SunSirs: Domestic Market Dynamics of Toluene on July 12, 2023
July 13 2023 13:34:31 SunSirs (John)
Fluctuation trend:
Analysis review
The market expects the Federal Reserve to raise interest rates by 25bp in July, and there is still financial pressure on oil prices; Saudi Arabia has stated that it will extend its voluntary production reduction of 1 million barrels per day for another month, while Russia has also stated that it will reduce production by 500,000 barrels per day in August, bringing the total promised production reduction by OPEC+ to 5.16 million barrels per day; 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.
Entering the summer season, the demand for tourism has increased, and the demand for gasoline is strong. The production enthusiasm of the main refinery has increased; The supply of major crude oil producing countries has contracted, coupled with positive monthly EIA reports, short-term oil prices are relatively strong, and the cost support for toluene is still acceptable.
Market outlook
In the short term, the market preference is upward, and the price of toluene continues to be stronger.
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