隔夜，WTI 原油期货收跌1.66%，报61.51美元/桶。 中国经济网北京10月10日讯 今日，上海国际能源交易中心日间盘原油期货主力合约震荡收跌，成交放 大，持仓增加。主力2511合约收报461.9元，跌1.45%或6.8元;成交量为67796手;持仓为28500手，日盘持 仓增加2282手。 （责任编辑：张海蛟） ...

原油日报 | 2025-09-26 策略 伊土原油管道出口将恢复 市场要闻与重要数据 1.\t纽约商品交易所11月交货的轻质原油期货价格下跌1美分，收于每桶64.98美元，跌幅为0.02%；11月交货的伦敦 布伦特原油期货价格上涨11美分，收于每桶69.42美元，涨幅为0.16%。SC原油主力合约收涨0.45%，报491元/桶。 2. \t俄罗斯副总理诺瓦克周四表示，俄罗斯将在年底前对柴油出口实施部分禁令，并延长目前对汽油出口的禁令。 在乌克兰加强了对众多炼油厂的无人机袭击之后，俄罗斯几个地区正面临某些等级燃料的短缺。报道引述诺瓦克 的话说，石油产品有少量短缺，但库存已被用来补缺。柴油禁令适用于转售者，而不适用于生产商。汽油禁令既 涉及生产商，也包括转售商，但不影响俄罗斯与蒙古等其他一些国家之间的政府间协议。诺瓦克表示："我们将很 快将汽油出口禁令延长至今年年底，对非生产商的柴油出口禁令也将延长至今年年底。"(来源：Bloomberg） 3.\t伊拉克总理宣布，已达成协议，将通过伊拉克-土耳其管道出口库尔德油田的石油。（来源：Bloomberg） 4.\t印度官员再次向特朗普政府表明，若要该国炼油商大幅削减俄 ...

市场要闻与重要数据 原油日报 | 2025-09-23 伊拉克与库尔德达成初步协议，但恢复出口仍需时日 1、 纽约商品交易所10月交货的轻质原油期货价格下跌4美分，收于每桶62.64美元，跌幅为0.06%；11月交货的伦 敦布伦特原油期货价格下跌11美分，收于每桶66.57美元，跌幅为0.16%。SC原油主力合约收跌1.38%，报478元/桶。 2、 欧盟计划加大对俄罗斯获取石油美元的施压力度，其下一轮对俄制裁将把目标对准全球石油行业的多个重要 环节。以往针对俄罗斯石油贸易的制裁，对俄罗斯石油供应的影响往往较为有限。冯德莱恩还表示，俄罗斯能源 巨头俄罗斯石油公司和俄罗斯天然气工业石油公司将面临"全面交易禁令"，其他部分企业也将遭遇资产冻结。此 外，欧盟还将新增制裁118艘属于"影子油轮船队"的船只，至此，被欧盟制裁的影子油轮总数已超过560艘。(来源： Bloomberg） 3、 联合国安理会周四否决延长伊朗制裁豁免决议，以4票赞成、9票反对、2票弃权未获通过。若9月27日晚8点前 未达成协议，针对伊朗的制裁将立即恢复。此次投票涉及2015年签署的《联合全面行动计划》"快速恢复制裁机制"， 法国、德国、英国8 ...

每经AI快讯，9月15日，布伦特原油期货涨幅扩大至1%，报67.787美元/桶。 ...

原油日报 | 2025-09-11 特朗普考虑协同欧盟对俄实施更多二级关税或制裁 市场要闻与重要数据 1、 纽约商品交易所10月交货的轻质原油期货价格上涨1.04美元，收于每桶63.67美元，涨幅为1.66%；11月交货的 伦敦布伦特原油期货价格上涨1.10美元，收于每桶67.49美元，涨幅为1.66%。SC原油主力合约收涨0.82%，报490 元/桶。 2、 美国能源部长赖特：我们将扩大原油及成品油产量，并增加对欧洲的出口。(来源：Bloomberg） 3、白宫正审议一项计划，要求大型炼油厂承担部分因小型炼厂豁免而减少的生物燃料掺混量。该计划将要求大型 炼油厂补偿50%或更低的豁免生物燃料量，低于生物燃料行业寻求的100%。(来源：Bloomberg） 4、\t欧盟委员会主席冯德莱恩：我们需要对俄罗斯实施更多制裁，在当下的制裁谈判中，我们正在考虑加快淘汰 俄罗斯化石燃料，还在考虑对石油暗影船队和第三国实施制裁。（来源：Bloomberg） 5、\t受黑海新罗西斯克港出口量增加推动，俄罗斯原油出口量升至三个月来的最高水平。与此同时，乌克兰无人 机袭击加剧，导致俄罗斯炼油系统大范围受扰，使得更多原油可用于出口。 ...

