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SunSirs: Good Demand Drove up Gasoline Price last Week

June 01 2020 09:51:33     SunSirs (Selena)

The national weather is getting hotter, the use of automobile oil is increasing, and the demand for gasoline is increasing market price. According to the price monitoring data of SunSirs, the domestic gasoline price last week was 4,893 RMB/ ton, 4.89% higher than that of the previous week. In contrast, the demand side of diesel price lacks upward space. According to the price monitoring of SunSirs, the domestic diesel price was 4,932 RMB/ ton, a slight drop of 0.37% compared with the previous week's price.

 

In summer, the support for gasoline consumption is more obvious, with the increase of main outsourcing and downstream replenishment. In addition, under the influence of the buying atmosphere, the operation of traders' hoarding has also increased, and the overall demand for gasoline is improving. At the same time, gasoline exports increased, easing the supply pressure of the gasoline market. According to the data of the General Administration of customs, in April 2020, China's gasoline export volume was 1.9 million tons, up 4.4% month on month and 62.39% year on year.

In contrast, the rising temperature in summer and limited outdoor operation limit the demand of diesel market, but the rigid demand industry still has strong support for the market. In addition, the decrease of diesel export affects the rise of diesel price. According to the data of the General Administration of customs, in April 2020, China's diesel export volume was 2.57 million tons, down 9.19% month on month, down 1.1% year on year.

Recently, the international crude oil price is short of news and guidance. Last week, the WTI crude oil price fluctuated between $33-34.5/ barrel, with a weekly drop of only 0.62%, which has little effect on the market guidance.

Market Forecast

The oil product analyst of SunSirs believes that, at present, the crude oil market has entered into a short-term volatile market and failed to break the "floor price" of domestic oil products of $40/ barrel. There will be cooling weather in the north and south of the country this week, which is not conducive to the consumption of oil products. It is expected that the domestic oil product market will be stable and moderate.

 

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