<p>亞洲柴油前月價差再次回落，接近月中評估月的交割，背景是供應預期上升，隨着一月討論的進行。</p>
<p>一月東北亞煉油廠的銷售仍以與新加坡離岸報價相關的折扣進行，因大多數煉油單位在維護後恢復到高生產水平，供應預期上升。</p>
<p>煉油利潤（GO10SGCKMc1）連續第三個交易日下滑，降至每桶約 20.7 美元。</p>
<p>在交易窗口，活動保持低迷——缺乏現貨交易的證據，而現金差價（GO10-SIN-DIF）略微下滑至每桶 60 美分以下。</p>
<p>由於近期煤油需求激增，航空燃料現貨市場保持樂觀，因寒冷的冬季，煉油廠的交易大多以溢價進行。</p>
<p>重新定價（JETREG10SGMc1）幾乎沒有變化，保持在每桶 20-30 美分的溢價。</p>
<p>新加坡現金交易</p>
<p>- 一筆航空燃料交易，沒有柴油交易</p>
<p>庫存</p>
<p>- 美國原油庫存下降，而汽油和餾分油庫存上週因煉油活動強勁而上升，能源信息署週三表示。</p>
<p>- 新加坡的餾分油庫存因航空燃料淨出口上升和柴油/煤油淨進口增加，周比下降近 8%，官方政府數據顯示。</p>
<p>新聞</p>
<p>- 週四油價回落，投資者將注意力重新轉向俄羅斯 - 烏克蘭和平談判，同時關注美國在委內瑞拉海岸扣押一艘受制裁油輪的後果。</p>
<p>- 哈薩克斯坦週四表示，由於主要油田預計進行維護，並且由於烏克蘭無人機襲擊對裏海管道聯盟（CPC）使用的黑海終端造成重大損害，正在下調 2026 年的石油生產計劃。</p>
<p>- 美國總統特朗普週三表示，美國在委內瑞拉海岸扣押了一艘受制裁的油輪，此舉導致油價上漲，並大幅升級了華盛頓與加拉加斯之間的緊張關係。</p>
<p>價格</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>中間餾分油</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>現金（$/桶）</td>
<td>亞洲收盤</td>
<td>變動</td>
<td>前收盤</td>
<td>RIC</td>
</tr>
<tr>
<td>現貨柴油 0.25%</td>
<td>81.90</td>
<td>-1.05</td>
<td>82.94</td>
<td>(GO25-SIN)</td>
</tr>
<tr>
<td>GO 0.25 差價</td>
<td>-0.19</td>
<td>-0.10</td>
<td>-0.09</td>
<td>(GO25-SIN-DIF)</td>
</tr>
<tr>
<td>現貨柴油 0.05%</td>
<td>81.41</td>
<td>-1.05</td>
<td>82.45</td>
<td>(GO005-SIN)</td>
</tr>
<tr>
<td>GO 0.05 差價</td>
<td>-0.68</td>
<td>-0.10</td>
<td>-0.58</td>
<td>(GO005-SIN-DIF)</td>
</tr>
<tr>
<td>現貨柴油 0.001%</td>
<td>82.65</td>
<td>-1.04</td>
<td>83.69</td>
<td>(GO10-SIN)</td>
</tr>
<tr>
<td>GO 0.001 差價</td>
<td>0.56</td>
<td>-0.10</td>
<td>0.66</td>
<td>(GO10-SIN-DIF)</td>
</tr>
<tr>
<td>現貨航空燃料/煤油</td>
<td>84.54</td>
<td>-1.28</td>
<td>85.82</td>
<td>(JET-SIN)</td>
</tr>
<tr>
<td>航空燃料/煤油差價</td>
<td>1.73</td>
<td>-0.31</td>
<td>2.04</td>
<td>(JET-SIN-DIF)</td>
</tr>
<tr>
<td>有關衍生品價格的列表，包括利潤，請雙擊下面的 RIC。</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Brent M1</td>
<td>(BRENTSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M1</td>
<td>(GOSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M1/M2</td>
<td>(GOSGSPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M2</td>
<td>(GOSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Regrade M1</td>
<td>(JETREGSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Regrade M2</td>
<td>(JETREGSGMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M1</td>
<td>(JETSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M1/M2</td>
<td>(JETSGSPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M2</td>
<td>(JETSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil 500ppm-迪拜裂解 M1</td>
<td>(GOSGCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil 500ppm-迪拜裂解 M2</td>
<td>(GOSGCKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet 裂解 M1</td>
<td>(JETSGCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet 裂解 M2</td>
<td>(JETSGCKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>東西方 M1</td>
<td>(LGOAEFSMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>東西方 M2</td>
<td>(LGOAEFSMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M1</td>
<td>(LGOAMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M1/M2</td>
