Price trend

On July 21st, the price of gasoline and diesel in Shandong decline. The domestic price of 92# gasoline is 8,709.6 RMB/ton, and the domestic 0# diesel price is 7,780.6 RMB/ton. The price of gasoline and diesel in the market declines.

Analysis review

Refinery units start up slightly, production and sales ratios are average, and refined oil prices decline. The transaction price of 92# gasoline for National VI vehicles is 8,700-8,900 RMB/ton; the transaction price of 95# gasoline for National VI vehicles is 8,800-9,000 RMB/ton; the transaction price of 0# diesel for National VI vehicles is 7,700-7,900 RMB/ton.

The demand for gasoline is average. Although the travel radius of private cars has increased during the summer vacation, the spread of the epidemic in many places has suppressed demand. The overall demand for gasoline is lower than expected, and the trend of gasoline prices has fallen. Coupled with high temperature and rainy weather, the operating rate of outdoor infrastructure, factories and mines continue to be suppressed, the demand for diesel is poor, and the price of gasoline and diesel declines.

The settlement price of the main U.S. WTI crude oil futures contract was at 99.88 US dollars/barrel, a decrease of 0.86 US dollars/barrel or 0.9%; the settlement price of the main contract of Lent crude oil futures was at 106.92 US dollars/barrel, a decrease of 0.43 US dollars/barrel or 0.4%. Affected by the weakening of the US dollar on the macro side, oil prices rose for three consecutive days, and the good news was gradually digested by the market. Oil prices edged lower on Wednesday. Data showed a drop in gasoline at the peak of the U.S. summer driving season, and as central banks raised interest rates, fueling concerns about an economic slowdown, oil prices were stuck on demand uncertainty.

Market outlook

It is expected that the price of refined oil products may fall back in the later period.

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