CITIC Futures: Crude oil and commodity sentiment dominate the fluctuations, pure benzene fluctuates strongly and oscillates.

Currently, the price of pure benzene is mainly driven by geopolitical situations, with strong volatility. On the energy side, although the transit volume through the Strait of Hormuz has slightly rebounded, it remains relatively low, and tight spot crude oil prices are pushing oil prices higher; additionally, blockages in the strait are tightening the supply of Asian naphtha. On the supply side, on one hand, the strong squeeze from naphtha is pressuring the valuation of pure benzene, with domestic and international supplies decreasing: multiple domestic units are under maintenance, and overseas supplies are reduced, potentially leading to a significant decline in pure benzene imports; furthermore, during the Qingming holiday, several Middle Eastern units were attacked, which may further tighten supply. On the other hand, the demand for toluene disproportionation for oil blending may reduce the supply of purified benzene. On the demand side, according to Zhuochuang Information, the overall downstream operating rate has slightly increased, mainly due to the rise in the operating rate of downstream styrene compared to the previous period. Overall, both domestic and imported supplies of pure benzene are expected to decline in the future, with no significant downstream negative feedback yet. Coupled with spring maintenance, pure benzene is entering a destocking phase. (CITIC Futures)