1、 Price data
According to the price monitoring of the business agency, the price of gasoline and diesel fell this week. The price of domestic gasoline was 5962 yuan / ton, 2.56% lower than that of last week. The price of domestic diesel was 5960 yuan / ton, 1.36% lower than that of last week.
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2、 Analysis of influencing factors
Products: OPEC + cooperation collapsed, oil prices plummeted by more than 20%, which was bad for the refined oil market, and offset the good demand brought by the resumption of domestic enterprises. The price of the refined oil market continued to fall.
Industry chain: OPEC held a ministerial meeting on the 5th, and decided to recommend OPEC and non OPEC oil producing countries to implement an additional production reduction of 1.5 million barrels per day until the end of this year. However, Saudi Arabia lowered the OSP price of all markets in April, and the collapse of OPEC + cooperation triggered a punitive drop in oil prices. On March 6, WTI crude oil futures market in the United States plummeted, with major contracts at US $41.28/barrel. As of 11:00 on September 9, the market price of China’s WTI crude oil futures fell to $30 / barrel.
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Market: with the increasing number of Chinese enterprises returning to work this week, the demand of refined oil market is developing well. However, with the collapse of OPEC + cooperation, the crude oil market is bearish in the future, and the resistance of customers in the middle and lower reaches appears. The market is mostly in a wait-and-see attitude, and the refinery’s shipment volume is less than the output, so the refinery’s shipment is blocked, so the oil price began to be lowered to stimulate the downstream delivery. The sharp drop of international oil price offsets all the positive effects, and the decline of refined oil market is dominant.
3、 Future forecast
Lu Xingjun, an oil product analyst with business club, believes that: the price of the international crude oil market has plummeted, and the domestic oil product market is bound to make up for the drop. It is expected that the price of the oil product market will mainly fall in the near future.
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