The business club reported the opening of the market on July 19. The trading price of Brent crude oil (96.21, 0.28, 0.29%)** was US$116.37/barrel, which was the average price of 22 days when the domestic refined oil price was adjusted on April 7 this year. About 115 US dollars / barrel compared to not only did not fall, but rose 1.37 US dollars / barrel.
The New York-based WTI crude oil, which represents the trend of international crude oil prices, was trading at 96.82 U.S. dollars per barrel at the opening, compared to the closing price of U.S. at 11:00 U.S. dollars on April 7, which was down 12.22%.
“The pricing of domestic refined oil refers to the price of Brent,†said Yao Daming of the Oil Products Department of the Guangdong Oil & Gas Merchants Association when he was interviewed by this reporter yesterday. The international crude oil prices fell for nearly 2 months, but domestic refined oil prices have not reached the price adjustment standard. Many people in the industry believe that domestic product oil pricing standards only consider Brent's unreasonableness and that WTI should be considered in order to be in line with international standards.
Domestic oil products still have not reached the price adjustment window. The crude oil price change rate is the main reference for the NDRC to adjust domestic oil prices. The “three places†are Brent, Dubai and Xinta respectively, while the New York WTI price is excluded from domestic refined oil pricing. The reference price outside.
"Which is the case, although the price of the more representative New York WTI crude oil fell by 12.22%, the current domestic crude oil price change rate in the three places is only -1.7%," Yao Daming said.
Difference between Brent and WTI reaches 20.19%
Yao Daming said, "After China's refined oil pricing began to refer to Brent, Brent oil prices have been 'reversed' against New York's oil prices, and the current spread has reached 20.19%!"
There are five major oil spot markets in the world, including North America, Europe, Middle East, Asia-Pacific market and Caribbean market. Among them, the price of Brent crude oil** must respond to the supply and demand conditions in the European oil market, and the price of WTI crude oil** responds to the supply and demand conditions in North America, especially in the US oil market.
Since the beginning of this year, the Middle East ** and Libya war has caused short-term shortages in the European oil market. For example, in April 2011, European crude oil inventories fell from 355 million barrels a year ago to 322 million barrels. This is the main reason for the continued resilience of Brent crude oil prices.
The rate of change in oil prices in the three places is difficult to break through 4%
The change rate of crude oil in the three places, which is mainly referenced by Brent, has fallen by less than 2% after the international oil price dropped continuously for more than two months! The distance from the 4% price adjustment target is far away.
"Once it reaches -4%, domestic oil prices will be adjusted downwards." Analysts believe that "but this is unlikely. Although the international oil price has been hovering around 95 US dollars / barrel recently, but in the European debt crisis, the dollar weakened, etc." Under the combined effect of factors, the international oil price may soon rise back, or maintain a shock level."
"From another point of view, when the price adjustment on April 6th, the corresponding price of Brent crude oil is 112 US dollars / barrel. Now, Brent crude oil remained at around 116 US dollars / barrel. If you want to reach -4%, then Brent crude oil prices need to be below $112/barrel."
The domestic wholesale price of petrol continued to fall. The wholesale price of domestic refined oil that has been marketed has been falling all the way.
The wholesale price plummeted while the retail price remained at historically high levels, implying that the refinery still maintained a low profit level, while major gas stations earned pours, and retail profits of various oil products have now reached More than 1,000 yuan per ton!
The owner had to buy high-priced refined oil, but most of the profits were taken away by the terminal retailer, and the refinery could not get the benefits from the high oil prices, or even could not make up for the costs.
Pricing of refined oil should be referred to the relevant person in charge of the New York Crude Oil Development and Reform Commission. He said publicly that the direction of market adjustment of refined oil pricing mechanism has not changed. “It is estimated that it can be launched before the end of this year.†According to reports, one of the core elements of the new pricing mechanism It is "may shorten the original 22-day price adjustment period to 10 days or 14 days." The second is to change the current "approval system" of refined oil prices to "reporting system", that is, the international crude oil price is 130 US dollars. Below, the major oil companies can adjust their refined oil prices according to their own standards, and only need to report to the National Development and Reform Commission for approval. It is no longer necessary to report to the State Council for approval.
