<p>亞洲的石腦油現貨活動依然活躍，二月份的需求成為焦點，儘管一些買家因衍生品需求有限而對進一步採購持謹慎態度。</p>
<p>二月份的購買興趣很強烈，韓國的樂天化學被聽説正在通過週二截止的招標尋求至少一批 25,000 公噸的貨物，計劃在上半年交付至麗水。</p>
<p>另一家韓國裂解裝置運營商仍在考慮其二月份的採購，因運行率不明確。</p>
<p>目前，討論的溢價在每公噸 1-5 美元之間，具體取決於到達港口和時間，一些交易員表示，與一週前的水平相比，保持穩定或略有下滑。</p>
<p>二月份上半月和三月份上半月的跨月價差保持在每噸 3.75 美元，前一個交易日由於西方供應擔憂，價格壓力明顯。</p>
<p>煉油利潤略微下降至每公噸約 77 美元。(NAF-SIN-CRK)</p>
<p>在汽油方面，貿易公司 Trafigura 的銷售活動仍在進行中。交易數據顯示，這家西方貿易巨頭迄今已在窗口期內售出超過 150 萬桶 92 號汽油，裝船時間為 12 月 30 日至 1 月 29 日。</p>
<p>煉油利潤進一步下滑，首次跌破每桶 10 美元，自 8 月底以來首次出現這種情況。(GL92-SIN-CRK)</p>
<p>庫存</p>
<p>- 美國原油、汽油和餾分油庫存在截至 12 月 19 日的一週內上升，因為煉油活動放緩且進口減少，美國能源信息署週一表示。</p>
<p>- 初步路透社調查顯示，上週美國原油庫存預計下降，而餾分油和汽油庫存可能上升。</p>
<p>新聞</p>
<p>- Frontera Energy 的哥倫比亞子公司與美國石油巨頭雪佛龍的一個子公司簽署了一項價值高達 1.2 億美元的預付款和商業協議，以在兩年內供應原油，加拿大石油生產商周一表示。</p>
<p>- 世界最大石油出口國沙特阿拉伯預計將降低其二月份對亞洲買家的旗艦阿拉伯輕質原油價格，這是連續第三個月，因供應充足導致現貨市場價格下跌，消息人士稱。</p>
<p>- 從哈薩克斯坦輸送石油的裏海管道聯盟表示，由於惡劣天氣，週一暫停了黑海終端的石油出口。</p>
<p>- 由於政策制定者面臨國內需求疲軟和工廠利潤下滑，以及與主要出口市場的貿易關係波動，中國的工廠活動在 12 月份可能連續第九個月收縮。</p>
<p>新加坡現金交易</p>
<p>- 兩筆汽油交易，沒有石腦油交易</p>
<p>價格</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>現金</td>
<td>亞洲收盤</td>
<td>變動</td>
<td>前收盤</td>
<td>RIC</td>
</tr>
<tr>
<td>OSN 石腦油 CFR 日本 M1（$/mt）</td>
<td>541.75</td>
<td>4.00</td>
<td>537.75</td>
<td>(NAF-1H-TYO)</td>
</tr>
<tr>
<td>OSN 石腦油 CFR 日本 M2（$/mt）</td>
<td>538.00</td>
<td>4.00</td>
<td>534.00</td>
<td>(NAF-2H-TYO)</td>
</tr>
<tr>
<td>OSN 石腦油差價（$/mt）</td>
<td>3.75</td>
<td>0.00</td>
<td>3.75</td>
<td>(NAF-TYO-DIF)</td>
</tr>
<tr>
<td>石腦油淨回報 FOB 新加坡（$/bbl）</td>
<td>58.19</td>
<td>0.44</td>
<td>57.75</td>
<td>(NAF-SIN)</td>
</tr>
<tr>
<td>石腦油 - 布倫特裂解（$/mt）</td>
<td>76.90</td>
<td>-1.47</td>
<td>78.38</td>
<td>(NAF-SIN-CRK)</td>
</tr>
<tr>
<td>97 號汽油（$/bbl）</td>
<td>75.36</td>
<td>0.38</td>
<td>74.98</td>
<td>(GL97-SIN)</td>
</tr>
<tr>
<td>95 號汽油（$/bbl）</td>
<td>73.76</td>
<td>0.36</td>
<td>73.40</td>
<td>(GL95-SIN)</td>
</tr>
<tr>
<td>92 號汽油（$/bbl）</td>
<td>71.70</td>
<td>0.25</td>
<td>71.45</td>
<td>(GL92-SIN)</td>
</tr>
<tr>
<td>汽油裂解（$/bbl）</td>
<td>9.72</td>
<td>-0.48</td>
<td>10.20</td>
<td>(GL92-SIN-CRK)</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>布倫特 M1</td>
<td>(BRENTSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油 CFR 日本 M1</td>
<td>(NACFRJPSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油 CFR 日本 M1/M2</td>
<td>(NACFRJPSDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油 CFR 日本 M2</td>
<td>(NACFRJPSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油日本 - 新加坡淨回報 M1</td>
<td>(NAPTC4SPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油日本 - 新加坡淨回報 M2</td>
<td>(NAPTC4SPDMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油 FOB 新加坡 M1</td>
<td>(NAFOBSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油 FOB 新加坡 M1/M2</td>
