China Refined Oil Price Rebounded in Q1, Export Profit Turned Positive
In Q1, the overall international crude oil price increased first and then declined. In January, the intensified global pandemic dragged down the crude oil price. However, supported by the news that Saudi Arabia conducted extra production reduction of 1 million b/d, the crude oil price kept rising. The price of WTI reached $50/bbl and its monthly average price in January increased by 10.21% M-O-M. That of Brent increased by 9.67% M-O-M. In February, the prices of both WTI and Brent reached $60/bbl. Supported by the rapid progress of vaccination, strict production reduction at Saudi Arabia and the crude oil output declined in the U.S. caused by the cold weather, the monthly average prices of WTI and Brent both increased by over 12% M-O-M.
However, the prices trended down in mid-March affected by the vaccine issues and the vaccination was suspended. Therefore, the crude oil price dropped below $60/bbl rapidly and fluctuated within a wide range of $58-66/bbl.
The global refined oil price shared a similar trend with crude oil, the monthly average price showing an uptrend in Q1.
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