原油：修复性反弹，关注各类价差反转

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The report focuses on the crude oil market's restorative rebound and the potential reversals in various spreads. It analyzes the price dynamics, supply - demand fundamentals, and key events across different regions in the oil and refined product markets [1]. 3. Summary by Relevant Catalogs 3.1 Crude Oil Market Price and Dynamics - In Europe, Mediterranean Naphtha is at 463.715€ /mt, Dated Brent is at 67.93$/b (-0.54$), with OPEC +减产 execution rate at 117% and increased September loading plans after North Sea maintenance. In Asia, Dubai (Oct) is at 70.50$/b (+0.80$) due to strong Chinese strategic reserve demand and high Indian refinery throughput, and ESPO is at 64.02$/b (+0.64$). In America, WTI USGC is at 65.91$/b (-0.55$) with eased export congestion and low Cushing inventory, and Mars is at 64.20$/b (+0.24$) affected by hurricane and pipeline maintenance [2]. 3.2 Refined Oil Product Market Price and Dynamics - For gasoline, in Europe, FOB AR 92RON is at 725.50$/mt (unchanged), in Asia, Singapore 92RON is at 79.40$/b (+1.13$), and in America, NYH CBOB is at 217.89¢/gal (-2.13¢). For diesel, European 10ppm ULSD is at 682.25$/mt (+0.75$), Asian 10ppm Gasoil is at 86.33$/b (+0.58$), and American USGC ULSD is at 221.23¢/gal (+4.11¢). For aviation fuel, European Jet A - 1 is at 690.00$/mt (+1.75$), Asian Singapore Jet is at 84.50$/b (+0.46$), and American USGC Jet is at 205.70¢/gal (-4.98¢). For fuel oil, European 3.5% FO is at 387.75$/mt (+4.25$), Asian 380CST is at 387.90$/mt (+8.99$), and American USGC HSFO is at 59.93$/b (-0.21$) [4]. 3.3 Cross - Regional Comparison - In terms of supply, Europe has limited Russian supply but increased production from the Norwegian Johan Sverdrup field; Asia has refinery maintenance and delayed new plant commissioning; America has record - high production and eased pipeline bottlenecks. For demand, Europe has growing diesel power generation demand, Asia has strong summer gasoline consumption, and America's demand is export - led. Regarding inventory, Europe has ARA diesel inventory at 208.5 tons, Asia's Singapore light distillate inventory dropped 11.01% weekly, and America's Gulf of Mexico crude inventory is at a five - year low. In transportation, European Baltic freight rates are rising, Asian VLCC Middle - East to East - Asia rates are stable, and American pipeline capacity bottlenecks are alleviated [5][6]. 3.4 Key Spreads - Brent - Dubai spread is at 3.25$/b (+0.30$), indicating a shortage of light - sweet crude. WTI - Brent spread is at - 2.82$/b (-0.25$) due to increased quality differences in US crude. Gasoil - Naphtha spread is at 18.75$/mt (+1.20$) with weak petrochemical feedstock demand. ULSD - Jet spread is at 0.97¢/gal (-0.15¢) as the aviation industry's recovery lags [6]. 3.5突发事件 or Potential Impact Factors - The attack in Ukraine led to the shutdown of the Tuapse refinery and a halving of Black Sea CPC blend exports. The Mexican refinery restart was delayed, increasing US gasoline exports to Mexico. US sanctions on India affected Russian oil procurement. A hurricane warning in the US Gulf of Mexico affected production and increased insurance premiums [7]. 3.6 Other Market News - Angola's Cabinda refinery will start production by the end of the year. Oil traders expect OPEC + to maintain output this weekend. Saudi Aramco and SOMO stopped supplying oil to an Indian refiner. Indian officials defended their Russian oil imports. Shandong independent refinery crude arrivals decreased. Syrian oil exports occurred for the first time in 14 years [8][10].