估值弱势即将结束 沥青月报 2025/10/10 徐绍祖 （能源化工组） 从业资格号：F03115061 交易咨询号：Z0022675 严梓桑 （联系人） 0755-23375123 yanzs@wkqh.cn 从业资格号：F03149203 CONTENTS 目录 01 月度评估及策略推荐 05 需求端 02 期现市场 06 相关指标 04 库存 01 月度评估及策略推荐 行情回顾 图1：沥青主力合约近月走势（￥/吨） 3,000.0 3,100.0 3,200.0 3,300.0 3,400.0 3,500.0 3,600.0 3,700.0 3,800.0 3,900.0 4,000.0 2025/1/1 2025/1/8 2025/1/15 2025/1/22 2025/1/29 2025/2/5 2025/2/12 2025/2/19 2025/2/26 2025/3/5 2025/3/12 2025/3/19 2025/3/26 2025/4/2 2025/4/9 2025/4/16 2025/4/23 2025/4/30 2025/5/7 2025/5/14 2025/5/21 2025/5/2 ...

石油市场供需失衡将在2026年上半年达到峰值，随后逐步改善。供应过剩达到2.3百万桶/日的峰值后在2026年下半年降至约1百万桶/日。值得注意的是，潜 在的需求上调（最多超过0.5百万桶/日）可能显著缩小2026年下半年的过剩规模，为油价提供支撑。 瑞银认为，未来1-2年内国际油价将呈现"先抑后扬"的走势格局。 据追风交易台消息，瑞银最新发布的全球石油市场分析显示，短期内，布伦特原油价格面临下行压力，预计在55-70美元/桶区间内波动，甚至可能跌至60美 元/桶以下。然而，从2026年下半年至2027年开始，随着全球备用产能逐步收紧，油价有望获得强有力支撑并逐步回升，2027-2028年油价预计为70-75美元。 瑞银表示，油价走低主要受OPEC+增产的双重影响，瑞银预测2025年和2026年分别出现1.2百万桶/日和1.5百万桶/日的供应过剩，较此前预测的1.1百万桶/日 有所扩大。这主要由OPEC+增产驱动，2025年和2026年预计分别增加1.1百万桶/日和0.8百万桶/日。 瑞银提醒，能源板块投资者需为短期波动做好准备，石油相关企业面临1-2年的盈利压力期，但2026年下半年后有望迎来转机，全球通胀前 ...

很多人可能会问，明明都是汽油，为啥不同地方价格差距一两块钱一升？主要原因有三点：第一，运输成本。海南地处海岛，石油运输成本高，价格自然 高；甘肃、陕西靠近油田，运输成本低，油价就便宜。第二，当地税费和附加费政策不同，也会影响终端油价。第三，市场供需关系。车多、用油量大的地 区，价格可能稍高；消费较少地区，价格会低一些。 所以，别单看价格高低，还要结合当地情况来看。 三、油价下降意味着什么 "哎，你注意到没？今天加油站98号汽油跌了不少，我车上那半箱油省了好几十块。"老赵开着车一边笑着说。老王在副驾驶点头："是啊，我看新闻了，全 国各地都有降，海南贵得吓人，但甘肃真是便宜得很。" 今天咱就聊聊这次10月9日油价大降后的最新情况，看看各地98号汽油价格多少，跌幅情况如何，又对日常出行有什么影响。 一、全国98号汽油价格大盘点 这次调价后，98号汽油全国价格整体下降，具体来看：华北地区，北京9.07元/升，天津9.01元/升，河北8.33元/升，山西9.31元/升，内蒙古8.26元/升；东北 地区，辽宁8.40元/升，吉林8.32元/升，黑龙江8.60元/升；华东地区，上海9.43元/升，江苏9.58元/升，浙江9 ...

