Core Viewpoint - The article discusses the impact of rising crude oil prices on refined oil products, highlighting the differentiated performance of gasoline and diesel margins in January, with expectations for continued divergence in February [1][12]. Group 1: International Oil Price Analysis - In January, the average WTI crude oil price increased by 4.13%, while Brent crude rose by 5.03%, driven by geopolitical tensions and supply disruptions [1]. - The outlook for February suggests a potential decline in crude oil prices, influenced by ongoing geopolitical risks and market sentiment [1][12]. Group 2: Domestic Refined Oil Price Transmission - The fluctuations in crude oil prices directly affect the domestic refining sector, impacting product prices and profit margins [2]. - In January, the gasoline market in Shandong saw a price increase of 290 CNY/ton, while the diesel market experienced a slight increase of 15 CNY/ton, despite overall price declines [4][5]. Group 3: Gasoline and Diesel Margin Analysis - The average gasoline crack spread in Shandong decreased by 16.01% to 716.14 CNY/ton, while the diesel crack spread fell significantly by 61.23% to 275.2 CNY/ton [6][8]. - The theoretical gasoline retail margin decreased by 5.17% to 1833.24 CNY/ton, whereas the diesel retail margin increased by 17.92% to 1655.86 CNY/ton [10][12]. Group 4: Future Outlook - For February, it is anticipated that gasoline margins may improve slightly, while diesel margins are expected to continue their upward trend [12][14]. - The average gasoline price in Shandong is projected to be around 7100 CNY/ton, with a trading range of 7050-7150 CNY/ton, while diesel prices are expected to be around 5650 CNY/ton [12][14].