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4月8日宣布的停火以及围绕45天休战的平行讨论并未解决霍尔木兹海峡的混乱问题。目前,他们已经限制了最坏的情况,但油轮运输量仍处于正常水平的一小部分,伊朗对过境费的需求预示着结构性转变,而不是暂时的转变。
最初的地区冲突已成为全球能源冲击,市场面临的问题不再是霍尔木兹是否受到干扰,而是这种混乱对石油的最低定价产生了多大的永久性影响。
关键要点
- 每天约有2000万桶(桶)的石油和石油产品通常通过伊朗和阿曼之间的霍尔木兹海峡,相当于全球石油消费量的约五分之一,约占全球海运石油贸易的30%。
- 这是流量冲击,不是库存问题。石油市场依赖于持续的吞吐量,而不是静态存储。
- 如果中断持续超过几周,布伦特原油可能会从短期飙升转向更广泛的价格冲击,存在滞胀风险。
- 穿越海峡的油轮运输量从每天约135艘下降到中断高峰期的不到15艘船只,减少了约85%,超过150艘船只停泊、改道或延误。
- 4月8日宣布了为期两周的停火,为期45天的休战谈判正在进行之中。伊朗已分别表示要求对使用该海峡的船只收取过境费,如果正式确定,这将是能源成本的永久地缘政治最低标准。
- 市场已经开始从增长和技术敞口转向能源和国防企业,这反映了人们的观点,即石油价格上涨正在成为结构性成本,而不是暂时的风险溢价。
世界上最关键的石油阻塞点
霍尔木兹海峡每天处理大约2000万桶石油和石油产品,相当于全球石油消费量的20%和全球海运石油贸易的30%左右。由于全球石油需求接近1.04亿桶/日,且剩余产能有限,在最近的升级之前,市场已经处于紧密平衡状态。
该海峡也是液化天然气的重要走廊。2024年,平均每天约有2.9亿立方米的液化天然气通过该路线,约占全球液化天然气贸易的20%,亚洲市场是主要目的地。
国际能源署(IEA)将霍尔木兹描述为世界上最重要的石油运输阻塞点,并指出,即使是部分中断也可能引发价格的大幅波动。布伦特原油已跌破每桶100美元,这既反映了物质紧张,也反映了地缘政治风险溢价的上升。

由于流量减慢,油轮处于空转状态
现在,航运和保险数据实时显示压力。据报道,超过85艘大型原油运输船滞留在波斯湾,而由于运营商重新评估安全和保险,有150多艘船舶停泊、改道或延误。据估计,这将使1.2亿至1.5亿桶原油在海上闲置。
这些量仅代表霍尔木兹正常吞吐量的六到七天,或略高于一天的全球石油消费。
最新的航运和保险数据现在证实,有150多艘船只停泊、改道或延误,高于最初报告的85艘船只。闲置原油的1.3天全球消费保障仍然是约束性制约因素:这是流量冲击,不是储存问题,停火尚未转化为产量的实质性恢复。
建立在流量而不是存储基础上的市场
石油市场在持续波动中运作。炼油厂、石化厂和全球供应链经过调整,可以沿着可预测的海道稳定交付。当流经占全球石油消耗量约五分之一和全球海运石油贸易约30%的阻塞点时,该系统可以在几天之内从平衡变为赤字。
剩余产能主要集中在欧佩克内,估计仅为每天300万至500万桶。这远低于霍尔木兹水流受到严重干扰时面临的风险交易量。
通货膨胀风险和宏观溢出效应
石油冲击的通货膨胀影响通常以波浪形式出现。随着汽油、柴油和电力成本的上涨,燃料和能源价格的上涨可能会迅速提振总体通货膨胀。
随着时间的推移,更高的能源成本可能会流向货运、食品、制造业和服务业。如果混乱持续下去,通货膨胀率上升和增长放缓相结合,可能会增加滞胀环境的风险,使中央银行面临艰难的权衡。
不容易抵消,系统几乎没有松弛
当前局势之所以特别严重,是因为全球体系缺乏松弛。
当处理近2,000万桶/日(约占全球石油消耗量的五分之一)的阻塞点受到损害时,将近1.03亿至1.04亿桶的全球供需几乎没有备用缓冲。估计每天300万至500万桶的剩余产能,主要在欧佩克内部,只能覆盖风险产量的一小部分。
替代路线,包括绕过霍尔木兹的管道和改道运输,只能部分抵消流量的损失,而且通常成本更高,交货时间更长。
底线
在霍尔木兹海峡的过境恢复并被视为可靠安全之前,全球石油流动可能继续受损,风险溢价上升。对于投资者、政策制定者和企业决策者来说,核心问题是石油能否每天不间断地转移到需要去的地方。


