Chinanews client, Beijing, November 5 (Zhang Xu) At 24:00 on November 5, domestic oil prices ushered in a new price adjustment window.
The reporter learned from many organizations that the international oil price has been in a downward channel as a whole recently, and it has fallen below the floor price of $40/barrel.
Therefore, domestic oil prices will usher in a downward adjustment.
Data map: Oil well construction site in Luliang Oilfield.
Photo by Dou Rong
Since this pricing cycle, the number of new crown virus infections in Europe and the United States has rebounded again, affecting crude oil demand. At the same time, Libya plans to increase crude oil production to 1 million barrels per day within 4 weeks, which has increased supply pressure and caused international oil prices to fall under pressure, WTI and Buren Special crude oil futures have fallen below 40 US dollars per barrel.
Zhuo Chuang Information analyst Meng Peng said that although at the end of the cycle, due to the impact of OPEC and its production reduction allies or the postponement of easing production restrictions, international oil prices have rebounded continuously, but the rate of change of crude oil is still deeply negative. At 24:00 on the 5th, the reduction in the retail price limit of domestic refined oil products is irreversible.
At the same time, since the average crude oil price is already lower than the floor price of US$40/barrel, the reduction in the retail price of refined oil products only adjusts the part above the floor price.
According to the monitoring of Zhuo Chuang Information, as of the close of November 3, the rate of change of crude oil on the 9th working day of this cycle closed at -4.23%, corresponding to the portion above the floor price or a reduction of 165 yuan/ton.
"Equivalent to price increases, 92 gasoline will be reduced by 0.13 yuan/liter, and 0 diesel will be reduced by 0.14 yuan/liter. After this round of price adjustments, the retail limit adjustment window for refined oil products in 2020 will increase to 21 times, including 4 increases, 5 It has been lowered once, stranded 6 times, and 6 times without adjustment." Meng Peng said.
Looking ahead, Jinlian Chuang analyst Zou Xuelian believes that it is difficult to determine the future trend of oil prices.
"During the U.S. general election, the crude oil market has attracted a lot of attention. No matter who is elected, the U.S. is bound to take various measures to restore the economy, which will support oil prices. However, the situation of the new crown epidemic in Europe and the United States is severe, and some countries are blocked again. It will hinder the recovery of oil demand, and oil prices will remain under pressure. Multiple factors affect the market, and the future trend of international oil prices will be more variable." (End)