Oil price adjustment update: today February 18, gasoline 92, 95 is expected to increase

2022-06-14 0 By

Based on the recent changes in international oil prices and the current pricing mechanism for refined oil products, the domestic gasoline and diesel prices (standard products) will be raised by 210 yuan and 200 yuan per ton respectively from 24:00 On February 17, 2022.In other words, since the early morning of February 18, domestic refined oil prices have officially risen for the fourth time in a row, and it is also the third time in a row since 2022, and some regions have entered the 8 yuan era.According to the data of the first working day before the domestic refined oil price adjustment on February 17, WTI was 91.76 USD/barrel, brent was 92.97 USD/barrel, and the change rate of crude oil was 1.08%. The next refined oil price adjustment window is 24 hours on March 3, 2022, and it is still expected to be increased.Oil prices fell on Friday and were on track to end the week in losses for the first time in eight weeks, as expectations of Iranian oil’s return to the global market outweighed concerns about possible Russian aggression in Ukraine and supply disruptions.Stubborn issues that remain include Iran’s demand for assurances that the United States will not turn against it again.NYMEX crude futures fell 0.87 percent to $89.26 / BBL at 16:18 Beijing time.ICE Brent crude futures fell 0.79 percent to $92.24 a barrel.Shanghai crude oil prices rose 0.21%, the main contract 2204 closed at 567.3 yuan/barrel, up 1.2 yuan/barrel.Oil markets are facing a potential 1 million BPD of new supply as talks between Iran and major world powers to revive the 2015 nuclear deal take shape, according to reports.Although the exact timing is unclear, oil prices have come under pressure, falling nearly 5% this week.Diplomats said an emerging draft OF a U.S. -Iran agreement aimed at reviving the 2015 nuclear deal Outlines reciprocal steps to bring both sides back into full compliance, with the first step not including relief from oil sanctions.Like the original Iran nuclear deal, the Joint Comprehensive Plan of Action (JCPOA), the new agreement calls for the US to waive sanctions on Iran’s oil sector, rather than lifting them outright.This requires the exemption to be renewed every few months.Stubborn issues that remain include Iran’s demand for assurances that the United States will not turn against it again.Western officials say they cannot give firm assurances given the difficulty of reining in future governments.Iran’s supreme leader Ayatollah Ali Khamenei said Thursday his country has never sought to develop nuclear weapons as “enemies” accuse it of, but will further develop the capability to use nuclear technology peacefully to safeguard the country’s independence.Pro-russian rebels in Ukraine have accused government forces of shelling a village on Friday.And Russian media reported that more infantry and tank units were returning to their bases, in sharp contrast to western fears of an imminent Russian invasion.The Kremlin previously expelled an American diplomat.But the US secretary of state has agreed to meet his Russian counterpart later next week.U.S. President Joe Biden also said the door remains open for a diplomatic solution.Vandana Hari, founder of oil market consultancy Vanda Insights, said in a note: “Downward pressure on crude oil prices from the prospect of the Iran nuclear deal is likely to persist…Unless relations remain deadlocked after the latest round of negotiations.”Hari added that the situation in Ukraine was having a marginal impact on crude prices.But even if more Iranian oil returns to the international market, analysts do not expect prices to fall significantly in the short term as OPEC and its partners (OPEC+) struggle to meet their production targets.Oil demand is recovering as air travel and road traffic pick up.Spot premiums for crude oil produced in Europe and the Middle East surged to record highs this month, following a rebound in global prices as refiners snapped up supplies and producers struggled to boost output to meet rising demand.In Asia, refining margins have returned to 2018 highs as demand for most petroleum products has rebounded to pre-pandemic levels or higher.”With global oil inventories near seven-year lows, DISAPPOINTING OPEC+ supply growth, and OPEC+ spare capacity in doubt, the oil market is vulnerable to supply disruptions,” Vivek Dhar, an analyst at Commonwealth Bank of Australia, said in a note.The bank expects ICE Brent oil to remain between $90 and $100 a barrel in the short term, and to “easily” break $100 if tensions between Russia and Ukraine escalate.