Report Industry Investment Rating - The report gives a bullish rating on crude oil, suggesting adding long positions as the price may fluctuate upwards [1] Core Viewpoints - The report provides a comprehensive analysis of the price trends and spread changes of various crude oil varieties, as well as key market news related to the crude oil market [1][7] Summary by Directory International Crude Oil - NYMEX WTI April crude oil futures closed down $0.18, a decline of over 0.18%, at $96.14 per barrel; ICE Brent crude oil futures for May closed up $1.27, a gain of 1.18%, at $108.65 per barrel; SC2605 crude oil futures closed down 46.30 yuan per barrel, a decline of 5.76%, at 757.10 yuan per barrel [1] - The spreads of most crude oil varieties showed significant changes, with some narrowing and some widening, mainly driven by factors such as crude oil price differentials, refining value changes, and freight rates [1] Atlantic Crude Oil Arbitrage - The spreads of Forties, Saharan Blend, and Cabinda decreased significantly, mainly due to the deterioration of refining value and crude oil price differentials; the spread of Urals narrowed but still had a large arbitrage space, driven by its significant crude oil price advantage [3] Northwest European Crude Oil Arbitrage - The spreads of WTI MEH, Saharan Blend, and Bonny Light increased significantly, mainly due to the strong refining value; the spread of Azeri Light narrowed, mainly due to the change of crude oil price advantage to disadvantage and high freight rates [4] Mediterranean Crude Oil Arbitrage - The spreads of Saharan Blend, Azeri Light, and Bonny Light increased, mainly due to the narrowing of the price advantage of the benchmark oil Urals; the spread of Ekofisk decreased, mainly due to the strengthening of Urals [5][6] Key Market News - US Treasury Secretary Besent stated that after a period of temporary price increases, prices will eventually fall, and the US will gain 50 years of peace in the Middle East; he also defended the US and Israel's attacks on Iranian infrastructure and considered various options against Iran [7] - Tehran is promoting the "monetization of control over the Strait of Hormuz," and the Iranian Revolutionary Guard warned that if the US attacks Iran's energy facilities, the Strait of Hormuz will be completely closed [7]