This week, crude oil prices exhibited wide fluctuations with both increases and decreases observed. As the end of the month approached for toluene and xylene deliveries in the eastern China region, the overall market atmosphere was relatively vibrant. Support was provided by partial covering of short positions and the currently low inventory levels at ports, making it difficult to find low prices. In terms of Shandong refineries, the market surged initially but then partially retreated, with fundamental changes remaining limited and no inventory pressure at present.
Looking ahead to next week, following the conclusion of end-of-month deliveries, some traders are expected to exit the market, leading to a stalemate between rises and falls, awaiting new news for direction. Local refineries will continue to prioritize pre-holiday inventory building, tending to adjust prices based on inventory structure. Additionally, attention should be paid to pre-holiday stockpiling dynamics on the demand side and the impact of external news, with cautious operation advised.
