The relevant information this week is as follows:
1. Raw material
Crude oil: During this statistical period, international crude oil prices remained unchanged from the previous period. Brent crude oil futures prices were close to US$83 per barrel and WTI were close to US$78, down 10% from this year’s peak. The reason is that concerns about tensions in the Middle East and OPEC+ production cuts are offset by the fragile economic outlook and ample oil supplies from non-OPEC+ countries such as the United States. Oil
prices are currently entering a state of shock. Although oil demand growth is expected to be low, oil consumption this year is still expected to reach an annual record of 103.2 million barrels per day. The IEA noted that global oil
markets faced supply shortages in the current quarter, in part due to OPEC+ production cuts. If the group continues to maintain production cuts at its June 1 meeting as widely expected, the oil supply gap will widen further in the
third quarter.
Natural gas: The demand for natural gas is gradually decreasing, and the JKM index is running at a low level.
2. Production capacity
Among the country’s major production and refineries, Maoming and Dalian have suspended production，the rest are operating normally.
|
Period |
Factory |
Status |
|
20240513—0519 |
Daqing Pec |
Normal |
|
20240513—0519 |
Daqing Ref & Che |
Normal |
|
20240513—0519 |
Dalian Pec |
Suspended |
|
20240513—0519 |
Fushun Pec |
Normal |
|
20240513—0519 |
Lanzhou Pec |
Normal |
|
20240513—0519 |
Jingmen Pec |
Normal |
|
20240513—0519 |
Gaoqiao Pec |
Normal |
|
20240513—0519 |
Maoming Pec |
Suspended |
|
20240513—0519 |
Jinan Ref & Che |
Normal |
|
20240513—0519 |
Nanyang Pec |
Normal |
|
20240513—0519 |
Panjing Beiran |
Normal |
3. Stock
At present, the remaining domestic inventory is about 18,000 tons.
4. Market demand
Only downstream companies purchase on demand, and the total transaction volume is low.
5. Industry analysis overview
Paraffin wax prices have been sluggish this week and are expected to last until July.
6. Price expectations
After remaining stable for a period of time, paraffin prices continued to fall further along with oil prices.