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<p>全球石油市场因霍尔木兹海峡关键供应路线的中断而陷入动荡，导致油价急剧上涨，不同原油等级、成品油和期货合约之间的价差扩大。</p>
<p>布伦特原油与西德克萨斯中质原油（WTI）之间的价格差异最近扩大，达到每桶 9 美元的峰值。</p>
<p>这是一个显著的差距，自 2022 年夏季以来未曾超过。</p>
<p>此比较特别排除了在商品合约从一个到期月份滚动到下一个月份时可能发生的临时市场 “扭曲”。</p>
<h2>供需差异</h2>
<p>价差的扩大表明两大全球油基准之间的供需动态或区域市场认知存在分歧，布伦特相对较强，而 WTI 相对较弱。</p>
<p>“原因在于，作为国际基准，布伦特油价受到中东供应中断的影响大于 WTI 油价，” 德国商业银行（Commerzbank AG）的商品分析师卡斯滕·弗里茨（Carsten Fritsch）在一份报告中表示。</p>
<p>“后者也受到美国高油产量的制约。”</p>
<p>裂解价差，即原油与其成品油之间的价格差异，也出现了急剧上升。</p>
<p>具体而言，根据德国商业银行的数据，欧洲的柴油裂解价差达到了自 2023 年 8 月以来的最高点，超过每桶 40 美元。</p>
<p>“这是因为原油供应减少，已经导致亚洲炼油厂的原油加工受到限制，这意味着可生产和出口的油品减少，” 弗里茨补充道。</p>
<h2>柴油和航空燃料裂解价差</h2>
<p>来自海湾地区的油品交付也受到干扰。</p>
<p>“因此，欧洲必须更加依赖美国来满足其进口需求，而美国的柴油价格也显著上涨，” 弗里茨指出。</p>
<p>美国柴油与 WTI 之间的裂解价差已上升至每桶约 70 美元，部分原因是航空燃料价格的急剧上涨。</p>
<p>航空燃料的价格显著高于布伦特原油，几乎达到每吨 900 美元，折合每桶约 100 美元。</p>
<p>对航空燃料区域供应的担忧导致航空燃料裂解价差发生了最显著的变化。</p>
<p>全球约 23% 的海运航空燃料贸易通过霍尔木兹海峡。</p>
<p>其他地区的炼油厂也将因原油供应中断而被迫降低开工率。</p>
<p>“这将进一步收紧航空燃料和更广泛的成品油市场，” ING 集团的分析师在一份报告中表示。</p>
<p>“在霍尔木兹海峡流量恢复的迹象出现之前，很难看到最近的高水平和裂解价差的波动消失。”</p>
<h2>原油和柴油裂解价差</h2>
<p>此外，本周原油和柴油的时间价差显著扩大，意味着它们各自远期曲线上的价格差异显著增加。</p>
<p>前两个布伦特远期合约之间的价差为每桶 4.5 美元。</p>
<p>此外，根据德国商业银行的数据，最近到期合约与一年期远期合约之间的价格差异超过每桶 15 美元。</p>
<p>柴油的远期曲线显示前两个合约之间的差异为每吨 80 美元。</p>
<p>下一个到期合约与一年期远期合约之间的价差显著扩大至每吨约 400 美元。</p>
<p>布伦特和柴油的即期交付价格溢价自 2022 年春夏以来未曾如此之高，此时正值乌克兰战争开始之际。</p>
<p>“这表明由于伊朗战争导致的供应紧张情况，” 弗里茨补充道。</p>
<p>与此同时，持续的供应担忧因中国指示炼油厂停止柴油和汽油出口而加剧，这进一步支持了周四的成品油裂解价差。</p>
<p>2025 年，中国出口了 800 万吨汽油和 670 万吨柴油。</p>
<p>担忧在于其他国家可能会实施类似措施。</p>
<p>“考虑到印度在供应担忧中采取保护主义措施的历史，预计印度采取类似行动并不为过（尽管更多是在食品和农业市场），” ING 分析师表示。</p>
<p>“这将进一步推动中间馏分油的上涨。”</p>
<p>油市动荡扩大布伦特-WTI 差距，推动柴油和航空燃料裂解价差的文章首次出现在 Invezz 上。</p>

