SunSirs: International Crude Oil Prices Continue to Decline, while the Mineral Oil Market is Weak and Falling
May 28 2024 10:29:17 SunSirs (Selena)
According to the Commodity Market Analysis System of SunSirs, as of May 24th, the average price of mineral oil in the market was 8,466 RMB/ton. On May 17th, the average price of mineral oil in the market was 8,483 RMB/ton, a decrease of 0.2%.
In terms of cost: Crude oil has been falling for four consecutive trading days, WTI crude oil fell to a nearly three-month low. The main reason is that the high interest rate environment in the United States has brought pressure to demand, and in addition, US inventory data is bearish and geopolitical risk premiums are decreasing.
In terms of supply and demand: On the supply side, the supply from upstream refineries has slightly decreased. Light mineral oil manufacturers have made price adjustments to individual models this week. On the demand side, the market transaction atmosphere is sluggish, and downstream low-priced rigid demand procurement is the main focus.
At present, the trading atmosphere in the market is sluggish, and it is expected that the mineral oil market will undergo weak consolidation and adjustment. Suggest paying attention to the adjustment of upstream oil prices.
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