{"id":605325,"date":"2025-11-21T05:38:47","date_gmt":"2025-11-21T13:38:47","guid":{"rendered":"https:\/\/nai500.com\/blog\/2025\/11\/vlo-mpc-psx\/"},"modified":"2025-11-21T05:38:47","modified_gmt":"2025-11-21T13:38:47","slug":"vlo-mpc-psx","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hans\/blog\/2025\/11\/vlo-mpc-psx\/","title":{"rendered":"\u70bc\u6cb9\u80a1\u5d1b\u8d77\uff1aVLO\u3001MPC\u3001PSX \u5728\u67f4\u6cb9\u7d27\u7f29\u4e2d\u5d2d\u9732\u5934\u89d2"},"content":{"rendered":"<p>\u968f\u7740\u6210\u54c1\u6cb9\u5e02\u573a\u6536\u7d27\u3001\u539f\u6cb9\u4ef7\u683c\u4e0b\u8dcc\uff0c\u70bc\u6cb9\u80a1\u6324\u5165\u6700\u6d3b\u8dc3\u540d\u5355\u3002\u539f\u6599\u6cb9\u53d8\u4fbf\u5b9c\u4e14\u67f4\u6cb9\u5229\u6da6\u5927\u5e45\u4e0a\u5347\u65f6\uff0c\u70bc\u5382\u5c31\u80fd\u8d5a\u5927\u94b1\u3002\u8fd9\u5c31\u662f\u4eca\u5929\u7684\u4ea4\u6613\u903b\u8f91\uff0c\u5373\u4fbf\u5927\u76d8\u56e0\u5173\u7a0e\u5f15\u53d1\u7684\u901a\u80c0\u62c5\u5fe7\u548c\u79d1\u6280\u80a1\u5e26\u6765\u7684\u60c5\u7eea\u56de\u843d\u800c\u627f\u538b\u3002<\/p>\n<h3>\u968f\u7740\u539f\u6cb9\u66b4\u8dcc\uff0c\u70bc\u6cb9\u5229\u6da6\u98d9\u5347<\/h3>\n<p>\u5728\u7f8e\u56fd\u3001\u6b27\u6d32\u548c\u4e9a\u6d32\uff0c\u70bc\u6cb9\u5229\u6da6\u5df2\u6500\u5347\u81f3\u4e24\u5e74\u9ad8\u70b9\uff0c\u800c\u539f\u6cb9\u6536\u76d8\u5219\u8dcc\u81f3\u81ea2021\u5e74\u4ee5\u6765\u7684\u6700\u4f4e\u6c34\u5e73\u3002\u70bc\u5382\u4e3a\u6cb9\u6599\u652f\u4ed8\u7684\u4ef7\u683c\u4e0e\u5176\u51fa\u552e\u6c7d\u6cb9\u548c\u67f4\u6cb9\u6240\u5f97\u4e4b\u95f4\u7684\u5dee\u8ddd\u5728\u62c9\u5927\uff0c\u539f\u56e0\u5305\u62ec\u6b27\u76df\u5728\u4e00\u6708\u5173\u95ed\u4e86\u4fc4\u7f57\u65af\u6210\u54c1\u6cb9\u6f0f\u6d1e\u3001\u4e4c\u514b\u5170\u5bf9\u4fc4\u7f57\u65af\u70bc\u5382\u7684\u53cd\u590d\u88ad\u51fb\u3001\u7f8e\u56fd\u5236\u88c1\u6270\u4e71Rosneft\u548cLukoil\u7684\u6d41\u5411\uff0c\u4ee5\u53caDangote\u5927\u578b\u70bc\u5382\u7684\u505c\u4ea7\u3002OPIS \u548c IEA \u7684\u6570\u636e\u8868\u660e\uff0c\u6700\u8fd1\u51e0\u5468\u70bc\u5382\u5f00\u5de5\u7387\u88ab\u538b\u7f29\uff0c\u51ac\u5b63\u4e3a\u6ee1\u8db3\u4e2d\u998f\u5206\u9700\u6c42\u53ef\u80fd\u4f1a\u51fa\u73b0\u56de\u5347\u3002\u6362\u8a00\u4e4b\uff1a\u67f4\u6cb9\u88c2\u89e3\u4ef7\u4e3b\u5bfc\u884c\u60c5\u3002\u5728\u8fc7\u53bb\u516b\u5c0f\u65f6\u91cc\uff0c\u4ee5\u4e0b\u4e94\u5bb6\u516c\u53f8\u5728\u8be5\u884c\u4e1a\u4e2d\u5438\u5f15\u4e86\u6700\u591a\u5173\u6ce8\u548c\u6210\u4ea4\u91cf\u3002<\/p>\n<h3>1. Valero Energy (VLO) \u2014 \u62e5\u6709\u84b8\u998f\u6cb9\u6760\u6746\u7684\u51fa\u53e3\u4e4b\u738b<\/h3>\n<p>\u4eca\u65e5\u5173\u6ce8\u70b9\uff1a\u4ea4\u6613\u8005\u62bc\u6ce8\u67f4\u6cb9\u5f3a\u52b2\u4e0e\u539f\u6cb9\u8d70\u5f31\u7684\u7ec4\u5408\uff0c\u8fd9\u79cd\u5206\u88c2\u5229\u597d Valero \u5728\u58a8\u897f\u54e5\u6e7e\u6cbf\u5cb8\u7684\u4f53\u7cfb\u4ee5\u53ca\u5411\u6b27\u6d32\u548c\u62c9\u7f8e\u51fa\u53e3\u7684\u9009\u62e9\u6743\u3002\u6709\u5173\u5236\u88c1\u6267\u884c\u548c\u4fc4\u7f57\u65af\u76f8\u5173\u505c\u4ea7\u7684\u5934\u6761\u8fdb\u4e00\u6b65\u52a9\u63a8\u4e86\u84b8\u998f\u6cb9\u9898\u6750\u3002\u539f\u6cb9\u75b2\u8f6f\u65f6\uff0c\u6bcf\u5904\u7406\u4e00\u6876\u6cb9\u7684\u73b0\u91d1\u6d41\u90fd\u66f4\u54cd\u4eae\u3002<\/p>\n<p>\u5feb\u901f\u4ea4\u6613\u753b\u50cf\uff1a\u7f8e\u56fd\u6700\u5927\u7684\u72ec\u7acb\u70bc\u6cb9\u5546\uff0c\u62e5\u6709\u590d\u6742\u4e14\u4ee5\u7126\u5316\u4e3a\u4e3b\u7684\u8bbe\u5907\u7ec4\uff0c\u84b8\u998f\u6cb9\u4ea7\u51fa\u7387\u9ad8\u3002\u8d44\u4ea7\u8d1f\u503a\u8868\u6e05\u6670\uff0c\u8d44\u672c\u56de\u62a5\u79ef\u6781\uff0c\u5f53\u5927\u897f\u6d0b\u76c6\u5730\u4f9b\u5e94\u7d27\u5f20\u65f6\uff0c\u51fa\u53e3\u662f\u5176\u6838\u5fc3\u4f18\u52bf\u3002\u88c2\u89e3\u4ef7\u6269\u5927\u65f6\u8be5\u80a1\u901a\u5e38\u7387\u5148\u8d70\u5f3a\uff0c\u4ea7\u54c1\u4ef7\u683c\u52a8\u6447\u65f6\u5219\u6ede\u540e\u3002<\/p>\n<p>\u7ed9\u6295\u8d44\u8005\u7684\u5173\u952e\u7ed3\u8bba\uff1aVLO \u662f\u67f4\u6cb9\u4ea4\u6613\u7684\u9ad8\u8d28\u91cf\u98ce\u5411\u6807\u3002\u5982\u679c\u6b27\u6d32\u7d27\u5f20\u5c40\u52bf\u5ef6\u7eed\u5230\u51ac\u5b63\u4e14\u539f\u6cb9\u4fdd\u6301\u75b2\u8f6f\uff0c\u5b83\u4ecd\u662f\u8868\u8fbe\u88c2\u89e3\u4ef7\u5f3a\u52bf\u7684\u6700\u7eaf\u51c0\u5de5\u5177\u3002\u5173\u6ce8\u5f00\u5de5\u7387\u548c\u68c0\u4fee\u8ba1\u5212\uff1b\u53ef\u9760\u6027\u662f\u8fd9\u91cc\u552f\u4e00\u53ef\u80fd\u524a\u5f31\u6536\u76ca\u7684\u56e0\u7d20\u3002<\/p>\n<h3>2. Marathon Petroleum (MPC) \u2014 \u56de\u8d2d\u673a\u5668\u9047\u4e0a\u4e2d\u90e8\u5730\u533a\u7d27\u7f29<\/h3>\n<p>\u4eca\u65e5\u5173\u6ce8\u70b9\uff1a\u8fd1\u671f\u70bc\u5382\u95ee\u9898\u540e\u4e2d\u5927\u9646\u5730\u533a\u5229\u6da6\u98d9\u5347\uff0c\u4f7f Marathon \u7684\u8d44\u4ea7\u5e03\u5c40\u6210\u4e3a\u7126\u70b9\uff1b\u540c\u65f6\u5b8f\u89c2\u884c\u60c5\u504f\u597d\u62e5\u6709\u7a33\u56fa\u8d44\u672c\u56de\u62a5\u8ba1\u5212\u7684\u516c\u53f8\u3002\u5728\u5176\u4ed6\u5730\u65b9\u98ce\u9669\u504f\u597d\u4e0b\u964d\u65f6\uff0c\u73b0\u91d1\u751f\u6210\u80fd\u529b\u5f3a\u7684\u516c\u53f8\u83b7\u5f97\u9752\u7750\u3002<\/p>\n<p>\u5feb\u901f\u4ea4\u6613\u753b\u50cf\uff1a\u6309\u4ea7\u80fd\u8ba1\u7f8e\u56fd\u6700\u5927\u7684\u4f53\u7cfb\uff0c\u6838\u5fc3\u8986\u76d6\u4e2d\u5927\u9646\u548c\u58a8\u897f\u54e5\u6e7e\u6cbf\u5cb8\uff0c\u4e14\u62e5\u6709 MPLX \u7684\u4e2d\u6e38\u73b0\u91d1\u6d41\u4ee5\u5e73\u6ed1\u5468\u671f\u3002Marathon \u4e00\u76f4\u4ee5\u9ad8\u5f3a\u5ea6\u56de\u8d2d\u80a1\u7968\uff0c\u4ea4\u6613\u8868\u73b0\u5e38\u50cf\u5bf9\u7f8e\u56fd\u88c2\u89e3\u4ef7\u7684\u6760\u6746\u770b\u6da8\u671f\u6743\uff0c\u76f8\u6bd4\u5c0f\u578b\u540c\u884c\u6709\u66f4\u597d\u7684\u4e0b\u884c\u4fdd\u62a4\u3002<\/p>\n<p>\u7ed9\u6295\u8d44\u8005\u7684\u5173\u952e\u7ed3\u8bba\uff1aMPC \u63d0\u4f9b\u6760\u6746\u6548\u5e94\u800c\u4e0d\u663e\u9c81\u83bd\u3002\u5982\u679c IEA \u5173\u4e8e\u4e2d\u998f\u5206\u7d27\u5f20\u7684\u5224\u65ad\u6210\u7acb\uff0cMarathon \u7684\u7ec4\u5408\u5c06\u5904\u4e8e\u6709\u5229\u4f4d\u7f6e\u3002\u98ce\u9669\u5728\u4e8e\u82e5\u5168\u7403\u5f00\u5de5\u7387\u6bd4\u9700\u6c42\u56de\u5347\u5f97\u66f4\u5feb\u5bfc\u81f4\u5feb\u901f\u6b63\u5e38\u5316\uff0c\u6216\u76d1\u7ba1\u5c42\u51fa\u4e8e\u653f\u6cbb\u9700\u8981\u5bf9\u66b4\u5229\u5f62\u8c61\u505a\u6587\u7ae0\u3002<\/p>\n<h3>3. Phillips 