【原油】 十一假期前后国际油价总体回落,本周处于OPEC+最终未如预期般大幅增产后的反弹修复期,外盘原油日内延续 反弹，SC11合约节后首日补跌1.98%。EIA报告显示上周美国原油库存超预期增加371.5万桶，但近四周成品油表 需同比增1.7%相对强劲对油价构成支撑。尽管俄乌地缘犹动仍存，但供需宽松压力仍是后续市场的交易主题, 我们此前提出的SC高位空单与虚值看涨期权相结合的策略择机阶段性止盈。 【燃料油&低硫燃料油】 国庆假期期间外盘原油系品种整体表现偏弱,燃料油市场今日开盘亦跟随成本端跳空低开。其中高硫燃料油在 地缘风险的驱动下走势相对抗跌，俄罗斯炼厂频繁遭受无人机袭击，加之其炼厂季节性检修来临，或将共同制 约高硫供应。后续来看，燃料油整体仍将跟随原油运行,其中高硫将持续受到地缘端因素犹动，但中期在 OPEC+的持续增产下供应压力或逐步显现。低硫方面海外供应充足,西方套利货物持续流入,尼日利亚升格特炜 厂RFCC装置仍未恢复,低硫燃料油持续招标,船用燃料加注需求亦低迷,供需宽松压力难改。 【沥青】 最新库存显示厂库小幅累库,社会库下滑明显,整体商业库存较节前下降。全国10月排产计划同比增加35万 吨、环 ...

原油观望过渡 摘 要： 受乌克兰持续袭击俄罗斯石油基础设施以及欧盟和美 国可能将实施额外制裁的前景所提振，引发了对供应受限 的担忧，这是近期原油走强的主因。体上，阶段性地缘政 治扰动市场，供应过剩压力仍存。观望过渡。 宁证期货投资咨询中心 期货交易咨询业务资格： 证监许可【2011】1775 号 作者姓名：师秀明 期货从业资格号：F0255552 期货交易咨询从业证号：Z0001784 邮箱：shixiuming@nzfco.com 策略建议：观望 风险提示：无 请务必阅读正文之后的免责条款部分 1 第 2 章 价格影响因素分析 2.1 OPEC:OPEC+增产立场不变 OPEC 月报：8 月份欧佩克+原油产量平均为 4240 万桶/日，比 7 月份增加 50.9 万桶/日，此前 欧佩克+提高了原油产量。二手数据显示，欧佩克原油产量 7 月修正为 2747 万桶，8 月为 2794.8 万桶，较上月增加 47.8 万桶，达到 2795 万桶/日。沙特阿拉伯 8 月份原油产量增加 25.8 万桶/ 日，达到 971 万桶/日。阿联酋 8 月原油产量增加 8.7 万桶/日，至 325.5 万桶/日。尼日利亚 8 ...

