After National Day: Domestic oil prices may drop for the first time in the second half of the year!

According to news on October 7, during this year’s Mid-Autumn Festival and National Day holiday, domestic oil prices rose for a time, which put a certain amount of pressure on people’s travel. However, as the holidays pass, domestic oil prices are expected to decline.

According to the announcement of the National Development and Reform Commission (NDRC), on September 20, the price of domestic refined oil products will be increased by 385 yuan per ton of gasoline and 370 yuan of diesel oil, which is equivalent to a price increase of 92# gasoline. Prices will be increased by 0.3 yuan, No. 95 gasoline will be raised by 0.32 yuan, and No. 0 diesel will be raised by 0.31 yuan. This price increase has brought domestic oil prices to a new high this year and attracted widespread attention.

However, October 7 marks the seventh working day of a new round of oil price adjustment cycle. Based on current international oil prices, domestic oil prices are expected to drop by 30 yuan. /Ton. Although the decline has increased by 90 yuan/ton compared with the previous working day's estimate, it has not yet reached the red line for downward adjustment. This means that domestic oil prices are currently stranded, but are expected to fall next week

According to the editor’s understanding, international oil prices also performed poorly. Throughout the week, U.S. crude oil fell by 8.81%, and Brent fell by 8.81%. Crude oil fell about 11%, recording its biggest weekly loss since March. This trend suggests that oil prices may continue to fall for some time to come as demand growth slows. Rystad Oil analysts at Energy predict oil prices will peak at $91 a barrel next year before falling to $50 a barrel.

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