66 (PSX) \u2014 \u591a\u5143\u5316\u4e0b\u6e38\u52a0\u4e0a\u6fc0\u8fdb\u6d3e\u63a8\u52a8<\/h3>\n<p>\u4eca\u65e5\u5173\u6ce8\u70b9\uff1a\u5bf9\u4e0b\u6e38\u9632\u5fa1\u7c7b\u8d44\u4ea7\u7684\u5e7f\u6cdb\u4e70\u76d8\uff0c\u4ee5\u53ca\u56f4\u7ed5\u6b27\u6d32\u4ea7\u54c1\u7981\u4ee4\u548c\u4fc4\u7f57\u65af\u77ed\u7f3a\u7684\u518d\u5ea6\u8ba8\u8bba\uff0c\u4f7f PSX \u4fdd\u6301\u5728\u8d44\u91d1\u6d41\u4e2d\u3002\u5f53\u6295\u8d44\u8005\u60f3\u8981\u70bc\u6cb9\u655e\u53e3\u4f46\u53c8\u4e0d\u60f3\u627f\u53d7\u7eaf\u70bc\u6cb9\u80a1\u7684\u5267\u70c8\u6ce2\u52a8\u65f6\uff0c\u8be5\u80a1\u5e38\u88ab\u8f6e\u52a8\u9009\u4e2d\u3002<\/p>\n<p>\u5feb\u901f\u4ea4\u6613\u753b\u50cf\uff1a\u70bc\u6cb9\u3001\u4e2d\u6e38\u3001\u5316\u5de5\u548c\u9500\u552e\u6784\u6210\u7f13\u51b2\u3002\u6fc0\u8fdb\u6295\u8d44\u8005\u63a8\u52a8\u7684\u6548\u7387\u76ee\u6807\u548c\u7ec4\u5408\u7b80\u5316\u63d0\u5347\u4e86\u56de\u62a5\uff0c\u58a8\u897f\u54e5\u6e7e\u548c\u897f\u6d77\u5cb8\u8d44\u4ea7\u6293\u4f4f\u4e86\u6c7d\u6cb9\u548c\u67f4\u6cb9\u7684\u5f3a\u52bf\u3002\u88c2\u89e3\u4ef7\u98d9\u5347\u65f6\u4e0d\u5982\u7eaf\u70bc\u5382\u5f39\u6027\u5927\uff0c\u4f46\u4e0b\u8dcc\u65f6\u4e5f\u4e0d\u4f1a\u66b4\u8dcc\u3002<\/p>\n<p>\u7ed9\u6295\u8d44\u8005\u7684\u5173\u952e\u7ed3\u8bba\uff1aPSX \u662f\u66f4\u4e3a\u6210\u719f\u7a33\u5065\u7684\u4ea4\u6613\u7248\u672c\u3002\u4f60\u80fd\u83b7\u5f97\u5bf9\u7a33\u5065\u5229\u6da6\u7684\u655e\u53e3\uff0c\u5e76\u4e14\u6709\u4e2d\u6e38\u548c\u5316\u5de5\u4e1a\u52a1\u6765\u5e73\u6ed1\u6ce2\u52a8\u3002\u5728\u6210\u54c1\u6cb9\u4fdd\u6301\u7d27\u5f20\u4f46\u5b8f\u89c2\u53ef\u80fd\u6253\u51fb\u9700\u6c42\u7684\u73af\u5883\u4e0b\uff0c\u5b83\u662f\u4e00\u4e2a\u4f18\u8d28\u5bf9\u51b2\u3002<\/p>\n<h3>4. PBF Energy (PBF) \u2014 \u9ad8\u8d1d\u5854\u88c2\u89e3\u4ef7\u4ee3\u7406<\/h3>\n<p>\u4eca\u65e5\u5173\u6ce8\u70b9\uff1a\u5927\u897f\u6d0b\u76c6\u5730\u67f4\u6cb9\u7d27\u5f20\u548c\u5236\u88c1\u76f8\u5173\u5934\u6761\u628a\u8d44\u91d1\u63a8\u5411\u5bf9\u88c2\u89e3\u4ef7\u6700\u654f\u611f\u7684\u70bc\u5382\u3002\u88c2\u89e3\u4ef7\u6269\u5927\u65f6 