{"id":44469,"date":"2026-04-09T15:08:37","date_gmt":"2026-04-09T15:08:37","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/44469\/"},"modified":"2026-04-09T15:08:37","modified_gmt":"2026-04-09T15:08:37","slug":"%e5%84%98%e7%ae%a1%e7%be%8e%e4%bc%8a%e5%81%9c%e7%81%ab%e4%b8%94%e9%9c%8d%e7%88%be%e6%9c%a8%e8%8c%b2%e6%b5%b7%e5%b3%bd%e9%87%8d%e9%96%8b%ef%bc%8c%e5%b8%83%e8%98%ad%e7%89%b9%e6%b2%b9%e5%83%b9%e4%bb%8d","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/live-updates\/44469\/","title":{"rendered":"\u5118\u7ba1\u7f8e\u4f0a\u505c\u706b\u4e14\u970d\u723e\u6728\u8332\u6d77\u5cfd\u91cd\u958b\uff0c\u5e03\u862d\u7279\u6cb9\u50f9\u4ecd\u5f98\u5f8a\u65bc\u6bcf\u687695\u7f8e\u5143\u9644\u8fd1\uff0c\u4ecd\u9ad8\u65bc\u6230\u524d\u6c34\u5e73"},"content":{"rendered":"

\u5e03\u862d\u7279\u539f\u6cb9\u5728\u50b3\u51fa\u7f8e\u570b\u8207\u4f0a\u6717\u9054\u6210\u70ba\u671f14\u65e5\u505c\u706b\u3001\u970d\u723e\u6728\u8332\u6d77\u5cfd\uff08Strait of Hormuz\uff0c\u9023\u63a5\u6ce2\u65af\u7063\u8207\u5916\u6d77\u7684\u95dc\u9375\u822a\u9053\uff09\u6062\u5fa9\u901a\u884c\u5f8c\uff0c\u4e0b\u8dcc15\u7f8e\u5143\u3002\u4e0d\u904e\uff0c\u5e03\u862d\u7279\u4ecd\u5728\u6bcf\u6876\u7d0495\u7f8e\u5143\u9644\u8fd1\u4ea4\u6613\uff0c\u4ecd\u9ad8\u65bc\u6230\u4e8b\u7206\u767c\u524d\u6c34\u5e73\u3002<\/p>\n

\u5e02\u5834\u4ecd\u4e0d\u78ba\u5b9a\u505c\u706b\u80fd\u5426\u5168\u9762\u843d\u5be6\uff0c\u4e5f\u4e0d\u78ba\u5b9a\u970d\u723e\u6728\u8332\u6d77\u5cfd\u7684\u822a\u904b\u4f55\u6642\u53ef\u6062\u5fa9\u6b63\u5e38\u3002<\/p>\n

Market Risks Remain Elevated<\/h3>\n

\u570b\u969b\u80fd\u6e90\u7f72\uff08IEA\uff0c\u4e3b\u8981\u7d93\u6fdf\u9ad4\u7684\u80fd\u6e90\u653f\u7b56\u6a5f\u69cb\uff09\u8868\u793a\uff0c\u80fd\u6e90\u57fa\u5efa\u53d7\u640d\u6216\u4ee4\u4f9b\u61c9\u6062\u5fa9\u8b8a\u6162\u3002IEA\u7e3d\u5e79\u4e8b\u6cd5\u63d0\u8d6b\uff0e\u6bd4\u7f85\u723e\uff08Fatih Birol\uff09\u7a31\uff0c\u7d0475\u9805\u80fd\u6e90\u8cc7\u7522\u300c\u56b4\u91cd\u6216\u975e\u5e38\u56b4\u91cd\u300d\u53d7\u640d\u3002<\/p>\n

\u91cd\u5efa\u6210\u672c\u4f30\u8a08\u7d04250\u5104\u7f8e\u5143\uff0c\u5176\u4e2d\u5929\u7136\u6c23\u8a2d\u65bd\u53ca\u7149\u6cb9\u5ee0\u53d7\u5275\u6700\u6df1\u3002\u9810\u8a08\u4f9b\u61c9\u4e2d\u65b7\u5c07\u6301\u7e8c\uff0c\u5c24\u5176\u662f\u5929\u7136\u6c23\uff0c\u4ee5\u53ca\u4e2d\u9593\u993e\u5206\u6cb9\uff08middle distillates\uff0c\u5373\u67f4\u6cb9\u3001\u822a\u7164\u7b49\u4e2d\u9593\u7522\u54c1\uff09\u3002<\/p>\n

