财经外刊精读 · 互动版

Diesel Prices Hold High Despite Efforts to Boost Global Supplies

柴油降不下来：瓶颈不是原油，是全世界炼油的能力
2026 年 10 月 22 日 · 星期四 本期：能源 · 炼油 · 裂解价差 · 通胀
A tanker berthed at a refinery terminal at sunset
A tanker at a refinery terminal: the world is short of fuel-making capacity, not of crude.
Photo: Unsplash (stock image, not the original news picture)

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Diesel in America costs $6.33 a gallon, up 73% in a year, and the margin refiners earn on every barrel has topped $100. The bottleneck is not crude but the world's shrinking ability to turn it into fuel.

美国的柴油卖到 6.33 美元一加仑，一年涨了 73%；炼油厂每桶油赚的裂解价差已突破 100 美元。真正的瓶颈不是原油，而是全球把原油变成燃料的能力正在缩水。

$6.33
The US average price of a gallon of diesel, 73% higher than a year ago and just below the record $6.53 set on Sept. 22.
美国柴油每加仑均价，比一年前高 73%，仅略低于 9 月 22 日创下的 6.53 美元纪录。
$100+
The New York Harbor diesel crack spread per barrel on Oct. 13, against about $53 for the blended 3-2-1 crack.
纽约港柴油裂解价差（10 月 13 日，每桶），而混合口径的 3-2-1 裂差约 53 美元。
102.6m
US distillate inventories in barrels in the week to Oct. 9, down 12% from a year earlier; the East Coast is down more than 22%.
美国馏分油库存（桶），截至 10 月 9 日当周，同比下降 12%；东海岸降幅超过 22%。
40%
Gulf fuel exports as a share of pre-war levels, against 70% to 80% for crude — products are the scarce half of the barrel.
海湾成品油出口相当于战前水平的比例，原油为 70%–80%——短缺的是产品那一半。
+202%
PBF Energy's gain this year, against 12% for the S&P 500; Marathon is up 190% and Valero 165%.
PBF Energy 年内涨幅，同期标普 500 为 12%；马拉松石油涨 190%，瓦莱罗涨 165%。
300,000
Barrels in the first Russian diesel cargo — less than two and a half hours of Valero's throughput.
首艘俄罗斯柴油船的装载量（桶）——不到瓦莱罗两个半小时的加工量。

