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SunSirs: Retail Price of China Domestic Oil Products may continue to Rise in May

May 12 2021 15:39:57     SunSirs (Selena)

The current round of domestic oil product price adjustment will start at 24:00 on May 14. The current round of domestic oil price increase is likely to be the seventh time this year.

In this round of pricing cycle, the ministerial meeting of OPEC and its production reduction allies was held through video conference. The meeting approved the output adjustment level in May, June and July 2021, with each adjustment not exceeding 500000 barrels per day. At the same time, it continued to abide by the mechanism agreed by the ministerial meeting of OPEC and its production reduction allies, and held the ministerial meeting of OPEC and its production reduction allies every month, In order to evaluate the market situation and decide the output adjustment level of next month, the international oil price remains relatively high. As of May 7, Beijing time, international oil prices closed slightly up and down. The settlement price of the main contract in the WTI crude oil futures market of the United States was at $64.71/ barrel, and the settlement price of the main contract in the Brent crude oil futures market was at $68.08/ barrel, The relaxation of travel restrictions in Europe and the United States, the resumption of factory operation and vaccination boosted the recovery expectations, and oil prices rose in turn, closing basically flat in the last trading day. At present, although the worry about the Indian epidemic has not dissipated, the market still has confidence in the recovery of the world's major economies. In this round of pricing cycle, the release of various favorable factors boosted people's optimistic expectations of the recovery of energy demand. According to the monitoring data of SunSirs, the crude oil change rate of the three places rose slightly, with the crude oil change rate of 2.31% as of May 7. At 24:00 on May 14, refined oil prices will rise for the seventh time in the year.

In the future, as OPEC+ will gradually increase crude oil production, coupled with the severe epidemic situation in India and Japan, the bad mood in the crude oil market will rise. However, as the European and American countries to relax the blockade, and the economy of China and the United States is in the recovery stage, the oil price is supported, and the crude oil price is more likely to rise. A new round of refined oil price adjustment will face certain uncertainty, mainly with a small increase.

 

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