Core Insights - WTI crude oil futures for November closed up by $0.04, a 0.06% increase, at $61.73 per barrel [1] - Brent crude oil futures for December closed down by $0.02, a 0.03% decrease, at $65.45 per barrel [1] - Abu Dhabi Murban crude oil futures fell by 0.28%, settling at $66.66 per barrel [1] - NYMEX natural gas futures for November rose by 4.20%, closing at $3.4980 per million British thermal units [1] - NYMEX gasoline futures for November closed at $1.8939 per gallon, while heating oil futures for November settled at $2.2653 per gallon [1] - In the European market, ICE UK natural gas futures increased by 0.97%, and TTF benchmark Dutch natural gas futures rose by 0.63% [1] - ICE EU carbon emission trading permits futures prices decreased by 0.55% [1]

Core Viewpoint - WTI and Brent crude oil futures experienced significant declines, with WTI down 4.24% and Brent down nearly 3.82% for the week, indicating a bearish trend in the oil market [1] Oil Market Summary - WTI November crude oil futures closed at $58.90 per barrel, down $2.61, with a weekly decline exceeding 3.25% [1] - Brent December crude oil futures closed at $62.73 per barrel, down $2.49, with a weekly drop of approximately 2.79% [1] - Abu Dhabi Murban crude oil futures fell by 3.55%, closing at $64.44 per barrel, with a weekly decline of 1.90% [1] Natural Gas and Other Fuels Summary - NYMEX November natural gas futures settled at $3.1060 per million British thermal units [1] - NYMEX November gasoline futures closed at $1.8204 per gallon [1] - NYMEX November heating oil futures ended at $2.2044 per gallon [1]

Core Insights - WTI crude oil futures for November closed down by $0.02, a decrease of 0.03%, settling at $57.52 per barrel, approaching the May 5 closing price of $56.18 [1] - Brent crude oil futures for December fell by $0.28, a decline of 0.46%, to $61.01 per barrel [1] - Abu Dhabi Murban crude oil futures dropped by 1.04%, priced at $62.81 per barrel [1] Natural Gas Market - NYMEX November natural gas futures surged over 12.93%, reaching $3.3970 per million British thermal units [1] - The U.S. Energy Information Administration (EIA) reported that U.S. exports to Mexico reached a record high of 7.5 billion cubic feet per day in May [1] - Colder weather in the U.S. and North America triggered a wave of speculative short covering [1] Other Energy Products - NYMEX November gasoline futures closed at $1.8302 per gallon [1] - NYMEX November heating oil futures settled at $2.1921 per gallon [1]

Group 1: Oil Price Performance - WTI December crude oil futures rose $0.41 per barrel, or 0.68%, to $60.98 per barrel; Brent December crude oil futures rose $0.07 per barrel, or 0.11%, to $65.07 per barrel; SC2512 crude oil futures rose 4.20 yuan per barrel, or 0.91%, to 463.60 yuan per barrel [1] Group 2: Crude Oil Arbitrage Analysis Mexican Gulf Crude Oil Arbitrage - All light crude oil arbitrage windows into USGC are closed, indicating that the price of light crude oil in the Atlantic Basin is too high relative to the US domestic benchmark WTI MEH, lacking import economics. This reflects sufficient domestic supply in the US or high trans - Atlantic freight costs. The heavy crude oil arbitrage into USGC is also generally closed, but some American heavy oils have relatively small negative values, showing strong competitiveness against Mars [2] Atlantic Crude Oil Arbitrage - The market shows differentiation. Arbitrage from the North Sea and Algeria is open, indicating that the crude oil in these regions has a price advantage over the West African benchmark Bonny Light and may be more favored by USAC refineries. Arbitrage from Saudi Arabia and Angola is closed, indicating weak competitiveness [3] Northwest Europe Crude Oil Arbitrage - In the European market, arbitrage from the US is closed, while that from Azerbaijan, Algeria, and Nigeria is open. This shows that in the Atlantic Basin, Mediterranean and West African crude oils are more competitive than the North Sea Forties benchmark and may dominate the supply to Europe [6] Mediterranean Crude Oil Arbitrage - All arbitrage into the Mediterranean is severely closed, indicating that Urals crude oil has absolute price competitiveness in the local market, highlighting its position as the regional benchmark [7] Asian Crude Oil Arbitrage - Under the cracking configuration, all alternative crude oil arbitrage relative to Russian ESPO crude oil is severely closed, highlighting ESPO's huge cost advantage in Northeast Asian cracking refineries. Under the coking configuration, there is differentiation. Arbitrage of heavy crude oils from Ecuador and the US is open, showing significant economic benefits for Northeast Asian coking refineries [8] Group 3: Key Market News - OPEC Secretariat announced receiving compensation plans from Russia, Iraq, UAE, Kazakhstan, and Oman to cover over - target production from last month to June 2026 [10] - OPEC+ eight countries' ministers decided to increase oil production quota by 137,000 barrels per day in December, and then suspend production increase from January to March 2026 due to seasonal factors. The 1.65 million barrels per day production cut may be partially or fully restored depending on market conditions [10] - Market sources said OPEC+ will approve a small increase in December production [10] - Iran received news of resuming negotiations with Washington and will announce details at an appropriate time [10] - Iranian President said Tehran will rebuild its nuclear facilities "with greater strength" [10] Group 4: Trend Intensity - The trend intensity of crude oil is 0, with the range of [- 2,2] and classifications including weak, weakly - bearish, neutral, weakly - bullish, and strong [10][11]