原文精读 · Full Text

42 段（含标题）。点每段右上角的「译」展开中文翻译与结构配色；配图已就近排在相关段落之后。
颜色 = 句子成分，中英同色表示对应
主语 Subject 谓语 / 动词 Verb 宾语 · 表语 Object 从句 · 非谓语 Clause 状语 Adverbial 插入语 · 引述 Attribution
TITLE
Diesel prices hold high despite efforts to boost global supplies
柴油价格居高不下，尽管各方努力增加全球供应
PARA 01
In the United States, a gallon of diesel cost $6.33 at the pump this week, up 73% from a year earlier and just below the record $6.53 set on Sept. 22.
在美国，一加仑柴油本周加油站卖到 6.33 美元，比一年前高 73%，仅略低于 9 月 22 日创下的 6.53 美元纪录。
PARA 02
Brent crude has traded above $110 a barrel since the Strait of Hormuz was disrupted, but refined products have run further: wholesale diesel benchmarks in the U.S. and Europe have more than doubled this year.
布伦特原油一直在每桶 110 美元上方交易，自霍尔木兹海峡受阻以来，但成品油涨得更多：美欧柴油批发基准价今年已翻倍有余。
PARA 03
Diesel is the fuel that moves goods — it powers trucks, tractors, diggers and fishing boats — which is why its price shows up in freight bills, food costs and construction budgets long before it reaches a motorist.
柴油是运送货物的燃料——卡车、拖拉机、挖掘机和渔船都靠它——所以它的价格会出现在运费、食品成本和建筑预算里，远在普通车主感受到之前。
PARA 04
Why refiners care about diesel prices
炼油厂为什么在意柴油价格
PARA 05
A refiner does not make its money from the price of oil. It makes it from the gap between what it pays for crude and what it sells the fuel for — a margin the industry calls the crack spread.1
炼油厂赚的不是油价。它赚的是中间那道缝：买入原油与卖出成品油之间的差价——业内称之为「裂解价差」。
PARA 06
The 3-2-1 crack, which assumes three barrels of crude yield two of gasoline and one of diesel, stands at about $53 a barrel, against $23 a year ago — down from a 2026 peak near $70 on Oct. 7.
3-2-1 裂解价差，假设三桶原油炼出两桶汽油、一桶柴油，目前约为每桶 53 美元，一年前是 23 美元——已从 10 月 7 日近 70 美元的年内高点回落。
PARA 07
New York Harbor diesel cracks were “well above $100 a barrel” on Oct. 13, Bank of America said in a research note, measured against the spot price of crude.2
纽约港柴油裂解价差在 10 月 13 日为「远高于每桶 100 美元」，美国银行在一份研究报告中写道，这是以原油现货价为基准计算的。
PARA 08
The shortage is in the fuel, not the oil
短缺在燃料，而不是原油
PARA 09
Distillate inventories,3 which include diesel and heating oil, stood at about 102.6 million barrels in the week ended Oct. 9, down 12% from a year earlier, according to the Energy Information Administration.
馏分油库存包括柴油和取暖油，约为 1.026 亿桶，截至 10 月 9 日当周，同比下降 12%，美国能源信息署的数据显示。
PARA 10
The shortfall is even wider on the East Coast, where stocks are more than 22% lower than a year ago.
缺口甚至更大，在东海岸，当地库存比一年前低 22% 以上。
PARA 11
Refinery outages are running 60% above the seasonal average, Goldman Sachs analysts estimate, leaving the world with far fewer units to make up for the fuel that used to come out of the Gulf.
炼厂停工比季节性平均水平高出 60%，高盛分析师估计，这让全球可用于弥补海湾缺口的炼油装置少得多。
PARA 12
Fuel exports from the Persian Gulf are running at about 40% of pre-war levels, Goldman estimates, against 70% to 80% for crude. Crude can be rerouted through pipelines or around Africa; a barrel of diesel cannot.
波斯湾的成品油出口目前仅为战前水平的约 40%，高盛估计，而原油为 70% 到 80%。原油可以走管道、或绕行非洲；一桶柴油不行。
A refinery at dusk: effective global refining utilization has fallen to 89–90%, leaving almost no slack.
A refinery at dusk: effective global refining utilization has fallen to 89–90%, leaving almost no slack. 炼油厂：全球有效炼油开工率已从约 94% 降到 89%–90%，可调空间极小。 Photo: Unsplash (stock image)
PARA 13
U.S. refineries are running near capacity, at close to 97% utilization,4 industry data show, while effective global refining capacity has fallen from about 94% to 89% or 90%.
美国炼厂正接近满负荷运转，开工率接近 97%，行业数据显示，而全球有效炼油开工率已从约 94% 降到 89%–90%。
