Group 1: Kering Group Performance - Kering Group reported Q4 2025 sales of €3.9 billion, a year-on-year decline of 3% after currency adjustment, which was better than the market expectation of a 5% drop [1] - The core brand Gucci experienced a 10% decline in sales, marking the tenth consecutive quarter of decline, but this was an improvement over the expected 12% drop, boosting market confidence [1] - CEO Luca de Meo indicated that sales trends are gradually improving, although still in early and fragile stages, and emphasized the company's focus on ongoing development [1] Group 2: Strategic Moves and Financial Position - Kering Group faces significant debt pressure, with net debt reaching €9.5 billion and an additional €6 billion in long-term lease liabilities as of June 2025 [2] - To alleviate financial pressure and focus on its core fashion business, Kering sold its beauty division to L'Oréal in October 2025, which includes exclusive rights for three major brands and a joint venture for cross-industry collaboration [2] - The company is implementing cost-cutting measures, with a 10% reduction in total employees and a 22% decrease in Gucci's workforce since its peak in 2022, alongside plans to close 75 underperforming boutiques [2] Group 3: BP's Market Performance - BP's stock price declined due to weakening crude oil futures and slower-than-expected progress in its energy transition efforts, with Brent crude oil prices falling 2.1% to $78 per barrel [3] - BP reported a Q4 2025 loss of $320 million in its energy transition business, failing to meet market expectations for breakeven, which led to increased investor sell-off [3]

（文章来源：央视新闻客户端） 当地时间2月10日，墨西哥东南部瓦哈卡州的埃尔巴里奥德拉索雷达市发生一起输油管爆炸事故，目前 已经造成至少3人死亡和6人受伤，伤者已经被送医治疗。 根据瓦哈卡州民防部的信息，发生爆炸的输油管属于墨西哥国家石油公司。初步调查显示，事发时正在 进行输油管的内部管道清洁和维护作业。相关的调查工作已经展开。爆炸事故导致附近的泵站发生火 灾，当地消防部门已赶赴现场，目前情况已经得到控制。 ...

来源：金融界AI电报 美国能源信息署周二表示，美国扩大对委内瑞拉相关交易的许可，预计到2026年中期，这个南美国家的 石油产量将恢复到美国12月对该国实施海上封锁之前的水平。委内瑞拉国家石油公司在华盛顿实施严格 的海上封锁后被迫大幅减产。封锁切断了委内瑞拉出口石油的能力，导致数百万桶原油积存在陆上储油 罐和船只中。封锁前，委内瑞拉的原油日产量约为110万至120万桶。 ...

Core Viewpoint - The oil futures market remains stable as it awaits new negotiations between the U.S. and Iran, with Iran refusing to include its missile program in the talks, maintaining a risk premium in oil prices [1] Group 1: Market Dynamics - The bearish factors for oil include the warming weather in the U.S. and the end of winter, leading to a decline in heating oil prices [1] - According to Ritterbusch & Associates, recent diesel futures remain a weak segment in the market [1] - The report also notes that recent activities at Russian refineries have not been disrupted, which has led to a significant premium being squeezed out of recent diesel futures, affecting the U.S. diesel price curve [1] Group 2: Price Movements - West Texas Intermediate (WTI) crude oil increased by 0.1% to $64.39 per barrel [1] - Brent crude oil rose by 0.2% to $69.18 per barrel [1]

美军南方司令部在帖文中附有一段11秒的视频，显示美军对一艘在海上行驶的船只进行打击，船只发生 巨大爆炸。 美军突然发动"致命打击"。 当地时间2月9日，美军南方司令部称，当天在太平洋东部对一艘"贩毒船"实施"致命打击"，打死船上2 人，有1名幸存者。视频显示，美军对一艘在海上行驶的船只进行打击，船只发生巨大爆炸。 另据美媒报道，美国能源部长克里斯·赖特将很快前往委内瑞拉与该国领导人会面，就石油开采相关问 题展开讨论。赖特将是特朗普政府对委展开军事行动后访问该国的最高级别美国官员。赖特在受访时辩 称，特朗普政府展开军事行动的原因并不是看中了该国石油财富。 美军实施"致命打击" 2月10日，据新华社，当地时间2月9日，美军南方司令部称，当天在太平洋东部对一艘"贩毒船"实施"致 命打击"，打死船上2人，有1名幸存者。 美军南方司令部在社交媒体上称，美军"南方之矛"联合特遣部队对一艘由"被认定的恐怖组织"运营的船 只实施"致命打击"。有情报显示，这艘船正"沿东太平洋已知的毒品走私路线航行，并从事毒品走私活 动"。此次行动打死船上2名"毒品恐怖分子"，有1名幸存者。 然而，自美军突袭并抓捕马杜罗以来，美国总统特朗普多次 ...