<td>(LGOASPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M2</td>
<td>(LGOAMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>裂解 LGO-Brent M1</td>
<td>(LGOACKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>裂解 LGO-Brent M2</td>
<td>(LGOACKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>

<p>亞洲的柴油時差正在減弱，原因是供應預期上升，1 月份的煉油廠銷售出現折扣。煉油利潤連續第三個交易日下滑，交易活動也顯得沉悶。由於煤油需求增加，航空燃料市場表現強勁。美國原油庫存下降，而餾分油庫存上升。在俄羅斯與烏克蘭的和平談判以及美國在委內瑞拉扣押油輪的背景下，油價有所回落。由於維護和無人機攻擊造成的損害，哈薩克斯坦調整了 2026 年的石油生產計劃</p>

<p>Asia's diesel front-month timespreads went back on a downward trajectory, nearing mid-month assessment month rollover, against a backdrop of rising supply expectations as January discussions went on.</p>
<div class="lb-trans"><p>亞洲柴油前月價差再次回落，接近月中評估月的交割，背景是供應預期上升，隨着一月討論的進行。</p>
</div><p>January northeast Asia refiner sales were still done at discounts linked to FOB Singapore quotes, amid rising supply expectations as most refining units were back in high production levels after maintenance.</p>
<div class="lb-trans"><p>一月東北亞煉油廠的銷售仍以與新加坡離岸報價相關的折扣進行，因大多數煉油單位在維護後恢復到高生產水平，供應預期上升。</p>
</div><p>Refining margins (GO10SGCKMc1) declined for a third straight session to around $20.7 a barrel.</p>
<div class="lb-trans"><p>煉油利潤（GO10SGCKMc1）連續第三個交易日下滑，降至每桶約 20.7 美元。</p>
</div><p>On the trading window, activity stayed muted - evidenced from the lack of spot deals while cash differentials (GO10-SIN-DIF) slipped slightly to below 60 cents per barrel.</p>
<div class="lb-trans"><p>在交易窗口，活動保持低迷——缺乏現貨交易的證據，而現金差價（GO10-SIN-DIF）略微下滑至每桶 60 美分以下。</p>
</div><p>Jet fuel spot markets stayed upbeat, given the recent surge in kerosene demand, owing to the colder winter season, with refiner deals mostly done at premiums so far.</p>
<div class="lb-trans"><p>由於近期煤油需求激增，航空燃料現貨市場保持樂觀，因寒冷的冬季，煉油廠的交易大多以溢價進行。</p>
</div><p>Regrade (JETREG10SGMc1) barely moved, remaining at premiums of 20-30 cents per barrel.</p>
<div class="lb-trans"><p>重新定價（JETREG10SGMc1）幾乎沒有變化，保持在每桶 20-30 美分的溢價。</p>
</div><p>SINGAPORE CASH DEALS</p>
<div class="lb-trans"><p>新加坡現金交易</p>
</div><p>- One jet fuel deal, no gasoil deal</p>
<div class="lb-trans"><p>- 一筆航空燃料交易，沒有柴油交易</p>
</div><p>INVENTORIES</p>
<div class="lb-trans"><p>庫存</p>
</div><p>- U.S. crude inventories fell, while gasoline and distillates stockpiles rose last week amid strong refining activity, the Energy Information Administration said on Wednesday.</p>
<div class="lb-trans"><p>- 美國原油庫存下降，而汽油和餾分油庫存上週因煉油活動強勁而上升，能源信息署週三表示。</p>
</div><p>- Singapore's distillate stocks slipped nearly 8% week on week amid rising jet fuel net exports and higher diesel/gasoil net imports, official government data showed on Thursday.</p>
<div class="lb-trans"><p>- 新加坡的餾分油庫存因航空燃料淨出口上升和柴油/煤油淨進口增加，周比下降近 8%，官方政府數據顯示。</p>
</div><p>NEWS</p>
<div class="lb-trans"><p>新聞</p>
</div><p>- Oil prices eased on Thursday as investors shifted their focus back to Russia-Ukraine peace talks, while watching for any fallout from a U.S. seizure of a sanctioned tanker off the coast of Venezuela.</p>
<div class="lb-trans"><p>- 週四油價回落，投資者將注意力重新轉向俄羅斯 - 烏克蘭和平談判，同時關注美國在委內瑞拉海岸扣押一艘受制裁油輪的後果。</p>
