The international crude oil market continues to be favorable, the international oil price rises sharply, and the “seven consecutive rises” of domestic refined oil prices are expected to increase. However, the domestic Spring Festival holiday demand is not expected to be good, and the domestic refined oil price rise is lower than that of crude oil. According to the monitoring data of business news agency, the price of gasoline on February 5 was 6056 yuan / ton, up 4.44% from the beginning of the week; the price of diesel on February 5 was 4920 yuan / ton, up 2.71% from the beginning of the week.

On the one hand, the extremely cold weather caused by the blizzard attack in the southeast of the United States has led to a rapid rise in fuel heating demand. Moreover, recently, the organization of Petroleum Exporting Countries and its allies (OPEC +) have continued to effectively promote production reduction, which has brought a good supply side environment to oil prices. Moreover, the sharp decline in US commercial crude oil inventories in the past two weeks has become a direct driver to stimulate the rise of oil prices. International crude oil prices rose sharply this week, with WTI crude oil up 8.91% and Brent crude oil up 7.81%.

In terms of gasoline demand, the weather is getting warmer, local New Year celebrations are advocated, and gasoline terminal demand is lower than that of the same period. Recently, international crude oil prices have risen sharply, which has promoted the enthusiasm of downstream customers to prepare goods and pushed up gasoline prices. In terms of diesel, as the Spring Festival is approaching, the demand for engineering diesel has dropped to a low level. Driven by crude oil, some trading enterprises have hoard goods, but the overall diesel market demand is poor, which has limited support for diesel prices.

As of February 5, the average start-up load of daily pressure relief unit is about 72%, and the start-up load of refineries has declined slightly by 1%. The supply of domestic refined oil market will continue to be sufficient.

Lu Xingjun, product oil analyst of business club, believes that after the international crude oil price rises sharply, it is possible to maintain a high level, and it is less likely to continue to explore the high level. As the Spring Festival holiday approaches, the demand for diesel oil market drops to a low level. It is expected that the price of product oil will remain stable, and the state of strong gasoline and weak diesel will appear.