Tesla Inc. (TSLA) reported its Q4 2021 results after the market close on Wednesday. The world’s largest automaker exceeded analyst expectations on both revenue and earnings per share. The company reported total revenue of $17.719 billion in the fourth quarter vs. $17.132 billion expected.
Earnings per share reported at $2.54 vs. $2.36 per share forecast. Tesla produced 305,840 cars in the fourth quarter and deliveries reach 308,600 vehicles. Last year, Elon Musk’s company delivered a total of 930,422 vehicles. ''2021 was a breakthrough year for Tesla.
There should no longer be doubt about the viability and profitability of electric vehicles.'' ''After a successful 2021, our focus shifts to the future. We aim to increase our production as quickly as we can, not only through ramping production at new factories in Austin and Berlin, but also by maximizing output from our established factories in Fremont and Shanghai. We believe competitiveness in the EV market will be determined by the ability to add capacity across the supply chain and ramp production.'' ''While 2021 was a defining year for our company, we believe we are just at the very early stages of our journey.
Thank you for being part of it,'' Tesla said in a letter to shareholders. Tesla chart (Weekly) Share price of Tesla ended the trading day up by 2.07% on Wednesday at $936.70 a share. The stock is up by 8.48% in the past year.
Tesla is the 6 th largest company in the world and with a total market cap of $941.40 billion. You can trade Tesla Inc. (TSLA) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD. Sources: Tesla Inc., TradingView, GO Markets MT5, CompaniesMarketCap


Johnson & Johnson (JNJ) reported its Q4 earnings before the opening bell on Wall Street on Tuesday. Let’s take a closer look at how the pharmaceutical giant performed in the previous quarter. The company reported total revenue of $24.804 billion in Q4 (up by 10.4% from the same period in 2020), below analyst forecast of $25.276 billion.
Earnings per share at $2.13 a share in the previous quarter (up by 14.5%, pretty much in line with analyst forecast of $2.12 a share. Joaquin Duato, Chief Executive Officer commented on the Q4 and 2021 results: ''Our 2021 performance reflects continued strength across all segments of our business. Guided by Our Credo, I am honoured to assume the role of CEO, leading our global teams in continuing our work to deliver life-changing solutions to consumers, patients, and health care providers.'' ''Given our strong results, financial profile, and innovative pipeline we are well positioned for success in 2022 and beyond,'' Duato added.
Johnson & Johnson chart (Monthly) Share price trading higher following the latest results, up by around 2% during the trading day on Tuesday at $166.66 per share. Johnson & Johnson is the 12 th largest company in the world and with a total market cap of $438.19 billion. You can trade Johnson & Johnson (JNJ) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.
Sources: Johnson & Johnson, TradingView, GO Markets MT5, CompaniesMarketCap


Goldman Sachs reported its latest financial results for the previous quarter before the US market open on Tuesday. Let’s take a closer look at the key numbers. The company reported higher than expected revenue for Q4 2021 of $12.639 billion vs. $12.044 billion estimate.
Earnings per share (EPS) at $10.81 per share in Q4 2021, below Wall Street analyst expectations of $11.77 per share. In 2021, Goldman Sachs generated record net revenues of $59.34 billion, record net earnings of $21.64 billion and record diluted EPS of $59.45 – all significantly surpassing previous records. David Solomon, Chairman and CEO commented on last year’s performance: ''2021 was a record year for Goldman Sachs.
The firm’s extraordinary performance is a testament to the strength of our client franchise and people. Moving forward, our leadership team remains committed to growing Goldman Sachs, diversifying our businesses and delivering strong returns for shareholders.'' Goldman Sachs chart (1Y) Shares of Goldman tumbled on Tuesday following the latest results, down by around 7%. The stock is up by 19% in the last year at $350.60 per share.
Goldman Sachs is the 117 th largest company in the world and with a total market cap of $127.07 billion. You can trade Goldman Sachs (GS) and many other stocks from the NYSE, NASDAQ and the ASX with GO Markets as a Share CFD. Sources: Goldman Sachs, TradingView, CompaniesMarketCap


