Gasoline: Insufficient news support makes it difficult to explore the gasoline market

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January 22, 2024, 5:27 PM

International crude oil closes

date	market	specifications	Closing (USD/barrel)	rise and fall
20240119	US	WTI	73.41	-0.67
20240119	British	Brent	78.56	-0.54

Gasoline price index

On January 22, China's 92 #gasoline price index was 8799.62, down 1.03, or 0.01%; China's 95 #gasoline price index was 9114.41, down 0.26, or a small decline. Both the 92 #gasoline index and the 95 #gasoline index were lowered, and the price difference between the 92 #gasoline index and the 95 #gasoline index was 314.78.

Gasoline Market Analysis:

Today, the main wholesale price of gasoline in China has limited fluctuations. Gasoline prices in Southwest China have increased slightly, with an increase of 20-50 yuan tons. Gasoline prices in Northeast China fell by 30 yuan/ton individually. The ex-factory price of local refining has been lowered in some regions, including gasoline prices in Shandong, North China and East China, with a reduction of 10-60 yuan/ton. Gasoline prices in other regions have temporarily remained stable. Currently, transactions in China's gasoline market are moderate. Some traders are hoarding goods appropriately as the Spring Festival approaches, but there are few large orders sold; market demand is relatively weak, and downstream follow-up is limited. Refineries have a weak attitude towards supporting prices, and preferential transaction policies still exist. Overall, the market is mostly bearish, and the gasoline market is operating weakly.

Main wholesale price of gasoline on January 22 (yuan/ton)
areas	Gasoline model	Price 1.19	Price 1.22	rise and fall
in North China	92#	8450-9364	8450-9364	0/0
in North China	95#	8650-9719	8650-9719	0/0
South China	92#	8800-9550	8800-9550	0/0
South China	95#	9000-9850	9000-9850	0/0
central China	92#	8750-9200	8750-9200	0/0
central China	95#	8950-9500	8950-9500	0/0
East China	92#	8550-9100	8550-9100	0/0
East China	95#	8750-9500	8750-9500	0/0
northwestern region	92#	8750-9765	8750-9765	0/0
northwestern region	95#	8950-10050	8950-10050	0/0
southwestern region	92#	8850-9250	8900-9250	50/0
southwestern region	95#	9000-9680	9050-9700	50/20
Northeast China	92#	8580-9150	8550-9150	-30/0
Northeast China	95#	8730-9600	8730-9600	0/0

Ex-factory price of local gasoline refining on January 22 (yuan/ton)
areas	Gasoline model	Price 1.19	Price 1.22	rise and fall
Shandong area	92#	8200-8640	8200-8600	0/-40
Shandong area	95#	8370-8800	8330-8760	-40/-40
in North China	92#	8360-8370	8310-8360	-50/-10
in North China	95#	8420-8460	8360-8460	-60/0
central China	92#	8610-8610	8610-8610	0/0
central China	95#	8810-8810	8810-8810	0/0
East China	92#	8380-8490	8360-8460	-20/-30
East China	95#	8500-8600	8480-8570	-20/-30
northwestern region	92#	8450-8650	8450-8650	0/0
northwestern region	95#	8600-8850	8600-8850	0/0
Northeast China	92#	8400-8430	8400-8430	0/0
Northeast China	95#	8600-8600	8600-8600	0/0
southwestern region	92#	8800-8800	8800-8800	0/0
southwestern region	95#	8950-8950	8950-8950	0/0

market outlook

In terms of international crude oil, the instability in the Middle East continues, and the Federal Reserve's interest rate cut is expected to be postponed. In addition, crude oil production from Libya and the United States began to cover up. The international oil price is short and good, and the volatile trend continues. Although the Spring Festival holiday is still a positive support for China's gasoline market, there is currently a lack of substantial positive driving forces and the market trading atmosphere is insufficient. Overall, China's gasoline market is expected to remain stable and volatile in the short term.