Low cost of oil demand is lowered in all places

It is reported that due to the continuing low demand of the domestic refined oil market, the main sales task is not smooth, and the current market price is in a downward channel. Sinopec lowered the transfer price in the region at 0:00 on January 1, 2013. The regional company's allocation prices for gasoline and diesel in each region were reduced by RMB 100/tonne and RMB 50/tonne respectively.

The regional allocation price is the price that the oil company allocates to the sales company within the system. After the sales company obtains the refined oil at this price, it is then wholesaled or retailed externally. However, the adjustment of the transfer price is considered from the perspective of the internal balance of the Group's operations and is a means of regulating the profitability and resource allocation of various internal departments. It has nothing to do with the wholesale market price and will not affect the supply of domestic refined oil products.

Longzhong Petrochemical Network data show that after the New Year holiday, most of the main business "opener" situation did not open, while the overall price of gasoline and diesel continued to decline. As of January 11, the wholesale price of 93 # gasoline in China was 9,477 tons, which was a drop of 70 yuan/ton from the price at the end of December; the wholesale price of 0# diesel was 8,255 yuan/ton; compared with the price at the end of December, it fell by 52 yuan/ton.

According to Xu Ying, an oil product analyst at Longzhong Petrochemical Network, the current transaction price of Sinopec 0# diesel in Jiangsu is around RMB 8,080/tonne, and from the latest allocation price just announced by Sinopec, the 0# diesel price in Jiangsu is 8020 yuan. / Ton, sales company profits are meager.

Although CNPC has not adjusted its gasoline and diesel prices yet, sales profits have also fallen into a dilemma. At present, the transaction price of PetroChina 0# diesel in the Jiangsu region is around 8060 yuan/ton.

The current sales profits of the two major oil companies are meager, mainly due to weak demand and sluggish sales. At present, the low domestic temperature makes infrastructure construction and transportation oil demand lower, and short-term demand peaks are difficult to emerge. In the future, transportation may improve for a while, and the sales of gasoline and diesel will be good, but it will have little effect on the overall market atmosphere.

China Unicom Information analyst Ma Yan also stated that in the first week of 2013, the domestic refined oil market began to be flat, and the international crude oil tended to fluctuate and fluctuate under the issue of avoiding the US fiscal cliff, but domestic large-scale rain and snow weather and domestic economic growth rate. Under the sustained slow bearish conditions, the domestic demand for gasoline and diesel oil continued to be weak, and the domestic market for refinery gasoline and diesel oil was in a downward trend compared with last December.

In addition, the international crude oil market relied on various economic data to oscillate at a high level, resulting in a recent increase in the rate of change in the three regions. If crude oil does not undergo major adjustments in the later period, the rate of change in the three places will show slight fluctuations and adjustments, and it will be difficult to reach 4% in the short term. The tipping point of price adjustment, January NDRC price adjustment is still hopeless. The market has no influence of price adjustment expectation. The overall trend of the month still depends on downstream demand.