Spraying Heads,Jetting Heads,Hygiene Hot Melt,Environment Friendly Spraying Glue Wahrheit Automation & Trading Co., Ltd. , https://www.wahrheitcn.com
The continuing high price of oil has aggravated the market wait-and-see atmosphere and spot trading remains calm. Due to the limited arrival of goods and the stabilization of international oil prices, the spot price of the Huangpu market has been stable but the increase has been limited. After entering the off-season consumption season, buyers are more cautious in their mentality and their imports have also been reduced significantly. The total amount of imported fuel oil that arrived in Hong Kong this month was only 609,500 tons, which was a drop of 60.40% from the same period of last year.
In the Singapore market, the decrease in arbitrage cargoes this month supported the local fuel oil price level. The $130 has become a solid long line of defense. As long as the price stays above this point, the market trend will not be reversed. Affected by the decrease in imports and the substitution effect, local refineries will increase the price of residual oil by another 50 yuan, but the overall market price will remain at around 2,850-2,900 yuan. The diesel market has not been stimulated by favourable factors recently. The price of first-line oil has dropped to 4200 to 4300 yuan.
US oil production is gradually emerging from the shadow of Hurricanes Katrina and Rita, and supply has begun to increase. However, the impact of high oil prices and hurricanes on demand is difficult to eliminate. Technical analysis shows that the adjustment of crude oil prices has not ended. If the future is a warm winter, crude oil prices will still have a chance to move to the next level. Historical market statistics also show that in November and December, it has always been easy to form a big drop. Therefore, the rate of temperature drop in the future and the recovery rate of oil and gas production capacity in the Gulf of Mexico will determine the whereabouts of the crude oil market. The chance of a unilateral market for domestic fuel oil is very small, and it is expected that the shock consolidation pattern will continue.
Strong prices, weak demand, technical trends tend to improve
This week, Shanghai's fuel oil futures prices rebounded strongly, revising the irrational component of the plunge in the previous trading week. The February 2006 contract was reported at 3,136 yuan (ton price, the same below), which was 2.5% higher than last week's closing price. The spot monthly contract (0512) rose by 3.7% as it faced delivery. The current spot price is 3300 yuan, 164 yuan higher than the futures, which is a medium-high level. International crude oil prices and Singapore's fuel oil prices showed steady performance this week. The price fluctuations were modest, and technology trends tended to improve.