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Oil: International oil prices continued to rise at the close, fueled by market concerns over tightening supply after U.S. President Trump announced a 25% tariff on countries purchasing oil or natural gas from Venezuela. On March 24th, U.S. WTI crude oil futures for May delivery rose $0.83/barrel, or 1.22%, to settle at $69.11/barrel; Brent crude oil futures for May delivery rose $0.84/barrel, or 1.16%, to settle at $73.00/barrel. The SC futures main contract 2505 was trading at 533.3 yuan/barrel.

The current price of Phenol (苯乙烯) on March 25, 2025, is 8120 yuan/ton, down 16 yuan/ton from the previous trading day, with a discount of 0.2%. The current market situation in the phenol market is high and low trading, with reference price under 8020-8100 yuan/ton. Overseas phenol production has been affected, but the pressure is easing, and there is still a large inventory of 4-month consignment to continue, with a continuation of late-month inventory storage and imperfect export demand, but the short-term demand for phenol and the cost drag of hidden behind, is expected to make a stop operation in the near future. The current price trend of phenol needs to be paid attention to, and the current price range of phenol should be between 8050-8120 yuan/ton.

Outlook: The rise in international crude oil prices has provided limited support for the upstream styrene market, which remains weak. There is significant supply pressure, and downstream buyers are not sufficiently active, resulting in delayed demand improvement. High industry inventory levels are undermining confidence among traders, leading to a bearish sentiment. Trading is mainly driven by essential purchases, with little replenishment motivation. Overall, inquiry activities in the market are lukewarm, and trading atmosphere is average. The overall trend for PS prices is downward.