{"id":40618,"date":"2026-03-20T17:59:50","date_gmt":"2026-03-20T17:59:50","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/40618\/"},"modified":"2026-03-20T17:59:50","modified_gmt":"2026-03-20T17:59:50","slug":"%e8%8f%af%e5%83%91%e9%8a%80%e8%a1%8c%e7%9a%84%e6%b2%88%e6%85%95%e9%9b%84%e8%a1%a8%e7%a4%ba%ef%bc%9a%e5%8f%97%e4%bc%8a%e6%9c%97%e7%b7%8a%e5%bc%b5%e5%b1%80%e5%8b%a2%e5%bd%b1%e9%9f%bf%ef%bc%8c%e5%8e%9f","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh\/live-updates\/40618\/","title":{"rendered":"\u83ef\u50d1\u9280\u884c\u7684\u6c88\u6155\u96c4\u8868\u793a\uff1a\u53d7\u4f0a\u6717\u7dca\u5f35\u5c40\u52e2\u5f71\u97ff\uff0c\u539f\u6cb9\u50f9\u683c\u4e00\u5ea6\u903c\u8fd1\u6bcf\u6876120\u7f8e\u5143\uff0c\u96a8\u5f8c\u5728\u4f9b\u61c9\u4fdd\u969c\u4e0b\u56de\u843d"},"content":{"rendered":"\u4f0a\u6717\u653b\u64ca\u5340\u57df\u80fd\u6e90\u8a2d\u65bd\u5f8c\uff0c\u539f\u6cb9\u50f9\u683c\u4e00\u5ea6\u4e0a\u6f32\uff0c\u63a5\u8fd1\u6bcf\u6876 120 \u7f8e\u5143\u3002\u4e4b\u5f8c\u56e0\u7f8e\u570b\u5b98\u54e1\u8868\u793a\u6703\u652f\u63f4\u4f9b\u61c9\u3001\u4ee5\u8272\u5217\u6697\u793a\u66f4\u5feb\u964d\u6eab\uff0c\u50f9\u683c\u56de\u843d\u3002\n\n\u83ef\u50d1\u9280\u884c\uff08OCBC\uff09\u4e0a\u8abf\u5e03\u862d\u7279\u539f\u6cb9\uff08Brent\uff0c\u5317\u6d77\u57fa\u6e96\u539f\u6cb9\uff0c\u7528\u4f86\u7576\u4f5c\u5168\u7403\u591a\u6578\u539f\u6cb9\u7684\u5b9a\u50f9\u53c3\u8003\uff09\u7684\u9810\u6e2c\uff0c\u9810\u671f\u50f9\u683c\u5230\u5e74\u4e2d\u5927\u81f4\u7dad\u6301\u5728\u6bcf\u6876 100 \u7f8e\u5143\u9644\u8fd1\uff1b\u4e4b\u5f8c\u8d70\u52e2\u8f49\u70ba\u7de9\u6b65\u4e0b\u6ed1\uff0c\u81f3 2027 \u5e74\u521d\u63a5\u8fd1\u6bcf\u6876 70 \u7f8e\u5143\u3002\n\n\u5831\u544a\u6307\u51fa\uff0c\u82e5\u822a\u904b\u9577\u671f\u53d7\u963b\uff0c\u6ce2\u65af\u7063\u7522\u6cb9\u570b\u53ef\u80fd\u88ab\u8feb\u300c\u95dc\u4e95\u6e1b\u7522\u300d\uff08shut in output\uff1a\u4e0d\u662f\u56e0\u70ba\u6cb9\u6e90\u67af\u7aed\uff0c\u800c\u662f\u56e0\u904b\u8f38\u3001\u8a2d\u65bd\u6216\u5b89\u5168\u554f\u984c\u800c\u66ab\u505c\u751f\u7522\uff09\u3002\u9019\u53ef\u80fd\u8b93\u77ed\u671f\u4e2d\u65b7\u8b8a\u6210\u66f4\u4e45\u7684\u4f9b\u61c9\u640d\u5931\u3002\n\n\u5831\u544a\u4e5f\u8868\u793a\uff0c\u5373\u4f7f\u63a1\u53d6\u61c9\u5c0d\u63aa\u65bd\uff0c\u6700\u591a\u7d04 1,000 \u842c\u6876\/\u65e5\uff08mb\/d\uff1amillion barrels per day\uff0c\u6bcf\u5929\u591a\u5c11\u300c\u767e\u842c\u6876\u300d\u7684\u7522\u91cf\u6216\u904b\u91cf\uff0c\u7528\u4f86\u91cf\u5316\u4f9b\u9700\u898f\u6a21\uff09\u7684\u66ff\u4ee3\u4f9b\u61c9\uff08available offsets\uff1a\u80fd\u5728\u77ed\u6642\u9593\u5167\u984d\u5916\u88dc\u4e0a\u7684\u4f86\u6e90\uff0c\u4f8b\u5982\u52d5\u7528\u5099\u7528\u7522\u80fd\u6216\u6539\u8d70\u5176\u4ed6\u4f9b\u61c9\uff09\u4e5f\u7121\u6cd5\u5f4c\u88dc\u6d77\u5cfd\u9577\u671f\u5c01\u9396\u3002\n\n\u8fd1\u671f\u539f\u6cb9\u885d\u5411\u6bcf\u6876 