Refined oil products followed oil prices to remain strong

During the May Day holiday, international oil prices run strongly. Today after the opening of the internal oil products plate to follow the oil price to maintain a strong.

In crude oil, U.S. commercial crude oil inventories for the week ended April 30 stood at 485.117 million barrels, down 7.99 million barrels  the previous week, according to the U.S. Energy Information Administration. Distillate stockpiles were 136.153 million barrels, the lowest in a year  down 2.9 million barrels  the previous week. Crude oil inventories are 8.85% lower than a year ago; 2% below the same period in the past five years; Gasoline stocks are 8.03 per cent lower than a year ago; Fractate oil stocks were 10.12 percent lower than a year ago  2 percent lower than the same period in the past five years. The U.S. strategic oil reserve of 633.427 million barrels declined by 1.05 million barrels during the week. Fundamental data reflect the continued de-stocking of U.S. crude  refined products. On a macro level, there are reports that the European Commission is considering allowing non-essential flights outside the territory of its member states for travelers who have been vaccinated against Novel Coronavirus, as demand in the aviation fuel market stabilizes as the holiday season approaches. The European Commission is recommending that member states allow access to the EU area for people who have received EU-approved vaccines, the commission said in a May 3 statement. The market has high expectations for the recovery of oil demand in the summer. In the short term, oil prices are expected to continue to run at high levels.

In the aspect of asphalt, during the holidays, the price of asphalt increased. Citing Longzhong data, the price of China National Petroleum Corporation (PetroChina) increased by 50 yuan/ton to 3,000 yuan/ton during the holidays in East China, while other refineries remained stable. The mainstream transaction was referred to 2,900-3,050 yuan/ton. The mainstream reference price in Shandong market is 2,830-2,920 yuan/ton. During the May Day holiday, due to the rising crude oil price, the price of some refineries increased slightly. Device changes, Jiangyin Alpha into the shutdown maintenance phase, a month  so. The resumption of production of Yangzi Petrochemical  Jinling Petrochemical Co., Ltd. is limited by the raw material yield, the start-up is low  the actual output is limited. Objectively speaking, there is no obvious destorage of asphalt, but with the expected improvement in the demand for warmer weather  strong cost support, it is expected that there will be a small upward momentum in the short term of asphalt futures.

In terms of fuel oil, domestic trade 180CST Kuti mainstream price is 4250-4300 yuan/ton, 50 yuan/ton higher than before the festival. In the week ending April 28, Singapore's fuel oil inventory was 24.559 million barrels, down 254,000 barrels  the previous week. In the medium  long term, we remain optimistic about the recovery of fuel oil demand. However, in the short term, most downstream operators have prepared goods in advance before the holiday,  new orders are mainly signed by a small number of customers with firm demand. The actual transaction volume at the end is relatively light.

Recently, oil prices have driven up the price of some varieties of energy plates. With vaccination, the market is expected to warm up,  the balance between supply  demand in the crude oil market has further improved. It is worth noting that the epidemic in India is still relatively serious,  the news of virus mutation has been spread. It is suggested to further track the trend of the epidemic  pay attention to its impact on the demand side.

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Source: International Petroleum Network