News and Articles

In July, hydrogenated Naphtha prices in China rose by 4.37% to 8066.50 RMB/ton from its start at 7729.00 RMB/ton, although it experienced intermittent dips. Similarly, straight run naphtha prices started at 7611.50 RMB/ton, culminating at 7881.50 RMB/ton by month's end, a 3.55% increase. The Naphtha commodity Index was at 99.56 points on July 31, a tiny 0.08-point dip from the previous day. This was 18.15% below its peak in March 2022 but 135.70% above the July 2016 low.

Request Access For the Latest Price Trends of Crude Oil

Domestic refined Naphtha followed suit with an initial dip, recovery, and eventual decline, influenced by new tax policies and product restructuring. Strengthened prices were then disrupted by refineries, leading to a decline. Singapore's oil inventories saw medium distillate oil prices drop, while light distillate prices rose.

The international crude oil market trended upward in July, driven by high summer consumption in North America and increased Chinese demand. Expected supply tightness emerged as Russia, Saudi Arabia, and the US Shale oil company announced production cuts.

Furthermore, new oil product tax policies drove Toluene prices up, exacerbated by consistent international market sales growth and reduced domestic supply. Conversely, Mixed-Xylene's market suffered from decreased supply due to equipment maintenance. Still, P-Xylene supply remained stable, with local P-Xylene operating at over 70%, signifying global market growth.

Read More About Crude Oil Production Cost Reports - Get Free Sample Copy in PDF

According to Procurement Resource, the analysis of the international oil market states that the price trends of the domestic refined Naphtha have depicted a downward trend in the month of July, which was pulled up again at the end of the month. The predictions convey that the prices will keep fluctuating, and the market of domestic refined Naphtha will decline in the upcoming days.