Report Industry Investment Ratings - Crude Oil: ☆☆☆, indicating a relatively clear short - term upward trend with investment opportunities [1] - Fuel Oil: ☆☆☆, suggesting a relatively clear short - term upward trend with investment opportunities [1] - Low - Sulfur Fuel Oil: ★☆☆, meaning a bullish bias but limited operability on the trading floor [1] - Asphalt: ☆☆☆, showing a relatively clear short - term trend with investment opportunities [1] - Liquefied Petroleum Gas: ☆☆☆, indicating a relatively clear short - term trend with investment opportunities [1] Core Viewpoints - The international oil price rebounded overnight. Geopolitical risks may increase in the period around National Day, with short - term upward risks remaining, but the medium - term surplus pressure means the bearish trend continues. Crude - related futures hedging short positions should be combined with call options [1] - Multiple factors such as the escalation of the Russia - Ukraine conflict and the advancement of the Iranian nuclear issue have driven up oil prices and fuel oil prices. The continuous attacks on Russian refineries have affected fuel supply, and the market's expectation of a reduction in Russian fuel exports may strengthen. Low - sulfur fuel oil is under pressure from weak demand and other factors [2] - In the asphalt market, there is a pre - holiday rush for work in the north, and typhoon weather affects demand in the south. The supply pressure is weaker than expected, and the supply - demand balance continues [2] - For liquefied petroleum gas, refinery self - use has squeezed external supply, and import arrivals are affected by weather. With the coming of the gas consumption peak season, the overall consumption is expected to increase, and the market has bottomed out and rebounded [2] Summary by Commodity Crude Oil - Overnight international oil prices continued to rebound, with the SC11 contract rising 0.49%. Geopolitical risks may increase around National Day, mainly in the Russia - Ukraine and Iranian nuclear issues. Without direct military conflicts, the restoration of Iranian nuclear sanctions and restricted Venezuelan exports have limited long - term impact on actual exports, but short - term fluctuations and changes in export directions may occur. If the situation in Eastern Europe further deteriorates, Russian oil and refined product exports may decrease. Trump urged Turkey to stop buying Russian oil, and Russia extended its gasoline and diesel export bans until the end of the year. Short - term upward risks remain, but the medium - term surplus pressure means the bearish trend has not ended [1] Fuel Oil & Low - Sulfur Fuel Oil - Multiple international factors have driven up oil prices and fuel oil prices. The continuous attacks on Russian refineries have led to a decline in the operating rate, and Russia extended its diesel and gasoline export bans until the end of the year, intensifying the impact on refined product supply. If export restrictions expand to non - gasoline products, the market's expectation of a reduction in Russian fuel exports will strengthen, directly supporting high - sulfur fuel oil. Low - sulfur fuel oil is still under pressure from weak demand, increased overseas production, and sufficient domestic quotas [2] Asphalt - There is a pre - holiday rush for work in northern regions, and typhoon weather affects demand in southern regions. Refinery and social inventories have slightly increased. The national production plan for October is 350,000 tons more than the same period last year and 4,000 tons less than the previous month, with supply pressure weaker than expected, and the supply - demand balance continues [2] Liquefied Petroleum Gas - Refinery self - use has squeezed external supply, resulting in a decline in commercial volume compared to last week. Typhoon weather in South China affects import arrivals, and the import volume in East China has increased but remains at a low level. Chemical demand is stable, and with the coming of the gas consumption peak season, overall consumption is expected to increase. The market has bottomed out and rebounded [2]

2025-09-26原油早报 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 交易咨询业务资格：证监许可【2012】1091号 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 原油2511： 1.基本面：国际文传电讯社援引俄罗斯副总理诺瓦克报道，俄罗斯政府计划禁止不生产柴油的供应商 出口柴油，禁令将持续到今年年底，诺瓦克表示政府还考虑将目前的汽油出口禁令延长至今年年底； 乌方消息人士称，袭击行动导致位于俄罗斯新罗西斯克港口附近的石油装运设施以及终端设备瘫痪， 相关设施每日出口原油约200万桶；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罗斯 石油进口，美方需允许其从受制裁的伊朗和委内瑞拉购买原油；中性 2.基差：9月25日，阿曼原油现货价为70.83元/桶，卡塔尔海洋原油现货价为69 ...

原油日报 | 2025-09-25 伊土管道重启遇阻，特朗普对俄态度转向 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上涨1.58美元，收于每桶64.99美元，涨幅为2.49%；11月交货的伦 敦布伦特原油期货价格上涨1.68美元，收于每桶69.31美元，涨幅为2.48%。SC原油主力合约收涨1.53%，报490元/ 桶。 2. \t欧盟发言人：欧盟委员会将适时提出提高俄罗斯石油进口关税的计划。(来源：Bloomberg） 3.\t在伊拉克库尔德斯坦地区运营的八家国际石油公司已与伊拉克联邦和库尔德自治区政府达成原则协议，恢复石 油出口。声明称，协议框架一旦签署并实施，将允许"未来几天"重启出口。（来源：Bloomberg） 4.\t阿联酋富查伊拉石油工业区最新数据显示，截至9月22日当周，阿联酋富查伊拉港的成品油总库存为1492.2万桶， 较一周前增加183.3万桶。其中轻质馏分油库存增加62.8万桶至667.6万桶，中质馏分油库存减少3.3万桶至161.8万桶， 重质残渣燃料油库存增加123.8万桶至662.8万桶。（来源：Bloomberg） 5.\t俄罗斯石油公司Rosneft ...

