SunSirs: International Crude Oil Price Rebounded, China Gasoline and Diesel Prices Rose slightly

The international crude oil price rebounded after the overall bottom stabilized, but the upward range was limited. In addition, the domestic oil product price decreased on September 18, and the domestic oil product market rose slightly. According to the monitoring data of SunSirs, the gasoline price on September 18 was 5,529 RMB/ ton, up 0.56% compared with the beginning of the week; on September 18, the price of diesel oil was 4,875 RMB/ ton, up 1.64% from the beginning of the week.

Affected by the hurricane, crude oil production in the Gulf of Mexico region declined for a short time. EIA data showed that the U.S. crude oil inventory decreased significantly, stimulating the rebound of international crude oil prices. However, Saudi Arabia lowered the official price of crude oil and faced the risk of a second outbreak in the world, resulting in weak market demand and limited increase in international oil prices.

In terms of gasoline demand, near the Mid Autumn Festival holiday, residents' driving trips increased and gasoline consumption performed well. However, the decline of China domestic refined oil limited the upward trend of gasoline market price. In terms of diesel demand, peak season is coming, diesel demand in engineering, infrastructure, logistics and other industries is supported, and the fishing moratorium is over, which has a certain driving effect on diesel demand, and the domestic gasoline price rises slightly.

SunSirs oil product analysts believe that: the international crude oil market has stabilized and rebounded, but the crude oil price has not been reflected sufficiently; in addition, China domestic oil product price has been lowered on Friday (September 18), and China refined oil price is expected to decline steadily.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.