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SunSirs: China Domestic Refined Oil Price Completed "Nine Consecutive Rises"

March 17 2021 11:06:46     SunSirs (Selena)

Entering the pricing cycle, good news of international crude oil market is constantly coming out. Goldman Sachs and other institutions have raised WTI, Brent crude oil price expectations, Saudi oil industry facilities were attacked, the US $1.9 trillion rescue bill was officially issued, and OPEC increased the oil demand forecast period in 2021. International crude oil prices have reached a high level all the way. Although there was a slight correction at the end of the cycle, the change rate of crude oil in the three places has continued to rise according to the monitoring data of SunSirs. As of March 15, the change rate of crude oil was 3.79%. At 24:00 on March 17, the price adjustment of refined oil will usher in "nine consecutive rises". The price of refined oil will be increased 210 RMB/ ton, and the discount price will be increased by about 0.18 RMB/ liter.

Previously, it was predicted that OPEC would reach an agreement on increasing production, but things went against its wishes. The OPEC meeting postponed increasing production. In addition, the unexpected attack on Saudi oil facilities and the US $1.9 trillion stimulus will push the international crude oil price to a high of $70/ barrel. SunSirs analysts believe that: international oil prices are soaring rapidly. Recently, international oil prices aim to stabilize US $70 / barrel, so it is less likely to continue to go up; from SunSirs weekly K-line, the upward momentum of international oil prices is weakened. Therefore, it is expected that China domestic refined oil price adjustment will not usher in "ten consecutive rises".


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