News summary
Asphalt spot market remains stablebaccaratpink, Jiangsu Xinhai and Jinnuo petrochemical units are expected to resume production, but low production profits limit the willingness to start construction. High temperatures in the north may push up demand for asphalt, while project funding issues continue to constrain. China's diesel production fell in April, gasoline production increased slightly, and Saudi crude oil exports increased.
Newsletter text
[The asphalt market trend remains stable, and there is double pressure on supply and demand]
As of noon today, the spot price of asphalt remained generally stable, and the market trading atmosphere was slightly dull. Analysts pointed out that currently asphaltbaccaratpinkThe recovery of rigid demand is slow, new market transactions are not active, and refiners and traders in most regions have shown a strong wait-and-see attitude.
[Jiangsu Xinhai and Jinnuo Petrochemical Units are expected to resume production, and the asphalt supply side is now dim.]
On the supply side, Jiangsu Xinhai's 1.5 million-ton plant is expected to resume asphalt production at the end of May, and Jinnuo Petrochemical is also expected to resume production in the latter part of the year. However, the current asphalt production profit remains at a five-year low, and refineries 'willingness to start operations is affected by this and it is difficult to significantly increase.
[The demand side is restricted by funding problems, and asphalt inventories are high]
On the demand side, although the northern region will usher in hot weather in the next few weeks, and the rigid demand for asphalt will be boosted due to the obvious project funding problems, the asphalt demand side has not been fully released. The continuous rise in social inventories has also put pressure on the market.
[The prospects of the asphalt market are uncertain, investors need to be cautious]
To sum up, the supply and demand performance of the asphalt market is still weak. Market analysts foresee that the sustainability of the increase in asphalt prices remains to be seen, and investors should remain cautious when formulating operating strategies.
[Data from the National Bureau of Statistics reveals that diesel production has declined and gasoline production has increased slightly]
According to the latest data released by the National Bureau of Statistics, China's diesel output in April fell 6.5 percent year-on-yearbaccaratpink.1% to 17.27 million tons, while gasoline production increased by 1% year-on-year to 13.32 million tons.
[Saudi crude oil exports increased month-on-month, and the dynamics of oil supplier countries attracted attention]
Data from the joint oil database JODI showed that Saudi Arabia's crude oil exports reached 641 in March.baccaratpink.30 million barrels per day, an increase from 6.317 million barrels per day in February. This change may have a certain impact on the global crude oil market, and the dynamics of oil supplier countries deserve close attention from investors.