Domestic oil prices have seen five consecutive increases, and international crude oil prices have slightly increased through price adjustments | Price Monitoring Center | Five consecutive increases
At 24:00 tonight, a new round of price adjustment window for domestic refined oil products will open. According to the National Development and Reform Commission, starting from 24:00 on August 23, 2023, the prices of gasoline and diesel in China will increase by 55 yuan per ton. Based on a regular private car with a fuel tank capacity of 50L, filling up one tank of fuel will cost about 2 yuan more.
Since the current pricing cycle of domestic refined oil products, international crude oil prices have shown a high volatility trend, with the average crude oil price slightly increasing month on month. According to the price monitoring center of the National Development and Reform Commission, the WTI oil prices in London Brent and New York have slightly increased by 0.52% compared to the previous price adjustment cycle.
After this round of price adjustment is implemented, the price adjustment trend of oil prices this year will become "nine increases, six falls, and two stalls", with this being the first "five consecutive increases" of the year.
The Price Monitoring Center of the National Development and Reform Commission predicts that under the combined effect of tight supply and weak demand, oil prices will mainly fluctuate in the short term. From the perspective of supply, OPEC+has strengthened its expected management efforts, continuously increasing production cuts, and Saudi Arabia and Russia have repeatedly extended the voluntary additional production reduction period on this basis. In addition, the number of active drilling rigs in the United States has dropped to the lowest level since March last year, leading to a tightening of crude oil supply and significant support for oil prices. However, developed economies such as Europe and America have strong inflation stickiness and slow decline, and the market generally expects the Federal Reserve and European Central Bank to maintain high interest rates for a longer period of time, which will have a negative impact on global economic growth. The situation of weak crude oil demand is difficult to improve significantly. Based on comprehensive judgment, oil prices will mainly fluctuate in the short term.