汽油涨价65元/吨 国家发改委在公告中指出，根据近期国际市场油价变化情况，按照现行成品油价格形成机制，自2025年 6月3日24时起，国内汽、柴油价格每吨分别上涨65元和60元。 据金联创测算，截至6月3日第十个工作日，参考原油品种均价为63.16美元/桶，变化率为2.11%。具体 来看，89号汽油上调0.05元/升，92号汽油0.05元/升，95号汽油0.06元/升，0号柴油0.05元/升。 本轮是2025年第十一次调价，也迎来了2025年的第四次上调。本次调价过后，国内汽、柴油价格每吨较 去年底分别下跌655元/吨和630元/吨，零售油价较年初价格跌幅较大，油价仍处于较低水平，下一次调 华夏时报（www.chinatimes.net.cn）记者 何一华 李未来 北京报道 6月3日下午，国家发改委发布了新一轮油价调整公告，自2025年6月3日24时起，国内汽、柴油价格每吨 分别上涨65元和60元。 金联创成品油分析师马建彩告诉《华夏时报》记者，本轮计价周期内国际市场消息面利好利空因素博 弈，原油价格走势窄幅回落后再度上涨。受国际油价区间波动影响，本轮变化率正向开端后持续小幅收 窄运行，零售价调价最终兑现小幅 ...

Core Viewpoint - The domestic refined oil retail price is expected to increase for the fourth time this year, influenced by various geopolitical factors and OPEC+ production plans [2] Group 1: Price Adjustments - As of June 2, the reference crude oil change rate is at 1.53%, leading to an expected increase of 65 yuan for gasoline and 60 yuan for diesel, translating to a rise of 0.05 yuan per liter for 92 gasoline, 95 gasoline, and 0 diesel [2] - After this adjustment, the annual refined oil price changes will reflect "4 increases, 5 decreases, and 2 stasis," with cumulative reductions of 590 yuan/ton for gasoline and 570 yuan/ton for diesel [2] - The new retail prices for 92 and 95 gasoline will be approximately 6.93 yuan/liter and 7.43 yuan/liter, respectively, following the price increase [2] Group 2: Cost Implications - For a typical family car with a 50L fuel tank, filling up with 92 gasoline will increase costs by 2.5 yuan, while a small private car with an 8L/100km fuel consumption will see an increase of about 4 yuan before the next price adjustment [3] - In the logistics sector, a heavy truck running 10,000 km with a fuel consumption of 38L/100km will incur an additional fuel cost of approximately 89 yuan before the next price adjustment [3] Group 3: Future Outlook - Analysts expect that despite OPEC+ maintaining significant production increases in June and July, the traditional peak season for fuel consumption in the U.S. and uncertainties surrounding the Russia-Ukraine and U.S.-Iran situations will provide overall support for international oil prices [3] - The next price adjustment window is scheduled to open on June 17, 2025, at 24:00 [3]

Group 1 - The Hong Kong stock market saw a collective surge in the "Big Three Oil" companies, with China Petroleum & Chemical Corporation (00857.HK) rising over 3% [1] - China National Offshore Oil Corporation (00883.HK) and China Petroleum & Chemical Corporation (00386.HK) both experienced gains of over 1% [1]

【导读】美国三大股指全线收涨，7月WTI原油上涨2.8%，国际金价大涨2.7%，中概股多数上涨 美东时间6月2日周一，美国三大股指全线收涨，美国5月ISM制造业PMI指数创2024年11月以来新低。 WTI原油一度飙升5.1%，随后跟随整体金融市场回落，最终收涨2.8%。 美股收高 道指收盘微涨35.41点，涨幅为0.08%；纳指涨128.84点，涨幅为0.67%；标普500指数涨24.25点，涨幅为0.41%。 5月份标普500指数累计涨幅超6%，创2023年11月以来最佳单月表现；纳斯达克综合指数飙升逾9%，道指上涨约4%。 摩根士丹利分析师Chris Toomey表示："我们可能仍处于区间震荡状态。目前的担忧在于，虽然市场已经排除了'解放日'（指特朗普对等关税）的最坏情 况，但现在的定价可能过于乐观，反映了最佳预期。" 美国总统特朗普在宾夕法尼亚州举行的一场集会上表示，将把进口钢铁的关税从25%提高至50%。随后，特朗普在社交媒体平台上发文表示，该决定从6 月4日（周三）起生效。当地时间5月31日，欧盟委员会在一份声明中对美国宣布提高进口钢铝关税表示遗憾，并表示欧盟准备采取反制措施。 美联储理事沃勒表示 ...

