The oil market is still in a critical period of consolidation, means that the probability of occurrence of large fluctuations in the increase

The oil market is still in a critical period of consolidation, means that the probability of occurrence of large fluctuations in the increase. As of Friday (October 21st) the closing price of crude oil rose $0.37, or 0.73%, at $51 / barrel, amid hopes of Russia and the organization of Petroleum Exporting Countries (OPEC) to reach an agreement in support of the oil market at the weekend to keep oil prices above $50. The oil market is not lack of good news, Russia reached an agreement with the OPEC is expected to boost oil prices, but the complexity of the political and geopolitical inventory has seriously affected the judgment of the market, $50 has become a mark in October, the future may close up the boundless plain.

Oil shocks, toluene does affect the market trend, the shock has become the new norm of toluene. The market, short-term market procurement activities toluene become more conservative and cautious, weak futures market has affected the market trend, to discuss the long-term decline is particularly evident, price level showed a rapid decline, also caused a panic in the market. But the whole east main market resource is still in the relatively tight state, especially in the supply of goods to Hong Kong customs clearance time to focus on this weekend’s background, a hand in the active futures resources inquiry, and triggered a strong sell market sentiment. The domestic real estate prices, driven by two benzene solvents, paint industry downstream consumption, which promotes the market tight supply market.

In late October, the east port inventory toluene relatively tight pattern, but with the cargo has returned to Hong Kong, especially toluene market supply tension eased gradually; oil market and other fine chemical digestion amount is lower. At present, the supply side still support, limited downside risk, while the external disk hanging pattern, low dollar is still not ruled out once again the impact of confidence in the domestic market, the domestic market will be short-term is expected to maintain a narrow range of toluene.