East China toluene and mixed xylenes markets have been moving up since the beginning of Jan 2022

East China toluene and mixed xylenes markets have been moving up since the beginning of Jan 2022. It was mainly attributed to sharp rise in crude oil as well as good demand. Refreshing new highs, WTI crude futures hiked from $76.08/bbl on Jan 3 to $85.14/bbl on Jan 21, up a whopping 11.91%. East China toluene price soared from 5,760yuan/mt to 6,030yuan/mt and MX from 6,050yuan/mt to 6,230yuan/mt over the same period.

However, toluene and MX pulled back from Jan 21 as crude oil and relevant aromatics markets trimmed gains