Recently, domestic 5# industrial white oil has seen a continuous rise in the market. From the beginning of the month to November 20, the South China market rose by 260 yuan/ton, the East China market rose by 280 yuan/ton, and the Shandong area rose by 100 yuan/ton. How to view the recent continuous rise and how much upside space there is for 5# white oil is worthy of attention.
1. In November, the international crude oil market showed continuous sharp rises due to news about Pfizer’s vaccine. As of November 20, Brent crude oil closed at US$44.96/barrel, up 15.37% from the beginning of the month. . The good news from crude oil has boosted market sentiment. Domestic market prices of diesel and other related products have shown an upward trend, driving up the price of 5# industrial white oil.
2. Longzhong data monitoring shows that as of November 20, the price of domestic 5# industrial white oil increased by 2.97% to 3,902.5 yuan/ton from the beginning of the month. Its increase was far less than that of crude oil. The main negative factor that suppressed the market was the terminal. There is no substantial good news about demand. After the middle of the year, some suppliers just need to restock, while refineries are actively pushing up prices because there is no pressure on inventory.
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