After the Spring Festival, February 18-19, the energy and chemical sector started a rising mode driven by crude oil. The oil industry chain led by crude oil ushered in the latest price adjustment of refined oil on February 18.
First of all, crude oil is still the most noteworthy after the Spring Festival. On February 17, WTI oil price was $61.14/ barrel and Brent was $63.34/ barrel, another year's high. On February 18, Brent oil price once rose above $65/ barrel, international oil price hit a 13 month high, and then the Bulls made profits and prices fell slightly. However, according to the monitoring of SunSirs, WTI has increased by 15.96% since February, and Brent has increased by 16.15%.
The main reasons for the soaring oil price are as follows: on one hand, the effect of state-controlled oil production is ideal; on the other hand, the inventory of the United States and China has declined, especially under the influence of cold weather in the United States, the operating rate of refineries has declined, the inventory of refined oil has declined significantly, and the demand for heating oil has increased, which has a positive effect on the oil price. At present, OPEC+ is still strictly implementing the production reduction agreement, and it is still necessary to continue to observe the implementation rate of production reduction in the later period. In addition, the cold wave in the United States has a temporary impact on refineries, and the output is expected to rebound in the later period, so there is resistance for the oil price to continue to rise in the short term.
Driven by crude oil, domestic refined oil also ushered in seven consecutive rises. Since 24:00 on February 18, 2021, domestic gasoline and diesel prices (standard products, the same below) have increased by 275 RMB/ ton and 265 RMB/ ton respectively. The increase was also the biggest. Recently, the level of domestic refineries' operation is relatively high. Some independent refineries have started to reduce their load during the Spring Festival, and the operation rate has increased after the festival. On the whole, this year, the manufacturers and dealers have returned to work earlier, production and sales are booming, and the refined oil is still optimistic in the later stage.
