2025-06-13-Jefferies-本周炼油利润大多下降_48页_1mb

The Jefferies Equity Research report dated June 14, 2025, focuses on global refining margins and related market indicators. The report analyzes spot refining margins, which are primarily down week-on-week, with specific data showing declines in key regions such as the US Gulf Coast, Mid-Continent, and Europe. However, some areas saw increases, such as the West Coast Alaskan North Slope (ANS) and Asia Minas. The Jefferies Global Composite margin fell by 3% compared to the previous week. The analysis also includes crack spreads across various crude types, forward curves (notably down by 1% overall for Brent GC), and refinery utilization rates, which are seasonal and vary by region. Despite a generally downward trend in margins, the report highlights discrepancies based on location and crude type. Analysts certify the views are personal and independent, with standard disclosures noting potential conflicts of interest and firm performance incentives.

Key highlights from the summary exhibit include core crack spreads and forward curve averages, showing mixed weekly changes while maintaining contextlinks to historical averages. The data suggests refining economics are influenced by regional demand, supply constraints, and energy prices.

Overall, refining margins face short-term headwinds, but specific market dynamics offer varying opportunities.