According to the monitoring of business news agency, in the first half of 2021, the price of domestic refined oil rose all the way. The price of domestic 92% gasoline reached 7981 yuan / ton, up 39.85%, up 61.32% year on year; The domestic 0 ᦇ diesel price was 6327 yuan / ton, up 30.08%, up 32.95% year on year. The main reason is that on the one hand, the international crude oil price has risen sharply, on the other hand, the domestic consumer demand has increased, and finally, the domestic policy is favorable for the price of refined oil, and the domestic refined oil price has risen sharply in the first half of the year.
In more than half of 2021, the retail price of refined oil in China experienced nine increases in the first half of the year, one decrease and two stalls. After offsetting the rise and fall, the domestic gasoline price increased by 1355 yuan / ton and the diesel price increased by 1405 yuan / ton. The domestic supply and demand situation is relatively stable, and the start-up of the local refining industry remains at a high level. Even though some units are overhauled one after another in the second quarter, the temperature is moderate, and the domestic travel situation is increasing, which supports the price of gasoline. In addition, the demand for agricultural summer harvest and outdoor infrastructure is high, so the price of diesel also rises correspondingly. The price trend of raw crude oil market rose sharply, supporting the sharp rise of domestic oil product prices.
Crude oil: international crude oil prices rose sharply in the first half of the year, with the closing price of WTI US crude oil at 72.98 at the end of June, reaching a two-year high. The favorable situation at both sides of supply and demand has become the main factor supporting the rise of international crude oil futures price. In the first quarter of 2021, while the scale of OPEC + production reduction remained basically unchanged, Saudi Arabia implemented additional production reduction again. In addition, the global epidemic situation was better controlled, the international vaccination was accelerated, and the demand for crude oil increased. In addition, during the period, the United States was affected by the cold wave, Saudi oil town was attacked and other special factors supported the international oil price, and the crude oil market price continued to rise. Although OPEC + reached an agreement to gradually increase production in the later stage, crude oil prices suffered a certain blow, OPEC and IEA both raised their crude oil demand expectations, which was good for supporting international oil prices. After that, as the epidemic situation in Europe and the United States relaxed the blockade, the peak of oil consumption in the United States in summer came, and the demand for crude oil increased significantly, which boosted the optimism of the market. Finally, the negotiations between the United States and Iran have not yet been reached, the increase of Iran’s crude oil export is expected to be further delayed, all kinds of favorable factors are superimposed to support the international oil price, the crude oil market price rises sharply, the domestic oil product market is supported, and the price rises sharply in the first half of the year.
The first quarter coincided with the Spring Festival holiday, and the domestic gasoline demand increased. In addition, the domestic epidemic situation was well controlled, which was good for the demand of diesel oil. The major refineries gradually increased the start-up of diesel oil, and the output increased relatively; In the second quarter, the overhaul and restart of some atmospheric and vacuum distillation units coexisted, but in the later period, the operation rate of the refinery rose, the supply side increased from where it was located, but the demand also increased correspondingly. In terms of gasoline demand, the domestic temperature is appropriate, the travel radius of the public has increased, and there is a certain demand for goods preparation and storage in the market. In terms of diesel oil, the summer harvest in northern China has started one after another, the agricultural oil consumption may increase gradually, the demand for diesel oil in engineering infrastructure, logistics and transportation industries continues to pick up, and the terminal demand for diesel oil has strong support. Positive demand superimposed, domestic oil prices continued to rise.
On the policy side: on the one hand, the increasing frequency of domestic tax inspection has led to the shortage of ticket carrying resources, and the difficulty and cost of main overseas procurement are high. On the other hand, on June 12, China imposed a consumption tax on imported light cycle, mixed aromatics and other oil blending raw materials, which has a huge impact on domestic low-cost invisible resources, and has formed a strong support for domestic diesel prices, which is affected by the favorable domestic policies, The market price of refined oil is rising.
In the first half of the year, the average operating load of atmospheric and vacuum distillation units in domestic main refineries was about 78%. As of June 2021, the cumulative output of gasoline was 71.4262 million tons, up 4.44% year on year; The cumulative output of diesel oil was 92.2779 million tons, a year-on-year decrease of 3.89%. In addition, the gasoline inventory of Shandong independent refineries has always maintained a low level, so the gasoline prices of various manufacturers continue to climb to the highest level in recent years.
On the whole, the global economy and demand are still expected to improve in the second half of the year. There is still room for international oil prices to rise. The recovery of major economies such as China, Europe and the United States supports crude oil prices. However, there are also great uncertainties in international crude oil prices, and the US Iraq talks are still concerned. In terms of domestic demand, the domestic economy is improving, and the impact of “golden nine silver ten”, domestic demand may be at a high level, but the average operating rate in the second half of the year will remain at a high level as a whole, so the supply side is expected to perform well. Analysts from business news agency believe that domestic refined oil prices will still be adjusted upward in the second half of the year, supported by high international crude oil prices and superimposed positive demand.