This week, crude oil prices experienced wide fluctuations with both increases and decreases. As the end of the month approached for toluene and xylene deliveries in the eastern China region, the overall market atmosphere was relatively lively. 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 Shandong, the refinery market surged initially but then partially retreated, with fundamental changes remaining limited and no inventory pressure at present.
Looking ahead to next week, with the end of month deliveries concluding, some market participants are expected to exit the market, leading to a stalemate between rises and falls, awaiting new news for guidance. Local refineries will continue to prioritize pre-holiday inventory accumulation, 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.