“The new oil pricing mechanism must take into account international oil prices. Compared with Brent crude oil, WTI crude oil prices in New York are actually more representative, or more representative of the trend of international oil prices,†Yao Daming said.
The New York-based WTI crude oil, which represents the trend of international crude oil prices, was trading at 96.82 U.S. dollars per barrel at the opening, compared to the closing price of U.S. at 11:00 U.S. dollars on April 7, which was down 12.22%.
“The pricing of domestic refined oil refers to the price of Brent,†said Yao Daming of the Oil Products Department of the Guangdong Oil & Gas Merchants Association when he was interviewed by this reporter yesterday. The international crude oil prices fell for nearly 2 months, but domestic refined oil prices have not reached the price adjustment standard. Many people in the industry believe that domestic product oil pricing standards only consider Brent's unreasonableness and that WTI should be considered in order to be in line with international standards.
Domestic oil products still have not reached the price adjustment window. The crude oil price change rate is the main reference for the NDRC to adjust domestic oil prices. The “three places†are Brent, Dubai and Xinta respectively, while the New York WTI price is excluded from domestic refined oil pricing. The reference price outside.
"Which is the case, although the price of the more representative New York WTI crude oil fell by 12.22%, the current domestic crude oil price change rate in the three places is only -1.7%," Yao Daming said.
Difference between Brent and WTI reaches 20.19%
Yao Daming said, "After China's refined oil pricing began to refer to Brent, Brent oil prices have been 'reversed' against New York's oil prices, and the current spread has reached 20.19%!"
There are five major oil spot markets in the world, including North America, Europe, Middle East, Asia-Pacific market and Caribbean market. Among them, the price of Brent crude oil** must respond to the supply and demand conditions in the European oil market, and the price of WTI crude oil** responds to the supply and demand conditions in North America, especially in the US oil market.
Since the beginning of this year, the Middle East ** and Libya war has caused short-term shortages in the European oil market. For example, in April 2011, European crude oil inventories fell from 355 million barrels a year ago to 322 million barrels. This is the main reason for the continued resilience of Brent crude oil prices.
The rate of change in oil prices in the three places is difficult to break through 4%
The change rate of crude oil in the three places, which is mainly referenced by Brent, has fallen by less than 2% after the international oil price dropped continuously for more than two months! The distance from the 4% price adjustment target is far away.
"Once it reaches -4%, domestic oil prices will be adjusted downwards." Analysts believe that "but this is unlikely. Although the international oil price has been hovering around 95 US dollars / barrel recently, but in the European debt crisis, the dollar weakened, etc." Under the combined effect of factors, the international oil price may soon rise back, or maintain a shock level."
"From another point of view, when the price adjustment on April 6th, the corresponding price of Brent crude oil is 112 US dollars / barrel. Now, Brent crude oil remained at around 116 US dollars / barrel. If you want to reach -4%, then Brent crude oil prices need to be below $112/barrel."
The domestic wholesale price of petrol continued to fall. The wholesale price of domestic refined oil that has been marketed has been falling all the way.
The wholesale price plummeted while the retail price remained at historically high levels, implying that the refinery still maintained a low profit level, while major gas stations earned pours, and retail profits of various oil products have now reached More than 1,000 yuan per ton!
The owner had to buy high-priced refined oil, but most of the profits were taken away by the terminal retailer, and the refinery could not get the benefits from the high oil prices, or even could not make up for the costs.
Pricing of refined oil should be referred to the relevant person in charge of the New York Crude Oil Development and Reform Commission. He said publicly that the direction of market adjustment of refined oil pricing mechanism has not changed. “It is estimated that it can be launched before the end of this year.†According to reports, one of the core elements of the new pricing mechanism It is "may shorten the original 22-day price adjustment period to 10 days or 14 days." The second is to change the current "approval system" of refined oil prices to "reporting system", that is, the international crude oil price is 130 US dollars. Below, the major oil companies can adjust their refined oil prices according to their own standards, and only need to report to the National Development and Reform Commission for approval. It is no longer necessary to report to the State Council for approval.
“The new oil pricing mechanism must take into account international oil prices. Compared with Brent crude oil, WTI crude oil prices in New York are actually more representative, or more representative of the trend of international oil prices,†Yao Daming said.
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