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On the whole, China's toluene internal and external arbitrage activities were still weak in 2017.
Although the arbitrage window has been opened most of the time during this period, it was greatly affected by the relative imbalance between domestic supply and demand, and the internal and external arbitrage activities were generally weak
.
On the one hand, with the popularization of shared bicycles and subways and the development of new energy vehicles, the growth rate of gasoline consumption in China has slowed down, and gasoline has entered the stage of implementation of national VI standard oil, and the upgrading of oil products requires "reduction of aromatics and The “benzene” content has played a more restrictive effect on the market demand for toluene.
Therefore, although the external arbitrage window has been opened most of the time, under the background that the domestic demand for oil adjustment has always been weak, China’s interest in imported cargo is flat, resulting in Internal and external arbitrage activities are still weak
.
On the other hand, affected by the further release of new domestic production capacity, the overall domestic market has relatively abundant supply and is basically self-sufficient
.
Although domestic petrochemical companies entered the intensive maintenance season in the second quarter, the overall supply of the market was still loose due to the impact of the new production capacity of Shandong Refinery.
Then, with the release of the second phase of Yunnan Petrochemical and Huizhou Petrochemical, the deadline was At the end of 2017, China's toluene production capacity had reached 13.
323 million tons/year, an increase of 1.
226 million tons/year compared with last year
.
The continuous increase in market supply has also largely inhibited the enthusiasm for internal and external arbitrage activities
.
In the later stage, on the one hand, with the opening of the right to import crude oil from local refineries, local refineries can process high-quality light crude oil, which greatly increases the output of naphtha.
On the other hand, it is affected by supply-side reforms.
The industrial upgrading of the chemical industry is accelerating, especially in the Shandong area.
With the increase in the primary processing capacity of atmospheric and vacuum, the output of naphtha has also increased further
.
Due to the increase in the supply of crude oil, most refineries have begun to focus on the construction of reforming and aromatic extraction units from the perspective of the industrial chain, which will further increase China’s toluene production capacity in the future.
Therefore, in the future, China’s toluene internal and external arbitrage activities Or it will be in a state of further shrinking
.
Although the arbitrage window has been opened most of the time during this period, it was greatly affected by the relative imbalance between domestic supply and demand, and the internal and external arbitrage activities were generally weak
.
On the one hand, with the popularization of shared bicycles and subways and the development of new energy vehicles, the growth rate of gasoline consumption in China has slowed down, and gasoline has entered the stage of implementation of national VI standard oil, and the upgrading of oil products requires "reduction of aromatics and The “benzene” content has played a more restrictive effect on the market demand for toluene.
Therefore, although the external arbitrage window has been opened most of the time, under the background that the domestic demand for oil adjustment has always been weak, China’s interest in imported cargo is flat, resulting in Internal and external arbitrage activities are still weak
.
On the other hand, affected by the further release of new domestic production capacity, the overall domestic market has relatively abundant supply and is basically self-sufficient
.
Although domestic petrochemical companies entered the intensive maintenance season in the second quarter, the overall supply of the market was still loose due to the impact of the new production capacity of Shandong Refinery.
Then, with the release of the second phase of Yunnan Petrochemical and Huizhou Petrochemical, the deadline was At the end of 2017, China's toluene production capacity had reached 13.
323 million tons/year, an increase of 1.
226 million tons/year compared with last year
.
The continuous increase in market supply has also largely inhibited the enthusiasm for internal and external arbitrage activities
.
In the later stage, on the one hand, with the opening of the right to import crude oil from local refineries, local refineries can process high-quality light crude oil, which greatly increases the output of naphtha.
On the other hand, it is affected by supply-side reforms.
The industrial upgrading of the chemical industry is accelerating, especially in the Shandong area.
With the increase in the primary processing capacity of atmospheric and vacuum, the output of naphtha has also increased further
.
Due to the increase in the supply of crude oil, most refineries have begun to focus on the construction of reforming and aromatic extraction units from the perspective of the industrial chain, which will further increase China’s toluene production capacity in the future.
Therefore, in the future, China’s toluene internal and external arbitrage activities Or it will be in a state of further shrinking
.