PBF \u6210\u4e3a\u6d41\u52a8\u6027\u78c1\u77f3\uff0c\u968f\u7740 WTI \u4e0b\u8dcc\u4e14\u84b8\u998f\u6cb9\u8868\u73b0\u66f4\u597d\uff0c\u5e02\u573a\u56de\u62a5\u4e86\u5176\u6760\u6746\u6027\u3002<\/p>\n<p>\u5feb\u901f\u4ea4\u6613\u753b\u50cf\uff1a\u4e00\u5bb6\u4ee5\u5927\u5b97\u4ea4\u6613\u4e3a\u4e3b\u7684\u70bc\u5382\uff0c\u62e5\u6709\u4e1c\u6d77\u5cb8\u3001\u58a8\u897f\u54e5\u6e7e\u6cbf\u5cb8\u548c\u897f\u6d77\u5cb8\u8d44\u4ea7\uff0c\u5bf9\u73b0\u8d27\u88c2\u89e3\u4ef7\u9ad8\u5ea6\u654f\u611f\uff0c\u5929\u7136\u5bf9\u51b2\u8f83\u5c11\u3002\u8fd1\u51e0\u4e2a\u5468\u671f\u5185\u8d44\u4ea7\u8d1f\u503a\u8868\u6709\u6240\u4fee\u590d\uff0c\u4f46\u80a1\u4ef7\u4ecd\u5e26\u6709\u6295\u673a\u8005\u7684\u8282\u594f\u3002\u82e5\u88c2\u89e3\u4ef7\u6301\u7eed\u5f3a\u52b2\uff0c\u4e0a\u884c\u7a7a\u95f4\u5927\uff1b\u82e5\u4e0d\u7136\uff0c\u5219\u4e0b\u884c\u98ce\u9669\u4e5f\u5f88\u5927\u3002<\/p>\n<p>\u7ed9\u6295\u8d44\u8005\u7684\u5173\u952e\u7ed3\u8bba\uff1aPBF \u662f\u5f53\u524d\u60c5\u5f62\u4e0b\u8e29\u5230\u5e95\u7684\u73a9\u6cd5\u3002\u82e5\u4fc4\u7f57\u65af\u4f9b\u5e94\u4e2d\u65ad\u548c\u5236\u88c1\u6267\u884c\u4f7f\u5927\u897f\u6d0b\u76c6\u5730\u67f4\u6cb9\u4fdd\u6301\u7d27\u4fcf\uff0c\u4e0a\u6da8\u53ef\u80fd\u5341\u5206\u5267\u70c8\u3002\u4f46\u82e5\u70bc\u5382\u5f00\u5de5\u610f\u5916\u5927\u5e45\u56de\u5347\u5bfc\u81f4\u5229\u6da6\u6536\u7f29\uff0c\u8fd9\u5e76\u4e0d\u662f\u4f60\u60f3\u5750\u7684\u4f4d\u5b50\u3002<\/p>\n<h3>5. HF Sinclair (DINO) \u2014 \u4ee5\u84b8\u998f\u6cb9\u4e3a\u9a71\u52a8\uff0c\u5e76\u5e26\u6709\u53ef\u518d\u751f\u80fd\u6e90\u8f6c\u578b\u8272\u5f69<\/h3>\n<p>\u4eca\u65e5\u5173\u6ce8\u70b9\uff1a\u672c\u5b63\u5ea6\u65e9\u4e9b\u65f6\u5019\u56e0\u505c\u4ea7\u5bfc\u81f4\u4e2d\u5927\u9646\u5229\u6da6\u7ffb\u500d\uff0c\u51f8\u663e\u4e86 DINO \u5728\u843d\u57fa\u5c71\u8109\u548c\u4e2d\u5927\u9646\u7684\u655e\u53e3\u3002\u76f8\u540c\u7684\u4e0b\u6e38\u7d27\u5f20\u53d9\u4e8b\u70b9\u71c3\u4e86\u4ee5\u84b8\u998f\u6cb9\u4e3a\u4e3b\u7684\u4f53\u7cfb\uff0cDINO 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