According to the Commodity Market Analysis System of Business Society, as of March 28th, the average price of white oil in the market was 8633 yuan/ton, and on March 1st, the average price of white oil in the market was 8400 yuan/ton, a decrease of 2.7% from the beginning of last month.
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In terms of cost
The range of fluctuations in the crude oil market in March was mainly due to the tense geopolitical situation in the Middle East, which remained the main driving factor for the crude oil market; In addition, the expected reduction in production by oil producing countries is also a major factor supporting oil prices. On the other hand, the Federal Reserve’s hawkish signal of delaying interest rate cuts has dampened market confidence. There is support in terms of cost.
In terms of supply and demand
At the beginning of the month, the market lacked positive momentum and showed an overall pattern of supply slightly exceeding demand. Manufacturers are operating slowly, digesting early inventory, and the market transaction performance is weak. Downstream stocking inventory has not been digested yet, and downstream market demand is recovering slowly. The market pattern of oversupply has not changed.
Future Market Forecast
Recently, the decline in the domestic white oil market has been temporarily halted. Supported by the cost side, downstream demand gradually starts, and market trading rebounds. It is expected that the short-term consolidation of white oil prices will be the main trend.
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