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International Oil Prices Broke $90/Barrel for the First Time in Two Years
International Energy Network News: International oil prices, which hit a new high earlier, continue to rise. Yesterday, international oil prices broke through the US$90/barrel mark for the first time in more than two years. As of 6:30 last night, the international oil price benchmark New York Mercantile Exchange was light. The price of crude oil futures was quoted at 90.37. Affected by this, in the domestic wholesale market, the government is expected to increase domestic refined oil prices again. Although the country is currently controlling prices, some people believe that there is no hope of an increase in oil prices.In terms of international oil prices, in the trading that ended on the 6th, international crude oil prices were approaching US$90/barrel. Among them, the price of light crude oil futures on the New York Mercantile Exchange rose by $0.19 to close at $89.38 per barrel.
This is the fourth consecutive trading day in which international oil prices have risen. Yesterday, the price of light crude oil futures on the New York Mercantile Exchange continued to rise, finally breaking through the $90/barrel mark, the first time in more than two years. Jinpeng Futures analyst Yu Mengguo told reporters that commodity prices will continue to rise due to excess global liquidity and abundant funds.
The rise in the price of crude oil as a raw material directly triggers the renewed upward trend in domestic wholesale prices of refined oil products, which is particularly noticeable now that the diesel shortage has just eased.
Yesterday, analyst Liao Kaishun told reporters that according to their monitoring, starting from the 6th, the national average price of domestic gasoline wholesale ended its early decline and began to rise. However, the increase was not large, only about 4 yuan/ton. The wholesale price of gasoline and the retail price There is still a large profit margin. In terms of diesel wholesale prices, they are still falling, but there is still an overall inversion between wholesale prices and retail prices.
He reminded that the current domestic "oil shortage" has not been completely alleviated. Although the retail aspect has been relieved to a greater extent, the wholesale aspect has not been completely liberalized. At present, there are signs of rising gasoline wholesale prices in coastal areas, which is worthy of attention. However, it is not yet possible to predict that this phenomenon will drive further increases in wholesale prices in the entire market.
Expectations in the wholesale market that the government is expected to raise refined oil prices have revived. Huang Shunjing, an expert who has long been concerned about the refined oil wholesale market, told reporters that some traders expect prices to increase. According to my country's refined oil pricing mechanism, when the moving weighted average price of international oil prices changes by more than 4% for 22 consecutive working days, domestic oil prices can be adjusted accordingly. As of December 6, the moving weighted average price change of international oil prices for 22 consecutive working days exceeded 6.49%.
However, according to my country's refined oil pricing mechanism, when the international oil price is higher than 80 US dollars, the price adjustment method and extent are different from those below 80 US dollars. The "Petroleum Price Management Measures (Trial)" stipulates that when the international market crude oil price is lower than 80 US dollars per barrel, the price of refined oil shall be calculated based on the normal processing profit rate. When the price is higher than US$80 per barrel, the processing profit rate will be deducted until the price of refined oil is calculated based on zero processing profit. If this price adjustment occurs, this will be the first time the government has faced this situation.
