International oil prices continued to rise, in accordance with China's current refined oil price adjustment mechanism, refined oil prices will be on May 26, zero ushered in the fourth time during the year raised.
However, despite the rise in international oil prices, but the domestic refined oil prices have declined slightly. The international oil price changes to a certain extent, can not fully reflect the domestic supply and demand.
Analysts said that because there is no own crude oil futures market, China's refined oil pricing mechanism is still some lag.
Recently, oil and gas reform program finally landed, once again mentioned to improve the refined oil pricing mechanism.
The industry believes that the refined oil pricing mechanism and the market there are still gaps, with the oil and gas reform to promote the pricing mechanism is expected to further market.
Finished oil prices will be raised for the fourth time in the year
Recently, Saudi Arabia and Russia took the lead in the agreement to extend production agreement for nine months, followed by oil producers continue to support the extension of the agreement. At the same time, the US crude oil inventories and both the decline in oil prices also provide upward support.
These factors have led to international crude oil prices continue to rise.
As of May 23, the first 8 days of the current round, Zhongyu information measured crude oil rate of change of 3.05%, Zhongyu crude oil valuation 50.564 US dollars / barrel, compared with the benchmark price rose 1.495 US dollars / barrel, temporarily expected May 26 zero When the refined oil raised 110 yuan / ton.
Zhongyu information analyst Hu snow to the "Securities Daily" reporter said that the current pricing cycle, crude oil began to bottom out, refined oil price adjustment is expected from the last round of the largest decline in the year to raise expectations, the crude oil rebound The biggest hero is still Saudi Arabia and Russia.
He also pointed out that the extension of the agreement and the dollar lower while supporting the continued rise in crude oil prices, but the current domestic oil prices by the impact of greater demand, the lack of demand brought about by the continued constraints of domestic refined oil prices, although the refined oil is expected to be raised , But the late domestic refined oil market is expected to remain low prices or continue to maintain, and listing prices or will rise with the rise in crude oil.
In accordance with the current China's refined oil pricing mechanism to international oil prices to determine whether the domestic refined oil prices to adjust. But in practice, these two data often appear inconsistent situation.
From the data is not difficult to see that the relationship between refined oil and international crude oil has not been so close. And this is not the first time the market price of refined oil and price adjustment is contrary to the international crude oil prices can not fully reflect the domestic supply and demand.
Hu Xue believes that because China does not have its own crude oil futures market, and it is difficult to feedback crude oil financial transactions to the New York and London crude oil market, not to mention the pricing power, and even their own pricing mechanism is very lagging and passive.
May 16, the Shanghai International Energy Exchange Center clear the overall design of crude oil futures ideas, domestic and foreign investors to participate in the transaction conditions, risk control measures. Crude oil futures are expected to be launched during the year.
In this regard, Hu Xue said crude oil futures put on the process, as an international pricing varieties, will be the first time to introduce foreign qualified investors into the domestic futures market, which in the internationalization of the futures market, while the impact of China's commodity pricing Force will also be improved.
At the same time, it is necessary to mention that a few days ago, the CPC Central Committee and the State Council issued a number of opinions on deepening the reform of the oil and gas system, which referred to "improving the formation mechanism of refined oil prices, playing the role of market decision price, Abnormal control of the right to volatility. "
In addition, also pointed out that according to the law to speed up the construction of oil and gas trading platform to encourage qualified market participants to participate in transactions, through the formation of market competition prices. Strengthen the pipeline transportation costs and price regulation, in accordance with the principle of permitted costs plus reasonable income, scientific development of pipeline transportation prices. These specific initiatives also provide a guarantee for the marketization of refined oil prices.
Hu Xue said: "This will make the refined oil pricing mechanism in the process of market further."
In fact, in recent years, China's refined oil pricing mechanism has been improved, from the reference oil species, pricing cycle, to the establishment of "floor price", making the current refined oil price mechanism is optimized, but still gap with the market.
Jin Lianchuang analyst Han Cong to the "Securities Daily" reporter said that the latter part of the refined oil pricing mechanism is expected to continue to improve, after the country has launched a price market reform schedule, to 2017, the competitive areas and links prices basically open to In 2020, the market price mechanism is basically perfect, the price control mechanism is basically sound, no doubt the price of refined oil will be the "three five" period of work focus.
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