According to the latest oil price change rate, the first oil price stranding day this year is coming. Oil prices have been lowered from 120 yuan/ton before the holiday to the latest (October 9) to increase the oil prices by 15 yuan/ton. Because the adjustment line is less than 50 yuan/ton, it will be added or offset when the price adjustment is next time, and there is basically no accident in the stranding. A new round of price adjustment window will be opened at 24:00 on October 10, 2022.
During the National Day period, U.S. oil closed higher for five consecutive days, leading the cyclical commodity with a 16.88% increase.
Among them, as of the closing on Friday, the November contract of WTI crude oil rose by 13.15 USD /barrel, an increase of 16.5%; the Brent crude oil 12 contract rose by 12.78/barrel, an increase of 15%.
The driving force behind the reversal of the oil market situation during the National Day period was OPEC+'s production cuts beyond expectations.
On October 5, 2022, the OPEC+ ministerial meeting was held, and it formally decided to reduce the production quota in November and December by 2 million barrels per day compared with October (equivalent to 2% of the total global crude oil supply). This move has made the oil market gap caused by the OPEC organization, which has not reached the quota, worsens, and oil prices have risen steadily. Once OPEC+ continues to reduce production, the US rate hikes in , the return of USD 6, the risk of economic recession approaches and the lengthening of the conflict front between Russia and Ukraine, the oil price decline in the third quarter of this year has exceeded 20%. OPEC+'s move will reverse the situation and make oil prices continue to rise.
Look at the refined oil market again. Since the beginning of this year, domestic refined oil prices have undergone 18 rounds of adjustments, with a total of "11 ups and 7 downs". After the oil price fluctuated, the cumulative increase of gasoline was 1,770 yuan/ton and the increase of diesel was 1,530 yuan/ton.
is no surprise. Once the Chinese market starts tomorrow, both refined oil and Shanghai crude oil will make up for the rise.
