【6月3日24时成品油零售限价小幅上调，消费者用油成本将增加】本计价周期内，欧美原油震荡下跌， 变化率在正值范围内缩减，本轮成品油零售限价面临小幅上调，调价窗口为6月3日24时。 本计价周期 变化率正值开端，受中美贸易紧张局势缓解、美伊谈判、巴以地缘政治问题及OPEC+ 7月计划增产等因 素影响，国际原油期货价格震荡下跌。国内测算的原油变化率在正值范围内震荡缩减，上调幅度收窄。 截至6月2日收盘，国内第10个工作日参考原油变化率1.53%，对应汽、柴油零售限价每吨分别上调65、 60元，升价92#汽油、95#汽油、0#柴油均上调0.05元，为年内第四次上调。 本轮上调落地后，消费者用 油成本增加。以油箱容量50L的家用轿车为例，加满一箱92#或95#汽油多花2.5元；月跑2000公里、百公 里油耗8L的小型私家车，到下次调价窗口（6月17日24时）前，用油成本增加4元左右；月跑10000公 里、百公里油耗38L的重卡，下次调价窗口前单辆车燃油成本增加89元左右。 按当前原油价格，新周期 伊始原油变化率正值开局，首日对应的成品油零售限价上调幅度在45元/吨，调价窗口在6月17日24时。 目前地缘整体可控，美伊和 ...

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本周六，OPEC+可能再次宣布增产，计划向全球市场额外投放137万桶/日的原油。然而，这一数字背后隐藏着多重限 制因素，实际供应增长可能远低于预期。市场分析显示，最终流入国际市场的增量可能不足名义增幅的70%，甚至 更少。 OPEC+的八个成员国此前已同意在6月前将产量较3月水平提升96万桶/日，本周六的会议可能进一步将7月增产目标上 调至137万桶/日。然而，这一数字并未考虑补偿性减产的影响。由于沙特坚持要求部分成员国弥补此前超额生产的份 额，实际净增产量可能被削减至110万桶/日。 | | March to June | March to July | | --- | --- | --- | | Algeria | 20 | 29 | | lraq | 86 | 123 | | Kuwait | 53 | 76 | | Saudi Arabia | 389 | 556 | | UAE | 180 | 257 | | Kazakhstan | 32 | 46 | | Oman | 16 | 23 | | Russia | 183 | 261 | | Total | 959 | 1,370 | OPEC+增产 ...

| 国技期货 | | 能源 日报 | | --- | --- | --- | | | 操作评级 | 2025年05月29日 | | 原油 | なな女 | 高明宇 首席分析师 | | 燃料油 | ☆☆☆ | F0302201 Z0012038 | | 低硫燃料油 文文文 | | 李祖智 中级分析师 | | 液化石油气 文☆☆ | | F3063857 Z0016599 | | 沥青 | なな女 | 王盈敏 中级分析师 | | | | F3066912 Z0016785 | | | | 010-58747784 gtaxinstitute@essence.com.cn | 【原油】 受美国国际贸易法院暂停特朗普部分关税生效的影响,风险资产市场情绪总体修复,SC07合约日内涨幅达2.98%。 昨日第39届OPEG+部长级会议宣布维持25-26年产量基线不变，并将根据成员国最大可持续产能制定2027年产量基 线、5月31日自愿减产8国的快速增产指引仍令市场担忧。上周API美原油库存超预期下降423.6万桶，关注今晚EIA 库存结果。原油市场短期受特朗普关税避阻影响需求预期得到提振，但特朗普政府上诉后胜出并重新实施关税 ...

期货热点追踪 美国法院叫停特朗普贸易政策，油价上涨，但OPEC+内部产能纪律问题引发担忧？ 相关链接 ...

