SunSirs: International Crude Oil Price Rose in Early October, China Gasoline and Diesel prices fell slightly

In the first ten days of October, the international crude oil price rose, but China domestic refined oil price adjustment was stranded, and the domestic product oil market price confidence was insufficient, and the product oil price fell slightly. According to the monitoring data of SunSirs, the price of gasoline on October 11 was 5,353 RMB/ ton, down 0.36% from the beginning of the week; on October 11, the price of diesel oil was 4,623 RMB/ ton, down 0.93% from the beginning of the week.

More than 90% of crude oil production capacity has been stagnated due to the hurricane in the Gulf of Mexico; Norwegian oil workers have gone on strike; Saudi Arabia has raised the official price of Arab light crude oil; and the EIA report at the beginning of the month showed that crude oil stocks fell by 1.98 million barrels last week. The positive news stimulated the rise of international oil prices. With the end of Norway's oil workers' strike and the increase of OPEC's crude oil exports in September, the EIA reported on October 7 that the US crude oil inventory increased by 501,000 barrels, to 492.9 million barrels, which was far more than expected. International oil prices fell back. On the whole, international crude oil prices rose first and then fell slightly. WTI crude oil prices rose by 4.86% in the first ten days of October, while Brent crude oil prices fell by 4.69% this week.

In terms of gasoline demand, the overall demand of gasoline market is relatively stable, and it is still in the peak season. With the appearance of bad news in the later period, the industry's operation enthusiasm is not high, and the domestic refined oil price adjustment is stranded, so the demand for replenishment after the festival has not improved, and the gasoline market price has risen. In terms of diesel, engineering infrastructure, logistics, autumn harvest and other links are still good for diesel consumption. Refinery shipment is good in the week. The current market is mainly affected by the impact of sufficient supply and refinery inventory reduction before the festival. On the whole, crude oil prices went up, and domestic refined oil price adjustment ran aground, which restrained the upward trend of domestic refined oil prices.

SunSirs oil product analyst believes: the blockade of some regions caused by the second epidemic in Europe is the biggest negative news for the weak adjustment of the oil market, and the international crude oil market will continue to be under pressure; after the festival, with the replenishment of China refined oil marke, and the price of China refined oil is expected to be stable and small.

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