SunSirs: Crude Oil Rises, China Gasoline and Diesel Prices Rise

At 24:00 on November 5, China domestic oil product market price was lowered, but the international crude oil price rose as a whole, the domestic oil product market bullish sentiment rose, and the gasoline and diesel oil prices rose as a whole. According to the monitoring data of the business agency, the gasoline price on November 6 was 5,213 RMB/ ton, up 0.73% from the beginning of the week; on November 9, the price of diesel oil was 4,636 RMB/ ton, up 1.74% from the beginning of the week.

The sharp rise in international crude oil prices last week is mainly due to Trump's claim that he has won the US presidential election, mainly considering Trump's sanctions against Iran and his positive attitude towards the implementation of OPEC+ production reduction. At the same time, EIA data showed that the US commercial crude oil inventory data also had a significant positive effect on oil prices, and the US crude oil inventory fell sharply. The good news was exhausted in the late last week, and the international oil price was slightly reduced. However, the overall international oil price rose, with WTI crude oil price increasing 3.77% and Brent crude oil price rising 3.98%.

In terms of gasoline demand, the weather turned cold, and the number of car trips increased slightly, but the boosting effect on the gasoline market demand was very limited. In addition, the implementation of price adjustment and reduction of domestic refined oil, the wholesale and retail price of gasoline was reduced, and the terminal market was purchased on demand; in terms of diesel demand, the domestic weather was getting colder, and outdoor operations such as road engineering and infrastructure construction entered the rush period, and the demand for diesel oil was good, plus international crude oil The domestic diesel price has a good upward trend, but the overall supply of diesel oil market is sufficient, and the rising range of diesel price is limited.

As of October 30, the average start-up load of the daily decompression unit was about 75%, and the start-up load of the refinery increased slightly, and the domestic refined oil supply was relatively sufficient.

SunSirs oil product analyst believes: affected by the foreign epidemic situation, the international crude oil demand is not good. In the short term, the international crude oil will continue to be under pressure, and the domestic demand for refined oil is lack of good support. It is expected that China domestic oil product price will be stable and small in the short term.

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