行业 原油日报 日期 2025 年 9 月 25 日 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 能源化工研究团队 研究员：李捷,CFA（原油沥青） 研究员：任俊弛（PTA、MEG） 研究员：彭浩洲（工业硅碳市场） 研究员：彭婧霖（聚烯烃） 研究员：刘悠然（纸浆） 研究员：冯泽仁（玻璃纯碱） 请阅读正文后的声明 每日报告 一、行情回顾与操作建议 | 表 ...

Report Summary 1. Report Industry Investment Rating - The report gives a negative view on PX, PTA, and PR, with a view score of -1 for each [3]. 2. Core View - The report predicts that PX, PTA, and PR will operate weakly [2]. 3. Summary by Related Catalogs Price Information - **Upstream**: On September 22, 2025, the prices of WTI crude oil, Brent crude oil, naphtha, xylene, and PX all declined. For example, the futures settlement price of WTI crude oil was $62.28 per barrel, down 0.64% from the previous value [1]. - **PTA**: The closing and settlement prices of CZCE TA's main and near - month contracts, as well as the domestic and index prices of PTA, decreased. The CCFEI price index of PTA's outer - plate dropped 1.29% to $610 per ton on September 19 [1]. - **PX**: The closing and settlement prices of CZCE PX's main and near - month contracts mostly declined, while the domestic spot price of PX remained unchanged. The PXN and PX - MX spreads also decreased [1]. - **PR**: The closing and settlement prices of CZCE PR's main and near - month contracts declined. The market prices of polyester bottle - chips in the East China and South China markets decreased [1]. - **Downstream**: The CCFEI price indices of various polyester products such as polyester DTY, POY, FDY, short - fiber, and slices all declined [2]. Spread and Basis - The near - far month spread of PTA increased by 2 yuan/ton to - 34 yuan/ton, and the basis decreased by 22 yuan/ton to - 71 yuan/ton. The basis of PX increased by 2 yuan/ton to - 17 yuan/ton. The basis of PR in the East China market decreased by 14 yuan/ton to - 16 yuan/ton, and in the South China market increased by 6 yuan/ton to 84 yuan/ton [1]. Operating Rate and Sales Rate - The operating rate of the PX in the polyester industry chain remained unchanged at 85.57%. The PTA factory's load rate decreased by 1.43 percentage points to 76.82%, while the polyester factory, bottle - chip factory, and Jiangsu - Zhejiang loom load rates remained unchanged. The sales rate of polyester filament increased by 14.44 percentage points to 57.68%, the sales rate of polyester short - fiber decreased by 2.28 percentage points to 48.81%, and the sales rate of polyester slices increased by 11.62 percentage points to 64.30% [1]. Device Information - A 700,000 - ton PX device in the Northeast has been under maintenance since September 18, with an expected maintenance period of about 45 days [2]. Important News and Logic - **PX**: Trump called on European countries to stop buying Russian oil, but without new positive news, oil prices were weak. The cost of PX was weak due to the weak oil market, and the de - stocking prospect was not as expected, with a bearish sentiment in the market. The increase in PX supply and the decrease in demand affected the supply - demand situation and market sentiment, and short - term benefits would be under pressure [2]. - **PTA**: The cost support was insufficient as crude oil did not recover the previous day's decline. PTA supply was sufficient, and the downstream polyester filament sales were average. The market confidence was insufficient, and the inventory removal of the industrial chain was not smooth [2]. - **PR**: The mainstream negotiation price of polyester bottle - chips in the Jiangsu - Zhejiang market decreased. The prices of polyester raw materials PTA and bottle - chip futures fluctuated weakly. The supply of bottle - chips was sufficient, and the downstream terminal had a certain demand for replenishment [2].