The lowest domestic oil price fell to four consecutive years

When the price of crude oil below $ 80 is non-fresh things, domestic oil prices "Eight losing streak," it seems to have become not so far away. The reporter learned from a number of social monitoring agencies that on November 14 the domestic oil price will usher in a new round of adjustment window, and the current rate of change in crude oil prices is far below the red line. In the case of a global oil supply and a bear market, domestic oil prices will fall for eight consecutive days.

The lowest domestic oil price fell to four consecutive years

"Oil prices have fallen to the lowest level in four years, and before the important positives such as winter heating demand, the continued negative sentiment by the strong dollar will further stifle hopes for crude oil. WTI, which has fallen below the $80 mark, shows that Market bearish sentiment remains dominant, and the fragile psychological defenses of traders are extremely easy to destroy. Panic selling has appeared many times.” Analyst Li Yan believes that the crude oil weak pattern may continue to maintain for some time, even if there is a short-term slight rebound. It is also difficult to change the "bear market" feature.

Data show that as of November 7, the change rate of major crude oil varieties was -2.91%, corresponding to a downward adjustment of 145 yuan/ton.

The retail prices of domestic refined oil products have been lowered seven times in a row since July. The cumulative decrease in domestic retail gasoline retail price has reached 1,325 yuan/ton, and the cumulative decrease in diesel retail price limit has reached 1,275 yuan/ton. The equivalent of No. 92 gasoline fell by 1.02 yuan/liter, and No. 0 diesel dropped by 1.09 yuan/liter. The retail price of gasoline and diesel in most regions of the country will return to the 6-year era and fall to the lowest level in four years.

The drop in oil prices is undoubtedly a major positive for Chinese consumers, logistics, transportation and other enterprises. This can be seen in the active performance of air transport stocks that are clearly linked with oil prices. Ron Chung, a network analyst at Longzhong Petrochemical Company, said that the “seven-on-one drop” in oil prices means that one month’s fuel consumption of a private car can be reduced by nearly 200 yuan, and a large logistics vehicle can save thousands of yuan.

At the same time, this is an excellent opportunity for China to reserve crude oil. Data from the General Administration of Customs shows that since June of this year, the average unit price of China’s imported crude oil has dropped continuously, while imports have continued to increase. According to the simple calculation of China's crude oil imports in 2013, a 25% decline will result in China's 2014 import oil price savings of over US$20 billion.

However, it cannot be overlooked that the refining and chemical industries are suffering. According to Xue Qun, the continuous drop in oil prices has increased the cost of refineries, and the “three barrels of oil” has been able to escape the loss situation. The overall retail profit of domestic refined oil also showed a downward trend throughout the third quarter.

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