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周二，美国天然气期货价格上涨5%，至每百万英热单位4.54美元，为2022年12月以来的最高水平，因为交易员押注12月会更冷，电力需求会更高，尽管下周气温会更温和。出口活动也推高了价格，11月迄今为止，美国八大液化天然气工厂的平均流量为178亿立方英尺/日，高于10月创纪录的167亿立方英尺·日，预计还将进一步上涨。随着各国减少对俄罗斯天然气的依赖，欧洲的需求强劲，而美国则鼓励亚洲能源进口。与此同时，美国的产量仍然强劲，11月平均为1090亿立方英尺/日，有助于抵消出口的增长。今年早些时候的高产量使公司能够比平时储存更多的天然气，每年这个时候的库存比正常水平高出约4%。

US natural gas futures jumped 5% to $4.54 per MMBtu on Tuesday, the highest since December 2022, as traders bet on a colder December and higher power demand, despite milder temperatures next week. Export activity is also driving prices higher, with flows to the eight major US LNG plants averaging 17.8 bcfd so far in November, up from a record 16.7 bcfd in October, and are expected to rise further. European demand is strong as countries reduce reliance on Russian gas, while the US encourages Asian energy imports. At the same time, US production remains strong, averaging 109 bcfd in November, and helping offset rising exports. High output earlier this year allowed companies to stockpile more gas than usual, with inventories about 4% above normal for this time of year.

根据财政部的初步数据，俄罗斯联邦政府在2025年1月至10月期间的预算赤字为4.2万亿卢布，占国内生产总值的1.9%，远高于2024年同期的0.2万亿卢布。这一数字低于政府2025年占GDP 2.6%的新目标。政府总支出同比增长15.4%，达到34.1万亿卢布，而收入增长缓慢0.8%，达到29.9万亿卢布。非石油收入增长11%，达到22.425万亿卢布。包括增值税在内的销售税收入增长5.8%，增值税收入增长6.2%，达到11.504万亿卢布。石油和天然气收入下降21.4%，至7.498万亿卢布，主要原因是平均油价下跌。

The Russian Federal Government ran a budget deficit of RUB 4.2 trillion in the January-October period of 2025, or 1.9% of the GDP, way higher than RUB 0.2 trillion during the same period in 2024, according to preliminary data from the Finance Ministry. The figure was below the government’s new 2025 target of 2.6% of GDP. Total government spending climbed 15.4% year-on-year to RUB 34.1 trillion, while revenues increased at a much slower 0.8% to RUB 29.9 trillion. Non-oil revenue grew 11% to RUB 22.425 trillion. Sales tax revenue including VAT rose 5.8%, with VAT revenue up 6.2% to RUB 11.504 trillion. Oil and gas revenue fell 21.4% to RUB 7.498 trillion, mainly due to a fall in the average oil price.

可可期货暴跌4%以上，至每吨5800美元，这是自10月中旬以来从未见过的水平，这得益于积极的供应前景和对欧盟森林砍伐规则可能推迟的乐观情绪。一份欧盟谈判文件草案显示，欧盟国家希望将欧盟的反森林砍伐法再推迟一年，因为他们准备在下个月实施该法之前就法律的修改进行谈判。与此同时，经销商表示，在本季开始缓慢后，顶级可可种植国科特迪瓦的可可进口量正在回升。与此同时，当地农民表示，上周该国可可种植区的小雨和高温支持了10月至3月季节的积极前景。

Cocoa futures plunged more than 4% toward $5,800 per tonne, a level not seen since mid-October, supported by positive supply prospects and optimism over a potential delay to EU deforestation rules. A draft EU negotiating document showed European Union countries want to delay the bloc's anti-deforestation law by another year, as they prepare to negotiate changes to the law before it is due to be applied next month. Meanwhile, dealers said that cocoa arrivals in top grower Ivory Coast were picking up after a slow start to the season. In the meantime, local farmers said that light rains mixed with heat in the country's cocoa-growing regions last week support a positive outlook for the October-to-March season.

葵花籽油期货价格从10月下旬的多年高点回落至每吨约1400美元，原因是供应过剩扩大和竞争对手植物油价格疲软。棕榈油和豆油价格的下跌缩小了向日葵的溢价，鼓励买家转向更便宜的替代品，并促使贸易商获利回吐。通常是摇摆目的地的印度连续第二周暂停采购，此前向日葵的到岸价比豆油高出约180美元，比棕榈高出约200美元，黑海货物的报价很少。与此同时，阿根廷的压榨量增加和植物油供应量增加，为世界贸易增加了价格高昂的报价，而乌克兰出口商和加工商则增加了现货销售，因为收获流挤满了工厂的排队队伍。随着加工利润的挤压，压榨商削减了种子报价，并将生产转向经济更稳定的大豆和油菜籽，从而消除了葵花籽的一个关键出口。

Sunflower oil futures eased to about $1,400 per tonne, down from the multi-year highs seen in late October amid a widening supply overhang and softer rival vegetable-oil values. Falling palm and soybean oil prices narrowed the premium for sunflower, encouraging buyers to switch to cheaper alternatives and prompting traders to take profits. India, normally the swing destination, paused purchases for a second consecutive week after Sunflower was trading about $180 above soybean oil and roughly $200 above palm on a CIF India basis, leaving few bids for Black Sea cargoes. At the same time Argentina’s ramped-up crush and greater vegetable-oil availability have added aggressively priced offers to world trade, while Ukrainian exporters and processors increased spot selling as harvest flows filled factory queues. With processing margins squeezed, crushers have trimmed seed bids and shifted runs toward soy and rapeseed where economics are firmer, removing a key outlet for sunflower seed.