Bank of America announced its 2021 Q4 financial results before the opening bell on Wall Street on Wednesday. World’s 2 nd largest bank reported total revenue of $22.06 billion, falling short of analyst estimate of $22.18 billion. Earnings per share at $0.82 a share in the previous quarter, above analyst forecast of $0.77 a share.
Chairman and CEO, Brian Moynihan commented on the latest results: "Our fourth-quarter results were driven by strong organic growth, record levels of digital engagement, and an improving economy. We grew loans by $51 billion and added $100 billion of deposits during the quarter, further strengthening our position as the leader in retail deposits." "We earned a record $32 billion in 2021, with every business line solidly contributing. In Consumer, we added millions of new credit card accounts and nearly a million net new checking accounts as we continued to demonstrate the value we provide through our physical and digital capabilities.
Wealth Management had record client flows and the strongest client acquisition numbers since before the pandemic. Investment Banking had its best year ever and Global Markets had its highest sales and trading revenue in a decade, led by record Equities performance as we invested in the business." "We also continued to support our communities, helping them address some of society’s biggest challenges, including the environment, the pandemic, racial equality and economic opportunity. I want to thank our talented teammates across the globe for all their work over the past year," he added.
Bank of America chart (1Y) Share price of Bank of America little changed during the trading day on Wednesday. The stock is up by 45% in the past year at $46.58 per share. Bank of America is the 20 th largest company in the world and with a total market cap of $383.21 billion.
You can trade Bank of America (BAC) and many other stocks from the NYSE, NASDAQ and the ASX with GO Markets as a Share CFD. Sources: Bank of America, TradingView, CompaniesMarketCap

NIO Inc. (NIO) reported its latest delivery numbers for November on Wednesday, setting a new monthly following disappointing results in October. The Chinese electric vehicle company delivered 10,878 cars last month – an increase of 105.6% year-over-year. The deliveries in November consisted of: 2,683 ES8s – the company’s six-seater or seven-seater flagship premium smart electric SUV 4,713 ES6s – the company’s five-seater high-performance premium smart electric SUV 3,482 EC6s – the company’s five-seater premium smart electric coupe SUV NIO has delivered a total of 80,940 cars in 2021 and 156,581 in total as of 30 th November, 2021.
NIO Inc. Chart (1Y) Shares of NIO were trading higher on Wednesday following the latest delivery numbers, up by around 2% on the day. The stock is down by 16.61% in the past year at $40.19 a share.
NIO is the 13 th largest automaker in the world with a market cap of $63.79 billion. You can trade NIO Inc. (NIO) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD. Click here for more information.
Trading Derivatives carries a high level of risk. Sources: NIO, TradingView, CompaniesMarketCap

Last week, NIO announced that they have entered into a strategic agreement with Shell, the largest gasoline retailer in the world. The latest move is a boost for NIO to further establish themselves in the electric vehicle industry. The agreement includes plans to construct and operate battery charging and swapping facilities in China and Europe.
NIO and Shell plan to install 100 battery swapping stations in China by 2025 and start to construct and operate pilot stations in Europe from next year. Both companies will also explore collaboration opportunities in battery asset management, fleet management, membership system, home charging services, advanced battery charging and swapping technology development, and construction of charging facilities. William Li, Founder, Chairman, CEO of NIO commented on the agreement: ''The cooperation demonstrates Shell’s determination to accelerate the energy transition and commitment to contribute to sustainable development globally.
We believe that the cooperation between NIO and Shell will bring better services and experience to electric vehicle users worldwide.'' István Kapitány, global executive vice president of Shell Mobility said: "Decarbonization is a global challenge that requires broad-reaching, multi-faceted global solutions. This is the most exciting thing about our new partnership with NIO—the breadth of the collaboration and the value we can offer our EV customers together, both in Europe and in China. Together, we'll be working to improve every aspect of the EV experience.
This means we’ll offer Shell Recharge high-speed charging at NIO locations and make battery swap available at convenient Shell locations while also offering NIO customers our best home and business charging solutions." Shell has service stations in nearly 46,000 locations in 80 markets around the world. The company is planning to operate more than 500,000 electric vehicle charge points globally by 2025. NIO Inc.
Chart (1Y) Share price of NIO is down by 19.93% in the past year at $40.46 per share. NIO is the 12 th largest automaker in the world with a market cap of $63.20 billion. You can trade NIO Inc. (NIO) and many other stocks from the NYSE, NASDAQ, HKEX and the ASX with GO Markets as a Share CFD.
Click here for more information. Trading Derivatives carries a high level of risk. Sources: NIO, Shell, TradingView, CompaniesMarketCap