<td>(NAFOBSGSDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油 FOB 新加坡 M2</td>
<td>(NAFOBSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油裂解 M1</td>
<td>(NACFRJPCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>東西方石腦油 M1</td>
<td>(NAPJPEWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>東西方石腦油 M2</td>
<td>(NAPJPEWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>NWE 石腦油 M1</td>
<td>(NAPCNWEAMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>NWE 石腦油 M1/M2</td>
<td>(NAPCNWEASMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>NWE 石腦油 M2</td>
<td>(NAPCNWEAMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>NWE 石腦油 - 布倫特裂解 M1</td>
<td>(NAPCNWEACMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>NWE 石腦油 - 布倫特裂解 M2</td>
<td>(NAPCNWEACMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>*Sing 指新加坡</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>

雪佛龍

<p>亞洲的石腦油現貨活動強勁，二月份的需求尤為突出，儘管由於衍生品需求有限，一些買家持謹慎態度。韓國樂天化學正在尋求一批 25,000 公噸的貨物，計劃在二月初交付。Trafigura 的汽油銷售在 12 月底到 1 月期間超過了 150 萬桶。由於煉油放緩，美國原油和汽油庫存上升。Frontera Energy 與雪佛龍簽署了一項價值 1.2 億美元的原油供應協議。預計沙特阿拉伯將在供應充足的情況下下調二月份的阿拉伯輕質原油價格</p>

<p>Asia's naphtha spot activity remained upbeat, with February demand in focus, though some buyers were hesitant to make more purchases amid limited derivative demand.</p>
<div class="lb-trans"><p>亞洲的石腦油現貨活動依然活躍，二月份的需求成為焦點，儘管一些買家因衍生品需求有限而對進一步採購持謹慎態度。</p>
</div><p>February buying interest was brisk, with South Korea's Lotte Chemical heard to be seeking at least one lot of 25,000 metric tons cargo for first-half delivery to Yeosu via a tender that closes on Tuesday.</p>
<div class="lb-trans"><p>二月份的購買興趣很強烈，韓國的樂天化學被聽説正在通過週二截止的招標尋求至少一批 25,000 公噸的貨物，計劃在上半年交付至麗水。</p>
</div><p>A second South Korean cracker operator was still mulling its February purchase, given a lack of clarity on run rates.</p>
<div class="lb-trans"><p>另一家韓國裂解裝置運營商仍在考慮其二月份的採購，因運行率不明確。</p>
</div><p>For now, discussions were at premiums of $1-5 per metric ton, depending on arrival port and time, some traders said, stable to soft from a week-ago level.</p>
<div class="lb-trans"><p>目前，討論的溢價在每公噸 1-5 美元之間，具體取決於到達港口和時間，一些交易員表示，與一週前的水平相比，保持穩定或略有下滑。</p>
</div><p>The H1 February and H1 March intermonth spreads held steady at $3.75 per ton, with front-month price pressure evident from the previous trading session amid rising Western supply concerns.</p>
<div class="lb-trans"><p>二月份上半月和三月份上半月的跨月價差保持在每噸 3.75 美元，前一個交易日由於西方供應擔憂，價格壓力明顯。</p>
</div><p>Refining margins fell slightly to around $77 per metric ton. (NAF-SIN-CRK)</p>
<div class="lb-trans"><p>煉油利潤略微下降至每公噸約 77 美元。(NAF-SIN-CRK)</p>
