Report Summary 1. Report Industry Investment Rating - The report suggests short - term observation and holding long - short spreads for crude oil [1] 2. Report's Core View - The core view is to provide the latest price changes of international crude oil futures and relevant news, and give an investment suggestion of short - term observation and holding long - short spreads for crude oil [1] 3. Summary by Relevant Catalogs International Crude Oil - WTI9 crude oil futures closed down $1.07 per barrel, a 1.69% decline, at $62.35 per barrel; Brent October crude oil futures closed down $0.81 per barrel, a 1.21% decline, at $65.79 per barrel; SC2510 crude oil futures closed down 4.20 yuan per barrel, a 0.87% decline, at 480.90 yuan per barrel [1] Trend Strength - The trend strength of crude oil is 0, indicating a neutral view. The value range of trend strength is [- 2,2] [2][3] API Inventory Data - US API crude oil inventory for the week ending August 15 was - 2417000 barrels, expected - 1587000 barrels, and the previous value was 1519000 barrels. There are also data on API Cushing crude oil inventory, gasoline inventory, refined oil inventory, heating oil inventory, crude oil imports, and refined oil imports [2] International News - Trump is arranging a meeting between Putin and Zelensky. Macron suggests the meeting be held in Geneva, Switzerland. Trump and Hungarian Prime Minister Orbán discussed Ukraine's EU accession negotiations and Budapest as a possible meeting place. The EU Commission spokesperson said to continue pressuring Russia, and NATO and EU accession issues should be decided by Ukraine. Trump believes all indicators show that interest rates need to be significantly lowered. Indian Prime Minister Modi met with Wang Yi and said that India and China are partners rather than rivals [2]

Report Overview - The report is about the international crude oil market on August 14, 2025, providing price information, industry news, and data updates [1]. Industry Investment Rating - Not provided in the report. Core Viewpoints - Hold long positions in the positive spread of crude oil as appropriate and pay attention to the meeting between Russian and US leaders [1]. Summary by Related Catalogs Crude Oil Futures Prices - WTI September crude oil futures closed down $0.52/barrel, a 0.82% decline, at $62.65/barrel [1]. - Brent October crude oil futures closed down $0.49/barrel, a 0.74% decline, at $65.63/barrel [1]. - SC2510 crude oil futures closed down 4.50 yuan/barrel, a 0.92% decline, at 485.70 yuan/barrel [1]. Industry News - US President Trump told Zelensky and allies that he would not discuss territorial division with Putin this week [1]. - Trump appointed David Rosner as the chairman of the Federal Energy Regulatory Commission [1]. - Trump will propose to jointly develop rare - earth mineral resources in Alaska with Putin during the Russia - US summit and lift the export ban on Russian aircraft parts [1]. - Trump said Russia would face consequences if it did not stop the war [1]. - The 4 - week average supply of petroleum products reached the highest level since August 2023 [1]. - France, the UK, and Germany's foreign ministers said they would activate the sanctions "restoration mechanism" against Iran if a satisfactory solution was not found by the end of August [1]. US Oil Data (Week Ending August 8) - Crude oil exports increased by 259,000 barrels/day to 3.577 million barrels/day [1]. - Domestic crude oil production increased by 43,000 barrels to 13.327 million barrels/day [1]. - Commercial crude oil inventories (excluding strategic reserves) increased by 3.036 million barrels to 427 million barrels, a 0.72% increase [1]. - The four - week average supply of US petroleum products was 21.159 million barrels/day, a 2.89% increase year - on - year [1]. - Strategic Petroleum Reserve (SPR) inventory increased by 226,000 barrels to 403.2 million barrels, a 0.06% increase [1]. - Commercial crude oil imports (excluding strategic reserves) were 6.92 million barrels/day, an increase of 958,000 barrels/day from the previous week [1]. - EIA crude oil inventory in Cushing, Oklahoma was 45,000 barrels, compared with 453,000 barrels in the previous value [1]. Russia's Production Cut Plan - Russia announced a production cut of 85,000 barrels/day per month from July to November and an additional 9,000 barrels/day in December [1]. IEA Monthly Report Forecasts - Global oil supply is expected to have a record surplus next year [1]. - Global crude oil refinery runs will approach the highest level in history in August, reaching 85.6 million barrels/day [1]. - The average total demand in 2025 is predicted to be 103.7 million barrels/day [1]. - The 2025 global oil supply growth forecast was raised from 2.1 million barrels/day to 2.5 million barrels/day, and the 2026 forecast was raised from 1.3 million barrels/day to 1.9 million barrels/day [1]. - The 2025 global oil demand growth forecast was lowered from 704,000 barrels/day to 685,000 barrels/day, and the 2026 forecast was lowered from 722,000 barrels/day to 699,000 barrels/day [1]. Trend Intensity - The trend intensity of crude oil is 0, indicating a neutral outlook [2].

