SunSirs--China Commodity Data Group

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SunSirs: China Domestic Refined Oil Products Price Increased after three months

June 29 2020 10:50:44     SunSirs (Selena)

In the current pricing cycle, OPEC+ countries such as Iraq and Kazakhstan have committed to better abide by the production reduction agreement; institutions such as Bank of America Securities, HSBC and International Energy Agency (IEA) have raised their expectations on international oil prices in the third and fourth quarters of 2020, boosting market confidence; most countries in the world have achieved good epidemic control of COVID-19, and the market is confident in the recovery of crude oil demand.

Influenced by multiple favorable factors, international crude oil price fluctuated higher. As of last Friday (June 26), Brent crude oil futures price was $40.93/ barrel, and U.S. crude oil futures price was $38.41/ barrel. As of June 26, the monitoring data of SunSirs showed that the average price of crude oil was $42.2680/ barrel, breaking the "floor price" of $40/ barrel. After three months, China domestic product oil price rose.

At 24:00 on June 28, the maximum retail prices of domestic gasoline and diesel were increased by 120 RMB/ ton and 110 RMB/ ton respectively, which equivalent to 92# gasoline 0.09 RMB/ liter and 0# diesel 0.09 RMB/ liter.

 

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