潜能恒信（300191）公告，蒙古Ergel-12区块首口探井"智慧1井"已于2025年6月9日正式开钻。该钻井总 包服务商为潜能恒信蒙古勘探开发工程服务有限公司，注册资本10万美元，由公司控股股东、实际控制 人周锦明先生控股的天津锦龙及其控股关联公司提供钻机及钻井配套设备服务，总费用预计不超过5000 万元人民币。蒙古Ergel-12区块2025年度计划实施的4口探井钻探总包服务将由潜能恒信蒙古勘探开发工 程服务有限公司承接，钻前准备阶段支出、钻井总包、钻井配套服务及大宗物料等全部费用预计不超过 1300万美元。 ...

Report Industry Investment Ratings - Crude oil: ★★★ (indicating a clearer upward trend and a relatively appropriate investment opportunity) [1] - Fuel oil: ★★★ [1] - Low - sulfur fuel oil: ★★★ [1] - Asphalt: ★★★ [1] - Liquefied petroleum gas: ★★★ [1] Core Viewpoints - The global oil inventory increased by 2.2% in Q1 and 1.6% since Q2. After the short - term negative impact of OPEC+ production increase in July, the crude oil is supported by risk sentiment repair, demand improvement in peak season and geopolitical risks, but the mid - term demand slowdown and supply increase will limit the short - term rebound. The focus is on whether Sino - US economic and trade consultations can reverse the macro - expectations [2]. - High - sulfur fuel oil demand is low, and its cracking spread is expected to weaken due to supply increase. Low - sulfur fuel oil cracking spread is expected to be under pressure due to insufficient demand and sufficient supply [3]. - Today's asphalt performance is weak, but the terminal demand is expected to improve. The de - stocking trend continues, and although the cracking spread faces short - term callback pressure, the upward trend is hard to reverse [4]. - Domestic LPG market is under pressure due to loose supply, limited growth in chemical demand and rising inventory. It maintains a low - level oscillation with some support from rising crude oil prices [5]. Summary by Related Catalogs Crude Oil - Global oil inventory increased by 2.2% in Q1 and 1.6% since Q2, with crude oil inventory up 2.1% and refined oil inventory up 0.8% [2]. - After the short - term negative impact of OPEC+ production increase in July, the crude oil is supported by macro - risk sentiment repair, demand improvement in peak season and geopolitical risks, but the mid - term demand slowdown and supply increase will limit the short - term rebound [2]. Fuel Oil & Low - sulfur Fuel Oil - High - sulfur fuel oil demand for ship bunkering and deep - processing is low. Although there is some support from power - generation demand in the Middle East and North Africa, the demand for crude oil power - generation may exceed that of fuel oil this summer. The cracking spread of high - sulfur fuel oil is expected to weaken due to supply increase [3]. - Low - sulfur fuel oil has insufficient demand for ship bunkering, and with sufficient supply from refineries, its cracking spread is expected to be under pressure [3]. Asphalt - Today's asphalt performance is weak, and the cracking spread continues to decline. The theoretical loss of processing diluted asphalt is serious, and the inventory of diluted asphalt at ports is at a low level [4]. - The production increase of asphalt by refineries with quotas may lack sustainability, and the increase in asphalt production by major refineries is expected to be limited after the maintenance peak [4]. - The terminal demand for asphalt is expected to improve, and the de - stocking trend continues. Although the cracking spread faces short - term callback pressure, the upward trend is hard to reverse [4]. LPG - The domestic LPG market has loose supply due to weak refinery prices, falling terminal sales and increased refinery output. The chemical demand has limited growth space, and the inventory at terminals and refineries is rising, so the market is under pressure [5]. - The LPG market maintains a low - level oscillation with some support from rising crude oil prices [5].

数据显示：哈萨克斯坦石油流量有望再次接近历史纪录。 ...