Core Insights - WTI December crude oil futures closed down 0.31% at $61.31 per barrel [1] - Brent December crude oil futures closed down 0.49% at $65.62 per barrel [1] Price Movements - WTI crude oil futures experienced a decrease of 0.31% [1] - Brent crude oil futures saw a decline of 0.49% [1]

Group 1 - WTI crude oil futures for December closed up $1.26, a 2.20% increase, at $58.50 per barrel, continuing to rise from the October 16 closing price of $56.99, which was the lowest closing price since May 7 at $56.94 [1] - Brent crude oil futures for December rose by $1.27, a 2.07% increase, closing at $62.59 per barrel [1] - NYMEX November natural gas futures settled at $3.45 per million British thermal units [1] Group 2 - NYMEX November gasoline futures closed at $1.8650 per gallon [1] - NYMEX November heating oil futures settled at $2.2496 per gallon [1]

Group 1 - On October 21, WTI crude oil futures for November closed at $57.52 per barrel, down $0.02, a decrease of 0.03%, approaching the May 5 closing price of $56.18 [1] - Brent crude oil futures for December fell by $0.28, or 0.46%, to $61.01 per barrel, while Abu Dhabi Murban crude oil futures decreased by 1.04% to $62.81 per barrel [1] - NYMEX natural gas futures for November rose by over 12.93%, reaching $3.3970 per million British thermal units [1] Group 2 - The U.S. Energy Information Administration reported that U.S. exports to Mexico reached a record high of 7.5 billion cubic feet per day in May, driven by cold weather prompting speculative short covering [1] - NYMEX gasoline futures for November settled at $1.8302 per gallon, while NYMEX heating oil futures for November closed at $2.1921 per gallon [1]

Report Summary 1. Market Performance - WTI November crude oil futures fell $2.61/barrel, or 4.24%, to $58.90/barrel; Brent December crude oil futures fell $2.49/barrel, or 3.82%, to $62.73/barrel; SC2511 crude oil futures fell 21.20 yuan/barrel, or 4.55%, to 445.00 yuan/barrel [1] 2. USGC Crude Oil Arbitrage (as of Oct 10) - Middle - Eastern light crude has no appeal to the US Gulf, indicating sufficient supply of US light shale oil and weak refinery demand for imported light crude [2] - West African crude oil arbitrage is closed, reflecting sufficient supply of medium - sulfur crude in the US Gulf or more economical flow of West African crude to other markets [2] - North Sea crude oil arbitrage to the US Gulf is severely closed, showing intense competition in the light crude supply in the Atlantic Basin and reduced attractiveness of the US Gulf as a core demand center [2] 3. NWE Crude Oil Arbitrage - US shale oil can flow into Europe economically, indicating strong export competitiveness of US crude and an adjustment in the European market's supply - demand pattern [4] - Other US light oil grades can also flow into Europe, confirming the active trans - Atlantic crude oil trade and continuous European demand for light crude [4] 4. Asian Crude Oil Arbitrage - In Southeast Asia, the Middle - Eastern Murban crude has a weak profit when flowing in, showing a basically balanced but slightly loose supply in the Asian light - low - sulfur crude market [5] - In Northeast Asia, the market has strong demand for ESPO and other medium - sulfur crude, or there is an oversupply of Middle - Eastern crude [5] - In China, the heavy - oil market has sufficient supply or weakened refinery feed demand, and the supply - demand relationship of heavy - oil is in a balanced or tight - balanced state [5] 5. Key Market News - Russia will suspend the plan to cancel fuel compensation mechanism payments from October to May next year [6] - Iraq set the official selling price of Basra medium crude for Asia in November at a premium of $0.85/barrel to the Oman/Dubai average [6] 6. Trend Intensity - The trend intensity of crude oil is 1, indicating a neutral trend [7]