</div><p>For gasoline, selling activity from trading house Trafigura continued at the window. The Western trading major has so far sold more than 1.5 million barrels of octane-92 gasoline on the window for December 30 to January 29 loading, data from trading sources showed.</p>
<div class="lb-trans"><p>在汽油方面，貿易公司 Trafigura 的銷售活動仍在進行中。交易數據顯示，這家西方貿易巨頭迄今已在窗口期內售出超過 150 萬桶 92 號汽油，裝船時間為 12 月 30 日至 1 月 29 日。</p>
</div><p>Refining margins eased further to fall below $10 a barrel for the first time since the end of August (GL92-SIN-CRK).</p>
<div class="lb-trans"><p>煉油利潤進一步下滑，首次跌破每桶 10 美元，自 8 月底以來首次出現這種情況。(GL92-SIN-CRK)</p>
</div><p>INVENTORIES</p>
<div class="lb-trans"><p>庫存</p>
</div><p>- U.S. crude, gasoline and distillate inventories rose in the week ended December 19 as refining activity slowed and imports declined, the Energy Information Administration said on Monday.</p>
<div class="lb-trans"><p>- 美國原油、汽油和餾分油庫存在截至 12 月 19 日的一週內上升，因為煉油活動放緩且進口減少，美國能源信息署週一表示。</p>
</div><p>- U.S. crude oil stockpiles were expected to have fallen last week, while distillate and gasoline inventories likely rose, a preliminary Reuters poll showed on Monday.</p>
<div class="lb-trans"><p>- 初步路透社調查顯示，上週美國原油庫存預計下降，而餾分油和汽油庫存可能上升。</p>
</div><p>NEWS</p>
<div class="lb-trans"><p>新聞</p>
</div><p>- Frontera Energy's Colombian unit has signed a prepayment and commercial agreement worth up to $120 million with a unit of U.S. oil major Chevron CVX.Nto supply crude oil over two years, the Canadian oil producer said on Monday.</p>
<div class="lb-trans"><p>- Frontera Energy 的哥倫比亞子公司與美國石油巨頭雪佛龍的一個子公司簽署了一項價值高達 1.2 億美元的預付款和商業協議，以在兩年內供應原油，加拿大石油生產商周一表示。</p>
</div><p>- Saudi Arabia, the world's biggest oil exporter, is expected to lower the February price for its flagship Arab Light crude for Asian buyers for a third month, mirroring declines in the spot market due to ample supplies, sources said.</p>
<div class="lb-trans"><p>- 世界最大石油出口國沙特阿拉伯預計將降低其二月份對亞洲買家的旗艦阿拉伯輕質原油價格，這是連續第三個月，因供應充足導致現貨市場價格下跌，消息人士稱。</p>
</div><p>- The Caspian Pipeline Consortium, which delivers oil from Kazakhstan, said it had suspended oil exports from the Black Sea's terminal on Monday due to bad weather.</p>
<div class="lb-trans"><p>- 從哈薩克斯坦輸送石油的裏海管道聯盟表示，由於惡劣天氣，週一暫停了黑海終端的石油出口。</p>
</div><p>- China's factory activity likely shrank for a ninth month in December, as policymakers grapple with lagging domestic demand and sliding factory profits along with volatile trade relations with key export markets.</p>
<div class="lb-trans"><p>- 由於政策制定者面臨國內需求疲軟和工廠利潤下滑，以及與主要出口市場的貿易關係波動，中國的工廠活動在 12 月份可能連續第九個月收縮。</p>
</div><p>SINGAPORE CASH DEALS</p>
<div class="lb-trans"><p>新加坡現金交易</p>
</div><p>- Two gasoline deals, no naphtha deals</p>
<div class="lb-trans"><p>- 兩筆汽油交易，沒有石腦油交易</p>
</div><p>PRICES</p>
