1. International market: The impact of the epidemic on downstream oil may be more serious than exploration and production, and it will lead to a longer period of pain. But now, with people on the road, oil prices have fallen from the multi-year high reached earlier this year, and the situation of American refineries has finally begun to improve. Zhongyang International Futures said that in late July, as the demand for fuel in the world's largest oil consumer almost recovered to the level before the epidemic, the refinery was about to announce its first profit quarter in a year. At that time, the three major refineries in the country reported a total profit of $675 million.
2. Production supply: The strong rise in oil prices prompted President Biden to call on OPEC+to increase production, and American refiners may not agree. The demand for gasoline has been strong since the beginning of the summer driving season. This may change with the end of the season, but it probably won't change as much as it did last year. Zhongyang International Futures said that the profit margin of refiners is the embodiment of the price difference between crude oil and gasoline futures, which is $25.58 per barrel. This is close to the highest profit rate since 20 16. No wonder the capacity utilization rate of refineries exceeds 90%, compared with about 80% earlier this year.