Domestic product oil price adjustment window is difficult to open

Last Friday, New York crude oil futures continued to soar, with a single weekly decline of more than 9%. This is in contrast with domestic refined oil prices. Some people lament that the domestic oil price adjustment mechanism is abnormal. A refined oil expert pointed out that although the current international crude oil futures prices fell sharply, but since the domestic oil price hike on April 7 this year, the average price of crude oil prices in the three places has changed by about 2%, has not fallen, nor has it broken.” 4% price adjustment window, which is also one of the reasons for the current domestic oil prices do not move.

It is understood that since the price adjustment of domestic refined oil products in April this year, the impact of the economic recovery in Europe and the United States has slowed down, and international crude oil prices have dropped sharply. New York WTI and London Brent crude oil prices have been maintained at 90-110 barrels respectively. Between USD and 105-120 USD. As the US debt crisis has hit investor confidence, coupled with concerns that the European and American economies have bottomed out, oil prices have continued to fall in the international market in recent days. On August 6, WTI and Brent crude oil prices were US$86.88 and US$109.37 respectively.

Compared to the sharp fall in international oil prices, domestic refined oil prices have remained stable for four months. The latest oil price increase was April 7 this year. The corresponding price of New York crude oil futures was 86.15 US dollars and 110.3 US dollars. Following the increase in refined oil prices in April, New York crude oil futures prices continued to plummet, with May falling by 9.86%, June down by 7.09%, basically flat in July, and down by 9.73% in August. But until now, the two major oil giants in the country have not seen movement. However, if we compare current crude oil prices with the price quoted on April 6, the crude oil price in the three places increased slightly by 2.44%, but it dropped by 5.93% compared with the January crude oil price quotation. There was a sharp fall in international oil prices and the domestic oil price did not move. Awkward situation.

Yesterday, the person in charge of the Price Division of the National Development and Reform Commission introduced that if the price of oil in the international market is simply reduced from the previous high point of US$120 per barrel to the current level, the decline rate is indeed more than 4%, “but from 22 consecutive jobs Daily moving average price, the short-term price drop at the time has a limited impact on the average price, the average price of the three crude oils currently referenced by the price adjustment is still higher than the price level at the price adjustment of domestic refined oil on April 7th, and domestic refined oil prices temporarily do not have a downward adjustment. condition."

Zhuo Chuang Information Oil Expert Zhang Bin told reporters that the public only saw that WTI had fallen to 84 US dollars. WTI reflects the supply and demand situation of the US crude oil market. More specifically, it reflects the stock situation of the main delivery warehouse of the New York Mercantile Exchange, Cushing crude oil in Oklahoma, and does not reflect the current domestic crude oil imports. The real price.

Zhang Bin said that at present, there are two-thirds of the world oil market crude oil prices associated with Brent crude oil, including China's refined oil price reference mechanism. In addition, according to data from Zhuochuang Information Monitoring, the average price of Brent crude oil in June and July only fell by less than 2% month-on-month in April and May, but increased by 52% compared to the same period of last year. Therefore, under the current pricing mechanism, the price adjustment window is difficult to open.