Last week, the international crude oil price continued to rise slightly, and the domestic refined oil rose to the ground on December 3, and the market price followed the upward trend. According to the monitoring data of SunSirs, the gasoline price on December 4 was 5,466 RMB/ ton, up 2.90% from the beginning of the week; on December 4, the price of diesel oil was 4,784 RMB/ ton, up 1.57% compared with the beginning of the week.
The United Kingdom announced the start of vaccination of the new crown vaccine, and the progress of the vaccine was good for international oil prices; the OPEC meeting was postponed, and the United Arab Emirates and other countries had different opinions on the postponement and reduction of production. The international crude oil market is intertwined with a small rise in international oil prices this week. WTI crude oil prices rose 1.60% and Brent crude oil prices rose 2.95%.
In terms of gasoline demand, the weather turns cold and the gasoline market demand is supported. In addition, the domestic refined oil price has been adjusted for two consecutive times, resulting in an increase in terminal demand. In terms of diesel demand, the domestic weather is getting colder, and outdoor diesel demand such as road engineering and infrastructure construction is gradually declining. The rush to work in southern China before the end of year is good for diesel demand, which has a certain support for the overall diesel market price.
SunSirs oil product analyst believes that: China national oil price has risen to a periodic high, and it is not enough to continue to move forward. At the same time, the demand for refined oil market remains rigid. In the short term, the price of China refined oil market is expected to decline steadily.
