International crude oil prices rebounded after the overall bottom stabilized, but the upward range was limited. However, the traditional demand peak season of “golden nine silver ten” asphalt market does not support the asphalt price. The price of domestic asphalt is rising steadily. According to the price monitoring data of the business agency, the asphalt price was reported to be 2405 yuan / ton on September 18, which was 0.42% higher than that at the beginning of the month.
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Affected by the hurricane, crude oil production in the Gulf of Mexico region declined for a short time. EIA data showed that the U.S. crude oil inventory decreased significantly, stimulating the rebound of international crude oil prices. However, Saudi Arabia lowered the official price of crude oil and faced the risk of a second outbreak in the world, resulting in weak market demand and limited increase in international oil prices.
The recent rainfall in Northeast, southwest and other regions has limited the rigid demand for asphalt; the weather in North China, central China and Northwest China is sunny, and the demand for asphalt driven by some projects is relatively stable. Although the market has entered the “golden nine silver ten” traditional demand peak season, due to the excessive supply, the market continues to be in a state of oversupply. At the same time, the international oil price rebound is not strong enough, the market bullish confidence support is insufficient, and the downstream stock is cautious.
This week, the domestic asphalt plant operating rate was 67%, a slight increase of 2% compared with last week. The asphalt plant operating rate continued to maintain a high level, and the refinery asphalt supply was sufficient.
According to the analysts of business agency, the rebound of international crude oil market is limited, and the upward trend of crude oil price is weak. However, in the peak season of “golden nine silver ten” asphalt traditional demand, the asphalt price is supported, and it is expected that the asphalt price will rise steadily.
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