據(jù)路透社9月2日?qǐng)?bào)道，對(duì)沖基金繼續(xù)將其頭寸從原油轉(zhuǎn)到燃料油上，特別是汽油，北美、歐洲和中東在夏季假期期間交易清淡。

在截至8月25日的一周內(nèi)，對(duì)沖基金和其他基金經(jīng)理賣(mài)出了相當(dāng)于1000萬(wàn)桶的最重要的六種石油期貨和期權(quán)合約。這些銷(xiāo)售逆轉(zhuǎn)了前一周1200萬(wàn)桶的購(gòu)買(mǎi)量，但總體狀況自7月中旬以來(lái)沒(méi)有明顯變化。

不過(guò)，在全球范圍內(nèi)，基金經(jīng)理仍在繼續(xù)賣(mài)出原油、買(mǎi)進(jìn)燃料油，這一趨勢(shì)在上周也很明顯。投資組合經(jīng)理賣(mài)出了NYMEX和ICE WTI(減少1500萬(wàn)桶)、美國(guó)柴油(300萬(wàn)桶)和歐洲汽油(減少500萬(wàn)桶)，同時(shí)買(mǎi)入布倫特原油(增加400萬(wàn)桶)和美國(guó)汽油(增加900萬(wàn)桶)。

由于缺乏有關(guān)整體價(jià)格走向的強(qiáng)烈信號(hào)，基金經(jīng)理們正專(zhuān)注于相對(duì)價(jià)值，推測(cè)煉油利潤(rùn)率將從最近非常低迷的水平有所提高。

煉油利潤(rùn)率低迷的局面不太可能持續(xù)下去，這表明燃料油價(jià)格在中期內(nèi)的表現(xiàn)將強(qiáng)于原油價(jià)格，這解釋了頭寸輪換的原因。

王佳晶 摘譯自 路透社

原文如下：

Funds focus on oil refining margins

Hedge funds continued to rotate their positions from crude to fuels, especially gasoline, in light trading during the summer vacation period in North America, Europe and the Middle East.

Hedge funds and other money managers sold the equivalent of 10 million barrels in the six most important petroleum futures and options contracts in the week to Aug. 25.

Those sales reversed purchases of 12 million barrels the week before, but the overall position has not changed significantly since mid-July.

Within the global total, however, fund managers have continued to sell crude and buy fuels, a trend evident last week as well.

Portfolio managers sold NYMEX and ICE WTI (-15 million barrels), U.S. diesel (-3 million) and European gasoil (-5 million) while buying Brent (+4 million) and U.S. gasoline (+9 million).

In the absence of strong signals about the overall price direction, fund managers are concentrating on relative value plays, speculating refining margins will have to improve from their recent very depressed levels.

Depressed refining margins are unlikely to be sustainable, suggesting fuel prices will perform more strongly than crude in the medium term, explaining the rotation in positions.