Price data

According to the price monitoring of business associations, gasoline and diesel prices fell slightly this week. Domestic gasoline prices were 6,694 yuan/ton, down 0.88% from last week’s gasoline prices; domestic diesel prices were 6,519 yuan/ton, down 0.37% from last week’s diesel prices.

II. Analysis of Influencing Factors

Products: This week, international crude oil prices rose first and then fell, the overall slight rise, but since 24:00 on August 20, domestic gasoline and diesel prices were reduced by 210 yuan and 205 yuan per ton, respectively. In the early part of this week, the domestic oil product market was shrouded in the haze of price reduction and the recovery of refinery unit start-up rate suppressed the rise in oil product prices.

Industry Chain: API report earlier this week showed that crude oil stocks in the U.S. decreased by 3.454 million barrels last week and active drilling in July decreased by 17. The report data showed that crude oil was on the rise, but UBS lowered oil price expectations for six months and 12 months later, OPEC also lowered global crude oil demand growth expectations by 40,000 barrels per day to 1.1 million in 2019. Barrel/day, while worries about the global recession continue to rise. International crude oil prices rose first and then fell this week, while WTI and Brent crude oil prices rose slightly by 1.62% and 2.90% this week.

On the market side: In the early part of this week, with the continuous rise of crude oil and the tense situation of gasoline resources in eastern and southern China, downstream suppliers actively replenished, and the main units pushed up the price of gasoline. As for diesel oil, with the price of diesel oil gradually rising to a relatively high level in the near future, the industry’s wait-and-see mood gradually rises, and the shipment situation of refineries gradually weakens. Earlier affected by typhoon, Eastern China and Shandong provincial refineries have been reworked one after another, which has suppressed the domestic oil product market.

3. Future Market Forecast

Lu Xingjun, a product oil analyst at Business Association, believes that the international crude oil market is on the rise, and the gasoline and diesel market is still confident of the demand growth brought about by the “gold, silver and ten”. The price of the product oil market is expected to rise steadily next week.