Part A: Review (2018/10/29-2018/11/2)

From October 29, 2018 to November 2, 2018:the closing price of crude oil futures SC1812 contract on Friday was 510.7 yuan, 27.6 yuan lower than the closing price of the last trading day of last week. The highest price for this week is 545.2 yuan/barrel, and the lowest point is 503.3 yuan/barrel.

This week (2018/10/29-2018/11/2), the total volume of SC1812 contract was 1,675， 878 lots, a decrease of 122,576 lots from last week. After the close of trading this Friday, open interest was 33,362 lots, a decrease of 6,608 lots from the last trading day of last week.

Part B: Market Dynamics

1. Refined oil market

(1) Average refining profit

The data show that the average refining profit of local refineries in Shandong Province from January to October 2018 was 266 yuan / ton, an increase of 82%, but the main reason is that after the sale tax collection policy is improved, the ex-factory price of the refinery is greatly increased and passed to the terminal, and the cost of consumption tax burdened by refineries has increased significantly from previous years.

(2) Average wholesale price

In September 2018, the average wholesale price of 93# gasoline was 9906.3 yuan/ton, up 37.9% over the same period of last year; the average wholesale price of 0# diesel was 8047.3 yuan/ton, up 32.0% over the same period of last year.

(3) Price adjustment

International oil prices are an important indicator of the price adjustment of refined oil products in China. China's "Measures for the Administration of Petroleum Prices" stipulates that domestic gasoline and diesel prices will be adjusted every 10 working days according to changes in crude oil prices in the international market. The effective date of price adjustment is 24 o'clock on the release date of the price adjustment. When the price adjustment is less than 50 yuan per ton, no adjustment will be made, and it will be added or offset when it is included in the next price adjustment.

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