International oil prices fell on the 21st

International Business News  –  International oil prices fell sharply on the 21st due to the resumption of gas supply to Germany after the “North Stream No. 1” natural gas pipeline was overhauled and the weakening of demand in the United States. In view of this, the analysis believes that the “three consecutive declines” of domestic oil prices will become a high probability event. As of the close of the day, the price of light  crude oil futures for September delivery on the New York Mercantile Exchange fell $3.53 to close at $96.35 a barrel, a decrease of 3.53%; the price of Brent crude oil futures in London for September delivery fell $3.06, it closed at $103.86 a barrel, down 2.86%.

Data released overnight by the US Energy Information Administration (EIA) showed US gasoline inventories rose by 3.498 million barrels last week, far exceeding expectations for an increase of 71,000 barrels. Gasoline product demand was about 8.5 million barrels per day, down about 7.6% from a year earlier. While refinery operating rates fell last week, US inventories were relatively bearish as gasoline inventories rose, said Warren Patterson, head of commodities research at ING. “It appears that higher prices have had some impact on demand, with gasoline demand again experiencing seasonal lows.”

Regarding domestic oil prices, the current round of price adjustment will be at 24:00 on July 26, 2022, which will be reduced with a high probability. According to the calculation of Jinlianchuang, as of the eighth working day of July 22, the average price of reference crude oil varieties was US$100.92/barrel, with a rate of change of -5.21%, and the corresponding domestic retail price of gasoline and diesel should be reduced by 310 yuan/ton. Converted into liters, it is expected to be reduced by 0.25 yuan to 0.28 yuan per liter. Taking 50L as an example, a full tank of No. 92 gasoline will be 12.5 yuan cheaper than before the price adjustment.

The agency emphasized that at 24:00 on July 12, the domestic retail prices of gasoline and diesel were lowered by 360 and 345 yuan / ton respectively. According to the principle of “ten working days”, the price adjustment window for this round is 24:00 on July 26.

So far, the domestic oil price has been adjusted 13 times (10 times of oil price increase, 3 times of oil price fall, and 0 times of price adjustment stranded), gasoline increased by 2040 yuan/ton, diesel increased by 965 yuan/ton, equivalent to an increase of 1.62 yuan/liter -1.87 yuan / liter, filling a 50-liter fuel tank is 81 yuan more expensive than the oil price on January 1, 2022.