\u505c\u706b\u6d88\u606f\u516c\u5e03\u5f8c\uff0c\u6b50\u6d32\u5929\u7136\u6c23\u50f9\u683c\u66fe\u77ed\u66ab\u4e0b\u8dcc\u8fd120%\u3002\u5373\u4f7f\u970d\u723e\u6728\u8332\u6d77\u5cfd\u958b\u653e14\u65e5\uff0c\u4f9b\u61c9\u5f62\u52e2\u4ecd\u7136\u8907\u96dc\u3002<\/p>\n

\u5929\u7136\u6c23\u5e02\u5834\u4ecd\u7136\u504f\u7dca\uff0c\u50f9\u683c\u4ecd\u660e\u986f\u9ad8\u65bc\u5371\u6a5f\u524d\u6c34\u5e73\u3002<\/p>\n

Trading Implications And Positioning<\/h3>\n

\u5e03\u862d\u7279\u5728\u5169\u5468\u505c\u706b\u5e36\u4f86\u7684\u77ed\u66ab\u7d13\u7de9\u5f8c\uff0c\u56de\u843d\u81f3\u6bcf\u6876\u7d0495\u7f8e\u5143\u3002\u7531110\u7f8e\u5143\u4ee5\u4e0a\u56de\u843d\u5c6c\u77ed\u671f\u5598\u606f\uff0c\u4f46\u50f9\u683c\u4ecd\u8f032025\u5e74\u885d\u7a81\u524d\u6c34\u5e73\u660e\u986f\u504f\u9ad8\uff0c\u53cd\u6620\u5e02\u5834\u5c0d\u505c\u706b\u80fd\u5426\u7dad\u6301\u7684\u6182\u616e\u4ecd\u91cd\u3002<\/p>\n

\u505c\u706b\u4ee4\u4e0d\u78ba\u5b9a\u6027\u4e0a\u5347\uff0c\u672a\u4f86\u6578\u5468\u6ce2\u5e45\u6216\u504f\u5927\u3002CBOE\u539f\u6cb9\u6ce2\u52d5\u7387\u6307\u6578\uff08OVX\uff0c\u4ee5\u671f\u6b0a\u50f9\u683c\u63a8\u7b97\u5e02\u5834\u5c0d\u672a\u4f86\u6ce2\u52d5\u7684\u9810\u671f\uff09\u5728\u904e\u5f80\u5730\u7de3\u98a8\u96aa\u5347\u6eab\u6642\u66fe\u5347\u783450\uff0c\u4f8b\u59822022\u5e74\u3002\u4ea4\u6613\u8005\u53ef\u8003\u616e\u53d7\u60e0\u50f9\u683c\u5927\u5e45\u6ce2\u52d5\u7684\u7b56\u7565\uff0c\u56e0\u4efb\u4f55\u505c\u706b\u9055\u53cd\u6216\u5ef6\u9577\u7684\u6d88\u606f\u90fd\u53ef\u80fd\u89f8\u767c\u6025\u5347\u6025\u8dcc\u3002<\/p>\n

\u5340\u516775\u9805\u80fd\u6e90\u8cc7\u7522\u53d7\u640d\u662f\u5e02\u5834\u76ee\u524d\u53ef\u80fd\u4f4e\u4f30\u7684\u56e0\u7d20\uff0c\u4fee\u5fa9\u4e0d\u6703\u5f88\u5feb\u5b8c\u6210\uff1b\u4e2d\u9593\u993e\u5206\u6cb9\u4f9b\u61c9\u53d7\u963b\u5df2\u53cd\u6620\u5728\u7149\u6cb9\u5229\u6f64\u4e0a\u3002\u88c2\u89e3\u50f9\u5dee\uff08crack spread\uff0c\u7149\u6cb9\u6bdb\u5229\u6307\u6a19\uff0c\u53cd\u6620\u539f\u6cb9\u8207\u6210\u54c1\u6cb9\u5982\u67f4\u6cb9\u3001\u822a\u7164\u7684\u50f9\u5dee\uff09\u64f4\u5927\u81f3\u63a5\u8fd1\u6bcf\u687635\u7f8e\u5143\uff0c\u986f\u793a\u67f4\u6cb9\u8207\u822a\u7164\u4f9b\u61c9\u504f\u7dca\uff0c\u5f71\u97ff\u6216\u4e0d\u6b62\u5169\u5468\u3002<\/p>\n

