According to the Commodity Market Analysis System of SunSirs, the price of locally refined gasoline and diesel in Shandong Province rose in late May. As of the 27th, the domestic price of 92# gasoline was 7,566.83 RMB/ton, with a price increase of 0.77%; The domestic price of 0# diesel is 6,661.33 RMB/ton, with a price trend increase of 1.67%.

Cost aspect: The crude oil market is boosting, and cost support is strong

In late May, the international oil price market fluctuated and rose mainly. As of the 26th, the US WTI crude oil market was closed, and the settlement price of the main Brent crude oil futures contract was $64.74 per barrel. On the one hand, the Middle East region has once again become tense, and this news is positive for the international oil market, with crude oil prices rising; On the other hand, the United States has increased its oil restrictions on a certain country, and the easing of tariffs between China and the United States has led to an upward trend in international oil prices. Overall, in late May, international oil prices fluctuated and rose, with strong support for crude oil and a rise in domestic gasoline and diesel prices.

Supply side: Shandong's local refining production has decreased, resulting in a decline in the supply of refined oil products

The operating rate of the main refineries has not changed much this week, and the supply of resources is relatively normal. The average operating rate of Shandong refineries has dropped to around 51%, and the operating rate of Shandong refineries is at a medium to low level. Domestic main refineries are operating normally, while some refineries in Shandong have maintenance plans in June, which may further drive down the overall operating rate. The supply of refined oil products from Shandong's refineries has declined, and the market for locally refined gasoline and diesel has slightly increased.

Demand side: The demand situation is still good, and the market trend is rising

In terms of gasoline, the Dragon Boat Festival holiday is approaching. With this news, businesses should stock up in moderation before the holiday. Considering that inventory is at a low level, this may provide a bottom line for gasoline prices. However, the continuous penetration of new energy vehicles has had a certain impact on gasoline demand. Overall, the gasoline market has not changed much. In terms of diesel, the favorable summer harvest will also be gradually launched, and the increase in agricultural oil consumption will support the demand for diesel. There is not much pressure on pre holiday inventory, and refineries are more active. In addition, infrastructure and logistics are relatively normal, and the diesel market trend has slightly increased.

Supported by recent positive news, international oil prices are expected to rise in the short term, providing some support for the domestic refined oil market. From a domestic perspective, the operating rate of refineries has declined in the short term, and the supply of refined oil has decreased. In addition, the demand for gasoline is still acceptable, and the gasoline market prices are mainly fluctuating; There is still support for diesel demand, and diesel prices may rise slightly in the later stage.

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