Group 1: Report Industry Investment Rating - Not provided Group 2: Report Core View - The international crude oil futures prices have risen significantly, driving up the domestic crude oil futures on Monday night. It is expected that the domestic crude oil futures may maintain a strong trend on Tuesday. The short - term geopolitical factors outweigh the weak supply - demand fundamentals of crude oil, and the crude oil is running strongly due to geopolitical risks [1][5] Group 3: Summary by Related Catalog Time - period View - Short - term (within one week): The crude oil 2604 is expected to be oscillating and slightly strong [1] - Medium - term (two weeks to one month): The crude oil 2604 is expected to be oscillating, and the overall view on crude oil (SC) is also oscillating [1][5] - Intraday: The crude oil (SC) is expected to be strong, and the view on crude oil 2604 is also strong [1][5] Core Logic - Geopolitical risks have increased rapidly as the US and Israel launched military attacks on Iran, and Iran announced the closure of the Strait of Hormuz, which restricts the transportation of energy supplies such as crude oil and natural gas from the Middle East. Although OPEC+ oil - producing countries announced to resume production increase in the second quarter, short - term geopolitical factors outweigh the weak supply - demand fundamentals of crude oil, leading to a significant increase in crude oil premiums [5]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Crude oil is expected to run strongly, with short - term trends being oscillatory and on the stronger side, medium - term trends being oscillatory, and intraday trends being strong [1][5] 3. Summary by Relevant Catalog 3.1 Time - cycle Viewpoints - Short - term (within one week) for crude oil 2604: Oscillatory and on the stronger side [1] - Medium - term (two weeks to one month) for crude oil 2604: Oscillatory [1] - Intraday for crude oil 2604: Strong [1] 3.2 Core Logic - Geopolitical risks are rising as the US has deployed military forces in the Middle East, Israel threatens to launch the harshest military strike against Iran, and the US - Iran conflict may trigger a new round of geopolitical conflicts. Although there are short - term negotiations, large differences remain and geopolitical risks still exist [5] - OPEC+ announced at the beginning of the month to maintain the decision to suspend production increases in March this year, and the drawdown of US commercial crude oil inventories exceeded expectations, so the short - term oil market supply - demand structure is acceptable [5] - During the Spring Festival holiday, international crude oil futures prices rose by about 5.80%. It is expected that domestic crude oil futures may open sharply higher on the first trading day after the holiday and maintain a relatively strong pattern [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - 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 supply - demand fundamentals provides solid support, and geopolitical risks are rising [1][5]. 3. Summary by Relevant Catalogs 3.1 Time - cycle Views - **Short - term**: The short - term view of crude oil 2604 is oscillatory [1]. - **Medium - term**: The medium - term view of crude oil 2604 is oscillatory, and the medium - term view of SC crude oil is also oscillatory [1][5]. - **Intraday**: The intraday view of crude oil 2604 and SC crude oil is strong [1][5]. 3.2 Price Movement and Core Logic - **Supply - demand fundamentals**: OPEC +'s eight major oil - producing countries announced to continue to suspend production increase in March 2026, maintaining the production level of December 2025, which eases the concern 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 area inventory dropping by 743,000 barrels, strengthening the bullish logic [5]. - **Geopolitical risks**: Due to the large differences between the US and Iran, the Pentagon's "pizza index" has risen again, and geopolitical risks are rising, which boosted the domestic crude oil futures to maintain an oscillatory and strong trend on Tuesday night, and the futures price closed slightly higher. It is expected that the domestic crude oil futures may maintain an oscillatory and strong pattern on Wednesday [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 in supply - demand fundamentals provides solid support, and geopolitical risks are rising [1][5]. Group 3: Summary According to Related Catalogs 1. Time - cycle View - Short - term (within one week): The trend of crude oil 2604 is oscillatory [1]. - Medium - term (two weeks to one month): The trend of crude oil 2604 is oscillatory [1]. - Intraday: The trend of crude oil 2604 is strong [1]. 2. Driving Logic - Supply - demand fundamentals: OPEC+ eight major oil - producing countries announced to continue to suspend production increase in March 2026, maintaining the production level of December 2025, which eases the market's concern 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 area inventory decreasing by 743,000 barrels, strengthening the bullish logic [5]. - Geopolitical factors: Due to the large differences between the US and Iran, the "pizza index" of the US Pentagon has risen again, and geopolitical risks have increased, boosting the upward trend of domestic crude oil futures on the night of last Friday [5].

Group 1: Report Investment Rating - No specific industry investment rating is provided in the report [1][5] Group 2: Core Viewpoints - The short - term view of crude oil 2604 is oscillatory, the medium - term view is oscillatory, and the intraday view is bullish. It is expected to run in a bullish manner [1][5] - The core logic is that geopolitical risks are rising, and after a short - term sharp correction, the bearish sentiment in the oil market has been released. With the continued Middle East geopolitical risks and the winter peak oil - using season in the Northern Hemisphere, a bullish atmosphere has re - emerged [1][5] Group 3: Summary by Related Catalogs Price Trend and Viewpoints - For crude oil 2604, the short - term trend is oscillatory, the medium - term is oscillatory, and the intraday trend is bullish, with a reference view of bullish operation [1] - The intraday view of crude oil (SC) is bullish, and the medium - term view is oscillatory, with a reference view of bullish operation [5] Driving Logic - The US President Trump frequently releases geopolitical risk signals, and Greenland and Canada may become the next targets for the US. After a short - term sharp correction, the bearish sentiment in the oil market has been released. Due to the continued Middle East geopolitical risks and the winter peak oil - using season in the Northern Hemisphere, a bullish atmosphere has re - emerged. On Wednesday night, domestic crude oil futures maintained an oscillatory trend and closed sharply higher. It is expected that on Thursday, domestic crude oil futures may maintain an oscillatory and bullish pattern [5]