</div><p>- Kazakhstan said on Thursday that it was adjusting down 2026 oil production plans due to expected maintenance at major oilfields and amid major damage from a Ukrainian drone attack on the Black Sea terminal used by the Caspian Pipeline Consortium (CPC).</p>
<div class="lb-trans"><p>- 哈薩克斯坦週四表示，由於主要油田預計進行維護，並且由於烏克蘭無人機襲擊對裏海管道聯盟（CPC）使用的黑海終端造成重大損害，正在下調 2026 年的石油生產計劃。</p>
</div><p>- The U.S. has seized a sanctioned oil tanker off the coast of Venezuela, President Donald Trump said on Wednesday, a move that sent oil prices higher and sharply escalated tensions between Washington and Caracas.</p>
<div class="lb-trans"><p>- 美國總統特朗普週三表示，美國在委內瑞拉海岸扣押了一艘受制裁的油輪，此舉導致油價上漲，並大幅升級了華盛頓與加拉加斯之間的緊張關係。</p>
</div><p>PRICES</p>
<div class="lb-trans"><p>價格</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>MIDDLE DISTILLATES</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>CASH ($/BBL)</td>
<td>ASIA CLOSE</td>
<td>Change</td>
<td>Prev Close</td>
<td>RIC</td>
</tr>
<tr>
<td>Spot Gas Oil 0.25%</td>
<td>81.90</td>
<td>-1.05</td>
<td>82.94</td>
<td>(GO25-SIN)</td>
</tr>
<tr>
<td>GO 0.25 Diff</td>
<td>-0.19</td>
<td>-0.10</td>
<td>-0.09</td>
<td>(GO25-SIN-DIF)</td>
</tr>
<tr>
<td>Spot Gas Oil 0.05%</td>
<td>81.41</td>
<td>-1.05</td>
<td>82.45</td>
<td>(GO005-SIN)</td>
</tr>
<tr>
<td>GO 0.05 Diff</td>
<td>-0.68</td>
<td>-0.10</td>
<td>-0.58</td>
<td>(GO005-SIN-DIF)</td>
</tr>
<tr>
<td>Spot Gas Oil 0.001%</td>
<td>82.65</td>
<td>-1.04</td>
<td>83.69</td>
<td>(GO10-SIN)</td>
</tr>
<tr>
<td>GO 0.001 Diff</td>
<td>0.56</td>
<td>-0.10</td>
<td>0.66</td>
<td>(GO10-SIN-DIF)</td>
</tr>
<tr>
<td>Spot Jet/Kero</td>
<td>84.54</td>
<td>-1.28</td>
<td>85.82</td>
<td>(JET-SIN)</td>
</tr>
<tr>
<td>Jet/Kero Diff</td>
<td>1.73</td>
<td>-0.31</td>
<td>2.04</td>
<td>(JET-SIN-DIF)</td>
</tr>
<tr>
<td>For a list of derivatives prices, including margins, please double click the RICs below.</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Brent M1</td>
<td>(BRENTSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M1</td>
<td>(GOSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M1/M2</td>
<td>(GOSGSPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M2</td>
<td>(GOSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Regrade M1</td>
<td>(JETREGSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Regrade M2</td>
<td>(JETREGSGMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M1</td>
<td>(JETSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M1/M2</td>
<td>(JETSGSPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M2</td>
<td>(JETSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil 500ppm-Dubai Cracks M1</td>
<td>(GOSGCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil 500ppm-Dubai Cracks M2</td>
<td>(GOSGCKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet Cracks M1</td>
<td>(JETSGCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet Cracks M2</td>
<td>(JETSGCKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>East-West M1</td>
<td>(LGOAEFSMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>East-West M2</td>