每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【固收 】 转债市场信用冲击风险可控 2024 年 6-8 月转债市场发生信用冲击，评级下调只是诱因，深层次原因在于权益市场持续下跌。 2024 年共有 64 只转债被下调评级， 6 月为评级下调的高峰，达到 40 只。 2022 年 6 月和 2023 年 6 月被 下调评级的转债数量分别为 25 只和 26 只，但均未引发市场的剧烈反应。因此，评级下调只是诱因， 2024 年转债大面积跌破面值的深层次原因在于，权益市场 2022-2024 年持续下跌，转债的平价整体处 于低位，同时， 2024 年权益市场退市规则进一步趋严、个别转债信用风险暴露、正股上涨预期趋弱、大 量转债即将进入回售期或到期，当平价和债底均无法支撑转债的价格，转债的定价锚失效，转债的供需平 衡迅速被打破。过度悲观带来的超卖行为导致大量转债被错误定价。 下调评级的理由通常是几方面的结合： 行业格局恶化，景气度走弱；连续 2 年亏损，或首年亏损幅度较 大（盈利能力大幅恶化），存在商誉减值、存货和营收款减值等侵蚀利润的风险；偿债指标较差，负债率 较高，未来资本支出较高，显示偿债能力较弱；负 ...

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油价下跌，特朗普贸易政策与OPEC+产量决策的双重影响，市场在等待什么信号？ 相关链接 期货热点追踪 ...

Imperial Petroleum (IMPP) Q1 2025 Earnings Call May 23, 2025 10:00 AM ET Company Participants Harry Vafias - President, CEO & ChairmanFenia Sakellaris - Interim Chief Financial Officer Operator Good day, and thank you for standing by. Welcome to the Imperial Petroleum Q1 twenty twenty five Results Conference Call and Webcast. Please note that today's conference is being recorded. I would now like to turn the conference over to your speaker, Mr. Hari Vafias, CEO of Imperial Petroleum. Please go ahead. Harry ...

Financial Data and Key Metrics Changes - In Q1 2025, Imperial Petroleum generated revenues of $32.1 million and net income of $11.3 million, marking a 22.5% increase in revenue and a 190% increase in net income compared to Q4 2024 [6][21][25] - The company has maintained profitability since Q4 2021 and ended Q1 2025 with a cash base of approximately $227 million, which is about three times higher than its current market cap [5][22][25] Business Line Data and Key Metrics Changes - The performance of product tankers improved in Q1 2025, with the company benefiting from increased time charter coverage, as seven out of thirteen ships are currently under time charter employment [6][19] - Voyage costs decreased to $10.5 million, down $3.1 million from Q1 2024, attributed to increased time charter activity and reduced spot days [21] Market Data and Key Metrics Changes - Average rates for Suezmax and product tankers were lower by about 25% compared to the same period last year, reflecting broader market softness [5][21] - The tanker market experienced volatility due to geopolitical factors, including sanctions on tankers involved in Russian oil trade, which tightened capacity and strengthened day rates [10][13] Company Strategy and Development Direction - The company plans to expand its fleet significantly, adding seven new ships by Q3 2025, which will increase its fleet size by 60% [16][18] - The strategic addition of dry bulk carriers is aimed at diversifying the fleet and reducing volatility, as dry bulk carriers typically have a less volatile market cycle than tankers [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting the positive momentum in Q1 2025 despite a soft market [25] - The company remains optimistic about the tanker market in the short to medium term due to OPEC's production increases and ongoing sanctions on Russian oil [13][24] Other Important Information - The company reported a basic earnings per share of $0.32 for Q1 2025 and noted a 10% increase in available cash during the quarter [22][23] - Imperial Petroleum's daily TCE earnings per fleet stand at approximately $20,500, with a cash flow breakeven per vessel at around $9,000 [23] Q&A Session Summary Question: What are the expectations for the tanker market moving forward? - Management indicated that the tanker market outlook is positive in the short to medium term, primarily due to OPEC's decision to increase output and the ongoing sanctions on Russian oil [13][24] Question: How is the company managing its fleet expansion? - The company is strategically adding dry bulk carriers to diversify its fleet and reduce operational volatility, with plans to increase its fleet size significantly by Q3 2025 [16][17]