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]