SunSirs: International Crude Oil Price Goes Down, China Gasoline and Diesel Prices Move Down this Week
September 30 2020 10:29:42 SunSirs (Selena)
International crude oil demand is expected to decline, and crude oil prices will decline. Affected by this, the price center of domestic refined oil market will move downward. According to the monitoring data of SunSirs, the price of gasoline on September 25 was 5,387 RMB/ ton, down 1.31% from the beginning of the week; the price of diesel was 4,700 RMB/ ton, down 1.93% from the beginning of the week.
This week's EIA data showed that the US crude oil inventory continued to decline, which was good for the international crude oil price; however, negative news such as OPEC's international discount sales of crude oil, the reduction of crude oil price expectations by Barkley and other institutions, the resumption of production of Libya's crude oil and the aggravation of the epidemic situation in Europe continue to stimulate the international crude oil market. ETI crude oil prices fell 2.59% this week, while Brent crude oil prices fell 2.29%.
In terms of gasoline demand, near the Mid Autumn Festival, the overall consumption of gasoline remained just in demand, the international oil price went down, and the domestic oil product market price declined slightly. In terms of diesel demand, in the peak demand season, the demand for diesel oil in engineering, infrastructure, logistics and other industries has increased, but the demand is not obvious. The international oil price is falling, and the diesel market is slightly sluggish.
SunSirs oil product analyst believes that: the international crude oil market demand is expected to decline, and the crude oil price is weak; however, the peak of replenishment after the mid autumn Festival and National Day is expected, and China refined oil price is expected to usher in an upward trend.
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