Oil prices will be adjusted for the last time in 2018 or ending with a 'five-day losing streak'

by:CAI YI JIE     2019-01-25

Data map: Taxi driving on the street

 At 24 o'clock on December 28, the refined oil price adjustment window will be opened again. Monitoring data from various agencies shows that oil prices may continue to fall, and the magnitude has increased from the previous period.

 This is the last price adjustment this year. If the reduction is achieved, the oil price adjustment for the whole year of 2018 will end with a “five-day losing streak”.

 According to Longzhong Information, the corresponding downward adjustment of refined oil is about 380/ton, and the reduction of Zhuochuang Information is about 350/ton.

 Previously, oil prices have been lowered four times in a row. A total of four downgrades showed that gasoline was lowered by 1,550/ton and diesel was lowered by 1,495/ton. The most recent price adjustment was on December 14th, with gasoline prices down 125 per ton and diesel prices down 120 per ton.

 Since the current round of pricing, international crude cardboard hook displayprices have plummeted, driving the rate of change in crude cardboard hook displayto continue to decline.

 As of the close of December 24, the light crude oil futures price of the New York Mercantile Exchange, which was delivered in February 2019, fell 6.71% to close at 42.53 US dollars per barrel. This is the first time since June 2017 that New York crude oil futures prices have fallen below 43 US dollars. In addition, the price of London Brent crude oil for delivery in February 2019 fell by 6.22% to close at 50.47 US dollars per barrel.

The trend of international crude oil futures in 2018. Source: Zhuo Chuang Information

 'The international oil price slump is mainly affected by factors such as the Fed raising interest rates, the decline of US stocks, the global economic growth forecast and the global oil market oversupply,' said Jia Tingting, an analyst of Zhuo Chuang Information Products.

 In addition to the above factors, Long Yan information analyst Li Yan believes that before OPEC implements production cuts, traders still have doubts about the actual effect of production cuts, which also suppressed international oil prices to some extent.

 After the 'four-day losing streak', it has all retreated this year's gains. At present, diesel in most parts of the country has fallen below 6.6/liter, and the retail price limit for 92 is 6.7-6.9/liter.

Longzhong information data shows that after the current round of retail price reduction, the price increase or decrease is between 0.27 and 0.32, which is quite impressive. The cost of self-driving travel will decrease during the period.
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