原油周报

CONTENTS Macroscopic View The gold-to-oil ratio has rebound Pay attention to inflation transmission Monthly export volume overview ofOPEC+coremember countries The operating rates of the United States and Europe may gradually increase seasonally, while the operatingrates of China's main refineries have rebounded and the operating rates of local refineries have stabilized U.S. commercial inventories stabilize; Cushing regional inventories remain significantlybelow historical averages Refining margins fluctuate with a strong bias Price and Spread OurcompanyhasthequalificationforfuturestradingconsultingbusinessapprovedbytheChinaSecuritiesRegulatoryCommission TheviewsandinformationinthiscontentareforprofessionalinvestorsofGuotaiJunanFuturesonly.Itisdifficulttosetupaccessprivilegesforthiscontent,sopleaseunderstandifitcausesanyinconveniencetoyou.IfyouarenotaprofessionalinvestoramongtheclientsofGuotaiJunanFutures,pleasedonotread,subscribetoorreceiveanyrelatedinformation.Thiscontentdoesnotconstitutearecommendationofanyspecific AnalystStatement TheauthorhasapracticingqualificationinfuturesinvestmentconsultingorequivalentprofessionalcompetencegrantedbytheChinaFuturesIndustryAssociation.Itisherebydeclaredthatthedatausedinthereportarefromcompliantsources,thelogicoftheanalysisisbasedontheauthor'sprofessionalunderstanding,thereportclearlyandaccuratelyreflectstheauthor'sresearchviewpoints,andthereportstrivestobeindependent,objectiveandunbiased,andtheconclusionsarenotsubjecttoanythird-party'sauthorizationorinfluence. Disclaimer TheinformationinthisreportisderivedfrompubliclyavailableinformationandtheCompanydoesnotguaranteetheaccuracy,completenessorreliabilityofsuchinformation.Theinformation,opinionsandassumptionscontainedinthisreportreflectthejudgmentoftheCompanyasofthedateofissuanceofthisreport.Pricesoftheunderlyingfuturesreferredtointhisreportmaygoupaswellasdown,andpast Theresearchservicesreferredtointhisreportmaynotbesuitableforindividualclientsanddonotconstituteprivateadvice.Undernocircumstancesdoestheinformationoropinionsexpressedinthisreportconstituteinvestmentadvicetoanyone.UndernocircumstancesdoestheCompany,itsemployeesoraffiliatespromiseinvestorsanycertaintyofprofit,shareinvestmentreturnswithinvestors,oracceptany Themarketinvolvesrisksandinvestmentshouldbemadewithcaution.Investorsshouldnotusethisreportasthesolereferenceformakinginvestmentdecisions,norshouldtheyconsiderthisreportasasubstitutefortheirownjudgment.Beforedecidingtoinvest,investorsshouldalwaysseekprofessionaladviceandexercisecautionifnecessary.ThecopyrightofthisreportissolelyownedbytheCompany.Withoutwrittenpermission,noinstitutionorindividualmayreproduce,duplicateordistributethisreportinanyform.Ifquotedorpublished,thesourcemustbeindicatedas“GuotaiJunanFuturesResearch”,and Copyrightstatement Special report on Guotai Junan Futures THANK YOU FOR WATCHING