Paraffin Wax Prices survey
rise in demand from downstream industries, Asian market faced a tolerable recovery during first season of 2021.
This demand for this kind of wax stayed stable until January. later during February and March noticed a further pickup lead to significant recovery in service part. This progressed demand originally came from cosmetics, packaging and candles making section .
it improved the market tendency and hence supported the cost of Paraffin wax in Asian market.
Covid time effect on paraffin Market
Corona virus caused all churches , Mosques , birthday and wedding parties and gatherings were stopped . so demand for paraffin wax decreased a lot .
main usage of the paraffin wax is candle making so when this ceremonies were cancelled no need anymore for the paraffin wax too .
from 2020 to 2022 many candle factories were producing min amount just to save the business . little by little world situation is getting normal and end of 2022 there was so many orders of paraffin wax for easter and other events in worldwide .
This will affect candle price after Easter time.Paraffin has become major oil product recently with its sub branches.Arab countries wars also has affected enquiry of paraffin to make candle and use for light becasue of lack of electricity recently since it is winter time in South Africa their needs of paraffin wax
Oil market in 2017
The oil market has all hope of a re-balancing any time soon, with the re-emergence of a pricing structure that signals investors expect a glut to endure into next year.
fluctuation in oil price
when oil prices for immediate delivery are lower than forward contracts comes days after several Wall Street banks warned investors of a deteriorating outlook for 2018 because of strong U.S. shale production growth and the rising output in Nigeria and Libya.
The weakness is particularly visible in the widening price difference between Brent crude for delivery in December 2017 and December 2018 – a popular trade known in the industry as Dec-Red-Dec.
OPEC agreed to cut output in an effort to bring oil inventories down to their five-year average. The spread traded at plus $1.56/bbl in late February amid hopes the cartel, which controls 42% of the world’s output, would successfully bring stockpiles down. But the spread came under pressure as those inventories continued to build through March, before falling in line with seasonal patterns.
Since the Organization of Petroleum Exporting Countries
and allies agreed to extend the production cuts for another nine months, investment banks including JPMorgan Chase & Co., Morgan Stanley, HSBC Holdings Plc., UBS AG and Barclays Plc have warned about a deteriorating outlook for next year. The banks have almost unanimously blamed rising U.S. shale production and fears about OPEC’s exit strategy from its cuts.
The hike brings the cost to R12.22 per litre in Gauteng and R11.87 per lire for 95 octane petrol. Diesel will now cost R10.98 per litre in Gauteng and R10.73 per litre at the coast. The department of energy announced today that higher international oil prices affected the petrol price. While global diesel prices dropped, a weaker rand affected the increase.