Oil prices may now fall for four straight


2022-08-08: [Chinese Article Link]  At 2400 hours on 9 August, the Guangzhou Daily News (a full-media journalist, Zhang Lu) opened a new rotational price window for the country’s finished oil. International crude oil prices have been on the decline since the current round of price-taking, with a sharp drop in oil prices, especially in previous days. “The previous period was largely supported by a lack of recovery in OPEC-plus production and the expected formation of oil prices, but weak manufacturing data in a number of countries, combined with the impact of the US Federal Reserve interest increase, have led to increasing market concerns about the global economic downturn and the slowdown in energy demand, pressure from the emptiness factor and a fall in crude oil prices. As a result, as of the eighth working day on 5 August, the average price of the reference crude oil variety was $99.94 per barrel, with a change rate of -1.09 per cent, and the corresponding domestic retail price of diesel fuel should be reduced by 60 Yuan/ton. Wang Sun analysed that, as a result of inertia, the rate of change or the continuation of negative extensions, it was expected that retail prices for the round would be revised downwards to approximate events and by a range of more than 100 Yuan/tonne. That is to say, if there are no major fluctuations in international oil prices thereafter, it is expected that on Tuesday evening (9 August) there will be a small drop in domestic oil prices. According to the institutional analysis, in the post-municipal context, the crude oil market is still in the expectation of a double decline in the economy and demand, with a high level of pressure at a later stage, a new cycle of change is expected to continue to operate in negative intervals, short-term news is difficult to support, and wholesale prices for diesel fuel are expected to remain at some point in the short term.


Note: This is a machine translated version of the Chinese news media article. A mature and nuanced reading is suggested.




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Oil prices may now fall for four straight


2022-08-08: [Article Link]  At 2400 hours on 9 August, the Guangzhou Daily News (a full-media journalist, Zhang Lu) opened a new rotational price window for the country’s finished oil. International crude oil prices have been on the decline since the current round of price-taking, with a sharp drop in oil prices, especially in previous days. “The previous period was largely supported by a lack of recovery in OPEC-plus production and the expected formation of oil prices, but weak manufacturing data in a number of countries, combined with the impact of the US Federal Reserve interest increase, have led to increasing market concerns about the global economic downturn and the slowdown in energy demand, pressure from the emptiness factor and a fall in crude oil prices. As a result, as of the eighth working day on 5 August, the average price of the reference crude oil variety was $99.94 per barrel, with a change rate of -1.09 per cent, and the corresponding domestic retail price of diesel fuel should be reduced by 60 Yuan/ton. Wang Sun analysed that, as a result of inertia, the rate of change or the continuation of negative extensions, it was expected that retail prices for the round would be revised downwards to approximate events and by a range of more than 100 Yuan/tonne. That is to say, if there are no major fluctuations in international oil prices thereafter, it is expected that on Tuesday evening (9 August) there will be a small drop in domestic oil prices. According to the institutional analysis, in the post-municipal context, the crude oil market is still in the expectation of a double decline in the economy and demand, with a high level of pressure at a later stage, a new cycle of change is expected to continue to operate in negative intervals, short-term news is difficult to support, and wholesale prices for diesel fuel are expected to remain at some point in the short term.

Note: This is a translated version of the Chinese news media article. A mature and nuanced reading is suggested.

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