On the 29th, the comprehensive CIF price index of China’s crude oil imports jointly released by the global trade monitoring and analysis center of the General Administration of customs and Shanghai Petroleum and natural gas trading center showed that from December 20 to 26, 2021, the comprehensive CIF price index of China’s crude oil imports was 117.66, a month on month decrease of 1.62% and a year-on-year increase of 66.00%.
The index R & D Department of Shanghai Petroleum and natural gas trading center said that the international crude oil futures price rose last week. On the one hand, oil production in Libya and Nigeria was interrupted and crude oil supply decreased; On the other hand, the VIX Index continued to decline last week, indicating the improvement of market concerns; In addition, the unexpected decline in U.S. commercial crude oil inventories also supported oil prices. According to the inventory data released by the U.S. Energy Information Administration (EIA) last Wednesday, as of the week of December 17, the U.S. commercial crude oil inventory fell 4.715 million barrels to 423.57 million barrels month on month; Over the same period, the crude oil inventory in Cushing, Oklahoma, where WTI is delivered, increased by 1463000 barrels to 33.67 million barrels month on month. In addition, according to the position reports of ice and CFTC, as of the week of December 21, the net long positions of ice Brent crude oil futures and options held by fund managers were 154556, an increase of 0.09% over the previous week, and the net long positions of NYMEX WTI crude oil futures and options held were 250370, an increase of 2.07% over the previous week. As of the closing of last Friday (December 24), the settlement price of Brent crude oil futures contract was USD 76.14/barrel, up 3.56% from the previous week; As of the close of last Thursday (the US crude oil market was closed on December 24), the settlement price of us WTI crude oil futures contract was US $73.79/barrel, up 4.13% from the previous week.
In the spot market, as of last Friday (December 24), the spot valuation of benchmark crude oil in the Middle East rose week on week. The spot valuation of Dubai crude oil was US $74.55/barrel, up 1.37% from the previous week; The spot valuation of Oman crude oil was US $74.20/barrel, up 1.23% from the previous week.
Due to the trade process, the CIF price of China’s crude oil import often lags behind the futures price and spot price in the international market for a period of time. The impact of recent international oil price fluctuations will gradually appear in the CIF price of crude oil imports in the later stage.
The compilation of China’s comprehensive import CIF price index of crude oil was completed in cooperation with the global trade monitoring and analysis center of the General Administration of customs and Shanghai Petroleum and natural gas trading center. It was first published in the form of price on December 18, 2019 and adjusted to be published in the form of index from September 23, 2020, Taking the first calendar week of 2018 as the base period (the CIF price of China’s crude oil import in that week is 3114 yuan / ton and the price index is 100), it comprehensively reflects the CIF price level of China’s crude oil import in the previous week. This is a beneficial exploration for China to prepare its own benchmark price of crude oil, which is conducive to improving market transparency, providing an important reference basis for the crude oil chemical market, timely and effective docking between the Chinese market and the international market, and further improving China’s influence in the international oil and gas market.
(Xinhua Finance)
