Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - The crude oil futures are expected to operate strongly in the short - term, with a mid - term view of oscillating on the stronger side, and are likely to maintain a strong pattern on Monday [1][5] - The core logic is that the geopolitical risk in the Middle East has escalated due to the US - Iran military conflict, which may lead to a sharp increase in the crude oil premium. With the production facilities of oil - producing countries starting to reduce production, both US WTI and Brent crude oil futures have exceeded $100. The domestic crude oil futures showed a strong upward trend in the night session last Friday [5] Group 3: Summary by Related Catalogs 1. Variety Morning Meeting Minutes - For crude oil 2604, the short - term view is strong, the mid - term view is oscillating on the stronger side, and the intraday view is strong, with a reference view of strong operation. The core logic is the escalation of geopolitical risks [1] 2. Price Quotation and Driving Logic of Main Varieties - The intraday view of crude oil (SC) is strong, the mid - term view is oscillating on the stronger side, with a reference view of strong operation. The core logic is the rapid increase in geopolitical risks in the Middle East due to the US - Iran military conflict, possible sharp increase in crude oil premium, and the reduction of production in oil - producing countries leading to the rise of US WTI and Brent crude oil futures. The domestic crude oil futures are expected to maintain a strong pattern on Monday [5]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The domestic crude oil futures are expected to maintain a relatively strong trend. The short - term view is oscillating and bullish, the medium - term view is oscillating, and the intraday view is bullish. The reference view is a strong operation [1][5] 3. Summary by Relevant Catalog 3.1 Time - cycle View - For crude oil 2604, the short - term view (within one week) is oscillating and bullish, the medium - term view (two weeks to one month) is oscillating, and the intraday view is bullish [1] 3.2 Core Logic - With the military attacks by the US and Israel on Iran, the geopolitical risk in the Middle East has rapidly increased. Iran has announced the closure of the Strait of Hormuz, preventing the transportation of energy supplies such as crude oil and natural gas from the Middle East. The premium of crude oil may increase significantly. Although OPEC+ oil - producing countries have announced an increase in production starting from the second quarter, the short - term geopolitical factors outweigh the weak supply - demand fundamentals of crude oil. Driven by bullish factors, international crude oil futures prices have risen sharply, which may drive the domestic crude oil futures to open sharply higher and operate strongly on Monday [5]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The short - term view of crude oil 2604 is volatile, the medium - term view is volatile, and the intraday view is weak. It is expected to run weakly. The core logic is that risk appetite has cooled, and crude oil is oscillating weakly [1]. - The intraday view of crude oil (SC) is weak, and the medium - term view is volatile. It is expected to run weakly. The recent marginal improvement in supply - demand fundamentals provides solid support. OPEC+ major producers will continue to suspend production increases in March 2026, and US winter storms have affected production with significant inventory drawdown. However, due to the expected US - Iran negotiation, geopolitical risk appetite has cooled, leading to a sharp decline in domestic crude oil futures on Thursday night. It is expected that domestic crude oil futures may maintain a weakly oscillating pattern on Friday [5]. Group 3: Summary by Related Catalogs Time - Cycle Views - For crude oil 2604, the short - term is within one week and is volatile, the medium - term is from two weeks to one month and is volatile, and the intraday view is weak [1]. - For crude oil (SC), the intraday view is weak, and the medium - term view is volatile [5]. Core Logic - For crude oil 2604, risk appetite has cooled, resulting in an oscillating and weak trend [1]. - For crude oil (SC), on the supply side, OPEC+ will continue to suspend production increases in March 2026, and US winter storms have affected production, with last week's crude oil inventory decreasing by 3.5 million barrels and Cushing inventory decreasing by 743,000 barrels. On the demand side, the marginal improvement in supply - demand fundamentals provides support. But due to the expected US - Iran negotiation, geopolitical risk appetite has cooled, causing a sharp decline in domestic crude oil futures on Thursday night [5].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The crude oil futures are expected to run strongly, with short - term and medium - term trends being oscillatory and the intraday trend being strong. The core logic is that the marginal improvement of the supply - demand fundamentals provides solid support, and the geopolitical risks are rising [1][5]. Group 3: Summary by Relevant Catalog Price and Trend - For crude oil 2604, the short - term trend is oscillatory, the medium - term trend is oscillatory, and the intraday trend is strong. The reference view is a strong operation [1]. Driving Logic - The marginal improvement of supply - demand fundamentals offers solid support. OPEC+ major oil - producing countries will continue to suspend production increases in March 2026, maintaining the production level of December 2025, which eases concerns about oversupply. The US winter storm affects crude oil production, with last week's crude oil inventory decreasing by 3.5 million barrels and Cushing's inventory dropping by 743,000 barrels. The geopolitical risks are rising due to the large differences between the US and Iran, which boosts the upward trend of domestic crude oil futures [5].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report predicts that the domestic crude oil futures on SC will maintain a weak and volatile pattern on Friday, February 6, 2026 [1][5]. 3. Summary of Related Catalogs 3.1 Time Cycle Classification - Short - term: within a week; Medium - term: two weeks to one month [1] - For short - term and medium - term, there is no distinction between strong and weak. Only the intraday view has such a distinction. A decline of more than 1% is considered weak, a decline of 0 - 1% is considered weak - bias, a rise of 0 - 1% is considered strong - bias, and a rise of more than 1% is considered strong [3][4] 3.2 Crude Oil 2604 Outlook - Short - term: volatile; Medium - term: volatile; Intraday: weak - bias; Overall view: weak operation. The core logic is that the peace talks between the US and Iran have led to a weak and volatile trend in crude oil [1] 3.3 Crude Oil (SC) Market Analysis - Intraday view: weak - bias; Medium - term view: volatile; Reference view: weak operation - Core logic: The marginal improvement in the supply - demand fundamentals provides strong support. OPEC+ major oil - producing countries will continue to suspend production increases in March 2026, keeping the production at the December 2025 level, alleviating concerns about oversupply. The US winter storm has affected crude oil production, with a 3.5 - million - barrel reduction in crude oil inventory last week and a 743,000 - barrel decline in Cushing inventory. The better - than - expected inventory drawdown strengthens the bullish logic. However, the peace talks between the US and Iran on February 6 have cooled geopolitical risks, leading to a weak and volatile trend in domestic crude oil futures on Thursday night [5]