Crude Oil Retreats After 3-Day Rally; Diesel Jumps 77 Yuan/Ton on Wednesday

According to Jin10 Futures, on Wednesday (May 14), crude oil retreated after a three-day rally, with gasoline prices rising approximately 50 yuan/ton and diesel advancing 20-50 yuan/ton. The benchmark 0# diesel averaged 7,833 yuan/ton, up 77 yuan/ton from the start of the week, while 92# gasoline reached 8,771 yuan/ton, gaining 42 yuan/ton. In April, gasoline consumption fell 21.08% year-over-year as EV adoption surged, with new energy vehicles capturing 29.54% of fuel demand substitution and their penetration rate exceeding 53% for the first time.

Refinery losses remained severe amid weak terminal demand and inventory digestion. Industry data showed gasoline product-sales ratios at 70% and diesel at 71%, signaling limited momentum.