Core Insights - As of September 3, WTI crude oil futures for October closed at $65.59 per barrel, reflecting an increase of $1.58, or approximately 2.47% from the previous Friday [1] - Brent crude oil futures for November rose by $0.99, with a gain of over 1.45%, closing at $69.14 per barrel [1]

Report Industry Investment Rating Not provided Core Viewpoints of the Report Crude oil prices may fluctuate strongly in the short term, but there is still downward pressure in the medium and long term. Support factors include the unexpected decline in US crude oil inventories, the narrowing of the discount of crude oil from the Middle East to Asia, the incomplete dissipation of geopolitical risk premiums, and the structural differentiation of fuel demand at the end of the Northern Hemisphere summer. Suppressing factors include the expectation of OPEC+ to accelerate the exit from production cuts, the increase in US exports, seasonal refinery maintenance, and cautious macro - sentiment [3]. Summary by Relevant Catalogs 1. Daily Market Summary - **Crude Oil Futures Market Data Changes**: On August 21, 2025, the SC crude oil main contract rose 1.68% to 490.9 yuan/barrel, breaking through the recent oscillation range. The prices of WTI and Brent main contracts remained at $62.84/barrel and $67.04/barrel respectively. The SC - Brent spread widened from $0.21/barrel to $1.35/barrel (a 542.86% increase), and the SC - WTI spread rose from $4.41/barrel to $5.55/barrel. The Brent - WTI spread was stable at $4.2/barrel. The spread between the near - month and the third - consecutive contract of SC narrowed from - 4.2 yuan/barrel to - 2.0 yuan/barrel [1]. - **Supply - Demand and Inventory Changes in the Industrial Chain** - **Supply**: US crude oil exports rebounded to over 4 million barrels per day in August - September, the highest since the beginning of the year. OPEC+ accelerating the lifting of 2.2 million barrels per day of voluntary production cuts still suppresses market sentiment. UK sanctions on Iranian business entities may increase the risk of restricted Iranian crude oil exports [2]. - **Demand**: The US gasoline demand peak season is nearing its end, and refinery maintenance may suppress short - term crude oil processing demand. As of the week ending August 15, commercial crude oil inventories in the US dropped by 6 million barrels to 420.7 million barrels. The Asian market is significantly differentiated, with Singapore's light/medium distillate inventories rising to 17 - week and 6 - week highs, and fuel oil inventories dropping to an 8 - week low [2]. - **Inventory**: US natural gas inventories have been accumulating less than expected, indicating energy demand resilience. The narrowing of the SC far - month discount may imply increased spot purchasing momentum in the Asia - Pacific region [2]. - **Price Trend Judgment**: Crude oil prices may fluctuate strongly in the short term, but there is still downward pressure in the medium and long term. Later, attention should be paid to OPEC+ production policy adjustments, the sustainability of US exports, and changes in Asian distillate inventories [3]. 2. Industrial Chain Price Monitoring - **Crude Oil**: The prices of most crude oil futures and spot contracts increased on August 21, 2025. The SC - Brent and SC - WTI spreads widened, while the Brent - WTI spread narrowed. US commercial crude oil inventories decreased, and the US refinery weekly operating rate and crude oil processing volume increased slightly [5]. - **Fuel Oil**: The prices of most fuel oil futures and spot contracts increased on August 21, 2025. Singapore's fuel oil inventories decreased, while some US distillate inventories increased [6]. 3. Industry Dynamics and Interpretations - **Supply**: US crude oil exports are expected to exceed 4 million barrels per day in August and September, reaching the highest level since the beginning of the year, due to refinery maintenance and the price advantage of WTI in Asia [7][8]. - **Demand**: Air Canada expects flights to operate close to the normal schedule tomorrow [9]. - **Inventory**: US natural gas inventories increased by 13 billion cubic feet in the week ending August 15, less than expected. Singapore's light and medium distillate inventories rose to multi - week highs, and fuel oil inventories dropped to an 8 - week low [10][11]. - **Market Information**: The UK imposed sanctions on an Iranian business tycoon and several key enterprises in his network [12]. 4. Industrial Chain Data Charts The report provides multiple data charts, including the prices and spreads of WTI and Brent first - line contracts, the spread between SC and WTI, US crude oil production, refinery operating rates, and inventories of various types of oil products [13][15][17]

