Crude oil product import and export data analysis in November

In November, China’s crude oil imports reached 23.37 million tons, import volume increased by 3.00% year-on-year, and decreased by 1.31% year-on-year; average crude oil import price reached US$109.72 per barrel, which was a year-on-year increase of 3.65%, a month-on-month decrease of 1.18%; average price of imported crude oil was slightly smaller Fall back.

In respect of refined oil exports, China's refined oil exports reached 2.15 million tons in November this year, an increase of 0.47% year-on-year and 17.49% month-on-month. The average price of refined oil exports reached 904.90 USD/ton, a year-on-year increase of 9.07% and a month-on-month increase of 3.38%.

main conclusion:

Crude oil imports remained stable in the chain. In November, China’s crude oil imports reached 23,770,000 tons, a decrease of 1.31% compared with the previous month, which was basically the same as last month. China’s crude oil demand was at a normal level.

The reduction in refined oil prices has increased pressure on refineries. On November 16th, the price of domestic refined oil was lowered. Due to the higher unit price of crude oil imported in China in October, refinery profits will be adversely affected in the next one or two months.

International oil prices fell slightly. In the two months of October and November, the average price of international crude oil fell back slightly. Affected by this, China’s average crude oil import price reached US$109.72 per barrel in November, a decrease of 1.18% from the previous month. If the international crude oil prices can maintain a slight downward trend, it will help ease the cost pressures of domestic refineries.

The profitability of the chemical business continued to improve. In addition to the month-on-month decrease in the price difference between butadiene and ethylene in November, the spreads of the rest of the products continued to pick up and continued to rise for three consecutive months. However, as the fourth quarter is the off-season chemical industry, profitability will improve, but profit contribution will not be too great.