SunSirs: China Mineral oil Market Fluctuated and Fell in March
April 01 2024 14:39:13 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, as of March 28th, the average price of mineral oil in the market was 8,633 RMB/ton, and on March 1st, the average price of mineral oil in the market was 8,400 RMB/ton, a decrease of 2.7% from the beginning of last month.
In terms of cost, the crude oil market in March was mainly volatile, and on the one hand, the tense geopolitical situation in the Middle East remained the main driving factor for the crude oil market; In addition, the expected reduction in production by oil producing countries is also a major factor supporting oil prices. On the other hand, the Federal Reserve's hawkish signal of delaying interest rate cuts has dampened market confidence. There is support in terms of cost.
In terms of supply and demand: At the beginning of the month, the market lacked positive momentum and showed an overall pattern of supply slightly exceeding demand. Manufacturers are operating slowly, digesting early inventory, and the market transaction performance is weak. Downstream stocking inventory has not been digested yet, and downstream market demand is recovering slowly. The market pattern of oversupply has not changed.
The decline in the domestic mineral oil market has been temporarily postponed in recent days. Supported by the cost side, downstream demand gradually starts, and market trading rebounds. It is expected that the short-term consolidation of mineral oil prices will be the main trend.
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