SunSirs: International Crude Oil Performance Weak, This Round of Oil Products Price Adjustment Aground or Down

Recently, the international crude oil prices have been falling, the United States and Iran to return to the nuclear agreement and the negotiations are progressing smoothly, the market is concerned about the increase of Iranian crude oil production, OPEC countries also modestly increased production, the change rate of domestic crude oil is in a negative value, and the probability of grounding or small reduction of the retail price of refined oil products is large. SunSirs monitoring data show: On April 12, the price of gasoline was 7058.8 yuan/ton, and the price of diesel oil was 5609.6 yuan/ton on April 12. The price of gasoline and diesel oil in Shandong provincial refinery increased slightly, but the increase was not large.

Oil prices reacted positively earlier this month after OPEC and its non-OPEC partners,(also known as OPEC +)reached a favorable agreement to gradually roll back production cuts starting in May. OPEC + will allow 350000 barrels of oil to be added to the market every day from next month, another 350000 barrels will be available in June and June, and 450000 barrels will be available in July. Currently, the Organization of the Petroleum Exporting Countries (OPEC) is cutting just over 7 million barrels a day, and Saudi Arabia has volunteered to cut another 1 million barrels a day. That comes despite hopes that fuel demand in the U.S. will heat up as the summer driving season approaches and vaccinations accelerate; But rising cases in other countries capped oil prices, with India reporting a record number of new cases. On April 9, the international oil price closed slightly lower. The main contract of WTI crude oil futures market in the United States settled at 59.32 US dollars per barrel, down 28 US dollars or 0.5%. Brent crude, the main contract on the market, settled down 25 cents, or 0.4 percent, at $62.95 a barrel. Oil prices closed lower on Friday and are down about 2 percent for the week

In terms of gasoline demand, there are many domestic trips during Tomb-sweeping Day, which boosts the demand for gasoline, and the demand for stock replenishment and goods hoarding after the festival has increased. In terms of diesel oil, the demand for diesel oil in the engineering, infrastructure, transportation and other industries has increased, and the demand for diesel oil terminals has strong support.

As of April 12, the average working load of daily pressure relief devices is about 68%, and the supply of domestic refined oil market remains high.

SunSirs finished oil analyst Chen Ling said , the international crude oil price remains weak, the current domestic crude oil change rate is in a negative low, there are still three working days before this round of price adjustment, if crude oil continues to decline, the rate of change will increase in a negative range. However, domestic refineries may have maintenance plans in the near future, and supply may be reduced. It is expected that the price of refined oil will remain stable in the near future.

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