At the beginning of the week, the price of refined oil was driven up by the good result of OPEC + agreement. At the end of the week, the oil market was worried that the demand of crude oil market and the record high inventory in the United States were negative, and the price of domestic gasoline and diesel fell. According to the monitoring data of business agency, the domestic gasoline price this week (the week of June 12) is 5017.50 yuan / ton, 0.16% lower than that of last week. The domestic diesel price is 4967.17 yuan / ton, 0.61% lower than last week’s diesel price.

On June 7, at the OPEC + ministerial video conference, OPEC agreed to extend its measures to reduce production by 9.7 million barrels per day for one month until the end of July. WTI crude oil and Brent crude oil prices in the United States topped $40 / barrel and $43 / barrel respectively. In the middle of the week, there is a great deal of worry about the second attack on crude oil. At the same time, as of the week of June 5, the crude oil inventory in the United States unexpectedly increased by 5.7 million barrels to a record high of 538 million barrels, and the international oil price dropped. As of June 12, 15, the price of WTI crude oil futures market in the United States was around 35 US dollars per barrel, with a weekly drop of 10%.

In terms of gasoline, gasoline consumption is strong in summer, and there is a certain demand for replenishment at the terminal. In terms of diesel, the wheat harvest in the north is coming to an end, the rainfall in the south is more, the benefits at the demand end are still relatively limited, and the operation of stock up is reduced.

At present, the demand for refined oil is not good, the refinery inventory is increased, and the unit operation rate is reduced. As of June 10, the average operating load of the primary atmospheric and vacuum unit in Shandong Dilian was 75.29%, down 1.13 percentage points compared with last week.

Lu Xingjun, an analyst of refined oil products of business association, thinks: in the short term, the demand of oil market is still subject to the epidemic. The implementation of production reduction in some OPEC countries, such as Iraq and Nigeria, remains to be discussed. The international oil price faces downward pressure. The demand for domestic refined oil weakens and the inventory of refineries increases. It is expected that the price of domestic refined oil will be reduced by 50-150 yuan / ton next week.