Report Summary 1. Investment Rating - Short - term: Oil prices are expected to trade in a range; Medium - term: Bearish allocation [3] 2. Core View - India will continue to import Russian oil even under the threat of high tariffs as it's difficult to find a complete substitute for Russian oil supply, and the Friendship Pipeline's southern line has resumed oil supply [2] 3. Summary by Related Catalogs Market News and Important Data - **Crude Oil Futures Prices**: The September - delivery light crude oil futures price on the New York Mercantile Exchange rose 86 cents to $63.21 per barrel, a 1.38% increase; the October - delivery Brent crude oil futures price rose $1.05 to $66.84 per barrel, a 1.60% increase. The SC crude oil main contract closed up 0.95% at 487 yuan per barrel [1] - **India's Oil Imports**: Russia expects India to continue buying its oil. As of mid - 2025, India imports about 1.7 million barrels of Russian oil per day, accounting for nearly 37% of its overseas purchases. Russian oil has a about 5% price discount, and Indian state - owned refineries have placed orders for Russian oil [1] - **US Crude Oil Exports**: After a slow summer, US crude oil exports are starting to recover. Exports in August and September are expected to exceed 4 million barrels per day, reaching the highest level since the beginning of the year [1] - **UAE Oil Inventory**: As of the week ending August 18, the total refined oil inventory at the Port of Fujairah in the UAE was 15.491 million barrels, down 1.936 million barrels from the previous week, the lowest level since November 25, 2024 [1] - **South Korea's Petrochemical Industry**: South Korean petrochemical companies will agree to cut naphtha cracking capacity by up to 3.7 million tons per year [1]

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 Industry Investment Ratings - Crude oil: ★★★, indicating a clearer long - term trend and a relatively appropriate investment opportunity [1] - Fuel oil: ★★★, indicating a clearer long - term trend and a relatively appropriate investment opportunity [1] - Low - sulfur fuel oil: ★★★, indicating a clearer long - term trend and a relatively appropriate investment opportunity [1] - Asphalt: ☆☆☆, suggesting that the short - term long/short trend is in a relatively balanced state, and the current market is less operable, with a wait - and - see approach recommended [1] - Liquefied petroleum gas (LPG): ★★★, indicating a clearer long - term trend and a relatively appropriate investment opportunity [1] Core Viewpoints - The crude oil market is still sensitive to upside risks caused by geopolitical factors, and it is recommended to continue holding the double - buy strategy of out - of - the - money options [2] - The fuel oil market has abundant arrivals, and the supply pressure of low - sulfur fuel oil is marginally relieved, with different performance in variety spreads [3] - The supply and demand of asphalt are expected to tighten marginally, with the price range - bound and the crack spread expected to gradually recover [4] - The overseas LPG market is stable, while the domestic market is under pressure, and the market is in a low - level shock [5] Summary by Related Catalogs Crude Oil - Last week, the crude oil futures fluctuated, and the SC09 contract fell 0.71% due to the impact of position transfer. The risk of Russian oil sanctions is trending to ease, but short - term uncertainties remain. The market is sensitive to upside risks from geopolitical factors, and it is advisable to continue holding the double - buy strategy of out - of - the money options [2] Fuel Oil & Low - Sulfur Fuel Oil - The arrival of fuel oil in the Asian market is abundant, with weak ship - bunkering and power - generation demands. The inventories in Singapore and Fujairah are high, and the diesel crack spread in Singapore continues to decline. The approval of the quota for converting low - sulfur fuel oil to refined oil by main refineries marginally relieves the supply pressure, and LU is boosted. FU is weaker than LU but stronger than SC, and the FU crack spread strengthens [3] Asphalt - The supply and demand of asphalt have tightened slightly as expected. The diversion effect of Venezuelan oil imports by the US on North Asian resources may gradually appear, and the cumulative output of asphalt by Sinopec is declining year - on - year. With the approaching of the "Golden September and Silver October" construction season, the road demand is expected to rise. The August shipment volume of sample refineries increased 8% year - on - year, and leading indicators are positive. The BU price follows SC but shows certain resistance to decline. The price of the 10 - contract is expected to fluctuate narrowly between 3400 - 3500 yuan/ton, and the crack spread is expected to gradually recover [4] LPG - The overseas LPG market is stable, with increased exports but supported by East Asian procurement demand. The domestic imports and refinery out - put are rising, and domestic gas is under pressure. The cost advantage of propane is continuously weakening, and the sustainability of the high operating rate needs attention. The market is waiting for the implementation of bearish expectations, with strong pressure at the top due to high warehouse receipts, and the high - basis pattern can continue, mainly in low - level shock [5]