In late August, the United States began to enter the hurricane season, under the impact of the defense, Harvey to bring the market a great destructive effect, resulting in the United States nearly a quarter of the refining capacity was forced off the assembly line, and then push Gasoline prices to two-year high, but also far away in the Pacific Asian market excited a lot.
From the charts, we can clearly see that before and after the end of August, in the United States Hurricane Harvey raging, the international toluene price level there is a clear upward, the following we have to look specifically at the international flow of toluene.
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From the arbitrage situation inside and outside the toluene disk, after entering August, arbitrage window opening degree in fact there is a gradual decline in the state, but thanks to the US hurricane brought about by the follow-up effect, August so far inside and outside the disk arbitrage window as a whole The trend of recovery, toluene inside and outside the disk arbitrage window opening trend of the gradual amplification of the situation, but because China in the second quarter of the basic environmental constraints in the shrinking stage of demand, which makes the spread of the internal and external disk is more limited The
However, from the US-Asian arbitrage activity, we can see that the long-term closure of the Asian and American arbitrage window was opened in late August, the spread was reached around $ 120, although with Harvey in the past, the two places spread Narrowed, but because of the new US Hurricane Alma already formed, the market arbitrage window thus maintained a high degree of opening.
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In summary, due to the US hurricane invasion, resulting in the global price of toluene have been greatly improved, and caused a long-term closure of the Asian-American arbitrage window opened, which largely caused the market for September The domestic toluene imports may be expected to drop, and thus led to the domestic demand for toluene has not yet arrived in the occasion, they began to push the speculation and higher.
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