Group 1 - The stock price of China Petroleum (601857) closed at 8.29 yuan on May 30, 2025, up 1.34% from the previous week [1] - The company reached a total market capitalization of 1,517.244 billion yuan, ranking 1st in the refining and trading sector and 7th among all A-shares [1] - The company will hold its annual general meeting and class shareholder meetings in June 2025, discussing various reports and proposals [1] Group 2 - In 2024, the company achieved a pre-tax profit of 241.51 billion yuan and a net profit of 183.76 billion yuan, both at historical highs [2] - The company reported an oil and gas equivalent production of 1.797 billion barrels in 2024, a year-on-year increase of 2.2% [2] - The total revenue for 2024 was 2,937.98 billion yuan, a decrease of 2.5% year-on-year, primarily due to falling oil prices and reduced demand for refined oil [2] Group 3 - The company plans to distribute a final dividend of 0.25 yuan per share, totaling 86.02 billion yuan in dividends for the year, with a payout ratio of 52.23% [2][3] - The company reported a basic and diluted earnings per share of 0.9 yuan for 2024, an increase of 0.02 yuan year-on-year [2]

Group 1 - The core viewpoint of the article highlights that Rosneft reported a net profit of 170 billion rubles in the first quarter [1] - The company's natural gas production reached 20.2 billion cubic meters in the first quarter [1] - Oil and gas condensate production amounted to 44.6 million tons during the same period [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In 2025, the main factors influencing the crude oil market are OPEC+ production policies, US tariff policies, and global crude oil demand. OPEC+ is in an expansion cycle, and with the global energy transition, there is a growing supply surplus, leading to limited upward momentum for oil prices and potential for a lower price center. Geopolitical factors such as the Russia-Ukraine conflict, US-Iran nuclear talks, and US policies towards Venezuela increase price volatility but do not change the overall supply surplus situation. In June - July, which is the consumption peak season, oil prices may find some support and are expected to trade in a range with a gradually declining center. Recommended strategies include shorting on rallies, selling call options, or using bull spread options. The recommended trading ranges are WTI [55, 65] and SC [420, 500] [6][108]. Summary by Directory 1. Market Review and Outlook - **Market Outlook**: In 2025, the crude oil market is mainly affected by OPEC+ production policies, US tariff policies, and global demand. OPEC+ is expanding production, and combined with the global energy transition, there is a supply surplus. Geopolitical factors increase price volatility but do not change the supply - surplus trend. In June - July, oil prices may be supported by peak - season consumption and are expected to trade in a range with a declining center [6][108]. - **Macro - economic Situation**: On May 7, the People's Bank of China cut the reserve requirement ratio by 0.5 percentage points, injecting about 1 trillion in long - term liquidity. As of May, the probability of the Fed keeping interest rates unchanged in June is 97.8%, and the probability of a 25 - basis - point cut is 2.2%. By July, the probability of unchanged rates is 76.6%, with a 22.9% chance of a 25 - basis - point cut and a 0.5% chance of a 50 - basis - point cut. The IMF has lowered the global economic growth forecast for 2025 from 3.3% to 2.8%, and the expected growth rate for 2026 is 3% [6][27]. - **Supply and Demand, and Inventory**: - **Supply**: OPEC+ did not adjust production policies at the Wednesday meeting but proposed a mechanism for setting 2027 production benchmarks. There is a possibility of accelerated production increases in July. In April 2025, OPEC's production decreased by 62,000 barrels per day to 26.71 million barrels per day. The US crude oil production remained stable at 13.4 million barrels per day as of the week ending May 23 [7][43][47]. - **Demand**: The IEA's May report maintained the 2025 global crude oil demand growth rate at 740,000 barrels per day and raised the 2026 growth rate by 70,000 barrels per day to 760,000 barrels per day. In May 2025, EIA, OPEC, and IEA predicted global crude oil demand at 10.371 million, 10.5 million, and 10.39 million barrels per day respectively, with year - on - year increases of 970,000, 130,000, and 740,000 barrels per day [7][52]. - **Inventory**: As of the week ending May 23, US commercial crude inventories decreased by 2.8 million barrels to 440.36 million barrels, strategic reserves increased by 820,000 barrels to 401.31 million barrels, gasoline inventories decreased by 2.44 million barrels to 223.08 million barrels, and distillate fuel oil inventories decreased by 720,000 barrels to 103.41 million barrels. Chinese port inventories increased by 319,000 tons to 28.216 million tons, and Shandong refinery inventories increased by 23,000 tons to 2.499 million tons [7][71][75]. 2. Core Drivers - **OPEC+ Production Policies since 2017**: In 2017, OPEC+ implemented production cuts. Since October 2022, there have been multiple rounds of production cuts and extensions, with actual production decreasing by about 3 million barrels per day, mainly contributed by Saudi Arabia, Russia, Iraq, and Kuwait. The overall production cut implementation rate is 51.02% [10][12][14]. - **2025 OPEC+ Production Increase Path**: In 2025, OPEC+ has a production increase plan through quota increases and compensatory production cuts. It is expected that by the end of the year, the net increase in OPEC+ production will be about 1 million barrels per day [15][16][21]. 3. Price Spreads and Positions - **Cross - market Spreads**: The WTI monthly spread increased slightly. As of May 29, the M1 - M2 spread was $0.74 per barrel, and the M1 - M6 spread was $2.21 per barrel. The US refined product crack spreads declined, while the domestic refined product crack spreads rebounded [90][94][95]. - **Fund Positions**: No specific information on changes in WTI and Brent fund positions was provided. The SC warehouse receipt volume is low, and the total SC positions increased [102][104].