<div class="lb-trans"><p>價格</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>CASH</td>
<td>ASIA CLOSE</td>
<td>Change</td>
<td>Prev Close</td>
<td>RIC</td>
</tr>
<tr>
<td>OSN Naphtha CFR Japan M1 ($/mt)</td>
<td>541.75</td>
<td>4.00</td>
<td>537.75</td>
<td>(NAF-1H-TYO)</td>
</tr>
<tr>
<td>OSN Naphtha CFR Japan M2 ($/mt)</td>
<td>538.00</td>
<td>4.00</td>
<td>534.00</td>
<td>(NAF-2H-TYO)</td>
</tr>
<tr>
<td>OSN Naphtha Diff ($/mt)</td>
<td>3.75</td>
<td>0.00</td>
<td>3.75</td>
<td>(NAF-TYO-DIF)</td>
</tr>
<tr>
<td>Naphtha Netback FOB Sing ($/bbl)</td>
<td>58.19</td>
<td>0.44</td>
<td>57.75</td>
<td>(NAF-SIN)</td>
</tr>
<tr>
<td>Naphtha-Brent Crack ($/mt)</td>
<td>76.90</td>
<td>-1.47</td>
<td>78.38</td>
<td>(NAF-SIN-CRK)</td>
</tr>
<tr>
<td>Gasoline 97 ($/bbl)</td>
<td>75.36</td>
<td>0.38</td>
<td>74.98</td>
<td>(GL97-SIN)</td>
</tr>
<tr>
<td>Gasoline 95 ($/bbl)</td>
<td>73.76</td>
<td>0.36</td>
<td>73.40</td>
<td>(GL95-SIN)</td>
</tr>
<tr>
<td>Gasoline 92 ($/bbl)</td>
<td>71.70</td>
<td>0.25</td>
<td>71.45</td>
<td>(GL92-SIN)</td>
</tr>
<tr>
<td>Gasoline crack ($/bbl)</td>
<td>9.72</td>
<td>-0.48</td>
<td>10.20</td>
<td>(GL92-SIN-CRK)</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>Naphtha CFR Japan M1</td>
<td>(NACFRJPSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Naphtha CFR Japan M1/M2</td>
<td>(NACFRJPSDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Naphtha CFR Japan M2</td>
<td>(NACFRJPSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Naphtha Japan-Sing Netback M1</td>
<td>(NAPTC4SPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Naphtha Japan-Sing Netback M2</td>
<td>(NAPTC4SPDMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Naphtha FOB Sing M1</td>
<td>(NAFOBSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Naphtha FOB Sing M1/M2</td>
<td>(NAFOBSGSDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Naphtha FOB Sing M2</td>
<td>(NAFOBSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Naphtha Cracks M1</td>
<td>(NACFRJPCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>East-West Naphtha M1</td>
<td>(NAPJPEWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>East-West Naphtha M2</td>
<td>(NAPJPEWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>NWE Naphtha M1</td>
<td>(NAPCNWEAMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>NWE Naphtha M1/M2</td>
<td>(NAPCNWEASMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>NWE Naphtha M2</td>
<td>(NAPCNWEAMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Crack NWE Naphtha-Brent M1</td>
<td>(NAPCNWEACMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>Crack NWE Naphtha-Brent M2</td>
<td>(NAPCNWEACMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>*Sing refers to Singapore</td>
