Summary of toluene prices on May 17, 2023:

Shijiazhuang Refining and Chemical quoted 7,100 RMB/ton, Qilu Petrochemical quoted 7,000 RMB/ton, Yangba quoted 7,050 RMB/ton, Sinopec Maoming quoted 6,800 RMB/ton, Wuhan Ethylene quoted 7,100 RMB/ton, and Changling Refining and Chemical quoted 7,100 RMB/ton.

Fluctuation trend:

Analysis and comments:

In terms of crude oil, the United States intends to purchase 3 million barrels of sour crude oil to supplement its strategic oil reserves that are about to run out; The latest prediction from the US Energy Information Administration (EIA) is that oil production in major shale oil producing areas in the United States will reach a historic high in June; Canada's wildfire has caused production disruptions and the OPEC+ production reduction plan has begun to be implemented. It is expected that the oil supply will significantly decline in May, and the prospect of supply tightening will boost the oil market; Investors are concerned about the economic recession caused by the US debt ceiling crisis, and international crude oil closed lower on Tuesday. The market situation is weak and difficult to improve. The crude oil market is undergoing consolidation and operation, and the enthusiasm for downstream procurement of toluene is still good. Merchants are offering a tentative increase, and it is expected that the focus of market negotiations will gradually increase.

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