Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View - The current state of the crude oil market is a temporary sideways market, and long positions should be held [1]. 3. Summary by Directory International Crude Oil - NYMEX WTI May crude oil futures rose $4.22, or 4.79%, to $92.35 per barrel; ICE Brent crude oil futures for May rose $4.55 per barrel, a month - on - month increase of 4.55%, to $104.49 per barrel; SC2605 crude oil futures fell 11.70 yuan per barrel, or 1.56%, to 740.20 yuan per barrel [1]. Mexican Gulf Market Crude Oil Arbitrage - Different crude oils in the Mexican Gulf market have different spread changes. For example, Arab Extra Light's spread decreased by 1.94 compared to January, mainly due to the sharp expansion of the crude oil price disadvantage relative to WTI MEH; Vasconia's spread changed from negative to positive, rising 1.83, driven by the change of crude oil price from a disadvantage to an advantage [1]. Atlantic Crude Oil Arbitrage - Forties' spread decreased significantly month - on - month, mainly due to the double deterioration of refining value and crude oil price disadvantage relative to Bonny Light; Urals' spread narrowed, but the arbitrage space was still large, mainly because the crude oil price advantage relative to Bonny Light narrowed [3]. Northwest European Crude Oil Arbitrage - WTI MEH's spread increased significantly month - on - month, mainly due to the extremely strong refining value; Azeri Light's spread decreased and turned negative, as the strong refining value was offset by the price disadvantage and high freight and structural costs [6]. Mediterranean Crude Oil Arbitrage - The spreads of Saharan Blend, Azeri Light, and Bonny Light all increased month - on - month. For Saharan Blend, it was due to the significant narrowing of the relative price advantage of the benchmark oil Urals; for Azeri Light, it was because the significant improvement in refining value provided support despite the large price advantage of Urals; for Bonny Light, it was due to the significant narrowing of the price advantage of Urals [7]. Key Market News - The API crude oil inventory in the US for the week ending March 20 was 234,800 barrels, compared with an expected - 136,700 barrels and a previous value of 655,600 barrels; the US sent a plan to end the Middle - East war to Iran; Israel's representative to the United Nations stated that Israel was not involved in the US - Iran negotiations; the estimated palm oil exports from Malaysia from March 1 - 20 increased by 61.02% compared to the same period last month; the EU has not announced a new schedule for the plan to completely phase out Russian oil [8][10]. Trend Intensity - The trend intensity of crude oil is 1, with the range of trend intensity being integers in the [-2, 2] interval, where -2 means most bearish and 2 means most bullish [9].

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]

Report Investment Rating - The report suggests holding long positions in crude oil, indicating a view that the price may oscillate upwards [1] Core View - The report analyzes the price movements of international crude oil futures and the arbitrage situations in different markets, including the Gulf of Mexico, the Atlantic, Northwest Europe, and the Mediterranean. It also provides key market news that may affect the crude oil market [1][3][4][6] 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] Mexican Gulf Market Crude Oil Arbitrage - For most crude oils, the spreads decreased compared to January. The main drivers include the deterioration of crude oil price disadvantages and high freight costs [1] Atlantic Crude Oil Arbitrage - The spreads of most crude oils decreased compared to January. The core drivers are the expansion of crude oil price disadvantages and the negative impact of refining value [3] Northwest European Crude Oil Arbitrage - The spreads of some crude oils increased, mainly due to the strong refining value. While the spreads of some others decreased, mainly due to the change of crude oil price advantages to disadvantages and high freight costs [4] Mediterranean Crude Oil Arbitrage - The spreads of some crude oils changed slightly. The main influencing factors are the change of the relative price advantage of the benchmark oil Urals and high freight costs [6] Key Market News - Israel and the US have carried out 20 - day air strikes on Iran, and the military action will continue until necessary. The US Treasury has issued a new license to allow the delivery and sale of Russian - origin crude oil and petroleum products loaded before March 12 [9]