From lost refining capacity to the pumpThe chain the article describes, one step at a time1Refining capacity lostGulf fuel exports at 40% of pre-war2Fuel supply shrinksUS distillate stocks 12% lower3Crack spread widensDiesel cracks above $100 a barrel4Pump and profit rise$6.33 a gallon; refiners up 202%The chain starts with conversion capacity, not with the oil in the ground.Emergency stock releases and extra cargoes ease the flow, not the pipe.
Chart 1 | How lost refining capacity turns into a $6.33 gallon of diesel Schematic. Sources: WSJ (Oct 16); Benzinga (Oct 21); Goldman Sachs estimates cited in the reporting.
PARA 14
Russia, one of the world's largest exporters of refined products, this year imposed an export ban on diesel5 after Ukrainian drone attacks hit its refineries.
俄罗斯，全球最大的成品油出口国之一，今年对柴油实施了出口禁令，起因是乌克兰无人机袭击了它的炼厂。
PARA 15
Its diesel shipments have collapsed from 700,000–900,000 barrels a day to 100,000–200,000, according to market estimates.
其柴油出口量暴跌，从每天 70 万至 90 万桶降至每天 10 万至 20 万桶，据市场估算。
PARA 16
Emergency stockpiles6 have been drawn down hard. IEA members have released about 330 million of the 400 million barrels pledged since March, leaving roughly 100 million barrels, including more than 20 million of diesel.
应急储备已被大量动用。国际能源署成员国在 3 月以来承诺的 4 亿桶中已投放约 3.3 亿桶，还剩约 1 亿桶，其中柴油超过 2000 万桶。
PARA 17
One tanker covers two and a half hours
一艘油轮只够两个半小时
PARA 18
On Thursday, the first Russian diesel cargo is due to set sail for the United States, Deputy Prime Minister Alexander Novak said, carrying 40,000 tons, or about 300,000 barrels.
周四，第一批俄罗斯柴油货将启航驶往美国，副总理诺瓦克说，装载 4 万吨，约 30 万桶。
PARA 19
Valero's refineries can process roughly 3 million barrels of crude a day. At that rate, the first tanker covers less than two and a half hours of its throughput.
瓦莱罗的炼厂每天可加工约 300 万桶原油。按这个速度，第一艘油轮只够其两个半小时的加工量。
PARA 20
President Trump has said Russia would ship 4.8 million tons in four stages, or about 36 million barrels — roughly 12 days of Valero's throughput.
特朗普总统表示俄罗斯将运送 480 万吨，分四批，约 3600 万桶——大致相当于瓦莱罗 12 天的加工量。
PARA 21
“Diesel prices for Americans and, indeed, the world, will be coming down, in record numbers, and fast!” he wrote on Truth Social on Oct. 9.
「美国乃至全世界的柴油价格，都会降下来，以创纪录的幅度、而且很快！」他 10 月 9 日在 Truth Social 上写道。
PARA 22
Bank of America's commodity strategist Francisco Blanch expects little from the Russian barrels. “The recent suspension of U.S. sanctions on Russian diesel may help7 though only at the margin, given the domestic scarcity that Moscow faces,”
美国银行大宗商品策略师布兰奇对这些俄罗斯油桶预期不高。「美国近期暂停对俄罗斯柴油的制裁或许有帮助，但只在边际上，考虑到莫斯科自身面临的国内短缺，」
PARA 23
Blanch said, adding: “We therefore view any pullback in distillate prices as a buying opportunity.”
布兰奇说，并补充道：「因此我们把馏分油价格的任何回落都视为买入机会。」
PARA 24
Rory Johnston of Commodity Context sees no surge in Russian supply yet. “We've seen a tiny uptick over the past few weeks, but nothing yet to write home about,” he wrote on X.
Commodity Context 的罗里·约翰斯顿认为俄罗斯供应还没有激增。「过去几周我们确实看到一点回升，但还完全不值一提，」他在 X 上写道。
PARA 25
Shipping is the other half of the cost. With tankers avoiding the Strait of Hormuz, the average freight rate to move oil8 has jumped to about $20 a barrel, from $3 last year.
运输是成本的另一半。由于油轮绕开霍尔木兹海峡，原油平均运费已涨到每桶约 20 美元，去年是 3 美元。
PARA 26
A VLCC carrying crude from the U.S. Gulf Coast to China cost more than $80 million earlier this month, double September and five times a year ago.
一艘超大型油轮把原油从美湾运到中国，本月早些时候花费超过 8000 万美元，是 9 月的两倍、一年前的五倍。
A container port: with tankers avoiding Hormuz, the cost of moving oil has gone from $3 to $20 a barrel.
A container port: with tankers avoiding Hormuz, the cost of moving oil has gone from $3 to $20 a barrel. 集装箱码头：油轮绕开霍尔木兹，运费从每桶 3 美元涨到 20 美元。 Photo: Unsplash (stock image)