惊天转向！印度官宣停购俄油，半世纪俄印能源同盟轰然生变 【Oilprice网 2月9日报道】 若印度切实履行上述承诺，此举不仅将直接冲击俄罗斯为数不多稳定的财政收入来源，亦将加速印度能源进口结构的战略性重 构，并向国际社会清晰传递其外交与能源政策协同转向的信号，地缘经济影响或将辐射到亚太及中东等广泛区域。 美印此次协议的核心在于一项简洁却影响深远的贸易置换：印度以停止进口俄油为交换条件，换取美国对印降税，即将印度商品 关税从50%大幅降至18%。与此同时，印方还承诺，未来将采购价值超过5000亿美元的美国能源、技术、农产品等各类商品，双 方商业合作规模将超越单纯的原油贸易范畴。这种转变已在各项数据中清晰显现：俄罗斯对印原油出口量从一年前的日均150万 桶骤降至今年1月的43.6万桶，同期美国对印原油出口稳步增加，中东海湾地区对印原油供应量更飙升至日均300万桶，印度炼油 商的供应链调整已全面铺开。 印度疏远俄油的决策之所以影响深远，核心在于这一举措动摇了数十年来支撑印度外交与能源政策最稳固支柱之一。长期以来， 俄罗斯对印度而言不仅是战略后盾，更是廉价原油、折扣成品油以及传统军用装备的主要供应来源。即便在乌克兰 ...

| | 能源 日报 | | --- | --- | | 操作评级 | 2026年02月10日 | | | 王盈敏 中级分析师 | | | F3066912 Z0016785 | 李海群 中级分析师 美伊均对上周五在阿曼举行的会谈给予积极评价,并计划本周继续磋商。市场短期认为局势失控风险降低。对 冲突和供应中断的担忧有所缓解。这一判断也与政治现实相符:考虑到低油价承诺及中期选举临近，美方在选 前主动升级局势的可能性较低。然而伊朗态度依然强硬,其外长强调承认铀浓缩权利是谈判关键,双方核心分 歧显著。僵局可能持续。布伦特油价在68-70美元区间大幅震荡,反映出在谈判前景不明、对峙持续的背景下, 市场持续计入地缘风险溢价。预计油价将保持高波动性,且继续蕴含显著的地缘政治风险溢价。 【燃料油&低硫燃料油】 近期燃料油市场波动仍主要由地缘局势主导。由于局势仍悬而未决,市场担忧情绪持续存在。2月9日，美国建 议商船远离伊朗领海,伊朗军方也称处于最高战备状态,此类动向再度为燃料油注入了上行动力。地缘因素预 计将持续为市场提供韧性。高硫现货方面,市场仍保持强劲态势。不过,在经历上周库存下降、供应偏紧后, 本周新加坡岸上燃料油库 ...

原油消息面解析：周二（北京时间2月10日）亚市早盘，美原油交投于64.47美元/桶附近，油价周一上 涨超过1%，主要受地缘政治紧张局势推动。油价周一上涨超过1%，主要受地缘政治紧张局势推动。此 前美国交通部发布公告，建议悬挂美国国旗的船只通过霍尔木兹海峡和阿曼湾时尽可能远离伊朗领海， 引发市场对石油供应可能中断的担忧。全球约五分之一的石油消费量经由该海峡运输。投资者也在关注 西方针对俄罗斯石油出口的进一步制裁动向。欧盟委员会已提议全面禁止任何支持俄罗斯海上原油出口 的服务，旨在遏制其用于乌克兰战争的收入来源。分析师指出，近期油价走势将更多取决于与伊朗相关 的风险溢价变化，而非单纯的石油基本面。 原油技术面分析：原油从日线图级别看，油价结束连续收阳局面，K线收大实体阴线。均线系统仍依托 油价多头排列，中期客观趋势方向看涨不变。MACD指标在零轴上方，多头动能占优势，预计原油中期 走势呈上行节奏。原油短线（1H）走势陷入区间震荡节奏，油价上下穿越均线系统，区间波幅在65.50- 62.20之间。MACD指标在零轴位置反复穿越，多空力度互相交替。预计日内原油走势仍将维持在区间 内波动为主，保持区间操作思路。综合来看 ...

