---
I. International oil prices and inventory dynamics
1. U.S. crude oil inventories rose more than expected
According to data from the U.S. Energy Information Administration (EIA), U.S. commercial crude oil inventories increased by 3.5 million barrels to 441.8 million barrels in the week ended May 9, far exceeding the market's expected decrease of 1.1 million barrels. Gasoline inventories decreased by 1 million barrels, and distillate inventories declined, reflecting the differentiation of refining demand. Inventory pressure and a stronger U.S. dollar continue to suppress the momentum of oil price rebound.
---
II. Adjustment of China's refined oil market prices
1. National refined oil prices are stable and declining
On May 15, the overall domestic refined oil wholesale price was under pressure, and the cumulative decline in Shandong local refinery gasoline prices reached 200-300 yuan/ton, the mainstream transaction price of 92# gasoline was 7350-7523 yuan/ton, and 0# diesel was 6400-6483 yuan/ton. Sinopec's centralized procurement price in Northeast China rebounded, with gasoline transaction prices rising to 7,950 yuan/ton and diesel rising to 6,760 yuan/ton, reflecting regional supply and demand differences.
2. Next week may usher in a "four-consecutive decline" window
The market predicts that the refined oil price adjustment window on May 17 may open the fourth downward adjustment this year, mainly due to the continuous weakness of international oil prices and sluggish domestic demand.
---
III. Price fluctuations in the chemical industry chain
1. Petrochemical product quotations increased
Sinopec's xylene quotation in North China increased by 350-450 yuan/ton, and the execution price in Tianjin, Qingdao and other places reached 5,750-5,950 yuan/ton; butadiene prices rose by 800 yuan/ton to 11,100 yuan/ton in a single day, and the bidding prices of companies such as Satellite Chemicals were simultaneously increased.
2. Low production and sales rate of refining enterprises
The production and sales rate of refined oil products of Shandong refineries remained low. On May 14, the production and sales rate of gasoline was 90%, and the production and sales rate of diesel was 94%. The cautious downstream purchases led to increased inventory pressure of refineries.
---
IV. Enterprise capital flow and market sentiment
- Heshun Petroleum's main capital net outflow
On May 15, Heshun Petroleum's stock price fell by 0.89%, and the main capital net outflow was 6.1711 million yuan, and the financing balance continued to shrink. In the first quarter, the company's net profit increased by 36.6% year-on-year, but revenue decreased by 5.01% year-on-year, reflecting the coexistence of improved profitability and weak demand at the retail end of refined oil.