2 倍做多彭博原油 ETF - ProShares

标普全球能源股指数 ETF - iShares

油气开采 ETF - SPDR

能源业 ETF - SPDR

美国油气勘探与生产 ETF - iShares

油气服务 ETF - Market Vectors

美国布伦特原油期货基金

美国 WTI 原油 ETF

<p>全球石油市场因霍尔木兹海峡的供应中断而陷入动荡，布伦特原油与 WTI 原油之间的价格差距显著扩大，目前达到每桶 9 美元。这个差距反映了供需动态的分歧，布伦特原油受到中东地区中断的影响更大。此外，柴油和航空燃料的裂解价差飙升，柴油价格比 WTI 高出每桶 70 美元。分析师预测，直到霍尔木兹海峡的供应恢复，精炼产品市场将持续波动</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Jet-fuel-unloading-process.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/Jet-fuel-unloading-process.png"/></p>
<p>Global oil markets were thrown into turmoil as disruptions to critical supply routes through the Strait of Hormuz caused oil prices to surge dramatically, widening price gaps between different crude grades, refined products, and futures contracts.</p>
<div class="lb-trans"><p>全球石油市场因霍尔木兹海峡关键供应路线的中断而陷入动荡，导致油价急剧上涨，不同原油等级、成品油和期货合约之间的价差扩大。</p>
</div><p>The price differential between Brent and West Texas Intermediate (WTI) crude oil has recently expanded, reaching a peak of $9 per barrel.</p>
<div class="lb-trans"><p>布伦特原油与西德克萨斯中质原油（WTI）之间的价格差异最近扩大，达到每桶 9 美元的峰值。</p>
</div><p>This is a significant gap, which has not been surpassed since the summer of 2022.</p>
<div class="lb-trans"><p>这是一个显著的差距，自 2022 年夏季以来未曾超过。</p>
</div><p>This comparison specifically excludes temporary market &#34;distortions&#34; that can occur when commodity contracts are rolled over from one expiry month to the next.</p>
<div class="lb-trans"><p>此比较特别排除了在商品合约从一个到期月份滚动到下一个月份时可能发生的临时市场 “扭曲”。</p>
</div><h2>Divergence in supply-demand</h2>
<div class="lb-trans"><h2>供需差异</h2>
</div><p>The widening spread suggests a divergence in the supply-demand dynamics or regional market perceptions between the two global oil benchmarks, with Brent being relatively stronger and WTI being relatively weaker.</p>
<div class="lb-trans"><p>价差的扩大表明两大全球油基准之间的供需动态或区域市场认知存在分歧，布伦特相对较强，而 WTI 相对较弱。</p>
</div><p>“The reason for this is that, as an international benchmark, the Brent oil price is more affected by supply disruptions from the Middle East than the WTI oil price,” Carsten Fritsch, commodity analyst at Commerzbank AG, said in a report.</p>
<div class="lb-trans"><p>“原因在于，作为国际基准，布伦特油价受到中东供应中断的影响大于 WTI 油价，” 德国商业银行（Commerzbank AG）的商品分析师卡斯滕·弗里茨（Carsten Fritsch）在一份报告中表示。</p>
</div><p>“The latter is also being held back by high US oil production.”</p>
<div class="lb-trans"><p>“后者也受到美国高油产量的制约。”</p>
</div><p>Crack spreads, which are the price differences between crude oil and its refined products, also saw a sharp increase.</p>
<div class="lb-trans"><p>裂解价差，即原油与其成品油之间的价格差异，也出现了急剧上升。</p>
</div><p>Specifically, the gasoil crack spread in Europe reached its highest point since August 2023, peaking at over $40 per barrel, according to Commerzbank’s data.</p>
<div class="lb-trans"><p>具体而言，根据德国商业银行的数据，欧洲的柴油裂解价差达到了自 2023 年 8 月以来的最高点，超过每桶 40 美元。</p>
</div><p>“This is because the reduced availability of crude oil is already leading to restrictions on crude oil processing in refineries in Asia, which means that fewer oil products can be produced and exported,” Fritsch added.</p>
<div class="lb-trans"><p>“这是因为原油供应减少，已经导致亚洲炼油厂的原油加工受到限制，这意味着可生产和出口的油品减少，” 弗里茨补充道。</p>
</div><h2>Diesel and jet fuel cracks</h2>
<div class="lb-trans"><h2>柴油和航空燃料裂解价差</h2>
</div><p>Deliveries of oil products from the Gulf region have also been interrupted.</p>
<div class="lb-trans"><p>来自海湾地区的油品交付也受到干扰。</p>
</div><p>“Europe must therefore cover its import needs even more heavily from the US, where diesel has also become significantly more expensive,” Fritsch noted.</p>
<div class="lb-trans"><p>“因此，欧洲必须更加依赖美国来满足其进口需求，而美国的柴油价格也显著上涨，” 弗里茨指出。</p>
</div><p>The crack spread for US diesel versus WTI has risen to approximately $70 per barrel, driven in part by the sharp increase in jet fuel prices.</p>
<div class="lb-trans"><p>美国柴油与 WTI 之间的裂解价差已上升至每桶约 70 美元，部分原因是航空燃料价格的急剧上涨。</p>
</div><p>The price of jet fuel is notably high, commanding a premium over Brent crude of nearly $900 per ton, which translates to about $100 per barrel.</p>
