In April (Apr 1-28), the international crude futures values largely posted an N-shaped trend, and the NYMEX WTI crude prices mainly ran at $83-87/bbl. The frictions in the Middle East and Eastern Europe pushed up the crude oil prices at the beginning of April. However, the crude market was impeded by two factors subsequently. First, the actual crude supply remained broadly untouched despite the geopolitical frictions, so investors’ tensions eased, with crude prices giving back risk premiums. Second, following the postponement of the US interest rate reduction, the USD index performed well, while the crude demand outlook was unoptimistic. Moreover, the US crude destocking was unstable amid mediocre crude consumption in the nation. Therefore, the crude oil prices were in a downtrend in H2 April. At the end of April, crude oil prices rebounded slightly due to rising risks in the Middle Eastern geopolitical situation.

In China, the gasoline and diesel wholesale prices first rallied and then dwindled, and the average prices picked up M-O-M. In H1 April, backed by the upward crude oil prices, China’s National Development and Reform Commission (NDRC) raised the retail ceiling prices of gasoline twice within the month. Meanwhile, the gasoline stocks pressure at most gasoline sellers was thin, so coupled with the participants’ pre-May Day holiday replenishment, the gasoline wholesale prices were pushed up by over RMB 400/mt. For diesel, although the market was also underpinned by the crude oil market, the rainy weather in southern China impeded the price increase extent. In H2 April, the crude oil prices receded, and participants began to hold a cautious attitude. In the meantime, in order to complete the monthly sales tasks, state-owned refineries started to cut their offers to stimulate sales. Nonetheless, the gasoline and diesel monthly average prices still went up.