<td>(LGOAEFSMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M1</td>
<td>(LGOAMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M1/M2</td>
<td>(LGOASPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M2</td>
<td>(LGOAMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Crack LGO-Brent M1</td>
<td>(LGOACKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Crack LGO-Brent M2</td>
<td>(LGOACKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>中間餾分油</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>現金（$/桶）</td>
<td>亞洲收盤</td>
<td>變動</td>
<td>前收盤</td>
<td>RIC</td>
</tr>
<tr>
<td>現貨柴油 0.25%</td>
<td>81.90</td>
<td>-1.05</td>
<td>82.94</td>
<td>(GO25-SIN)</td>
</tr>
<tr>
<td>GO 0.25 差價</td>
<td>-0.19</td>
<td>-0.10</td>
<td>-0.09</td>
<td>(GO25-SIN-DIF)</td>
</tr>
<tr>
<td>現貨柴油 0.05%</td>
<td>81.41</td>
<td>-1.05</td>
<td>82.45</td>
<td>(GO005-SIN)</td>
</tr>
<tr>
<td>GO 0.05 差價</td>
<td>-0.68</td>
<td>-0.10</td>
<td>-0.58</td>
<td>(GO005-SIN-DIF)</td>
</tr>
<tr>
<td>現貨柴油 0.001%</td>
<td>82.65</td>
<td>-1.04</td>
<td>83.69</td>
<td>(GO10-SIN)</td>
</tr>
<tr>
<td>GO 0.001 差價</td>
<td>0.56</td>
<td>-0.10</td>
<td>0.66</td>
<td>(GO10-SIN-DIF)</td>
</tr>
<tr>
<td>現貨航空燃料/煤油</td>
<td>84.54</td>
<td>-1.28</td>
<td>85.82</td>
<td>(JET-SIN)</td>
</tr>
<tr>
<td>航空燃料/煤油差價</td>
<td>1.73</td>
<td>-0.31</td>
<td>2.04</td>
<td>(JET-SIN-DIF)</td>
</tr>
<tr>
<td>有關衍生品價格的列表，包括利潤，請雙擊下面的 RIC。</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Brent M1</td>
<td>(BRENTSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M1</td>
<td>(GOSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M1/M2</td>
<td>(GOSGSPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil M2</td>
<td>(GOSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Regrade M1</td>
<td>(JETREGSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Regrade M2</td>
<td>(JETREGSGMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M1</td>
<td>(JETSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M1/M2</td>
<td>(JETSGSPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet M2</td>
<td>(JETSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil 500ppm-迪拜裂解 M1</td>
<td>(GOSGCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Gasoil 500ppm-迪拜裂解 M2</td>
<td>(GOSGCKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet 裂解 M1</td>
<td>(JETSGCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Jet 裂解 M2</td>
<td>(JETSGCKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>東西方 M1</td>
<td>(LGOAEFSMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>東西方 M2</td>
<td>(LGOAEFSMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M1</td>
<td>(LGOAMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M1/M2</td>
<td>(LGOASPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>LGO M2</td>
<td>(LGOAMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>裂解 LGO-Brent M1</td>
<td>(LGOACKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>裂解 LGO-Brent M2</td>
<td>(LGOACKMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
</div>

柴油時間價差走軟；部分煉油廠的一月份銷售以折扣價進行