印度石油公司计划在帕尼帕特建造年产1万吨的绿色氢装置。 ...

Group 1 - The Trump administration's tariffs faced legal challenges, with a federal appeals court temporarily halting a lower court's ruling that blocked several tariff orders [2] - The U.S. stock market showed positive performance, with the Dow Jones up 0.28%, Nasdaq up 0.39%, and S&P 500 up 0.4% [3][5] - Major Chinese concept stocks mostly rose, with the Nasdaq China Golden Dragon Index increasing by 1.44% [4] Group 2 - The White House indicated that a judge's ruling on tariffs would be overturned, and multiple trade agreements are nearing completion [8] - The Federal Reserve's Goolsbee suggested that if trade policies revert to pre-tariff conditions, there could be room for interest rate cuts [9][10] - Goldman Sachs predicted gold prices could reach $4,000 per ounce by mid-next year, viewing gold as a safer hedge compared to Bitcoin [11] Group 3 - Nvidia's CEO plans to sell up to 6 million shares, potentially worth around $809 million based on recent closing prices [12] - Dell Technologies saw a significant stock increase after reporting Q1 revenue of $23.38 billion, exceeding analyst expectations [13] - Hyundai is considering a 1% price increase on all its U.S. products to mitigate the impact of Trump’s tariffs [14] Group 4 - NIO reported Q1 revenue of 25.93 billion yuan, a year-on-year increase of 1.1%, with a delivery volume of 92,864 vehicles, up 15.5% [17] - JD.com and Xiaohongshu launched a strategic cooperation plan to enhance business growth for brands and merchants [18] - Tesla plans to deliver its first autonomous Model Y vehicles in June, ahead of schedule [19]

OPEC+或将延续产量政策，油价强势反弹 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn 一、日度市场总结 日度市场总结 数据变化分析（2025年5月28日） 原油价格： SC原油（中国）价格从458.3元/桶小幅回落至453.0元/桶（跌幅1.16%）， 盘中波动区间较前日扩大，显示市场分歧。 WTI和Brent价格则分别上涨0.79美元/桶（1.29%）和0.59美元/桶 （0.93%），Brent-WTI价差小幅收窄0.2美元至2.47美元/桶，反映大西洋 盆地供需平衡趋紧。价差方面，SC-Brent价差从-0.04美元/桶大幅走弱 至-1.33美元/桶，SC-WTI价差亦收窄1.49美元至1.14美元/桶，表明SC原油 相对国际油种贴水加深，或受区域库存压力影响。SC连续-连3价差从7.1 元/桶收窄至4.0元/桶（降幅43.66%），显示近月合约抛压增强，短期供需 预期偏弱。 供给端： 燃料油期货仓单维持稳定（28,950吨），中质含硫原油仓单持平于402.9万 ...