Tuesday domestic oil prices down or will usher in a further five-day losing streak
12, 2009, international oil prices hit a six-year low, China in July crude oil imports 30.71 million tons, an increase of 29%, and then hit a new high. Followed by the arrival of a new round of adjustment of oil prices, as some come next Tuesday. It is expected that a number of agencies, the adjustment will be more than 200 yuan / ton.
North Canton retail price of gasoline # 92 will welcome prefix "5"
Beijing on August 12 closing, the WTI (West Texas Intermediate crude US) contract price closed at $ 43.08 a barrel, 4.18 percent, the highest in nearly six years and a half the price lowest close since March 2009. Despite a slight rebound yesterday, but still the result will be the fifth consecutive price cut domestic refined oil.
Acciona think Senior Fellow Liang Dan, believes that international oil prices continued to fall, next Tuesday, the retail price of gasoline and heating oil eighth year ushered in by the depreciation of the yuan, which is expected to close this fall and the last. Waited 18 August 24 (next Tuesday), domestic retail gasoline and diesel prices fell 200 yuan / ton, the estimated retail price of 90 # gasoline and 0 # diesel (the national average) per liter were reduced 0 15 yuan and 0.17 yuan. After the retail prices, the region north of Guangzhou and other countries have already implemented Ⅴ level of sales price for 92 # gasoline prefix "5".
According to the Lung Petrochemical Public Network show that as of the seventh working day, is expected to have fallen to around 290 correspondence yuan / ton. Cho Chong News refined oil analyst Meng Peng also believes that "after four consecutive losses" landing, the domestic refined oil market has not yet had time to gasp, is expected to cut the thick heavy attacks again. Currently, the corresponding down 265 yuan / ton, the domestic price of refined oil is likely the beginning of a "run of five days."
Oversupply likely to continue into next year
In fact, oil prices had fallen in five before signs of recovery, but the recent crisis in return. The excess supply of international crude oil market is likely to continue into next year.
The International Energy Agency (IEA), on August 12 issued a report this year, the second quarter of 300 million barrels of crude oil daily excess supply, the highest level since 1998. In 2015, growth World oil demand to 20 million barrels to 160 million barrels / day, the growth in demand reached a new record in five years, will lead this year to reach 9.42 billion barrels of daily demand. IEA predicts that global oil inventories rise further if the international community to remove the ban on Iranian oil exports, at least in the fourth quarter of next year, global inventories are not reduced.