120 \u7f8e\u5143\uff0c\u4f7f CBOE \u539f\u6cb9\u6ce2\u52d5\u7387\u6307\u6578\uff08OVX\uff1a\u7528\u539f\u6cb9\u671f\u6b0a\u50f9\u683c\u63a8\u7b97\u5e02\u5834\u9810\u671f\u7684\u672a\u4f86\u6ce2\u52d5\u5e45\u5ea6\uff0c\u6578\u503c\u8d8a\u9ad8\u4ee3\u8868\u5e02\u5834\u8d8a\u89ba\u5f97\u5c07\u5927\u5e45\u6ce2\u52d5\uff09\u98c6\u5347\u5230 55 \u4ee5\u4e0a\uff0c\u5275 2025 \u5e74\u672b\u521d\u671f\u5347\u6eab\u4ee5\u4f86\u65b0\u9ad8\u3002\u96b1\u542b\u6ce2\u52d5\u7387\uff08implied volatility\uff1a\u5f9e\u671f\u6b0a\u50f9\u683c\u53cd\u63a8\u5e02\u5834\u9810\u671f\u7684\u6ce2\u52d5\u5e45\u5ea6\uff1b\u8d8a\u9ad8\u4ee3\u8868\u671f\u6b0a\u8d8a\u8cb4\uff09\u5927\u589e\uff0c\u8b93\u76f4\u63a5\u8cb7\u671f\u6b0a\u6210\u672c\u504f\u9ad8\u3002\u4ea4\u6613\u8005\u53ef\u6539\u7528\u770b\u6f32\uff0f\u770b\u8dcc\u50f9\u5dee\u7b56\u7565\uff08call\/put spreads\uff1a\u540c\u6642\u8cb7\u5165\u8207\u8ce3\u51fa\u4e0d\u540c\u5c65\u7d04\u50f9\u7684\u671f\u6b0a\uff0c\u964d\u4f4e\u6b0a\u5229\u91d1\u652f\u51fa\uff0c\u4f46\u4e5f\u9650\u5236\u90e8\u5206\u6700\u5927\u7372\u5229\uff09\u4f86\u63a7\u5236\u6b0a\u5229\u91d1\uff08premium\uff1a\u8cb7\u671f\u6b0a\u8981\u4ed8\u7684\u300c\u8cbb\u7528\u300d\uff09\uff0c\u540c\u6642\u4ecd\u80fd\u62bc\u6ce8\u50f9\u683c\u5927\u5e45\u6ce2\u52d5\u3002\n\n\u5e02\u5834\u76ee\u524d\u5728\u4f9b\u61c9\u64d4\u6182\u8207\u53ef\u80fd\u7684\u653f\u7b56\u4ecb\u5165\u4e4b\u9593\u62c9\u626f\u3002\u7f8e\u570b\u80fd\u6e90\u90e8\u91cb\u51fa\u8a0a\u865f\uff0c\u53ef\u80fd\u5354\u8abf\u91cb\u653e\u6230\u7565\u5132\u6cb9\uff08strategic reserves\uff1a\u653f\u5e9c\u70ba\u61c9\u5c0d\u4f9b\u61c9\u4e2d\u65b7\u800c\u6301\u6709\u7684\u7dca\u6025\u539f\u6cb9\u5eab\u5b58\uff09\uff0c\u898f\u6a21\u6216\u9054 3,000 \u842c\u6876\uff0c\u77ed\u671f\u5167\u5c0d\u50f9\u683c\u5f62\u6210\u4e0a\u9650\u3002\u5efa\u8b70\u5728\u50f9\u683c\u885d\u7834 105 \u7f8e\u5143\u6642\u8ce3\u51fa\u8fd1\u6708\u671f\u8ca8\uff08front-month futures\uff1a\u6700\u63a5\u8fd1\u5230\u671f\u6708\u4efd\u7684\u671f\u8ca8\u5408\u7d04\uff0c\u5c0d\u77ed\u671f\u6d88\u606f\u6700\u654f\u611f\uff09\uff0c\u4e26\u5bc6\u5207\u89c0\u5bdf\u964d\u6eab\u8a0a\u865f\uff0c\u4f5c\u70ba\u77ed\u7dda\u6a5f\u6703\u3002\n\n\u6700\u5927\u4e0a\u884c\u98a8\u96aa\u4ecd\u662f\u8377\u83ab\u8332\u6d77\u5cfd\uff08Strait of Hormuz\uff09\u822a\u904b\u53ef\u80fd\u9577\u671f\u53d7\u963b\u3002\u8a72\u6d77\u5cfd\u662f\u80fd\u6e90\u904b\u8f38\u8981\u9053\uff08chokepoint\uff1a\u95dc\u9375\u901a\u9053\uff0c\u4e00\u65e6\u53d7\u963b\u5c31\u6703\u5927\u5e45\u5f71\u97ff\u904b\u8f38\uff09\uff0c\u7d04\u627f\u8f09\u6bcf\u65e5 2,100 \u842c\u6876\u539f\u6cb9\u901a\u884c\u3002\u5168\u7403\u53ef\u7528\u5099\u7528\u7522\u80fd\uff08spare