On November 9, the international crude oil price rose sharply, driving the domestic gasoline and diesel prices to rise slightly. Later, due to the low enthusiasm of market procurement, gasoline and diesel prices fell again. According to the monitoring data of SunSirs, the gasoline price on November 13 was 5,212 RMB/ ton, down 0.03% from the beginning of the week; on November 13, the price of diesel oil was 4,628 RMB/ ton, down 0.14% from the beginning of the week.
Previously, Pfizer announced that its new crown vaccine had made a major breakthrough, and market optimism was high; Saudi Arabia's energy minister said at the meeting on Monday that if OPEC+ reached an agreement, the production reduction agreement might be adjusted, which also pushed up oil prices. In the later period, OPEC monthly report showed that it lowered the expectation of OPEC crude oil demand again; EIA sharply reduced the growth prospect of global oil demand in 2021 and other negative news, and international oil price in the later part of last week slightly reversed, with WTI crude oil price increasing 8.05% and Brent crude oil price increasing 8.44%.
In terms of gasoline demand, the weather turned cold and the number of car trips increased slightly, which had a certain supporting effect on the demand of gasoline market. However, on November 6, the price of domestic refined oil was adjusted and the wholesale and retail price of gasoline was reduced, and the enthusiasm of purchasing in the terminal market was not high. In terms of diesel demand, the domestic weather was getting colder, and the outdoor diesel demand for road engineering and infrastructure construction was gradually declining. However, the international crude oil price rose, and the diesel market price performance was relatively strong.
As of November 13, the average start-up load of the daily decompression unit was about 75%, and the start-up load of the refinery remained at a high level, and the domestic refined oil supply was sufficient.
SunSirs oil analysts believe that: the international crude oil price has skyrocketed, but it is still $40/ barrel, and there is no sign of improvement in the foreign epidemic situation. The international crude oil market lacks the support of good news. In the short term, the international crude oil will continue to be under pressure, and the domestic demand for refined oil is lack of good support. It is expected that the price of China domestic oil products will be stable in the short term.