PARA 27
Who is getting rich
谁在赚这笔钱
PARA 28
The answer, for now, is the refiners. The top three U.S. refiners earned more than $10 billion in a single quarter, a windfall that has few recent parallels.9
眼下的答案是炼油厂。美国三大炼厂合计赚得超过 100 亿美元，而这只是一个季度，这种暴利近年少有可比。
PARA 29
ExxonMobil doubled its profit in the second quarter, to $14.5 billion, while Chevron more than quadrupled its own, to $12.1 billion. The majors, too, are making money hand over fist.
埃克森美孚利润翻倍，第二季度达到 145 亿美元，而雪佛龙翻了四倍多，达到 121 亿美元。巨头们同样在大把大把地赚钱。
PARA 30
Citgo Petroleum, the Venezuela-owned U.S. refiner, has raised its 2026 operating profit outlook by $2 billion, to $7.7 billion to $8 billion, on surging fuel margins.
西特戈石油，这家委内瑞拉裔的美国炼油商，把 2026 年经营利润预期上调了 20 亿美元，至 77 亿至 80 亿美元，原因是燃料利润率飙升。
PARA 31
Refiner stocks in 2026 have tripled. PBF Energy is up 202% this year, against 12% for the S&P 500.
炼油股在 2026 年涨了两倍。PBF Energy 今年上涨 202%，而标普 500 只涨 12%。
PARA 32
Marathon Petroleum has gained 190%, and Valero 165%, with the VanEck Oil Refiners ETF up 74%.
马拉松石油上涨 190%，瓦莱罗 165%，VanEck 炼油股 ETF 上涨 74%。
Refining, not drilling: the trade of 2026 Year-to-date change in stock price, percent PBF Energy +202% Marathon +190% HF Sinclair +172% Valero +165% CVR Energy +145% Phillips 66 +125% S&P 500 +12%
Chart 2 | Refiner shares up 125% to 202%, against 12% for the S&P 500 Sources: TradingView and Benzinga, prices as of Oct. 21 midday; S&P 500 shown for comparison.
PARA 33
The trade is already cooling. Over the past week, PBF fell 9.9% and Valero 5.9%, while the refiners ETF slipped 3.4%.
这笔交易已经在降温。过去一周，PBF 下跌 9.9%，瓦莱罗跌 5.9%，炼油股 ETF 跌 3.4%。
PARA 34
Valero reports third-quarter results on Thursday, before the market opens, the same day the first Russian tanker is due to sail.
瓦莱罗将于周四公布第三季度业绩（开盘前），同一天那艘俄罗斯油轮预计启航。
PARA 35
Analysts expect earnings of $21.12 a share, roughly six times the $3.53 of a year earlier, on revenue of $42.73 billion.
分析师预计每股收益 21.12 美元，约为一年前 3.53 美元的六倍，营收 427.3 亿美元。
PARA 36
But the outlook matters more than the beat, starting with fourth-quarter diesel margins.
但展望比超预期本身更重要，首先是第四季度的柴油利润率。
PARA 37
For households, the bill is already visible. An energy-cost tracker built by Brown University's Climate Solutions Lab estimates that the typical household has paid an extra $585 for gasoline since the war began.
对家庭来说，账单已经看得见了。一个能源成本追踪器（由布朗大学气候解决方案实验室制作）估计，自战争开始以来，典型家庭已在汽油上多花 585 美元。
PARA 38
Higher diesel prices have added another $474 to the same household's costs, because almost everything bought in a shop arrives on a truck.
柴油涨价又增加了 474 美元，落到同一个家庭的账上，因为商店里买到的几乎所有东西都是卡车运来的。
Road freight: a diesel bill ends up inside the price of almost everything sold in a shop.
Road freight: a diesel bill ends up inside the price of almost everything sold in a shop. 公路货运：柴油涨价几乎会进入每一件商品的成本。 Photo: Unsplash (stock image)
PARA 39
The cost does not stop at the pump. Fuel bills pass through to freight, food and building work, and economists say record diesel is stoking inflation and eating into household budgets.
这笔成本不会停在加油站。燃料账单会转嫁到运费、食品和建筑工程上，经济学家说，创纪录的柴油正在助长通胀、侵蚀家庭预算。
PARA 40
That is why diesel has become a political price two weeks before the Nov. 3 midterm elections.
这就是为什么柴油成了一个政治价格，在 11 月 3 日中期选举前两周。
PARA 41
The Russian cargo can lower prices at the margin. It does not add refining capacity, and capacity — steel, permits and time — is the constraint behind this year's rally.
俄罗斯那批货可以压低价格，但只在边际上。它不会增加炼油产能，而产能——钢铁、许可和时间——才是今年这轮涨势背后的约束。

