International crude oil may continue to rise, and the cost of self driving during National Day has increased, leading to a strong rise in oil prices
At 24:00 today, domestic refined oil prices saw their tenth increase in the year. According to the National Development and Reform Commission, starting from 24:00 on September 20th, domestic gasoline and diesel prices will increase by 385 yuan and 370 yuan per ton, respectively. Based on a regular private car with a fuel tank capacity of 50L, car owners will spend about 15 yuan more on filling up a tank of fuel.
Since the beginning of this year, domestic refined oil prices have undergone eighteen rounds of adjustment. The price adjustment of refined oil has shown a pattern of "ten increases, six decreases, and three stalls" within the year. The overall price of gasoline has increased by 670 yuan/ton, and the overall price of diesel has increased by 645 yuan/ton.
This week, international oil prices hit a new high in 10 months, with US oil rising to $93 per barrel and oil prices exceeding $95 per barrel. Subsequently, oil prices slightly declined but remained at a high level. As of the 19th, the price of light crude oil futures for October delivery on the New York Mercantile Exchange fell 28 cents to close at $91.20 per barrel; The London Brent crude oil futures for November delivery fell 9 cents to close at $94.34 per barrel.
At the beginning of this month, Saudi Arabia and Russia respectively announced the continuation of production and supply reduction measures, ushering in a strong rise in international oil prices. OPEC also maintains its forecast for strong global oil market demand in 2023 and 2024 in its monthly report. The global oil market will face a supply shortage of 3.3 million barrels per day in the fourth quarter, which may cause the most severe supply shortage in over a decade. Analysis predicts that international oil prices will continue to rise by the end of this year, and may even reach a level of $100 per barrel.
According to the arrangement, the next price adjustment window will open at 24:00 on October 10th. For the next round of price adjustments, institutions generally hold upward expectations. Especially before and after the Mid Autumn Festival and National Day, there is a concentrated demand for replenishment in the market. Overall, the refined oil market has remained relatively strong in recent times.