差价合约是复杂的金融交易产品,可带来由杠杆作用而导致迅速亏损的高风险。大部分的零售投资者帐户在跟交易差价合约时录得资金亏损。您应当考虑您是否充分明白差价合约如何运作,以及您是否能承受您的资金损失的高风险。

国际油价重挫后反弹,震荡背后释放出哪些市场担忧?

近日,国际油价走势动荡成为市场关注的焦点,受到美国能源信息局下调今年全球石油及液体燃料的需求以及沙特下调亚洲原油售价的双重影响,WTI原油在5月9日一度重挫逾7%之后,又于5月10日再跌3.46%至日内低位98.91美元,两天的累计跌幅达到了11%。

不过,由于市场仍存在对于原油供应的担忧,5月11日WTI原油快速反弹近6%至105.71美元。由此可见对于原油来说供给侧的压力并没有彻底消失,而且一旦需求得到改善,经济环境好转后,可能仍会出现原油供不应求。因此油价在供需之间的拉锯还会持续,和当前一样的高位震荡局面预计在今年还会持续。

市场的担忧主要有哪些?

从需求端来看,美国等国家近期大规模释放石油储备,从5月开始,美国将连续6个月从战略石油储备中每日释放100万桶原油,这对于早前供不应求的原油起到了暂时的补给作用,加上市场担忧中国疫情严重进一步打击了对原油的需求,令油价走势在本周前半段呈现疲软。

此外,美联储5月加息50个基点后美股持续跌势,市场风险偏好下降,由于市场担忧进入加息周期之后紧缩的货币政策可能对美国经济产生打击,从而有出现衰退的风险,因此受到市场情绪的影响,加剧了稍早前原油价格的下行幅度。

image1

从供给端来看,市场正在消化欧洲国家对俄罗斯的新一轮制裁措施,其中包括此前争议巨大的石油禁运,这也助推了随后油价的反弹。由于未来对俄罗斯的制裁可能还会继续,对原油供应的影响或将会持续较长的时间。石油输出国组织秘书长巴尔金多4月11日指出,由于当前以及未来的相关制裁行动,可能会导致俄罗斯原油出口每天减少700万桶,考虑到当前的需求前景,想要弥补这部分的缺口几乎是不可能的。

由于油价与通膨飙升,OPEC+方面一直面临来自美国等消费国要求的增产压力,但是其没有改变维持6 月小幅增产的决定,而且该组织23 个成员国在 4 月未达到其生产配额每日 259 万桶,可以预见在短期内原油供应依然无法满足全球需求,这也是支撑油价的重要因素。

供给和需求的拉锯延续震荡

正是由于市场对于供给侧和需求侧的担忧同时存在,并且伴随消息面的变化,两者相互交迭出现,导致了近段时间油价走势的持续高位震荡。这让能源股在近期低迷的美股市场逆势走高,标普500能源类股今年至今上涨40%,其中沙乌地阿美石油公司今年迄今更是涨幅高达 27% 以上,跑赢苹果等众多科技巨头,一举夺下全球第一大市值公司的宝座。

由于俄乌之间的争端在短时间内可能还不会有定案,如果未来中国疫情和美国经济都得到较好改善,市场对于需求端的担忧会逐渐消散,供不应求依然将是国际原油市场主要面对的挑战,也会在较长的未来继续支撑油价保持高位。

从目前来看,未来若受到利好消息推动,能源股仍然有进一步上行的空间。同时,在大市持续低迷或持续波动的情况下,能源股也成为了众多投资者的避险版块选择。

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