<td></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>現金</td>
<td>亞洲收盤</td>
<td>變動</td>
<td>前收盤</td>
<td>RIC</td>
</tr>
<tr>
<td>OSN 石腦油 CFR 日本 M1（$/mt）</td>
<td>541.75</td>
<td>4.00</td>
<td>537.75</td>
<td>(NAF-1H-TYO)</td>
</tr>
<tr>
<td>OSN 石腦油 CFR 日本 M2（$/mt）</td>
<td>538.00</td>
<td>4.00</td>
<td>534.00</td>
<td>(NAF-2H-TYO)</td>
</tr>
<tr>
<td>OSN 石腦油差價（$/mt）</td>
<td>3.75</td>
<td>0.00</td>
<td>3.75</td>
<td>(NAF-TYO-DIF)</td>
</tr>
<tr>
<td>石腦油淨回報 FOB 新加坡（$/bbl）</td>
<td>58.19</td>
<td>0.44</td>
<td>57.75</td>
<td>(NAF-SIN)</td>
</tr>
<tr>
<td>石腦油 - 布倫特裂解（$/mt）</td>
<td>76.90</td>
<td>-1.47</td>
<td>78.38</td>
<td>(NAF-SIN-CRK)</td>
</tr>
<tr>
<td>97 號汽油（$/bbl）</td>
<td>75.36</td>
<td>0.38</td>
<td>74.98</td>
<td>(GL97-SIN)</td>
</tr>
<tr>
<td>95 號汽油（$/bbl）</td>
<td>73.76</td>
<td>0.36</td>
<td>73.40</td>
<td>(GL95-SIN)</td>
</tr>
<tr>
<td>92 號汽油（$/bbl）</td>
<td>71.70</td>
<td>0.25</td>
<td>71.45</td>
<td>(GL92-SIN)</td>
</tr>
<tr>
<td>汽油裂解（$/bbl）</td>
<td>9.72</td>
<td>-0.48</td>
<td>10.20</td>
<td>(GL92-SIN-CRK)</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>布倫特 M1</td>
<td>(BRENTSGMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油 CFR 日本 M1</td>
<td>(NACFRJPSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油 CFR 日本 M1/M2</td>
<td>(NACFRJPSDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油 CFR 日本 M2</td>
<td>(NACFRJPSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油日本 - 新加坡淨回報 M1</td>
<td>(NAPTC4SPDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油日本 - 新加坡淨回報 M2</td>
<td>(NAPTC4SPDMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油 FOB 新加坡 M1</td>
<td>(NAFOBSGSWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油 FOB 新加坡 M1/M2</td>
<td>(NAFOBSGSDMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油 FOB 新加坡 M2</td>
<td>(NAFOBSGSWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>石腦油裂解 M1</td>
<td>(NACFRJPCKMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>東西方石腦油 M1</td>
<td>(NAPJPEWMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>東西方石腦油 M2</td>
<td>(NAPJPEWMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>NWE 石腦油 M1</td>
<td>(NAPCNWEAMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>NWE 石腦油 M1/M2</td>
<td>(NAPCNWEASMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>NWE 石腦油 M2</td>
<td>(NAPCNWEAMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>NWE 石腦油 - 布倫特裂解 M1</td>
<td>(NAPCNWEACMc1)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>NWE 石腦油 - 布倫特裂解 M2</td>
<td>(NAPCNWEACMc2)</td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td>*Sing 指新加坡</td>
<td></td>
<td></td>
<td></td>
<td></td>
</tr>
</tbody>
</table>
</div>

2 月份石腦油購買活躍；汽油裂解價差降至四個月來的低點