Monitoring Index Shows 5.87% Daily Increase in Shandong Port Crude Oil Price Index on July 29

Deep News11:10

On July 29, the Xinhua·Shandong Port·Jinlianchuang Crude Oil Price Index (SPG CIPI) stood at 1,443.47 points, rising 79.97 points or 5.87% compared to the previous working day.

The estimated comprehensive onshore import premium for crude oil at Shandong Port was assessed at $1.17 per barrel, down $1.37 per barrel from the prior working day.

The Shandong Port imported crude oil onshore price index was jointly launched by the China Economic Information Service, Shandong Port Group, and Jinlianchuang, and is compiled and released by the Xinhua Index Research Institute. The index comprises the Xinhua·Shandong Port·Jinlianchuang Crude Oil Price Index (SPG CIPI) and the Shandong Port imported crude oil onshore premium assessment. The onshore premium assessment reflects the transaction premium for crude oil arriving two months later, comprehensively representing the spot market trading conditions for crude oil at Shandong Port. The SPG CIPI is based on the onshore premium assessment, integrating the proportions of various imported crude oils, to directly illustrate the trend of actual import costs for crude oil at Shandong Port.

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