Core Viewpoint - The U.S. stock market experienced a significant decline, with the Nasdaq and S&P 500 indices recording their largest single-day drops since April 10, driven by a provocative statement from former President Trump [1][3]. Market Performance - The Nasdaq Composite Index fell by 3.56%, closing at 22,204.43 points, while the S&P 500 Index dropped by 2.71%, ending at 6,552.51 points, marking their largest single-day declines since April 10 [3][4]. - For the week, the S&P 500 Index decreased by 2.43%, the largest weekly drop since June, and the Nasdaq Index fell by 2.53%, the largest weekly decline since April [3][4]. Major Stock Movements - Major technology stocks saw significant declines, with the Wande American Technology Seven Giants Index dropping by 3.65%. Notable individual stock performances included: - Tesla down over 5% - Amazon down over 5% - Nvidia down nearly 5% - Apple and Facebook down over 3% - Microsoft down over 2% - Google down nearly 2% [11][12]. Chinese Stocks Performance - Chinese stocks also faced substantial losses, with the Nasdaq Golden Dragon China Index falling by 6.1%. Key declines included: - Alibaba down 8.45% - Bilibili down over 9% - Baidu and Xpeng down over 8% - JD.com down over 6% [13][14]. Commodity Market - International oil prices saw a notable decline, with U.S. crude futures dropping by 4.24% to $58.90 per barrel, and Brent crude futures falling by nearly 3.82% to $62.73 per barrel. Gold prices, however, increased by over 1% [16][15].

Report Summary 1. Market Performance - WTI November crude oil futures rose by $0.82 per barrel, a 1.33% increase, closing at $62.55 per barrel; Brent December crude oil futures rose by $0.80 per barrel, a 1.22% increase, closing at $66.25 per barrel [1] 2. USGC Crude Oil Arbitrage - Arab Extra Light vs WTI: Spread closed at -$6.16, indicating intense competition in light crude oil, sufficient supply of US light crude oil, and refineries' preference for local low - cost raw materials [2] - Nemba vs WTI MEH: Spread closed at -$5.55, reflecting an oversupply of medium - sulfur crude oil in the Atlantic Basin and the need for a wider spread to stimulate imports [2] - Forties vs WTI MEH: Spread closed at -$7.81, showing a decline in North Sea crude oil competitiveness, high pricing of North Sea crude oil, or sufficient supply of US domestic crude oil [2] 3. NWE Crude Oil Arbitrage - WTI MEH vs Forties: Spread open at $1.64, indicating that US crude oil is flowing to the European market, with sufficient US crude oil production and Europe's need for diversified supply sources [3] - Eagle Ford vs Forties: Spread open at $2.49, showing that US shale oil is more competitive than North Sea crude oil and an abundant global supply of light - low - sulfur crude oil [3] - Bonny Light vs Forties: Spread open at $1.79, reflecting the recovery of Nigerian crude oil production and its re - entry into the European market [3] 4. Asian Crude Oil Arbitrage - Murban vs Tapis: Spread open at $0.44, indicating that Middle - Eastern crude oil is flowing to Asia, with continuous Asian market demand for Middle - Eastern crude oil despite narrowing spreads [5] - Bonny Light vs Tapis: Spread open at $1.34, showing strong Asian refineries' preference for West - African low - sulfur crude oil, supporting Atlantic Basin crude oil prices [5] - WTI MEH vs Tapis: Spread open at $1.45, indicating that US crude oil is flowing to Asia in large quantities, reflecting the improvement of US crude oil export infrastructure and the reconstruction of global trade flows [5] 5. Key Market News - The Gaza war has ended. Hostages will be released 72 hours after the Israeli cabinet approves the agreement, expected to happen by next Monday at the latest [7] - US domestic crude oil production for the week ending October 3 was the highest since the week of December 6, 2024. EIA refined oil inventory decline was the largest since the week of June 20, 2025. Domestic crude oil production increase was the largest since the week of January 31, 2025. EIA strategic petroleum reserve inventory was the highest since the week of October 7, 2022 [7] - US EIA crude oil inventory for the week ending October 3 was 3.715 million barrels, with an expected 1.885 million barrels and a previous value of 1.792 million barrels. EIA Cushing, Oklahoma crude oil inventory was - 763,000 barrels, with a previous value of - 271,000 barrels [7] - Russian Deputy Prime Minister Novak stated that Russia will gradually increase oil production [7] 6. Trend Intensity - The crude oil trend intensity is 0, indicating a neutral outlook [6]