The operating rate of refineries remained high, the supply of refined oil was sufficient, the demand of terminal market was insufficient, and the domestic gasoline and diesel prices fell. According to the monitoring data of business agency, the domestic gasoline price this week (the week of June 19) is 4955.17 yuan / ton, 1.24% lower than that of last week. The domestic diesel price is 4895 yuan / ton, 0.84% lower than last week’s diesel price.

According to data, China imported 47.97 million tons of crude oil in May, up 19.2% year on year. A large number of crude oil is imported, and domestic refineries are also operating at full capacity. The data shows that in the first ten days of June, the operating rate of main refineries rose to about 71%, and that of Shandong local refineries rose to 76%. The domestic supply of gasoline and diesel is sufficient. In April, the apparent consumption of refined oil was 27.64 million tons, up 2.1% year on year, of which gasoline was up 4.53% year on year and diesel was up 13.4% year on year.

In terms of demand, the demand is not good enough. In terms of gasoline, the high temperature in summer, the downstream consumption in most areas of the North continues to be good, and the demand in some areas of the south is reduced due to rainfall. In terms of diesel oil, traditional industries such as engineering, infrastructure, mining and so on still support the market, but the downstream stock demand is relatively low.

This week, the international crude oil price is in the rebound trend after the fall, but the recent international crude oil market is not good enough to follow up, and the international oil price cannot break the floor price of $40 / barrel price adjustment of refined oil, which has limited support to the domestic market price of refined oil.

Lu Xingjun, an oil product analyst with business club, believes that the current production reduction agreement continues to underpin oil prices, but there is still the possibility of a second outbreak of the new crown epidemic. In addition, the domestic oil product supply is sufficient, and it is expected that the domestic oil product price will continue to be slightly reduced by about 100 yuan / ton next week.