石油石化:油价新锚点-美国页岩油盈亏平衡点

天风证券
12 Jun

页岩油维持资本开支纪律性,2025Q1 纷纷下调资本开支指引4 月份以来由于美国政府关税政策以及OPEC 以三倍速加速增产的决定对油价冲击明显,油价下降约10 美金/桶,5 月初美国页岩油公司一季报纷纷出炉,整体都下调了全年的资本开支指引,但油气产量指引变化不大(但部分公司计划开始减少原油钻机数,增加天然气钻机数)。美国页岩油活动对油价的敏感性分析IEA 模型表明60 美金以下钻机数和滞后三个月的...

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