核心术语 · Glossary

编号与正文上标一一对应，点正文里的数字可跳到对应卡片。默认只显示英文解释（练阅读）；想看中文，点卡片标题。
1crack spread/kræk spred/ 点击看中文解释 ↓

The gap between what a refinery pays for crude and what it sells the fuel for. It is the refiner's gross margin, quoted in dollars per barrel.

Why it matters here ▸ The 3-2-1 crack is about $53 a barrel, against $23 a year ago; New York Harbor diesel cracks topped $100.

裂解价差：炼厂买原油的成本与卖出成品油的价格之间的差额，也就是炼厂的毛利，按每桶美元报价。

Dollars per barrel, October 2026Brent crude$109Diesel, NY Harbor$212Crude costCrack spread: the refiner's cutApproximate: Brent $109 a barrel; NY Harbor diesel crack above $100 on Oct. 13.
拓展知识：3-2-1 是最常用的口径：三桶原油炼出两桶汽油、一桶柴油，所以混合裂差会被汽油拖累——今年汽油偏弱、柴油极强，53 美元的 3-2-1 其实低估了「柴油型」炼厂的赚钱程度（纽约港柴油裂差单独算已逾 100 美元）。看这类数字要先问一句：这是混合口径还是单一油品口径。
Extended note: A blended crack understates a diesel-heavy refiner when gasoline is weak. Always check whether the number is the 3-2-1 blend or a single-product crack.
2spot price/spɒt praɪs/ 点击看中文解释 ↓

The price for a commodity delivered now, rather than at a fixed date in the future. Futures price the future; spot prices the barrel in the tank today.

Why it matters here ▸ The article quotes spot crude and diesel because a physical shortage shows up there first.

现货价：现在就要交货的价格，区别于约定在未来某日交割的期货价。期货定的是未来，现货定的是今天油罐里那桶油。

拓展知识：现货比期货贵，叫「现货溢价」（backwardation），是实物紧张的典型信号——今年的原油曲线就长期处于这种状态。反过来，期货比现货贵（contango）通常意味着库存充裕、有人愿意付钱存油。判断「缺不缺货」，看现货与近月期货的价差，比看单日涨跌可靠。
Extended note: When spot trades above futures, the market is paying a premium for barrels today — the clearest sign of a physical squeeze.
3distillate/ˈdɪstɪlət/ 点击看中文解释 ↓

The middle of the barrel: diesel, heating oil and jet fuel — heavier than gasoline, lighter than asphalt.

Why it matters here ▸ US distillate stocks were 102.6 million barrels, down 12% from a year earlier.

馏分油：原油蒸馏出的「中间段」产品，包括柴油、取暖油和航空煤油——比汽油重、比沥青轻。

拓展知识：中馏分油是工业经济的燃料：卡车、农机、工程机械、船舶、取暖锅炉都用它。它也是最难替代的一类油——汽油车可以少开，柴油货车不能停。冬天取暖油需求上来时，柴油和取暖油会互相抢同一批库存，价格更容易蹿。
Extended note: Distillates are the working fuels of the economy, and heating demand in winter competes for the same barrels as trucking.
4refinery utilization/rɪˈfaɪnəri ˌjuːtəlaɪˈzeɪʃn/ 点击看中文解释 ↓

The share of a refinery's capacity that is actually running. 97% means almost every unit is in use; 100% is not a practical ceiling.

Why it matters here ▸ US refineries are near 97%; effective global utilization has slipped to 89–90%.

炼厂开工率：实际运行的产能占全部产能的比例。97% 意味着几乎所有装置都在转；100% 在实践中不是天花板。

拓展知识：炼厂不能全年满负荷：装置要定期检修（turnaround），事故与飓风也会停线，所以「97%」已经是极紧的状态。这也解释了为什么油价涨的时候炼厂利润涨得更快——它能卖的每一桶油都变得稀缺，而新增产能要拿许可、买钢、等三五年。
Extended note: Refineries need maintenance and cannot run flat out forever, so 97% is effectively full — and new capacity takes years to permit and build.
5export ban/ˈekspɔːt bæn/ 点击看中文解释 ↓

A government order stopping a product from leaving the country. It keeps fuel at home, but removes it from world markets.

Why it matters here ▸ Russia's export ban cut its diesel shipments from 700,000–900,000 barrels a day to 100,000–200,000.

出口禁令：政府禁止某类商品出境。它把燃料留在国内，但也把供应从世界市场上抽走。

拓展知识：出口禁令是「把国内价格按住、把国外价格推高」的政策：本国消费者短期受益，本国炼厂失去出口利润，进口国则要去别处抢货。俄罗斯 2026 年的柴油禁令就是典型——国内加油站的压力缓解了，欧洲和非洲的柴油裂差却被推到了历史高位。
Extended note: An export ban exports the shortage: it protects domestic pump prices by making foreign buyers bid higher.
6emergency stockpile/ɪˈmɜːdʒənsi ˈstɒkpaɪl/ 点击看中文解释 ↓

Government-held oil or fuel kept for crises. Releasing it adds supply, but only until the tanks run dry.

Why it matters here ▸ IEA members have released about 330 million of the 400 million barrels pledged since March, leaving roughly 100 million.

