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SunSirs: Energy, Market Price of Refined Oil Rose Last Week (February 17-21)

February 24 2020 09:44:51     SunSirs (Selena)

Price Data

According to the price monitoring of SunSirs, the price of gasoline and diesel went up last week. The price of domestic gasoline was 6,315 RMB/ ton, 3.08% higher than that of the previous week. The price of domestic diesel was 6,120 RMB/ ton, 4.75% higher than that of the previous week.

Analysis of Influencing Factors

Product: last week, the bottom of international oil price was basically completed, showing a shock recovery market. At present, it is estimated that the price of gasoline and diesel will be increased by 220 RMB/ ton at 24:00 on March 3. The impact of the epidemic of COVID-19 will be gradually reduced nationwide, and the resumption of work will perform well. At present, the market demand for refined oil will gradually recover.

Industry chain: the impact of COVID-19 on the international crude oil market is weakening, and China's crude oil demand has improved. Most of the other producers except Russia support the reduction, but the EIA crude oil inventory increased by 415,000 barrels in the week of February 14. Last week, the international crude oil market has basically completed bottoming out, showing a shock recovery market.

Market: in terms of gasoline demand, with the progress of resumption of work, private car travel increased, and driven by the continuous rise in crude oil in the later period of last week, in addition, refineries began to increase gasoline prices in order to reduce profits and losses, and downstream operators have followed the rise in replenishment operations, but gasoline inventory is still high. In terms of new diesel requirements, the demand in the early part of this week was relatively flat, but in the later part, driven by the rise of crude oil price, diesel price rose, market transactions improved significantly, and diesel price rose with the trend. Last week, the domestic refined oil product market was basically stable and rising.

Market Forecast

The oil product analyst at SunSirs believes that: the international crude oil market is on the rise, and the impact of China's epidemic on the oil product market is gradually reduced, and it is expected that the price of the oil product market will be on the rise in the near future.

 

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