capacity\uff1a\u53ef\u5728\u77ed\u6642\u9593\u5167\u63d0\u9ad8\u7684\u984d\u5916\u7522\u91cf\uff09\u7d04 1,000 \u842c\u6876\/\u65e5\uff0c\u4ecd\u4e0d\u8db3\u4ee5\u88dc\u4e0a\u9577\u671f\u5c01\u9396\u7f3a\u53e3\u3002\u56e0\u6b64\uff0c\u6301\u6709\u90e8\u5206\u9577\u5929\u671f\u770b\u6f32\u671f\u6b0a\uff08long-dated call options\uff1a\u5230\u671f\u65e5\u8f03\u4e45\u7684\u770b\u6f32\u671f\u6b0a\uff0c\u7528\u4f86\u5c0d\u6297\u9577\u671f\u98a8\u96aa\uff09\u53ef\u4f5c\u70ba\u907f\u96aa\uff08hedge\uff1a\u7528\u53e6\u4e00\u7b46\u90e8\u4f4d\u4f86\u964d\u4f4e\u6574\u9ad4\u640d\u5931\u98a8\u96aa\uff09\uff0c\u4ee5\u9632\u77ed\u66ab\u4e2d\u65b7\u8b8a\u6210\u6301\u7e8c\u4f9b\u61c9\u640d\u5931\u3002\n\n\u6211\u5011\u9810\u4f30\u5e03\u862d\u7279\u539f\u6cb9\u5230\u5e74\u4e2d\u5c07\u7dad\u6301\u5728\u6bcf\u6876 100 \u7f8e\u5143\u9644\u8fd1\u9ad8\u6a94\u3002\u9019\u8207 2025 \u5e74\u591a\u6578\u6642\u9593\u7684\u76f8\u5c0d\u5e73\u7a69\u660e\u986f\u4e0d\u540c\uff0c\u7576\u6642\u5747\u50f9\u66f4\u63a5\u8fd1\u6bcf\u6876 82 \u7f8e\u5143\u3002\u9019\u500b\u8f03\u9ad8\u7684\u300c\u5e95\u90e8\u300d\u610f\u5473\u8457\uff0c\u5728 90 \u7f8e\u5143\u51fa\u982d\u8a2d\u5b9a\u5c65\u7d04\u50f9\u3001\u8ce3\u51fa\u73fe\u91d1\u64d4\u4fdd\u8ce3\u6b0a\uff08cash-secured puts\uff1a\u8ce3\u51fa\u8ce3\u6b0a\u6642\uff0c\u5e33\u6236\u9810\u7559\u8db3\u5920\u73fe\u91d1\u4ee5\u4fbf\u88ab\u8981\u6c42\u8cb7\u9032\u6a19\u7684\uff1b\u7528\u4f86\u6536\u53d6\u6b0a\u5229\u91d1\u4e26\u9858\u610f\u5728\u8f03\u4f4e\u50f9\u63a5\u8ca8\uff09\u53ef\u80fd\u662f\u5728\u9ad8\u6a94\u5340\u9593\u6536\u53d6\u6b0a\u5229\u91d1\u7684\u505a\u6cd5\u3002\n<p>\n\n<p><strong>\u7acb\u5373\u958b\u59cb\u4ea4\u6613 &#8211; \u9ede\u64ca<a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">\u9019\u88e1<\/a>\u5275\u5efa\u60a8\u7684 VT Markets \u771f\u5be6\u8cec\u6236 <\/strong> <\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\u4f0a\u6717\u8972\u64ca\u63a8\u6cb9\u50f9\u903c\u8fd1120\u53c8\u56de\u843d\uff1bOCBC\u4f30\u5e74\u4e2d\u5b88100\u30012027\u8fd170\u3002\u8377\u83ab\u8332\u82e5\u53d7\u963b\uff0c\u5099\u63f41000\u842c\u6876\u4e0d\u5920\u3002OVX\u98c6\uff0c\u5b9c\u50f9\u5dee\u3001\u8ce3\u8fd1\u6708\u3001\u9577\u671fcall\u907f\u96aa\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-40618","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\/wp-json\/wp\/v2\/posts\/40618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/comments?post=40618"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/posts\/40618\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/media?parent=40618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/categories?post=40618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh\/wp-json\/wp\/v2\/tags?post=40618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}