应急储备：政府为危机预留的石油或成品油。投放能增加供应，但只能撑到油罐见底。

拓展知识：放储能救急，但救不了产能。全球一天消费约 1 亿桶油，3.3 亿桶大约是三天的量；它能压住恐慌，压不住炼厂不够用这件事。而且储备是有限的政治资源——放得越快，下一次危机的缓冲就越薄。
Extended note: Strategic stocks buy time, not capacity. Three hundred million barrels is roughly three days of global consumption.
7sanctions/ˈsæŋkʃnz/ 点击看中文解释 ↓

Government penalties — restrictions on trade, finance or shipping — used to pressure another country. Waiving them can add supply without any treaty.

Why it matters here ▸ Washington suspended sanctions on Russian diesel to help cool prices.

制裁：政府为施压他国而设的贸易、金融或航运限制。豁免或暂停制裁，可以在不签任何协议的情况下增加供应。

拓展知识：注意动词：「暂停」（suspend）不是「取消」（lift）。暂停可以随时恢复，所以市场不会把它当成长期供应，只会给一个很小的折价。这也是为什么分析师说俄罗斯油桶「只在边际上有帮助」。
Extended note: Suspending sanctions is reversible, so markets price it as a temporary marginal supply, not a structural fix.
8freight rate/freɪt reɪt/ 点击看中文解释 ↓

The price of moving cargo by sea, quoted per barrel, per tonne or per day for the ship. It ends up inside the delivered cost of oil.

Why it matters here ▸ The average rate to move oil has gone to $20 a barrel from $3 last year; a VLCC to China cost more than $80 million.

运费：把货物运过海的价钱，按每桶、每吨或每天报价，最终会进到原油的到岸成本里。

拓展知识：运费平时是油价的零头（3 美元／桶），战时可以占到 20 美元／桶——相当于凭空多了一层「地理税」。绕行好望角、保险费上涨、船东要求战争险附加费，都会进这个数字。读油价新闻时，看到「交付价」和「基准价」的差距，多半就是运费与保险。
Extended note: Freight is the geography tax inside the barrel: detours, insurance and war-risk premiums all show up in the delivered price.
9windfall/ˈwɪndfɔːl/ 点击看中文解释 ↓

An unexpectedly large profit that comes from events rather than from better products or management.

Why it matters here ▸ The squeeze has been a windfall for refiners: PBF Energy is up 202% this year.

暴利、意外之财：不是靠更好的产品或管理，而是靠时势带来的超额利润。

拓展知识：暴利（windfall）在政治上很敏感，因为它看起来「不是挣来的」。所以每次油价飙升，都会有人提「暴利税」（windfall tax）。判断这类提议的关键是：它针对的是利润还是现金流——针对会计利润的税，会连亏损年份的折旧一起算进去。
Extended note: Windfall profits invite windfall taxes; the design question is whether the levy targets accounting profit or cash flow.

俚语与短语 · Slang & Phrases

文中出现的口语化表达与固定搭配，共 9 条。默认只给英文解释（练阅读），点标题看中文；每条都能一键加入生词本。
at the margin/ət ðə ˈmɑːdʒɪn/

In a small, incremental way — enough to matter a little, not enough to change the whole picture.

The Russian cargo may help, at the margin.

在边际上；只在一小部分上起作用。

俄罗斯这批货或许有帮助——但只在边际上。
buying opportunity/ˈbaɪɪŋ ˌɒpəˈtjuːnəti/

A moment when prices have fallen enough that an investor thinks it is worth buying.

We view any pullback in distillate prices as a buying opportunity.

买入机会（价格回落被看作进场时机）。

我们把馏分油价格的任何回落都视为买入机会。
nothing to write home about/ˈnʌθɪŋ tə raɪt həʊm əˈbaʊt/

Not impressive or special at all.

We've seen a tiny uptick, but nothing to write home about.

不值一提；没什么特别的。

我们看到一点点回升，但还完全不值一提。
run near capacity/rʌn nɪə kəˈpæsəti/

To operate almost at the maximum level a plant or system can handle.

U.S. refineries are running near capacity and cannot fill the global shortfall.

接近满负荷运转。

美国炼厂正接近满负荷运转，填不上全球的缺口。
pass through/pɑːs θruː/

To hand a cost on to customers by raising the price they pay.

Fuel bills pass through to freight, food and building work.