\u540c\u6642\u9700\u7559\u610f\u6b50\u6d32\u5929\u7136\u6c23\u4f5c\u70ba\u95dc\u806f\u5e02\u5834\u3002TTF\u671f\u8ca8\uff08\u8377\u862dTitle Transfer Facility\u7684\u5929\u7136\u6c23\u57fa\u6e96\u671f\u8ca8\uff09\u77ed\u66ab\u4e0b\u632b20%\uff0c\u53cd\u6620\u81ea2022\u5e74\u80fd\u6e90\u5371\u6a5f\u5f8c\u6cb9\u6c23\u5e02\u5834\u806f\u52d5\u52a0\u6df1\u3002\u82e5\u7dca\u5f35\u5c40\u52e2\u518d\u8d77\uff0c\u5929\u7136\u6c23\u8207\u6cb9\u50f9\u6216\u540c\u6b65\u6025\u5347\u3002<\/p>\n

\u5728\u6b64\u60c5\u6cc1\u4e0b\uff0c\u8fd1\u671f\u56de\u8abf\u6216\u63d0\u4f9b\u90e8\u7f72\u770b\u5347\u7684\u6a5f\u6703\uff0c\u53ef\u7528\u8a8d\u8cfc\u671f\u6b0a\uff08call option\uff0c\u4ee5\u56fa\u5b9a\u50f9\u683c\u8cb7\u5165\u7684\u6b0a\u5229\uff0c\u7528\u65bc\u63a7\u5236\u4e0b\u884c\u98a8\u96aa\uff09\u4f5c\u7b56\u7565\u3002\u8cb7\u51653\u81f36\u500b\u6708\u5230\u671f\u7684\u671f\u6b0a\u53ef\u907f\u958b\u77ed\u671f\u6d88\u606f\u5e72\u64fe\uff0c\u62bc\u6ce8\u4eca\u5e74\u7a0d\u5f8c\u4f9b\u61c9\u504f\u7dca\u3002\u82e5\u65b9\u5411\u672a\u660e\u4f46\u9810\u671f\u5c07\u6709\u5927\u5e45\u6ce2\u52d5\uff0c\u53ef\u8003\u616e\u9577\u8de8\u5f0f\uff08long straddle\uff0c\u540c\u6642\u8cb7\u5165\u540c\u4e00\u884c\u4f7f\u50f9\u7684\u8a8d\u8cfc\u8207\u8a8d\u6cbd\u671f\u6b0a\uff0c\u8ced\u4e0a\u843d\u5176\u4e2d\u4e00\u908a\u5927\u5e45\u6ce2\u52d5\uff09\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u7f8e\u4f0a\u505c\u706b\u3001\u970d\u723e\u6728\u8332\u6d77\u5cfd\u91cd\u958b\uff0c\u5e03\u862d\u7279\u6cb9\u4ecd\u5b8895\u7f8e\u5143\u95dc\u53e3\uff0c\u9ad8\u65bc\u6230\u524d\uff1b\u5e02\u5834\u62bc\u6ce8\u4f9b\u61c9\u98a8\u96aa\u672a\u9664\uff0c\u5730\u7de3\u6ea2\u50f9\u63ee\u4e4b\u4e0d\u53bb\uff0c\u5f8c\u5e02\u6ce2\u52d5\u5347\u6eab\uff0c\u6295\u8cc7\u8005\u6ce8\u8996\u6cb9\u7d44\u52d5\u5411\u3002<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-44469","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/44469","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/comments?post=44469"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/44469\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/media?parent=44469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/categories?post=44469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/tags?post=44469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}