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SunSirs: Crude Oil Prices slightly Called Back, Gasoline and Diesel Prices Remained Stable

August 04 2020 10:33:21     SunSirs (Selena)

The international crude oil price slightly reversed. On July 30, the latest crude oil change rate was 0.29%. China domestic refined oil price adjustment is expected to continue to shrink, and the product oil market has an increasing wait-and-see mentality, and the product oil price is mainly stable. According to the monitoring data of SunSirs, the gasoline price on July 31 was 5,460 RMB/ ton, up 0.06% compared with July 27; the gasoline price on July 30 was 4,887 RMB/ ton, down 0.10% from July 27.

In terms of international crude oil, from August 1, the overall production reduction rate of OPEC+ will drop from the current 9.7 million barrels/ day to 7.7 million barrels/ day; according to the latest US crude oil inventory data released by the US EIA, the US crude oil inventory is still at a high level; Sino US relations are also becoming tense in the near future. The international crude oil market price slightly corrected, WTI crude oil price fell by 2.80% weekly.

In terms of gasoline, the domestic gasoline demand are in the peak season, but the international crude oil market has a downward trend. The middle and lower reaches of the market are operated cautiously, and the gasoline market loses its upward momentum. In terms of diesel, under the background of poor market demand, the willingness to receive goods from downstream is not high. In addition, outdoor operation is affected by high temperature in summer, and the demand for diesel oil in infrastructure, mining and transportation terminals has not been released, so the diesel market price is weak.

Recently, the operating load of refineries has risen slightly. As of July 31, the average operating load of atmospheric and vacuum distillation units was about 76%, 1% higher than the previous week. Sufficient supply of refined oil is detrimental to the oil product market.

The oil product analyst at SunSirs believes that: the international crude oil price is going down at a risk price; in addition, China domestic refinery starts to maintain a high level, and the market price of China refined oil is expected to show a downward trend.


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