油价面临哪些上行和下行压力? - 高盛
FXStreet - 高盛对近期油价走势进行了分析,全文如下:
1.鉴于油市已失去耐心,上行压力主要靠主力合约(6月)支撑,因可观测范围内,近期未来数月实物原油会出现紧缺。同时远期合约价格走低,市场将无法通过远期售出原油来提振今后产量,反过来将加剧近期原油短缺。因此我们预期原因将会出现反弹,现货价格将超过远期价格,WTI 原油维持50美元/桶不变,3个月维持 55美元/桶不变,看多预期维持不变。2.市场感受到的库存下滑,虽然不排除有季节性因素,同时也是事后总结,但也在欧佩克各国和俄罗斯之间形成共识,即将减产协议延长至2017年全年,我们也相信延长概率有所增加。尽管近期欧佩克延长减产言论会越来越多,但我们认为远近期合约之差和油价不会这些言论太多影响,市场将更关注近期供需平衡。目前市场更担忧2018年一旦没有延长减长导致油价下滑,因此今年宣布延长减产油市反而较为平淡。
3.我们认为上周原油大跌,是因为市场认为年底供需平衡收紧引发平仓导致的。同时要记得,美国原油库存是市场重新平衡的滞后性指标;美国库存可谓是成本最低的库存方式,和海上浮动库存相比,它对油价作出反应的速度是最慢的。(来源:FXStreet)
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