SunSirs--China Commodity Data Group

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SunSirs: The Tenth Rise in the Year in the Price of Refined Oil at 24pm September 3

September 04 2019 14:40:49     SunSirs (Selena)

As of September 3, WTI crude oil futures in the international crude oil market were trading at $55.10 per barrel, down 2.20% from August 21, while Brent crude oil futures were trading at $58.66 per barrel, down 2.28% from August 21. The change rate of crude oil in the three places is 1.77% according to the monitoring data of SunSirs. Although the international oil price has fallen slightly, the rate of change of crude oil has been in an upward range. The international oil price has fallen sharply in the past two days. According to the price regulation of refined oil, the price of domestic gasoline and diesel oil has risen 115 RMB and 105 RMB per ton respectively.

Sino-US trade continues to deteriorate, Russia's output reduction in August will be less than planned, Morgan Stanley is reducing crude oil demand to increase expectations, bad news continues to release; Fortunately, Saudi Arabia's continued excessive production cuts and tensions in Iran have supported oil prices to some extent. As a result, international crude oil showed a broad downward trend this week, but domestic crude oil change rate continued to be in a positive range. Finally, the expected increase in the domestic refined oil market can be realized.

The next round of price adjustment of refined oil will be lowered.

Later, in September, the United States will impose tariffs on Chinese imports, Global trade risks will still cause market concerns, and some oil production plans are not completed, and international oil prices will decline significantly. Since the beginning of the new round of price adjustment of refined oil, the change rate of crude oil is -3.6%. The corresponding gasoline and diesel oil should be reduced 120 RMB/ton. It is expected that the probability of the next round of price reduction of refined oil will increase greatly.

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