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]

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]