华尔街银行大举涉足石油供应业

Wall Street banks are wading deeper into the business of supplying oil as they compete with oil merchants selling crude to refineries.

华尔街的银行正与石油交易商竞相向炼油厂销售原油，更深入地涉足石油供应业务领域。

JPMorgan Chase, Morgan Stanley and Goldman Sachs have all recently struck deals to supply US refiners. Goldman is now the largest supplier of crude and the largest customer of refined products for refineries owned by Alon USA in California, Louisiana and Texas.

摩根大通(JPMorgan Chase)、摩根士丹利(Morgan Stanley)和高盛(Goldman Sachs)近来都与美国炼油厂商达成了供油协议。目前，高盛是阿龙美国(Alon USA)在加利福尼亚州、路易斯安那州和得克萨斯州所拥有炼油厂的最大原油供应商和最大的成品油客户。

The banks’ growing profile in the market highlights the effect of persistently high oil prices on cash-strapped independent refiners, which have been forced to turn to banks for finance.

这些银行更深地切入石油市场，反映出一直高企的油价对资金短缺的独立炼油厂的影响。这些厂商被迫向银行寻求融资。

Oil trading houses are using on average 75-80 per cent of their credit lines, leaving them little room to take new business and still have leeway if prices soar, bankers say.

银行表示，石油交易机构平均使用了其信贷额度的75%至80%，已经没有多少余力增加新业务；如果油价飞涨，它们则仍有回旋余地。

The banks’ increasing role in oil supply comes as US regulators proceed with rules limiting the size of oil derivatives positions held by financial traders. But banks can use physical oil cargoes to offset their quota of derivative positions.

银行在石油供应方面作用加大之际，美国监管机构开始实施限制金融交易商所持石油衍生品头寸规模的规则。但银行可以利用石油现货来抵消衍生品头寸限额的影响。

JPMorgan this month agreed to supply crude to, and purchase fuels from, the biggest refinery on the US east coast as the refinery was sold to a joint venture of Carlyle Group and former owner Sunoco.

摩根大通本月同意向美国东海岸最大的炼油厂供应原油，并向其采购燃料，该炼油厂已被出售给凯雷集团(Carlye Group)与其前所有人美国太阳石油公司(Sunoco)共建的一家合资企业。

Morgan Stanley delivers crude to an Ohio refinery owned by PBF Energy and buys petrol, diesel and lubricants made by its two other refineries in Delaware and New Jersey.

摩根士丹利向PBF Energy位于俄亥俄州的一家炼油厂供应原油，并向该公司位于特拉华州和新泽西州的另外两家炼油厂购买汽油、柴油和润滑油。

The deals help refiners secure expensive supplies as oil hovers around $100 a barrel, although they also put banks in competition with merchants such as Glencore and Vitol and commercial oil companies such as BP, Royal Dutch Shell and Chevron.

由于油价徘徊在每桶100美元左右，上述协议帮助炼油厂锁定了昂贵的原油供应，但也使银行与嘉能可(Glencore)、维多(Vitol)等石油交易商和英国石油(BP)、荷兰皇家壳牌(Royal Dutch Shell)、雪佛龙(Chevron)等商业石油公司之间产生竞争。

Morgan Stanley and JPMorgan are also lobbying regulators to carve out “forward commodity contracts from the Volcker rule, which bans banks from proprietary trading.

摩根士丹利和摩根大通也在游说监管机构，希望后者把大宗商品“远期合约从禁止银行从事自营交易的沃尔克规则(Volcker rule)中剔除出去。