Report Industry Investment Rating - Short-term outlook: Hold off on new positions and maintain existing long positions in crude oil [1] Core Viewpoints - Crude oil futures prices declined on August 4, 2025. WTI9 crude oil futures fell by $1.93 per barrel (2.79%) to $67.33 per barrel, Brent October crude oil futures dropped by $2.03 per barrel (2.83%) to $69.67 per barrel, and SC2509 crude oil futures decreased by 15.10 yuan per barrel (2.86%) to 513.00 yuan per barrel [1] - The trend strength of crude oil is 1, indicating a neutral outlook [3] Summary by Related Catalogs Supply and Production - Considering compensation measures, OPEC+ actual oil production may increase by 528,000 barrels per day in September. Eight OPEC+ member countries will raise oil production by 547,000 barrels per day in September and will hold their next meeting on September 7 [2] - The total number of US oil rigs as of the week ending August 1 was 410, down from 415 in the previous week [2] Geopolitical and Trade - Russia accounts for about 10% of the global oil supply. Despite US sanctions and warnings from Trump, Indian refineries continue to buy Russian oil. If the global market stops receiving Russia's daily supply of 9.5 million barrels of oil, oil prices could rise to $135 - $140 per barrel [2] - After the US imposed new sanctions, at least two ships carrying Russian oil originally destined for Indian refineries have diverted to other destinations. Trump has urged countries to stop buying Russian oil and threatened to impose a 100% tariff on countries that purchase Russian oil unless Russia reaches a major peace agreement with Ukraine [2] Economic Data - The US seasonally adjusted non-farm payrolls in July were 73,000, lower than the previous value of 147,000 and the expected 110,000 [2] - The preliminary annual CPI rate in the Eurozone in July was 2%, in line with the previous value and higher than the expected 1.90% [2] Market Dynamics - As Middle East oil prices rise, Asia is increasing imports of US WTI crude oil [2]

Report Summary Investment Rating - Hold long positions in crude oil, and prices may challenge $80 per barrel again [1] Core View - The report provides information on international crude oil futures prices, API inventory data, and various industry news, suggesting a potential upward trend in crude oil prices [1][4] Detailed Summary International Crude Oil - WTI September crude oil futures rose $2.50 per barrel, or 3.75%, to $69.21 per barrel; Brent September crude oil futures rose $2.47 per barrel, or 3.52%, to $72.51 per barrel; SC2509 crude oil futures rose 12.80 yuan per barrel, or 2.49%, to 527.50 yuan per barrel [1] Industry News - The OPEC+ Joint Ministerial Monitoring Committee urged member countries to fully comply with quotas [2] - The IMF raised its global economic growth forecast for this year to 3%, the US growth forecast to 1.9%, and the China growth forecast to 4.8% [3] - Trump suggested the EU buy $1 trillion of US energy during his term, and the EU agreed to buy $750 billion [4] - US API crude inventories for the week ending July 25 were 153.9 million barrels (previous -57.7 million barrels, expected -250 million barrels); API Cushing crude inventories were 46.5 million barrels (previous 31.4 million barrels); API gasoline inventories were -173.9 million barrels (previous -122.8 million barrels, expected -114.7 million barrels); API refined oil inventories were 418.9 million barrels (previous 348 million barrels, expected -90.6 million barrels) [4] - Trump said he was not worried about oil if sanctions were imposed on Russia [4] - US Commerce Secretary Lutnick said Trump accepted that natural resources would not face tariffs [4] - Kuwait's oil minister was optimistic about the fundamentals of the oil market [4] - Traders expected OPEC+ to significantly increase production again to complete the current production recovery [4] - The EU's sanctions on India's Nayara Energy led to a reduction in its crude oil production [4] - On July 29, China's new round of refined oil price adjustment window opened, and due to the small price adjustment amount, gasoline and diesel prices remained unchanged [4] - China and the US will continue to promote the extension of the 24% reciprocal tariffs and China's countermeasures, and the two sides' economic and trade teams will maintain close communication [4] Trend Intensity - The trend intensity of crude oil is 1, indicating a moderately bullish outlook [5]

Report Summary 1. Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - The report presents the latest prices and price changes of international crude oil futures, including WTI9, Brent 9 - month, and SC2509. It also covers various geopolitical events, OPEC - related news, and US - related policies that may impact the crude oil market. The trend strength of crude oil is rated as 1, indicating a neutral stance [1][2]. 3. Summary by Related Catalogs Crude Oil Futures Prices - WTI9 crude oil futures closed down $0.87 per barrel, a 1.32% decline, at $65.16 per barrel; Brent 9 - month crude oil futures closed down $0.74 per barrel, a 1.07% decline, at $68.44 per barrel; SC2509 crude oil futures closed down 6.70 yuan per barrel, a 1.32% decline, at 501.90 yuan per barrel [1]. Geopolitical Events - Israel's Defense Minister Katz said Israel may target Iran's Supreme Leader in the future [1]. - At least 8 people were killed in an attack in southeastern Iran. There was also a terrorist attack on a judicial building in Zahedan, Iran, with unclear casualty figures [1]. - Qatar's Prime Minister and Foreign Minister Muhammad discussed the Iranian nuclear issue and the Gaza situation with Iran's Foreign Minister Araqchi, and Qatar will continue diplomatic efforts [1]. OPEC - Related News - OPEC clarified that the JMMC meeting on July 28 has no decision - making power on production levels, only for monitoring compliance and reviewing the market [1]. - An OPEC + senior official said that only an eight - country group can decide when to exit voluntary production cuts and the September production policy [1]. Speculative Positions - Last week, the speculative net long positions in Brent crude oil futures on the ICE decreased by 11,352 contracts to 227,393 contracts, while the speculative net long positions in gasoline futures increased by 8,012 contracts to 98,180 contracts [1]. US - Related Policies - The US to July 25 week's total number of oil drilling rigs decreased from the previous value of 422 to 415 [1]. - US President Trump is considering secondary sanctions against Russia [1]. - The US will not extend the August 1 tariff - increase deadline, and the goal of Trump's negotiation with the EU is to open the EU market for US exports [1][2].