智通财经APP注意到，中东原油市场显示出更多疲软迹象，加重了有关全球原油供应过剩可能拖累价格 的担忧，同时让亚洲交易员能够无视委内瑞拉局势发展。 迪拜基准原油对布伦特期货的折价(即布伦特-迪拜期现掉期价差/EFS)周一达到8月以来最大水平，表明 供应充足。与此同时，迪拜掉期远期的曲线回归期货升水，这是一种看跌模式，特征为近期合约价格低 于远期合约。 此外，现货和迪拜基准价格的差价正在迅速缩小，预示着需求疲软。根据通用指数数据，中国等主要进 口国偏好的阿曼原油，对迪拜基准价格的溢价已从上月末的近每桶1美元降至接近平价水平。阿联酋的 Upper Zakum原油价格也被定为折价35美分，为2023年12月以来最弱水平。 部分中东原油交易价格低于基准水平 积压的销售量意味着阿拉伯海湾原油连续第四个月未能找到买家，而通常该地区能售出绝大部分供应原 油。 近几个月来，由于欧佩克+及其他产油国增产，全球原油供应持续超过需求，引发市场担忧。在此背景 下，主要原油基准布伦特期货去年下跌18%，创下2020年以来最差年度表现。目前多家银行预计油价将 进一步走弱，摩根士丹利本周已下调一系列价格预测。 中东地区出口全球约三分之一的原 ...

近几个月来，全球石油市场一直被一种担忧所主导，即在欧佩克+产油国以及其他钻探商增加产量后， 全球供应已经超过了需求。在此背景下，作为主要石油基准的布伦特原油期货去年下跌了18%，创下自 2020年以来的最差年度表现。许多银行目前预计市场将进一步疲软，摩根士丹利本周下调了一系列价格 预测。 中东在整体格局中占据关键地位，因为该地区的出口量约占全球原油的三分之一，且是亚洲炼油商的主 要供应来源。作为当前疲软态势的反映，沙特阿美本周连续第三个月大幅下调了对其亚洲主要客户的销 售价格，将其旗舰产品阿拉伯轻质原油的价差推至五年来的新低。 区域市场的宽松状态缓解了人们对美国干预委内瑞拉（包括抓获马杜罗和部分封锁油轮）可能中断该南 美国家石油流动的担忧。不过，据交易员称，目前还没有明显迹象表明亚洲买家急于抢购伊拉克巴士拉 原油等替代性的中东品种。 "过剩正在冲击中东市场，基本上所有指标都指向一个更疲软的实物市场，"ING Groep驻新加坡的大宗 商品策略主管Warren Patterson表示。他补充说，这是一个反复出现的主题，"市场参与者似乎并未受到 供应风险的干扰。" 据知情交易员透露，在中东，设定迪拜基准原油价格的 ...

Group 1 - The core viewpoint of the articles highlights the increasing demand for oil from China, which is driving up tanker freight rates, while the attractiveness of U.S. crude oil to Asian buyers is gradually declining [1][4] - Chinese refining companies are rapidly placing orders for crude oil to utilize government-import quotas before the end of the year, leading to a higher utilization rate of Very Large Crude Carriers (VLCCs) [1] - The daily rental rate for VLCCs on the U.S. to China route has exceeded $70,000, which, although lower than the $90,000 rate for the Middle East to China route, results in significantly higher overall transportation costs due to longer shipping times [1] Group 2 - The "arbitrage trade" from the U.S. to Asia has become a notable feature in the spot market, although this trend may not be sustainable in the long term [1] - As OPEC gradually eases production quotas, crude oil shipping volumes in the region east of the Suez Canal are increasing, with shipowners optimistic about the market outlook [1] - There are signs of tightening supply in the U.S. domestic crude oil market, with government data indicating that crude oil inventories have decreased for two consecutive weeks, reaching the lowest level since January [4]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the short - term, crude oil prices are affected by geopolitical concerns and are expected to trade in the 480 - 490 range. Long - term, it is recommended to hold long positions, but there is significant upside pressure due to rumored Saudi price cuts and continued Russian oil imports by India [3]. - Citi maintains its forecast for the average price of Brent crude in the third quarter at $66 per barrel and expects the benchmark crude to average $63 in the fourth quarter. By the end of the year, the supply surplus will have a greater impact on the oil supply - demand balance [5]. 3. Summary by Directory 3.1 Daily Hints - Fundamental factors for crude oil 2510 are mixed: 9 - month Russian oil exports to India may increase; Saudi may cut October official export prices; oil supply to Hungary and Slovakia from Russia has resumed. The basis shows that the spot price is at a premium to the futures price. US API and EIA inventories decreased last week, and Cushing area inventories also declined. The 20 - day moving average is downward, and the price is below the average. WTI long positions increased, while Brent long positions decreased. Short - term, prices are expected to trade between 480 - 490, and long - term, long positions should be held [3]. 3.2 Recent News - Russia launched a large - scale missile and drone attack on Ukraine, causing damage to buildings in Kiev, strong reactions from European leaders, and casualties. Ukraine also attacked Russian refineries [5]. - German Chancellor Merz believes that a direct meeting between Putin and Zelensky is unlikely, casting doubt on Trump's efforts to promote a cease - fire agreement [5]. - Citi believes that Russia - related tariffs, sanctions, and attacks on Russian oil facilities are keeping oil prices high. Despite an impending supply surplus, OPEC + production increases are lower than expected, and India may diversify its oil procurement [5]. 3.3 Long - Short Concerns - **Likely Positive Factors**: US secondary sanctions on Russian energy exports; extension of the Sino - US tariff exemption period [6]. - **Likely Negative Factors**: A possible cease - fire between Russia and Ukraine; continued tension in US trade relations with other economies [6]. - **Market Drivers**: Short - term geopolitical conflicts are decreasing, and trade tariff risks are rising. In the long - term, supply will increase after the peak season ends [6]. 3.4 Fundamental Data - **Futures Market**: Brent crude settled at $67.98 (up $0.54, 0.80%), WTI at $64.60 (up $0.45, 0.70%), SC at 481.1 (down 5.30, - 1.09%), and Oman at $68.53 (down $0.92, - 1.32%) [7]. - **Spot Market**: UK Brent Dtd was at $67.51 (up $0.13, 0.19%), WTI at $64.60 (up $0.45, 0.70%), Oman at $69.81 (up $0.38, 0.55%), Shengli at $65.11 (up $0.01, 0.02%), and Dubai at $69.98 (up $0.53, 0.76%) [9]. - **Inventory Data**: US API crude inventories decreased by 974,000 barrels in the week ending August 22, and EIA inventories decreased by 2.392 million barrels. Cushing area inventories decreased by 838,000 barrels. Shanghai crude oil futures inventories remained at 5.721 million barrels as of August 28 [3]. 3.5 Position Data - As of August 19, WTI crude oil long positions increased, and Brent crude oil long positions decreased [3]. - WTI crude oil fund net long positions were 120,209 on August 19, an increase of 3,467 [17]. - Brent crude oil fund net long positions were 182,695 on August 19, a decrease of 23,852 [18].