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\u4e00\u65b9\u3001\u4fa1\u683c\u306b\u306f\u4e0b\u5024\u306e\u3081\u3069\u3082\u3042\u308b\u3068\u306e\u898b\u65b9\u304c\u793a\u3055\u308c\u305f\u3002\u539f\u6cb9\u306f\u3001\u7d1b\u4e89\u524d\u306e\u6c34\u6e96\u3067\u3042\u308b70\u30c9\u30eb\u5272\u308c\u3078\u306f\u623b\u308a\u306b\u304f\u3044\u3068\u306e\u898b\u7acb\u3066\u3067\u3001\u4f9b\u7d66\u304c\u672c\u683c\u7684\u306b\u623b\u308b\u307e\u3067\u306e\u6642\u9593\u3001\u5728\u5eab\u306e\u53d6\u308a\u5d29\u3057\u3001\u305d\u3057\u3066\u5408\u610f\u7834\u7dbb\u30ea\u30b9\u30af\u306b\u7d50\u3073\u4ed8\u3044\u305f\u5730\u653f\u5b66\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u7d99\u7d9a\u304c\u6839\u62e0\u3068\u3055\u308c\u308b\u3002<\/p>\n\n

Market Dynamics and Supply Outlook<\/h3>\n\n

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\u4f9b\u7d66\u74b0\u5883\u306f\u4fa1\u683c\u306e\u5f37\u56fa\u306a\u4e0b\u652f\u3048\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u7a4d\u6975\u7684\u306a\u30b7\u30e7\u30fc\u30c8\uff08\u58f2\u308a\uff09\u30dd\u30b8\u30b7\u30e7\u30f3\u306f\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u3002\u7c73\u30a8\u30cd\u30eb\u30ae\u30fc\u60c5\u5831\u5c40\uff08EIA\uff09\u306e\u6700\u65b0\u30c7\u30fc\u30bf\u306b\u3088\u308c\u3070\u3001\u7c73\u56fd\u306e\u539f\u6cb9\u5728\u5eab\u306f4\u51045,590\u4e07\u30d0\u30ec\u30eb\u3068\u3001\u540c\u6642\u671f\u306e\u904e\u53bb5\u5e74\u5e73\u5747\u3092\u7d044%\u4e0b\u56de\u3063\u3066\u3044\u308b\u3002\u4f9b\u7d66\u306e\u300c\u30af\u30c3\u30b7\u30e7\u30f3\u300d\u304c\u8584\u3044\u3053\u3068\u3092\u610f\u5473\u3057\u3001\u5c0f\u3055\u306a\u4f9b\u7d66\u969c\u5bb3\u3067\u3082\u4fa1\u683c\u304c\u6025\u4f38\u3057\u3084\u3059\u3044\u3002<\/p>\n\n

\u3055\u3089\u306b\u3001\u30a4\u30e9\u30f3\u306e\u8f38\u51fa\u304c\u5b9f\u8cea\u7684\u306b\u5897\u52a0\u3057\u3001\u4e16\u754c\u4f9b\u7d66\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u307e\u3067\u306b\u306f\u5c11\u306a\u304f\u3068\u308260\u301c90\u65e5\u3092\u8981\u3059\u308b\u3068\u898b\u8fbc\u3080\u3002\u3053\u306e\u30bf\u30a4\u30e0\u30e9\u30b0\u306b\u3088\u308a\u3001\u5f53\u9762\u306f\u73fe\u884c\u306e\u30bf\u30a4\u30c8\u306a\u9700\u7d66\u304c\u7d9a\u304f\u516c\u7b97\u304c\u5927\u304d\u3044\u3002\u3053\u308c\u304c\u5f31\u6c17\u4e00\u8fba\u5012\u306e\u898b\u65b9\u3092\u6291\u5236\u3057\u3001\u4fa1\u683c\u309270\u30c9\u30eb\u53f0\u5f8c\u534a\u3067\u4e0b\u652f\u3048\u3059\u308b\u3002<\/p>\n\n

Volatility, Risk Premiums, and Strategic Positioning<\/h3>\n\n

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\u3053\u306e\u898b\u901a\u3057\u3092\u8e0f\u307e\u3048\u3001\u30a2\u30a6\u30c8\u30fb\u30aa\u30d6\u30fb\u30b6\u30fb\u30de\u30cd\u30fc\u306e\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3\u58f2\u308a\u3092\u691c\u8a0e\u3057\u3066\u3044\u308b\u3002\u4f8b\u3048\u3070\u3001\u6a29\u5229\u884c\u4f7f\u4fa1\u683c70\u301c75\u30c9\u30eb\u306e8\u6708\u30fb9\u6708\u9650\u30d7\u30c3\u30c8\u3092\u58f2\u308b\u3053\u3068\u3067\u3001\u6642\u9593\u7684\u4fa1\u5024\u306e\u6e1b\u5c11\uff08\u30bf\u30a4\u30e0\u30c7\u30a3\u30b1\u30a4\uff09\u3068\u9ad8\u3044\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u53cc\u65b9\u3092\u53ce\u76ca\u6e90\u306b\u3067\u304d\u308b\u3002\u3053\u306e\u6226\u7565\u306f\u3001\u30d6\u30ec\u30f3\u30c8\u539f\u6cb9\u304c\u3053\u308c\u3089\u306e\u6c34\u6e96\u3092\u5272\u308a\u8fbc\u307e\u306a\u3044\u9650\u308a\u6709\u52b9\u3068\u306a\u308b\u3002<\/p>\n\n

\u4eca\u56de\u306e\u5c40\u9762\u306f\u30012015\u5e74\u306eJCPOA\uff08\u5305\u62ec\u7684\u5171\u540c\u4f5c\u696d\u8a08\u753b\uff09\u5408\u610f\u5f8c\u306e\u5c40\u9762\u306b\u4f3c\u3066\u3044\u308b\u3002\u5f53\u6642\u306f\u4f9b\u7d66\u56de\u5fa9\u304c\u6bb5\u968e\u7684\u3067\u3001\u5730\u653f\u5b66\u30ea\u30b9\u30af\u30fb\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u5265\u843d\u3082\u7de9\u3084\u304b\u3060\u3063\u305f\u305f\u3081\u3001\u4fa1\u683c\u306f\u6025\u843d\u3067\u306f\u306a\u304f\u5b89\u5b9a\u5316\u306b\u5411\u304b\u3063\u305f\u3002\u4eca\u56de\u3082\u540c\u69d8\u306e\u30d1\u30bf\u30fc\u30f3\u304c\u9032\u884c\u3057\u3001\u30ec\u30f3\u30b8\u53d6\u5f15\u6226\u7565\u306b\u8ffd\u3044\u98a8\u3068\u306a\u308b\u74b0\u5883\u304c\u5f62\u6210\u3055\u308c\u308b\u3068\u4e88\u60f3\u3059\u308b\u3002<\/p>\n\n\n

\u4eca\u3059\u3050\u53d6\u5f15\u3092\u59cb\u3081\u307e\u3057\u3087\u3046 \u2014 VT Markets\u306e\u30ea\u30a2\u30eb\u53e3\u5ea7\u3092\u958b\u8a2d\u3059\u308b\u306b\u306f\u3053\u3061\u3089<\/a>\u3092\u30af\u30ea\u30c3\u30af\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/b><\/p>","protected":false},"excerpt":{"rendered":"

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