Core Viewpoint - The European Union is planning to impose new sanctions targeting the "Nord Stream" pipeline and the price cap on Russian oil [1] Group 1 - The new sanctions are part of the EU's ongoing efforts to respond to geopolitical tensions and energy security concerns [1] - The focus on the "Nord Stream" pipeline indicates a strategic move to limit Russia's energy export capabilities [1] - The price cap on Russian oil aims to reduce revenue for Russia while maintaining global oil supply stability [1]

Core Viewpoint - The European Union is planning to impose new sanctions targeting the "Nord Stream" pipeline and the price cap on Russian oil [1] Group 1 - The sanctions are part of a broader strategy to limit Russia's energy revenues amid ongoing geopolitical tensions [1] - The EU aims to enhance its energy security and reduce dependency on Russian fossil fuels through these measures [1] - The proposed sanctions may impact the operational dynamics of the energy market in Europe, particularly concerning natural gas supply [1]

Group 1 - The European Commission plans to propose a reduction in the price cap on Russian oil as part of a new round of sanctions [1] - The sanctions will also include a ban on the use of the "Nord Stream" infrastructure [1] - These measures are aimed at responding to Russia's actions and are part of a broader strategy by the EU [1]

调查显示：欧佩克5月石油产量较4月增加15万桶/日，至2675万桶/日。 ...

调查显示：参与欧佩克+增产的五个成员国5月份石油产量增加18万桶/日，低于承诺的31万桶/日增幅 ...

不过，OPEC+的产量仍有可能增加。这家华尔街巨头表示，随着该联盟继续提高配额，其仍预计6月至9月主要成员国的供应量每天将增加约42万桶，其中 约一半的增量来自沙特。 近几个月来，OPEC+的八个主要成员国以快于预期的速度放松供应限制，这一举动震动了全球石油市场。在贸易摩擦威胁石油需求之际，此举可能会增加 石油供应。这一出人意料的转变被视为该联盟从竞争对手手中夺回市场份额以及惩罚其内部违反配额规定者的举措。 摩根士丹利的结论基于一系列数据点，包括炼油厂的吞吐量、货物出口量、管道流量、库存迹象以及来自六个不同机构的产量估计。 据摩根士丹利称，OPEC+联盟可能在大幅提高石油产量配额，以重启闲置产能，但这一转变尚未转化为实际产量的大幅增长。 此外，摩根士丹利维持了对石油市场供应过剩的预期，因为今年OPCE+以外国家的原油供应每天增加约110万桶，已经超过了全球每天约80万桶的需求增 长。 包括马丁·拉茨（Martijn Rats）在内的分析师在6月9日的一份报告中表示："尽管3月至6月期间OPEC+的产量配额每天增加了约100万桶，但实际产量的增加 却难以察觉。值得注意的是，沙特的产量似乎并未大幅增加。" 分析师 ...

证券研究报告 原油周报：俄乌冲突升温，国际油价震荡 能源化工首席证券分析师：陈淑娴，CFA 执业证书编号：S0600523020004 联系方式：chensx@dwzq.com.cn 能源化工研究助理：周少玟 执业证书编号：S0600123070007 联系方式：zhoushm@dwzq.com.cn 2025年6月8日 请务必阅读正文之后的免责声明部分 投资要点 ◼ 【美国原油】 2 ◼ 1）原油价格：本周Brent/WTI原油期货周均价分别65.4/63.3美元/桶，较上周分别+1.0/+2.2美元/桶。 ◼ 2）原油库存：美国原油总库存、商业原油库存、战略原油库存、库欣原油库存分别8.4/4.4/4.0/0.2亿桶，环比-379/- 430/+51/+58万桶。 ◼ 3）原油产量：美国原油产量为1341万桶/天，环比+1万桶/天。美国活跃原油钻机本周442台，环比-19台。美国活跃压 裂车队本周186部，环比-4部。 ◼ 4）原油需求：美国炼厂原油加工量为1700万桶/天，环比+67万桶/天；美国炼厂原油开工率为93.4%，环比+3.2pct。 ◼ 5）原油进出口量：美国原油进口量、出口量、净进口量为6 ...