把成本转嫁出去。

燃料成本会转嫁到运费、食品和建筑上。
stoke inflation/stəʊk ɪnˈfleɪʃn/

To make inflation stronger or more persistent.

Record diesel is stoking inflation just as it was beginning to cool.

助长通胀。

创纪录的柴油价格正在助长通胀，而此时距中期选举只有两周。
make up for/meɪk ʌp fɔː/

To replace or compensate for something that is missing.

U.S. refiners cannot make up for more of the global shortfall.

弥补、补上。

美国炼厂无法再补上更多的全球缺口。
eat into/iːt ˈɪntuː/

To gradually use up or reduce something, such as savings or profit.

Higher fuel bills are eating into household budgets.

一点点侵蚀、吃掉（利润、积蓄、预算）。

更高的燃料账单正在侵蚀家庭预算。
hand over fist/hænd ˈəʊvə fɪst/

Very quickly and in large amounts — usually about making money.

The majors are making money hand over fist.

大把大把地（赚钱）。

炼油厂正在大把大把地赚钱。

读后测验 · Check Your Understanding

3 道题。点选项立即判分；解析需要单独点开。
Q1What does the article identify as the main reason diesel is so expensive?
正确答案：B
文章反复强调瓶颈在「炼」而不在「采」：原油可以改道，柴油不能，炼厂又已接近满负荷。A 项与文中「布伦特仍在 110 美元上方、原油出口恢复到战前七至八成」相反；C 项俄罗斯限制的是柴油出口，不是原油；D 项文中没有「需求翻倍」的说法，需求是被高价压制的。
Crude can be rerouted through pipelines or around Africa; a barrel of diesel cannot. The constraint is conversion capacity, not the number of barrels in the ground.
Q2A refiner's profit depends most directly on which of the following?
正确答案：B
这正是「裂解价差」的定义：炼厂赚的是买入原油与卖出成品油之间的差额，而不是油价的绝对水平。油价涨但成品油涨得更多，裂差扩大，炼厂反而更赚——今年就是这种情况。A 项是最常见的误解；C、D 项与炼厂毛利没有直接关系。
Refiners do not profit from oil prices. They profit from the gap between what they pay for crude and what they get for fuel, known as the crack spread. Refining is a spread business, not a price business.
Q3Why does the article treat the first Russian diesel cargo as largely symbolic?
正确答案：B
文中把这批货换算成「瓦莱罗两个半小时的加工量」，并指出即使 480 万吨全部到货，也只相当于 12 天的加工量；关键在于它不增加产能。A、D 项文中没有依据；C 项与「美国暂停对俄柴油制裁」相矛盾。
It does not add refining capacity, and capacity — steel, permits and time — is the constraint behind this year's rally. A cargo changes the flow of barrels; it does not change the size of the pipe.
财经外刊精读 · 互动版 · 2026-10-22 · 由 WorkBuddy 自动生成 · 仅供个人英语精读学习使用，版权归原作者与出版方所有
英文原文：WSJ《Diesel Prices Hold High Despite Efforts to Boost Global Supplies》（2026-10-16）；Bloomberg《Citgo Raises Profit Outlook by $2 Billion as Fuel Margins Surge》（2026-10-19）；Benzinga《Refiners Have Tripled in 2026: Could the Trump-Putin Diesel Deal Break the Trade?》（2026-10-21）；Reuters（2026-10-21）。原文按精读节奏切分为 42 段（含标题），引用的原句文字未作改动。
转载源与交叉核对：WSJ 稿提供柴油零售价、馏分油库存（1.026 亿桶、同比 −12%、东海岸 −22%）、纽约港柴油裂解价差（逾 100 美元／桶）与俄罗斯出口限制的完整口径；Bloomberg 稿提供西特戈上调 20 亿美元利润指引、三大炼厂二季度合计逾 100 亿美元利润；Benzinga 稿提供 3-2-1 裂解价差（约 53 美元，一年前 23 美元，10 月 7 日峰值 70 美元）、首艘俄罗斯柴油船 4 万吨、特朗普「4.8 万吨分四批」原话、炼油个股年内涨幅与瓦莱罗业绩前瞻；Reuters 补当日布伦特 110 美元上方、霍尔木兹与阿曼湾的船只袭击，Goldman 与 Kpler 的产能、库存与运费估算分散见于上述各篇。配图：Unsplash 无版权图库素材（非新闻原图），图表按公开数据自绘；本材料不构成任何投资建议。
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