Domestic oil prices cut the international oil price pressure drop

Yesterday, the National Development and Reform Commission issued a notice and decided to reduce the price of gasoline and diesel by 190 yuan and 185 yuan per ton, respectively, and reduce the domestic gasoline price by 93 yuan per liter. The implementation time of the price adjustment is 24 hours on August 18. According to reports, this is the sixth time that domestic gasoline and diesel prices have been adjusted downward. Since July, the retail price of gasoline and diesel has dropped by more than RMB 0.3 per liter. On the international front, international oil prices quickly fell to a seven-month low overnight. Last September, the main crude oil contract on the New York Mercantile Exchange fell 1.02 US dollars to close at 96.33 US dollars per barrel, a decrease of 1.02%. Analysts believe that the low demand for inventories has increased and international oil prices have been under pressure.

Petrochemical energy sector rose slightly

Yesterday, the petrochemical energy sector rose slightly, China Petroleum A shares rose 0.13%, to close at 7.95 yuan, Hong Kong stocks rose 0.19% to close at 10.76 Hong Kong dollars, Sinopec A shares flat, to close at 5.27 yuan, Hong Kong stocks fell 0.52% to close at 7.58 Hong Kong dollars.

According to reports, in July, domestic gasoline and diesel prices experienced a total of two strandings and one downturn. On July 22, domestic retail prices of gasoline and diesel dropped sharply during the year, and retail prices of gasoline No. 90 and No. 0 diesel (average of the country) fell 0.18 yuan and 0.20 yuan per liter respectively.

Zhongyu Information Analysis believes that the recent weak economic data of major global economies has caused a poor outlook for crude oil demand. At present, global crude oil supply has not been reduced due to the impact of geopolitical conflicts in the Middle East, so the status quo of oversupply will continue to weigh on the market; However, the geopolitical risks in the Middle East and the sanctions against Russia and Western countries continue to contend. There are many uncertainties in the international crude oil market. The supply risks still exist, and the current international oil prices are relatively low.

The international situation has not impacted crude oil

In the international situation, tensions in Ukraine and the Middle East continue to persist. However, oil exports from these regions have not been affected so far and have not caused a major impact on the crude oil market. Global supply is still abundant. The slowdown in global economic growth has weakened the outlook for crude oil demand. Under the influence of a variety of factors, the recent international oil price as a whole showed a downward trend.

Li Qian, analyst of Zhuo Chuang Information Oil Products, believes that due to the recent signs of renewed shocks in the international crude oil market, the recalculated crude oil change rate may turn positive, and the main gasoline and diesel prices may stabilize but may stabilize. The specific trend will still depend on changes in international crude oil.