With crude oil prices continuously surging, the month-end delivery of toluene and xylene in East China has concluded, and the overall market sentiment is slightly upward but somewhat stalemated. Influenced by crude oil and related policies, low prices are hard to come by, and the market remains stagnant. Shandong refineries, benefiting from pre-holiday stockpiling, are experiencing smooth shipments and currently face no inventory pressure, leading some refineries to consecutively increase prices and shifting the market focus upwards.
In the short term, supported by crude oil prices, local refineries continue to prioritize pre-holiday inventory building, tending to adjust prices based on inventory structure. Currently, prices are on par with those in East China, with cross-regional liquidity decreasing and prices relatively high. Attention should be paid to pre-holiday stockpiling dynamics on the demand side and the impact of external news, and operations should be conducted with caution.
