Crude oil prices have continued to surge, and the month-end delivery of toluene and xylene in East China has concluded. The overall market sentiment is somewhat stagnant but with an upward bias. Influenced by policies related to crude oil and other factors, low prices are difficult to find, and the market remains in a stalemate. Shandong refineries, benefiting from pre-holiday stockpiling, have experienced smooth shipments and currently face no inventory pressure, leading to consecutive price increases by some refineries and shifting the market focus upwards.
In the short term, supported by crude oil prices, local refineries continue to prioritize pre-holiday inventory building. They tend to adjust prices based on inventory structure. Currently, prices are on par with those in East China. With cross-regional liquidity decreasing, prices are relatively high. It is necessary to pay attention to pre-holiday stockpiling dynamics on the demand side and the impact of external news, and operate with caution.
