Price trend:

According to the commodity market analysis system of SunSirs, the price of benzene in Shandong Province rose slightly last week. The price of benzene was 5,205.33 RMB/ton on Monday and 5,215.33 RMB/ton on Friday, representing a weekly increase of 0.19%.

Market Analysis

Benzene: Benzene market prices rose slightly. The strong rise in crude oil prices on November 13 boosted international benzene prices, bolstering market confidence and benefiting the domestic benzene market, leading to improved downstream demand. Shandong refineries slightly increased their prices, and the overall market remained relatively strong.

Market outlook

Crude oil futures: On November 13, international crude oil futures rebounded after a decline. The settlement price of the December contract for US WTI crude oil futures was $58.69 per barrel, up $0.20 or 0.3%. The settlement price of the January contract for Brent crude oil futures was $63.01 per barrel, up $0.30 or 0.5%.

International benzene market: On November 13th, FOB Korea rose $3 to $662/ton, CFR China rose $5 to $676/ton, FOB Rotterdam rose $4 to $696/ton, and FOB US Gulf rose 2 cents to 261 cents/gallon.

Overall forecast: The benzene market is expected to remain strong in the short term, but trading will be cautious. Investors should observe cost and demand-side developments. Continue to monitor the impact of crude oil and international market trends, benzene and downstream plant operations, and changes in demand on benzene prices.

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