原油周报：地缘定价不足 供强需弱格局维持

期货研究报告商品研究[Table_ReportType]原油周报走势评级：原油——震荡[Table_Chart]张秀峰化工研究员从业资格证号：F0289189投资咨询证号：Z0011152联系电话：057128132619邮箱：zhangxiufeng@cindasc.com王诗朦从业资格号：F03121031联系电话：057128132619邮箱：wangshimeng@cindasc.com信达期货股份有限公司CINDAFUTURESCO.LTD杭州市萧山区钱江世纪城天人大厦1920楼邮编：311200 2025年5月23日 目录一、原油价格..................................................................................................................................5二、原油供需板块..........................................................................................................................81、原油需求：.................................................................................................................92、原油进出口：...........................................................................................................11三、库存........................................................................................................................................12四、经济数据................................................................................................................................14五、持仓数据................................................................................................................................14图目录图表1：BrentWTI价差（美元/桶）.....................................................................................5图表2：BrentOman价差（美元/桶）..................................................................................5图表3：SCBrent价差（美元/桶）.......................................................................................5图表4：SCOman价差（美元/桶）......................................................................................5图表5：汽柴煤油裂差...........................................................................................................5图表6：跨区域价差..............................................................................................................5图表7：WTI远期曲线（美元/桶)..........................................................................................6图表8：WTI月间价差（美元/桶)..........................................................................................6图表9：Brent远期曲线（美元/桶).......................................................................................6图表10：Brent月间价差（美元/桶).....................................................................................6图表11：SC远期曲线（元/桶).............................................................................................6图表12：SC原油月间价差（元/桶)......................................................................................6图表13：Brent原油首行期价与月间价差（美元/桶)............................................................7图表14：美国当周钻机数量.................................................................................................7图表15：美原油产量以及钻机与活跃车队数........................................................................7图表16：美国原油产量与活跃石油钻机数............................................................................8图表17：OPEC+成员国产量（千桶/天）.............................................................................8图表18：美成品油产量（千桶/日）......................................................................................8图表19：OECD石油消费量（千桶/日）..............................................................................8图表20：OPEC成员国产量（千桶/天）..............................................................................8图表21：OPEC成员国产量（千桶/天）..............................................................................8图表22：美国:炼油厂:开工率...............................................................................................9图表23：炼油厂开工率:山东地炼(常减压装置).....................................................................9图表24：美国:炼油厂:用于精炼的净原油投入量..................................................................9图表25：产能利用率:成品油:主营炼厂:中国........................................................................9图表26：中美汽车销量.........................................................................................................9图表27：中美执行航班数量.................................................................................................9图表28：主要进口国净进口量..............................................................................................9图表29：国内原油进口数量.................................................................................................9图表30：原油运输指数(BDTI)............................................................................................10图表31：原油主要进口国净进口量（千桶/日）..................................................................11图表32：国内原油进口量（千桶/日）................................................................................11图表33：美原油库存..........................................................................................................12图表34：美成品油库存.......................................................................................................12图表35：INE原油仓单.......................................................................................................12图表36：SC原油注册仓单量（万桶）...............................................................................12图表37：SC原油注册仓单量（万桶）.......