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Report Industry Investment Rating - Not provided Core Viewpoints - OPEC+ eight member countries will maintain the original plan to suspend the increase in oil production in March. Although it is the off-season for crude oil demand, due to the impact of the winter storm, EIA data shows that US crude oil inventories have decreased more than expected, and refined oil inventories have also decreased more than expected, with overall oil product inventories continuing to decline. However, global floating crude oil storage remains high, and the crude oil market remains in a state of supply surplus. The latest EIA January report has raised the expected supply surplus for 2026. Saudi Aramco has announced a 30 - cent per barrel price cut for Arabian Light crude oil to be shipped to Asia in March 2025. Chevron is increasing the transportation of Venezuelan crude oil, which currently has little impact on global crude oil supply and demand. The US - Iran nuclear negotiations in Muscat, Oman, have “temporarily” ended. The geopolitical risk in Iran remains highly uncertain. Iran has a large crude oil production capacity, and attention should be paid to the US - Iran negotiations. Trump has announced that the so - called “reciprocal tariffs” imposed by the US on Indian goods will be reduced from 25% to 18% immediately. Modi has agreed that India will stop buying Russian oil and purchase more oil from the US, and may also buy oil from Venezuela. Indian refineries may increase crude oil purchases from the Middle East and the Americas. The new round of talks between Russia, Ukraine, and the US ended in the UAE on the 5th. Although a new round of prisoner exchanges was completed, no substantial progress was made on core issues such as territory and ceasefire. The geopolitical situation in Iran has repeatedly caused sharp fluctuations in oil prices. With the current cold wave weakening, attention should be paid to the impact of the next cold wave. The production at Kazakhstan's Tengiz oil field has recovered to 60% of its peak, and full production is expected to resume on February 23. It is expected that crude oil prices will fluctuate within a range in the near future [1]. Summary by Relevant Catalogs Market Analysis - OPEC+ eight member countries will suspend the increase in oil production in March. The winter storm has led to a larger - than - expected reduction in US crude oil and refined oil inventories, but the global floating crude oil storage is high, and the supply surplus situation persists. Saudi Aramco has cut the price of Arabian Light crude oil to Asia. Chevron is increasing Venezuelan oil transportation. The US - Iran nuclear negotiations have “temporarily” ended, and the geopolitical risk in Iran is uncertain. Trump has reduced tariffs on Indian goods, and India may adjust its oil - purchasing sources. The Russia - Ukraine - US talks have not made substantial progress on core issues. The geopolitical situation in Iran causes oil price fluctuations. The cold wave is weakening, and attention should be paid to the next one. The Tengiz oil field in Kazakhstan is expected to fully resume production on February 23, and crude oil prices are expected to fluctuate within a range [1]. Futures and Spot Market Conditions - Today, the main crude oil futures contract 2604 rose 2.17% to 476.1 yuan/ton, with a minimum price of 465.2 yuan/ton, a maximum price of 477.9 yuan/ton, and an increase in open interest of 1256 to 44,264 lots [2]. Fundamental Tracking - The EIA monthly report has raised the 2026 WTI crude oil price by $0.79 per barrel to $52.21 per barrel, lowered the 2026 global oil demand forecast from 105.2 million barrels per day to 104.8 million barrels per day, and raised the 2026 global oil production forecast from 107.4 million barrels per day to 107.7 million barrels per day. The IEA has raised the 2026 global oil demand growth rate by 70,000 barrels per day to 930,000 barrels per day and raised the 2026 global oil production growth rate by 100,000 barrels per day to 2.5 million barrels per day. On the evening of February 4, EIA data showed that US crude oil inventories for the week ending January 30 decreased by 3.455 million barrels, compared with an expected increase of 489,000 barrels, and were 1.25% higher than the five - year average. Gasoline inventories increased by 685,000 barrels, compared with an expected increase of 1.389 million barrels. Refined oil inventories decreased by 5.553 million barrels, compared with an expected decrease of 2.255 million barrels. Cushing crude oil inventories decreased by 743,000 barrels [3]. Supply - Side Situation - The latest OPEC monthly report shows that OPEC's crude oil production in November decreased by 21,000 barrels per day to 28.459 million barrels per day, and its production in December 2025 increased by 105,000 barrels per day month - on - month to 28.564 million barrels per day. Due to the impact of the winter storm, US crude oil production for the week ending January 30 decreased by 484,000 barrels per day to 13.215 million barrels per day, the largest decline since January 19, 2024. The four - week average supply of US crude oil products has increased to 20.802 million barrels per day, a 2.54% increase compared with the same period last year, changing from being lower than the same period last year to being higher. Among them, the weekly gasoline production decreased by 6.90% to 8.153 million barrels per day, the four - week average production was 8.262 million barrels per day, a 0.44% decrease compared with the same period last year. The weekly diesel production increased by 5.92% to 4.31 million barrels per day, the four - week average production was 4 million barrels per day, a 2.35% increase compared with the same period last year. The rebound in diesel and other oil products has driven a 3.28% month - on - month increase in the single - week supply of US crude oil products [4].