SunSirs: Domestic Market Dynamics of Toluene on July 3, 2023
July 04 2023 14:09:08 SunSirs (John)
Summary of toluene prices on July 3, 2023:
Shijiazhuang Petrochemical quoted 7,100 RMB/ton, Qilu Petrochemical quoted 7,050 RMB/ton, Yangba quoted 7,150 RMB/ton, Maoming Petrochemical quoted 6,900 RMB/ton, and Guangzhou Petrochemical quoted 6,950 RMB/ton.
Fluctuation trend:
Analysis review
There is still a possibility of the Federal Reserve raising interest rates in July, and market risks remain; China and India in the Asian region have driven oil demand growth of over 2 million barrels per day, easing concerns about economic recession in Europe and America; After the Wagner incident, the conflict between Russia-Ukraine conflict intensified, which was good for oil prices; On the evening of the 28th, EIA commercial crude oil inventory significantly decreased, with a decrease of 9.6 million barrels, exceeding market expectations. US crude oil exports increased significantly, boosting international oil prices; On July 3rd, the price of toluene in Shijiazhuang Refinery in North China was decreased by 100 RMB/ton.
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