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SunSirs: International Crude Oil Price Fluctuated High, China Gasoline and Diesel Prices Rose slightly
January 20 2021 10:53:45SunSirs(Selena)

Last week, the international crude oil price fluctuated at a high level, the domestic refined oil price adjustment ushered in "five consecutive rises", and the refinery refined oil price slightly pushed up. According to the monitoring data of SunSirs, the price of gasoline on January 15 was 5,847 RMB/ ton, up 1.02% from the beginning of the week; the price of diesel on January 15 was 4,868 RMB/ ton, up 0.41% from the beginning of the week.

Last week, the international crude oil market was frequently bullish. Saudi Arabia sharply cut production and reduced crude oil exports to the United States. The U.S. crude oil inventory showed a downward trend. The vaccine started. The market expected that the epidemic would be effectively controlled. Last week, the international oil price fluctuated at a high level. WTI crude oil price rose 2.55% and Brent crude oil price rose 0.77%.

In terms of gasoline demand, the cold weather in winter increases the willingness to travel by car, and the price of domestic refined oil increases for five consecutive years, resulting in the increased willingness to trade at the end of the refined oil market and the upward price of gasoline market. In terms of diesel demand, due to the cold weather, the demand for outdoor diesel oil such as engineering and infrastructure is declining. At present, the diesel market mostly relies on the rigid demand of logistics, transportation, mining and other industries. However, the price of diesel is weak.

As of January 15, the average operating load of daily decompression unit was about 74%, the operating load of refinery remained high, and the supply of domestic refined oil market was sufficient.

SunSirs oil product analysts believe that: with the advance of vaccination and the favorable support of production reduction in OPEC countries such as Saudi Arabia, the international oil price is expected to remain high in the short term. In addition, as the Spring Festival holiday approaches and the price of refined oil rises, it is expected that the price of China refined oil will continue to rise.


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