卓创资讯分析师 孟鹏 【导语】 11月下旬，国际原油价格整体呈现出震荡下行走势，市场观望情绪浓厚，业者进购意愿低 迷。叠加国内柴油需求整体表现欠佳，抵消了来自供应端趋紧的影响，因此贸易单位下旬多消化库存为 主，大单进购操作减少，柴油库容率月末有所降低。 据卓创资讯对沿海以及内江周边30家社会贸易单位调研发现，截至2025年11月27日，国内成品油贸易单 位柴油库存占库容的比重在29.93%，较中旬降低0.16个百分点，同比增加0.04个百分点。 缺乏利好提振，贸易单位柴油库容率降低 本月下旬，原油价格整体呈现出震荡下行趋势，核心影响因素主要是欧洲和平谈判进展向好，地缘溢价 继续回吐，而12月份沙特将继续增产也利空于原油价格走势。但是由于美国原油库存去库、美联储大概 率降息以及欧洲局势谈判短期难以完成等情况影响，原油价格底部仍存支撑，因此价格震荡为主，均值 环比下跌。受此影响，国内成品油零售限价于11月24日24时经历下调后，新周期的原油变化率仍处于负 值范围内，国内市场观望情绪持续浓厚，业者对后市缺乏信心，进购意愿低迷。此外，虽然下旬国内部 分地区柴油现货资源依旧偏紧，但是随着气温降低以及物流运输活跃度下降， ...

Core Viewpoint - The average price change rate of a basket of crude oil was reported at -1.47% on November 27, indicating a decline in oil prices [1]. Group 1: Price Adjustment Mechanism - Domestic gasoline and diesel prices are adjusted based on international crude oil price changes every 10 working days, with the adjustment taking effect at 24:00 on the announcement date [3]. - If the price adjustment is less than 50 yuan per ton, it will not be implemented but will be accumulated or offset in the next adjustment [3]. - Special circumstances may allow for the suspension, delay, or reduction of the price adjustment [3]. Group 2: Pricing Cycle - November 28 marks the fourth working day of the current pricing cycle, with the next adjustment window opening at 24:00 on December 8 [4].

Core Viewpoint - As of November 6, China's wholesale prices for gasoline and diesel show a trend of "gasoline decline and stable diesel," with average wholesale prices for 92 gasoline at 7477 yuan/ton, down 4 yuan/ton from the previous day, while diesel prices remain unchanged at 6548 yuan/ton [1]. Market Overview - The international crude oil futures prices fell on November 5, creating a negative sentiment in the market, leading to a cautious trading atmosphere [1]. - Overall market sentiment is characterized by a wait-and-see approach, resulting in a lack of active trading [1]. Regional Price Changes - In terms of regional price movements, gasoline wholesale prices increased in Chongqing and Shandong, while they decreased in Heilongjiang, Inner Mongolia, Jiangsu, Jiangxi, Shanxi, Henan, Hubei, and Guangxi [1]. - Diesel wholesale prices saw increases in Jilin, Gansu, Shaanxi, Sichuan, Shandong, and Shanxi, but decreased in Heilongjiang, Jiangsu, Shanghai, Jiangxi, Guangdong, Hebei, and Guangxi [1]. - In Shandong's local refining sector, both gasoline and diesel prices experienced slight declines [1]. Data Source - The wholesale prices for gasoline and diesel are published by the China Economic Information Agency and the China Petroleum Economic and Technical Research Institute, in collaboration with the Shanghai Petroleum and Natural Gas Trading Center, based on data collection from major operating units across the country [1].

Core Points - The average price change rate of a basket of crude oil was reported at 3.83% on October 30 [1] - Domestic gasoline and diesel prices are adjusted based on international crude oil price changes every 10 working days, with the adjustment effective at 24:00 on the announcement date [1] - The adjustment window for the current pricing cycle will open at 24:00 on November 10 [1]

