The international crude oil fluctuates in a narrow range, which has limited support for the domestic asphalt market, and the “silver ten” peak demand season of the asphalt market has not appeared, and the domestic asphalt price has decreased slightly. According to the price monitoring data of the business agency, the asphalt price on October 16 was 2267 yuan / ton, down 1.31% from the beginning of the week.
Saudi Arabia cut crude oil prices in the middle of the week; demand for crude oil in Europe has been declining due to the impact of the new crown; Saudi Arabia has put pressure on OPEC and Russia to reduce crude oil production; EIA data show that US crude oil inventories fell by 3.818 million barrels in the week of October 9. The international crude oil market is intertwined with long and short news, and the international oil price is operating in a narrow range. WTI crude oil prices rose 1.28% and Brent crude oil prices rose 0.19%.
October is also the traditional demand peak season of asphalt market, but under the background of high supply of asphalt and less than expected demand of terminal market, the asphalt market is not prosperous in peak season. In October, the temperature in northern China will gradually decrease, and some projects in Northeast and Northwest China will enter the finishing stage; due to the influence of rainfall in some areas of South China, the terminal demand of asphalt will be slightly affected; in North China and East China, there is a large demand for asphalt, and the same supply of asphalt is sufficient, which has a limited pulling effect on the asphalt market price. On the whole, the domestic asphalt market is oversupplied, and the asphalt market is under pressure, and the domestic asphalt price falls slightly.
Analysts of business agency believe that the international crude oil market is lack of good, and the international crude oil price will continue to be under pressure; although there is rigid demand and support in the asphalt market, the supply pressure is large, and the domestic asphalt price is expected to fall steadily.