SunSirs: Weekly Gasoline Market Report (5.1-5.6)
May 06 2023 10:34:39
On May 6th, the benchmark price of gasoline for Business Society was 8508.20 RMB/ton, a decrease of -1.62% compared to the beginning of this month (8648.60 RMB/ton).
SunSirs believes that in the short term, oil prices will be catalyzed and suppressed by the high interest rate environment brought about by the Federal Reserve's interest rate hike, which will affect overseas credit risks. There will be no significant changes in the short-term supply and demand of crude oil, including in the absence of further OPEC production cuts, making it difficult for the oil market to reverse its weak pattern. If there is positive macro news, there is also a trend for oil prices to rise. In terms of domestic supply, the overall operating rates of the main refineries and local refineries have not changed much. In addition, there is still support for the demand for refined oil, and there is a concentrated replenishment demand in the downstream market in the later stage. Due to the combined influence of bullish and bearish factors, it is expected that the trend of the gasoline and diesel market in May may be initially suppressed and then increased.
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