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SunSirs: Lack of Good News, China Gasoline and Diesel Prices were Stable

August 18 2020 10:06:34     SunSirs (Selena)

International crude oil prices continue to fluctuate at a high level. OPEC and IEA monthly reports have been released. The data performance is average, and the improvement of international oil price is limited. Refined oil market prices fluctuated in a narrow range. According to the monitoring data of SunSirs, the gasoline price on August 14 was 5,528 RMB/ ton, up 0.24% from the beginning of the week; on August 14, the price of diesel oil was 4,892 RMB/ ton, up 0.15% from the beginning of the week.

OPEC countries Saudi Arabia and other oil producing countries have verbally promised to strictly implement production reduction; U.S. crude oil inventories continue to decline; however, OPEC and IEA monthly reports have been released this week, and the data performance is average. International oil prices soared and fell.

In terms of gasoline, the domestic rainy weather increased this week, and the demand for gasoline terminal remained rigid. In addition, the lack of action on international oil prices led to low market purchasing enthusiasm, and low-cost replenishment was the main trend in the downstream. In terms of diesel, the terminal demand in some southern regions is recovering. In addition, the domestic hot weather is reduced, which is conducive to domestic mining and outdoor construction, and the diesel market has rigid demand support. However, on the whole, the international oil price is insufficient, the market demand is mainly based on rigid demand, the market lacks positive stimulation, and China domestic oil product market price is stable.

In mid August, the start-up load of the refinery dropped slightly by 2%. At present, the average start-up load of atmospheric and vacuum distillation units is about 73%. The start-up of the unit is still at a relatively high level, and the impact of the refined oil supply side is not significant.

The oil product analyst at SunSirs believes that: the international crude oil prices continue to maintain a choppy upward trend; in addition to the arrival of the traditional peak season, China refined oil prices are expected to continue to rise.

 

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