Recently, the National Development and Reform Commission lowered the price of refined oil products, and measured the retail price of gasoline No. 90 and No. 0 diesel (average of the country) to decrease by 0.07 yuan and 0.08 yuan per liter respectively. On Monday, the Greek crisis caused the international oil price to plummet, which indirectly led to a drop in domestic oil prices from 45 cents per liter to 70 points per liter. The maximum retail price of Beijing No. 92 Gasoline dropped 8 points from 6.58 yuan/liter to 6.50 yuan/liter.
Domestic oil prices down by the Greek crisis still bearish in the next round
Greek crisis caused international oil prices to plummet
Last weekend, Greece’s referendum raised the possibility that Greece would withdraw from the euro zone with more than 60% of the reform proposals proposed by the European creditor’s side for the exchange of aid projects. The debt-ridden Greece will withdraw from the euro zone, and the development of the euro zone will become a concern for investors. The Greek debt crisis may affect European energy demand, and continues to pressure the euro, indirectly boosting the US dollar, and affecting the prices of large trading commodities such as crude oil denominated in dollars.
On Monday, local time, which is the last working day of the current round of the pricing cycle, the major reference prices for international oil prices Brent and WTI (West Texas Light crude oil) futures both fell sharply.
Experts believe that during the current period of valuation, international oil prices are weak. Under the background of oversupply, the US oil inventories have unexpectedly increased, the number of U.S. oil drilling plunged, the Greek debt crisis, the Iranian nuclear negotiations, and the slump in China’s stock market. International oil prices oscillated slightly.
The next round of price adjustment is still bearish
The reduction in the price of domestic refined oil products has increased. On the ninth working day, the international oil price movement ranged from 4-5 cents/liter for domestic price adjustments. Since the last working day plummeted, the amplitude was expanded to 7-8 cents/liter.
The National Development and Reform Commission issued a notice saying that the price of gasoline and diesel will be reduced by 95 yuan and 90 yuan per ton respectively, and the retail price of gasoline No. 90 and No. 0 diesel (average of the country) will be reduced by 0.07 yuan and 0.08 yuan per liter, respectively, and the price adjustment execution time is At 7 o'clock on the July 7th. According to Beijing Municipal Development and Reform Commission, the maximum retail price of gasoline No. 92 has been lowered by 8 points from 6.58 yuan/liter to 6.50 yuan/liter.
The spread of the Greek crisis, Iran's nuclear talks pending, will continue to suppress the oil price. Many agencies believe that the next round of price adjustment is still downward.
Experts believe that the current default risk of Greek debt may even exit the euro area, which will directly weigh on the euro zone economy. Furthermore, July 7 is the deadline for Iran’s nuclear talks. Once an agreement is reached, Iran may return to the crude oil market. If there are no other favourable factors to support, it is expected that the European and American crude oil futures will be at a low level and may fluctuate within the next pricing cycle. The domestic refined oil market will usher in a “second consecutive declineâ€, and the unexpected fall rate is expected to exceed 200 yuan per ton.
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