On March 9, 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 February 28 to March 6, the comprehensive CIF price index of China's crude oil imports was 135.76 points, up 3.06% on a weekly basis and 47.73% on a year-on-year basis.
The index R & D Department of Shanghai Petroleum and natural gas trading center said that the recent focus of the oil market mainly focused on geopolitical tensions, which is also an important driving force for the sharp rise in oil prices. According to the inventory data released by the US Energy Information Administration (EIA) last week, as of the week of February 25, the US crude oil inventory decreased by 2.597 million barrels month on month, hitting a three week low of 413425 million barrels, 71.18 million barrels or 14.70% lower than the same period last year. As of the closing of last Friday (March 4), the settlement price of Brent crude oil futures contract rose 20.60% over last week to close at US $118110/barrel; The settlement price of us WTI crude oil futures contract rose 26.30% over last week to close at US $115680/barrel.
In the spot market, as of last Friday (March 4), the spot valuation of benchmark crude oil in the Middle East rose. The spot valuation of crude oil in Dubai was US $108.99/barrel, up 13.74% from last week, and the spot valuation of crude oil in Oman was US $108.87/barrel, up 12.88% from last week. Due to the trade process, the CIF price of China's crude oil imports often lags behind the futures price and spot price in the international market for a period of time. The impact of recent fluctuations in international oil prices 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 oil and 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.
