Domestic oil prices fell to four year low on Friday and welcomed eight day streak

Posted on 11/10/2014 10:36:39 AM

With less than $ 80 in the price of crude has been no fresh things, domestic oil prices, "the eight-day streak," seems to have not so far. "Economic Information Daily" learned from a number of the agency overseeing the community on Friday (November 14) will usher in a new round of adjustment window of domestic oil prices, and the current exchange rate oil prices have fallen much more than the corresponding red line. In the global oversupply of oil, fully support the case, domestic prices of petroleum "Eight slump" will be a high probability event.
"Oil prices have fallen to the lowest level in four years, compared to a significant demand for winter heating that is similar to the arrival of good, strong dollar provides persistent bearish rebound in crude oil drown more hope. it has fallen below the mark of $ 80 for WTI, show bearish sentiment continues to dominate the market, psychological defense fragile merchants very easily destroyed, panic selling has appeared on several occasions. "petrochemical analyst along congregation Red Li Yan believes that the weak pattern of oil is likely to continue for some time, even if they are not short when a slight increase, but also hard to change the characteristics of the "bear market."
Zhuo record information data show that as of November 7, the main varieties of crude oil change was -2.91%, a reduction in the range of 145 yuan / ton relevant.
National Sales Price of refined oil since July seven consecutive cut, accumulated in the domestic price of gasoline retail decline reached 1,325 yuan / ton, diesel selling price of the cumulative drop of 1,275 yuan / ton. Equivalent to a total of 92 # gasoline fell 1.02 yuan / liter, diesel has been reduced from 1.09 yuan / liter, most of the areas of the national price of gasoline and diesel retail again six yuan era, to the lowest in four years.
Oil prices on the Chinese consumer and logistics, transportation, and other businesses, is undoubtedly an important and positive, which is evident from the cost of tying performance airlift assets in stocks could see reflected. Analyst Lung Chung Red Xue Qun Petrochemical, oil prices, "run of seven days," the magnitude, which means a month of private car fuel costs can be reduced by about 200 yuan, a large vehicle logistics can save a few thousand dollars.
At the same time, this is an opportune time Chinese crude oil reserves. Customs data show that since the beginning of June this year, the average unit price of Chinese imports of crude oil fell, while imports are increasing. If you agree with imports of crude oil to China in 2013 to a simple calculation, 25% of the decline in imports in 2014 will make the Chinese save more than 20 billion dollars in oil costs.
But that should not be overlooked, oil refining, chemical industry is much suffering. According to Xue Qun, falling oil prices increase the cost of the refinery, "three barrels of oil" could not escape the deficit. During the third quarter, profit national retail refined oil also showed a general downward trend.

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