Core Viewpoint - On October 10, 2023, wholesale prices for gasoline and diesel in China decreased, reflecting a broader trend influenced by international crude oil price movements and subdued market demand [1] Price Changes - The average wholesale price for 92 gasoline was 7807 yuan per ton, down 17 yuan from the previous day [1] - The average wholesale price for diesel (including low pour point) was 6721 yuan per ton, down 8 yuan from the previous day [1] Market Conditions - The international crude oil futures prices fell on October 9, leading to a negative change in the average price of a basket of crude oil, with no supportive news in the market [1] - Downstream users primarily engaged in small, essential purchases, resulting in a lackluster market trading atmosphere [1] Regional Price Variations - In Anhui, gasoline wholesale prices increased, while prices in Shaanxi, Jilin, Tianjin, Sichuan, Qinghai, Guangdong, Beijing, Guangxi, Jiangsu, and Zhejiang decreased [1] - Diesel prices rose in Xinjiang, but fell in Tianjin, Jilin, Shaanxi, Sichuan, Guangxi, Inner Mongolia, Guangdong, Shanxi, Qinghai, and Zhejiang [1] - In Shandong, both gasoline and diesel prices decreased [1] Data Source - The price data is published by the China Economic Information Agency and the China Petroleum Economic and Technological Research Institute, in collaboration with the Shanghai Petroleum and Natural Gas Exchange Center, providing an authoritative reflection of the wholesale market for gasoline and diesel in China [1]

Core Viewpoint - The average price change rate of a basket of crude oil was reported at -0.81% on October 9, indicating a decline in oil prices which may impact domestic fuel prices in China [1] Pricing Mechanism - Domestic gasoline and diesel prices are adjusted based on international crude oil price changes every 10 working days, with the adjustment taking effect at 24:00 on the announcement date [1] - If the price adjustment is less than 50 yuan per ton, it will not be implemented but will be carried over to the next adjustment [1] - Special circumstances may allow for the suspension, delay, or reduction of price adjustments [1] Upcoming Adjustments - October 10 marks the eighth working day of the current pricing cycle, with the price adjustment window set to open at 24:00 on October 13 [1]

Core Points - The average price change rate for a basket of crude oil was reported at -0.60% as of October 8 [1] - Domestic gasoline and diesel prices are adjusted every 10 working days based on international crude oil price changes, with the adjustment effective at 24:00 on the announcement date [1] - The adjustment window for the current pricing cycle will open at 24:00 on October 13, marking the seventh working day of the cycle [1]

Core Points - The average price change rate of a basket of crude oil was reported at 0.66% on September 11 [1] Group 1 - According to the "Oil Price Management Measures," domestic gasoline and diesel prices are adjusted based on international crude oil price changes every 10 working days, with the adjustment taking effect at 24:00 on the announcement date [3] - If the adjustment amount is less than 50 yuan per ton, it will not be implemented and will be accumulated or offset in the next adjustment [3] - Special circumstances may allow for the suspension, delay, or reduction of the adjustment amount as per the regulations [3] Group 2 - September 12 marks the third working day of the current pricing cycle, with the adjustment window set to open at 24:00 on September 23 [4]

Core Viewpoint - On September 10, 2023, China's wholesale prices for gasoline and diesel both experienced a decline, reflecting cautious market sentiment and limited trading activity despite a slight increase in international crude oil prices on September 9 [1]. Price Summary - The average wholesale price for 92 gasoline was 7,862 yuan per ton, down 9 yuan from the previous day [1]. - The average wholesale price for diesel (including low pour point) was 6,764 yuan per ton, down 4 yuan from the previous day [1]. Market Analysis - The overall market sentiment remains cautious, with operators mostly adopting a wait-and-see approach, leading to limited trading activity [1]. - Regional price variations were noted, with gasoline prices increasing in Xinjiang and Inner Mongolia, while prices decreased in several provinces including Liaoning, Gansu, Sichuan, Jiangsu, Shanghai, Zhejiang, Jiangxi, Guangdong, Hainan, and Hubei [1]. - Diesel prices also saw declines in regions such as Liaoning, Gansu, Xinjiang, Ningxia, Sichuan, Shanghai, Zhejiang, Jiangxi, Guangdong, and Hainan [1]. - In Shandong, local refinery prices for both gasoline and diesel saw a slight increase [1]. Data Source - The price data is published by the China Economic Information Agency and the China Petroleum Economic and Technological Research Institute's "Energy Big Data Laboratory," in collaboration with the Shanghai Petroleum and Natural Gas Trading Center, providing an authoritative reflection of China's gasoline and diesel wholesale market [1].

Group 1 - The average price change rate of a basket of crude oil was reported at 0.85% on September 10 [1] - Domestic gasoline and diesel prices are adjusted based on international crude oil price changes every 10 working days, with the adjustment effective at 24:00 on the announcement date [3] - The price adjustment window will open at 24:00 on September 23, marking the second working day of the current pricing cycle [4]