The international crude oil demand is not awesome, and the market is down in the consolidation.
this week is the last week before the Spring Festival holiday, and the demand for crude oil and the Far East are not awesome. In addition, Saudi Aramco's CP in February will be announced at the beginning of next week. The market wait-and-see mood is revealed. Affected by the above factors, the international liquefied gas market maintains a stable, small consolidation trend, and the atmosphere is relatively cold
crude oil this week can be said to have entered the most depressed week since this month, once falling to about $86/barrel, which has strongly suppressed the international liquefied gas market. However, the liquefied gas market did not decline sharply like crude oil, but fell slightly in the consolidation. On the whole, there are three factors contributing to this situation: first, the price of naphtha is significantly higher than that of butane. The market expects that the demand for b0.71 butane in the Far East will increase, boosting the market. Second, the freight rate has risen continuously recently. Within a week, the freight rate to ports in the Far East has increased by as much as $3 per ton. The sellers' quotation for transferring costs is strong, supporting the market. Third, Saudi Aramco's CP in February is about to be announced. The market is in a strong wait-and-see mood, with few dialogues and limited promotion of transactions, which also supports the market from another side. In terms of pressure goods, due to the scarcity of active buyers, sellers were forced to delist, and the market followed the frozen goods to maintain consolidation
in the future, before the CP is announced in February at the beginning of next week, affected by wait-and-see sentiment, the market will still maintain a stable and slightly consolidated trend. According to the current market conditions of loose supply and weak demand, as well as the trend of crude oil downturn, it is expected that CP in February will not be significantly higher than market expectations, and its role in boosting the market is limited. Therefore, after its announcement, there is little room for the market to rise. Affected by the delisting of many players in China and other Far Eastern countries due to the gap between them during the Spring Festival, the market fluctuation will not be too large, and it should maintain a small consolidation with crude oil, The trend of pressure goods is basically the same as that of frozen goods
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