International oil prices skyrocket over 27% for three days. Will base oil prices soar?

International oil prices started to surge, rising 27.46% in three days

In recent days, the international oil price has been staggering and has started a continuous surge pattern. It is reported that the US crude oil futures have set a maximum increase in 25 years in the past three trading days. The New York crude oil price rose 27.46% in three days.

Among them, the United States WTI October crude oil futures prices closed up 3.98 US dollars, an increase of 8.80%, to US $ 49.20 a barrel; ICE Brent October crude oil futures rose more than US $ 3.57 short-term, an increase of more than 7.10%, to 53.63 US dollars a barrel, have Refresh high since July 21.

International oil price trend

The price of 150 SN and 400 SN in the main refinery stabilized, and the trading situation in 150N gradually improved.

Earlier, the price of crude oil fell all the way, and China's base oil prices have also been in a downward path for a long time. Well, this time, driven by the continuous soaring international oil prices, can the underlying oil prices bottom out and rise?

According to industry news, for a class of base oil, Sinopec's export price of Nanyang petrochemical refinery has been growing steadily, slightly up and down, mainly due to the fact that it will stop and overhaul from August 15th, which will tighten export resources. Yanshan Petrochemical continued to maintain its domestic supply in August. This week, the main refinery listed prices basically stabilized, and individual refinery prices fell slightly. The 150 SN and 400 SN prices basically held steady, and the overall trading situation was general. From Sinopec's two major groups, only some models of Jingmen Petrochemical have fallen. The rest of the refineries have a stable price, and the refinery operating rate is about 45 percent.

Base oil price changes

The domestically produced second-class oil prices also stabilized temporarily, and the trading situation in the 150N market gradually improved. In view of the fact that there are still no high-viscosity Type II oils and Type 3 oil resources in the local area, the price will continue to maintain stability.

In the long run, on the one hand, the increase in the price of crude oil futures will, to a certain extent, increase the operating costs of refineries, and will inevitably shift part of it to the base oil price, but this effect has a lagging effect; on the other hand, the base oil price It also depends on the current inventory of major refineries, the availability of off-the-shelf cash resources, and long-term market strategies.

Reason for soaring oil prices - OPEC’s latest communique

This round of crude oil price increase is mainly due to the latest version of the OPEC Communique, which states: “OPEC is worried about the drop in oil prices and is ready to talk about oil markets with other oil producing countries, but it must be in a level playing field. Crude oil production is rising. The persistent price pressure caused by market speculation remains a worrying factor for OPEC and its member countries.” After the above news was announced, the international oil price ushered in the expectation that OPEC may cut production at a stable price. A sharp rise.

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Jinzhou Jinshi Mining Equipment Technology Co., Ltd. , https://www.jsminingeqpt.com