Pay attention to the headline number "China Research Institute of Puhua Research Institute", reply to "free report" by private message, you can get a free report, come and get it quickly!
China Research Network
According to the news released by the National Development and Reform Commission, from 24:00 on April 29, 2024, domestic gasoline and diesel prices have been reduced by 70 yuan per ton. This is based on the recent changes in oil prices in the international market and follows the current refined oil price formation mechanism. This adjustment makes gasoline and diesel prices fall slightly, which is undoubtedly good news for the majority of car owners, and the cost of driving during the May Day holiday will be moderately reduced.
At the same time, according to the forecast of the Blue Book on the Development of China's Petroleum Circulation Industry (2023-2024), oil prices are expected to run between 70~85 US dollars / barrel in 2024, and international crude oil prices will fluctuate widely, which may further affect the price of refined oil market. Therefore, consumers and related industries should pay close attention to changes in oil prices in order to make more rational decisions.
The price adjustment is converted into an increase in price, 92# gasoline is reduced by 0.05 yuan per liter, 0# diesel is reduced by 0.06 yuan per liter, and the ordinary private car with a fuel tank capacity of 50L will cost about 2.5 yuan less to fill up a tank of fuel.
According to the monitoring of the price monitoring center of the National Development and Reform Commission, the international oil price fell slightly during the current round of refined oil price adjustment cycle (April 16-April 28). On average, London Brent and New York WTI oil prices fell by 2.22% compared with the previous round of price adjustment cycle.
During the adjustment cycle, tensions did not escalate due to the relative "restraint" of all parties involved in the Iran-Israel conflict, and the "risk premium" of the oil market was reduced. U.S. crude oil inventories rose for four consecutive weeks, and the rig count continued to increase to a seven-month high; Oil prices were weighed by the International Monetary Fund's forecast that OPEC+ will gradually increase production from July, reinforcing expectations of higher crude oil supply.
In addition, the U.S. personal consumption expenditures price index rose 2.7% year-on-year in March, and inflation continued to rebound, which not only curbed the speculation of crude oil futures by investment institutions in anticipation of interest rate cuts, but also supported the strengthening of the dollar and suppressed dollar-denominated crude oil prices. Compared with the previous price adjustment cycle, the oil prices of Brent in London and WTI in New York fell by 1.83% and 2.62% respectively in this cycle.
The Price Monitoring Center of the National Development and Reform Commission predicts that oil prices will be dominated by shocks in the short term. From the perspective of production, "OPEC+" still has the will to stabilize the current price level, although the geopolitical conflict has eased, the turmoil still exists, and the supply of crude oil is still at risk of damage; From the perspective of demand, the traditional fuel consumption season has not yet arrived, and it is difficult for short-term demand to improve greatly. Therefore, tight supply and weak demand will jointly affect oil prices to be range-bound.
According to the report written by the China Research Institute of Puhua Research Institute:
The development prospects of the petrochemical industry in 2024 are predicted as follows: in the context of the weak global economic recovery, the petrochemical industry is expected to usher in a turnaround. Experts predict that oil prices will remain high, providing a good market environment for the petrochemical industry. With the downward shift of oil prices and the recovery of demand, the profitability of the large refining and chemical industry chain is expected to continue to improve, and the prosperity of the industry may continue to recover. Therefore, the performance of the refining and chemical sector is expected to soar, and large refining and chemical enterprises are expected to seize market opportunities.
At the same time, with the progress of science and technology and the improvement of environmental awareness, the petrochemical industry will pay more attention to technological innovation and green and sustainable development. The continuous emergence of new materials, new processes and new products will bring new growth points to the petrochemical market. In addition, with the rapid development of new energy vehicles, renewable energy and other fields, the petrochemical industry will also face new challenges and opportunities.
In terms of market demand, with the gradual recovery of the global economy, the demand for petrochemical products is expected to grow steadily. Especially in the Asian region, the demand for petrochemical products will continue to be strong due to rapid economic development and population growth. However, it is also necessary to pay attention to the potential risks such as the disincentive effect of the spread of electric vehicles on oil demand and the volatility of crude oil and natural gas prices.
On the whole, the development prospects of the petrochemical industry in 2024 have both opportunities and challenges. Enterprises need to pay close attention to market dynamics and technology development trends, strengthen technological innovation and industrial upgrading, and adapt to changing market demand and environmental requirements. At the same time, the government and all sectors of society should also increase support and guidance for the petrochemical industry to promote its green, efficient and sustainable development.
In 2024, the petrochemical industry will face a series of challenges and opportunities, and its current situation and market environment will be complex and changeable. In terms of industrial status, the demand for petrochemical products mainly comes from industries such as energy, construction, plastics, rubber, chemical fiber, and agriculture. However, with the slowdown in demand growth and the increase in environmental protection pressure, the overcapacity of the industry is more prominent.
In order to cope with this problem, the petrochemical industry began to adjust its industrial structure, transform and upgrade to high value-added fields, and increase the development and production of special chemical products and new materials. At the same time, strengthen the integration and optimal allocation of resources, and promote the intensive operation and intelligent production of enterprises. In addition, the industry is also actively promoting green, low-carbon and circular development, and increasing environmental protection and energy conservation.
In terms of market conditions, the International Energy Agency's estimate of average oil supply in 2024 has been revised downward, which could have an impact on raw material availability and costs for the petrochemical industry. At the same time, some OPEC+ members extended their voluntary production cuts in the first quarter until the end of June, which could have some impact on the global oil market, which in turn affected the price and market demand of petrochemicals. In addition, the spread of electric vehicles has a dampening effect on oil demand, which may lead to a decrease in demand in some areas of the petrochemical industry.
However, scientific and technological innovation has brought new growth points to the petrochemical industry. Technological advances are making production processes more environmentally friendly and efficient, reducing energy consumption and emissions. The continuous emergence of new materials, new processes and new products has brought new growth points to the petrochemical market. At the same time, the industry actively carries out international cooperation and exchanges, strengthens technology introduction and innovation capacity building, and enhances independent innovation capabilities.
To sum up, the petrochemical industry in 2024 will face challenges and development opportunities. Enterprises need to pay close attention to market dynamics and technology development trends, actively adjust the industrial structure, and enhance innovation capabilities to adapt to the changing market environment.
In the fierce market competition, whether enterprises and investors can make timely and effective market decisions is the key to success. The petrochemical industry report written by China Research Network makes a specific analysis of the development status, competition pattern and market supply and demand situation of China's petrochemical industry, and analyzes the opportunities and challenges faced by the industry from the aspects of the industry's policy environment, economic environment, social environment and technical environment.
At the same time, it reveals the potential demand and potential opportunities of the market, provides accurate market intelligence information and scientific decision-making basis for strategic investors to choose the appropriate investment time and the company's leadership to make strategic planning, and also has great reference value for government departments.
If you want to know more about the professional analysis of the petrochemical industry, you can click to view the written by the China Research Institute of Puhua
Pay attention to the headline number "China Research Institute of Puhua Research Institute", reply to "free report" by private message, you can get a free report, come and get it quickly!