<div class="lb-trans"><p>航空燃料的价格显著高于布伦特原油，几乎达到每吨 900 美元，折合每桶约 100 美元。</p>
</div><p>Concerns regarding the regional supply of jet fuel have led to the most significant changes in jet fuel cracks.</p>
<div class="lb-trans"><p>对航空燃料区域供应的担忧导致航空燃料裂解价差发生了最显著的变化。</p>
</div><p>Approximately 23% of the worldwide seaborne jet fuel trade passes through the Strait of Hormuz.</p>
<div class="lb-trans"><p>全球约 23% 的海运航空燃料贸易通过霍尔木兹海峡。</p>
</div><p>Refiners in other regions will also be forced to reduce their run rates due to disruptions in their crude supply.</p>
<div class="lb-trans"><p>其他地区的炼油厂也将因原油供应中断而被迫降低开工率。</p>
</div><p>“This will further tighten the jet fuel and broader refined-product markets,” analysts at ING Group said in a note.</p>
<div class="lb-trans"><p>“这将进一步收紧航空燃料和更广泛的成品油市场，” ING 集团的分析师在一份报告中表示。</p>
</div><p>“It is difficult to see the recently elevated levels and volatility in cracks disappear until there are signs of an imminent resumption of flows through the Strait of Hormuz.”</p>
<div class="lb-trans"><p>“在霍尔木兹海峡流量恢复的迹象出现之前，很难看到最近的高水平和裂解价差的波动消失。”</p>
</div><h2>Crude and gasoil cracks</h2>
<div class="lb-trans"><h2>原油和柴油裂解价差</h2>
</div><p>Additionally, this week saw a significant widening of the time spreads for both crude oil and gasoil, meaning the price differentials across their respective forward curves increased notably.</p>
<div class="lb-trans"><p>此外，本周原油和柴油的时间价差显著扩大，意味着它们各自远期曲线上的价格差异显著增加。</p>
</div><p>The spread between the first two Brent forward contracts stands at $4.5 per barrel.</p>
<div class="lb-trans"><p>前两个布伦特远期合约之间的价差为每桶 4.5 美元。</p>
</div><p>Furthermore, the difference in price between the nearest expiring contract and the one-year forward contract exceeds $15 per barrel, according to Commerzbank.</p>
<div class="lb-trans"><p>此外，根据德国商业银行的数据，最近到期合约与一年期远期合约之间的价格差异超过每桶 15 美元。</p>
</div><p>The forward curve for gasoil shows a difference of $80 per ton between the first two contracts.</p>
<div class="lb-trans"><p>柴油的远期曲线显示前两个合约之间的差异为每吨 80 美元。</p>
</div><p>The spread widens significantly to approximately $400 per ton between the next due contract and the one-year forward contract.</p>
<div class="lb-trans"><p>下一个到期合约与一年期远期合约之间的价差显著扩大至每吨约 400 美元。</p>
</div><p>The price premiums for immediate deliveries of Brent and gasoil have not been higher since the spring and summer of 2022, which followed the beginning of the war in Ukraine.</p>
<div class="lb-trans"><p>布伦特和柴油的即期交付价格溢价自 2022 年春夏以来未曾如此之高，此时正值乌克兰战争开始之际。</p>
</div><p>“This points to a tighter supply situation due to the war in Iran,” Fritsch added.</p>
<div class="lb-trans"><p>“这表明由于伊朗战争导致的供应紧张情况，” 弗里茨补充道。</p>
</div><p>Meanwhile, ongoing supply concerns were exacerbated by China's directive for refiners to halt the export of diesel and gasoline, which provided additional support to refined product cracks on Thursday.</p>
<div class="lb-trans"><p>与此同时，持续的供应担忧因中国指示炼油厂停止柴油和汽油出口而加剧，这进一步支持了周四的成品油裂解价差。</p>
</div><p>In 2025, China exported 8 million tonnes of gasoline and 6.7 million tonnes of diesel.</p>
<div class="lb-trans"><p>2025 年，中国出口了 800 万吨汽油和 670 万吨柴油。</p>
</div><p>The concern is the potential for other nations to implement similar measures.</p>
<div class="lb-trans"><p>担忧在于其他国家可能会实施类似措施。</p>
</div><p>“It would not be unreasonable to expect India to make a similar move, given its track record of taking protectionist measures amid supply concerns (though more so in food and agri markets),” ING analysts said.</p>
<div class="lb-trans"><p>“考虑到印度在供应担忧中采取保护主义措施的历史，预计印度采取类似行动并不为过（尽管更多是在食品和农业市场），” ING 分析师表示。</p>
</div><p>“This would provide further upside to middle distillates.”</p>
<div class="lb-trans"><p>“这将进一步推动中间馏分油的上涨。”</p>
</div><p>The post Oil turmoil widens Brent-WTI gap, drives diesel, jet fuel cracks appeared first on Invezz</p>
<div class="lb-trans"><p>油市动荡扩大布伦特-WTI 差距，推动柴油和航空燃料裂解价差的文章首次出现在 Invezz 上。</p>
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石油市场的动荡扩大了布伦特原油与 WTI 原油的价差，并推动了柴油和航空燃料的裂解价差