is considered weakish, an increase of 0 - 1% is considered strongish, and an increase of more than 1% is considered strong. The strongish/weakish description only applies to intraday views, not short - and medium - term views [3][4].