The Middle East continues to be plagued by numerous uncertainties, with a major oil-producing country halting production and exports, further bolstering the market's strength. However, the overall economic outlook remains bleak, with crude oil experiencing wide fluctuations, displaying both gains and losses. In East China, the toluene and xylene markets are under pressure due to the gradual increase in port inventories, resulting in relatively loose supply conditions and a downward shift in market focus. In Shandong, the primary focus is on reducing inventories, with market prices adjusted according to storage capacity. Overall, there is a lack of momentum for prices to surge higher, demand is moderate, and purchases are mostly made on an as-needed basis.
Market Forecast
Currently, crude oil remains in a period of wide fluctuations and is situated within a relatively low price range. However, demand constraints, coupled with inventory accumulation in East China and relatively abundant refinery resources, have led to weak cross-regional mobility. Short-term fundamental changes are limited, and close attention should be paid to the impact of external news. Therefore, cautious operation is advised.
