Gasoline: More stocking in the middle and lower reaches has ended, and trading in the gasoline market has weakened

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February 4, 2024, 4:23 PM

International crude oil closes

date	market	specifications	Closing (USD/barrel)	rise and fall
20240202	US	WTI	72.28	-1.54
20240202	British	Brent	77.33	-1.37

Gasoline price index

On February 4, China's 92 #gasoline price index was 8900.58, down 7.05, or 0.08%; China's 95 #gasoline price index was 9204.96, down 13.79, or 0.15%. 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 304.38.

Gasoline Market Analysis:

Today, China's gasoline market remains weak. Among them, the wholesale prices of main units have been mainly lowered, with the reduction range concentrated at 30-100 yuan/ton; the ex-factory prices of local refineries are stable and weak. Gasoline quotations in Shandong, North China and Northwest China have been lowered by 10-50 yuan/ton; gasoline quotations in other regions have been stable. At present, transactions in China's gasoline market are weakening. Near the end of the year, centralized replenishment in the middle and lower reaches has ended and has been delisted one after another. Only some downstream companies just need to purchase; refinery shipments have slowed down significantly, and shipments have dominated.

Main wholesale price of gasoline on February 4 (yuan/ton)
areas	Gasoline model	Price 2.2	Price 2.4	rise and fall
in North China	92#	8500-9581	8450-9581	-50/0
in North China	95#	8700-9942	8650-9942	-50/0
South China	92#	8800-9880	8850-9880	50/0
South China	95#	9000-10180	9050-10180	50/0
central China	92#	8800-9400	8750-9400	-50/0
central China	95#	8950-9700	8900-9700	-50/0
East China	92#	8660-9100	8600-9010	-60/-90
East China	95#	8900-9500	8800-9350	-100/-150
northwestern region	92#	8680-9977	8680-9977	0/0
northwestern region	95#	8880-10558	8880-10558	0/0
southwestern region	92#	8980-9650	8950-9650	-30/0
southwestern region	95#	9250-9950	9200-9950	-50/0
Northeast China	92#	8480-9000	8450-9000	-30/0
Northeast China	95#	8730-9600	8700-9600	-30/0

Ex-factory price of local gasoline refining on February 4 (yuan/ton)
areas	Gasoline model	Price 2.2	Price 2.4	rise and fall
Shandong area	92#	8300-8720	8300-8710	0/-10
Shandong area	95#	8500-8880	8500-8870	0/-10
in North China	92#	8480-8530	8460-8530	-20/0
in North China	95#	8530-8630	8510-8630	-20/0
central China	92#	8600-8600	8600-8600	0/0
central China	95#	8800-8800	8800-8800	0/0
East China	92#	8410-8500	8410-8500	0/0
East China	95#	8530-8610	8530-8610	0/0
northwestern region	92#	8400-8600	8350-8600	-50/0
northwestern region	95#	8550-8800	8500-8800	-50/0
Northeast China	92#	8400-8430	8400-8430	0/0
Northeast China	95#	8600-8600	8600-8600	0/0
southwestern region	92#	8950-8950	8950-8950	0/0
southwestern region	95#	9100-9100	9100-9100	0/0

market outlook

In terms of international crude oil, the atmosphere of OPEC production cuts still exists. On the geopolitical front, Palestine and Israel have not formally reached an agreement. It is expected that there may be room for oil prices to rise next week. Near the last week before the end of the year, the market has been on holiday one after another, and the number of logistics and transportation vehicles has decreased. In terms of demand, the stocking of middle and lower reaches has basically ended. There are few large orders, and the majority of small orders are just needed. The demand for gasoline market has decreased significantly. Overall, China's gasoline market is expected to remain weak in the short term.