This week, the international crude oil market continued to be favorable, the international oil price was soaring, the domestic oil product price was expected to rise, and the refinery oil product price was pushed up. According to the monitoring data of business news agency, the price of gasoline on January 8 was 5771 yuan / ton, up 1.14% from the beginning of the week; the price of diesel on December 25 was 4882 yuan / ton, up 0.38% from the beginning of the week.
This week, the international crude oil market was frequently bullish. The OPEC agreement was reached and Saudi Arabia reduced production by an additional 1 million barrels per day. Data showed that the U.S. crude oil inventory fell. This week, the price of WTI crude oil exceeded the $50 / barrel mark, with a weekly increase of 7.67%, and the price of Brent crude oil increased by 8.09%.
In terms of gasoline demand, cold weather and increased demand for automobile travel, coupled with the sharp rise in international oil prices, the oil product market is bullish. However, a small number of outbreaks in Hebei and Liaoning have led to road control in surrounding areas, affecting terminal transactions, and limiting the price rise in the gasoline market. In terms of diesel demand, cold weather has led to a continuous decline in outdoor diesel demand for road engineering and infrastructure, However, the price of diesel oil is still on the rise due to the increase of crude oil price.
As of January 8, the average start-up load of daily decompression unit was about 75%, the start-up load of refinery remained high, and the supply of domestic refined oil market was sufficient.
Lu Xingjun, product oil analyst of business news, believes that with the advance of vaccination and the favorable support of OPEC countries such as Saudi Arabia, it is expected that the oil price will still rise further. However, due to the impact of the epidemic in some parts of China recently, it is difficult to boost the terminal demand of refined oil. It is expected that the price of refined oil will rise steadily, but the increase is limited.
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