SunSirs: Energy, the Market Price of Refined Oil Increased last Week (May 18-22)

According to the price monitoring of SunSirs, the price of domestic gasoline and diesel rose last week. The price of domestic gasoline was 4,664 RMB/ ton, 2.74% higher than that of the previous week. The price of domestic diesel was 4,962 RMB/ ton, 0.55% higher than that of the previous week.

Analysis of Influencing Factors

Product: last week's crude oil futures rebounded day by day. In addition to the strong gasoline consumption in summer and the increase in downstream replenishment operations, the domestic gasoline and diesel prices rose slightly last week.

Industrial chain: since May, OPEC+ member countries led by Saudi Arabia and Russia have implemented large-scale production reduction; crude oil production of the United States has also declined significantly; crude oil inventory of the United States and crude oil inventory of Cushing have also declined significantly. Multiple positive factors jointly push up the international crude oil price. At present, WTI has reached a high since March 10.

Market: in summer, automobile oil consumption is increasing, gasoline consumption is obviously improving, and the international crude oil price has an upward trend, and the downstream replenishment demand is increasing. In terms of diesel, the supporting role of logistics, transportation, engineering, infrastructure and other rigid demands for diesel is still obvious, but at present, the diesel output of refineries is large, so the diesel delivery of some refineries is not as expected. Last week's rise in diesel prices was also less than that of gasoline.

Market orecast

The oil product analyst of SunSirs believes that, at present, the demand of crude oil market is still in the process of gradual recovery, and the overseas epidemic is still serious. In the short term, the oil price will continue to fluctuate, and the price adjustment of domestic oil products will continue to be below the floor price, and it is expected that the domestic oil product market will be stable and positive.

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