On January 15, international crude oil futures plummeted. The settlement price for the March contract of U.S. WTI crude oil futures was $59.08 per barrel, a decrease of $2.80 or 4.5%. The settlement price for the March contract of Brent crude oil futures was $63.76 per barrel, a decline of $2.76 or 4.1%. PriceSeek's analysis of crude oil indicates a bearish score of -2. The sharp drop of 4.1%–4.5% in crude oil futures prices reflects strong market concerns over oversupply and weak demand, representing a significant bearish factor. This will directly drag down spot prices, leading to lower refining costs but intensifying overall bearish sentiment in the market.

Diesel, with a bearish score of -1.5: The decline in crude oil costs will significantly reduce diesel refining expenses, putting downward pressure on spot prices. Coupled with the seasonal weakening of winter demand, the bearish impact is relatively strong. However, some industrial demand may provide a buffer, potentially resulting in a slightly smaller decline compared to crude oil.

Gasoline, with a bearish score of -1: The sharp drop in crude oil directly translates to lower gasoline production costs, exerting downward pressure on spot prices. As a direct refined product, relatively rigid demand may limit the extent of the decline, representing a moderate bearish factor. However, if weak consumption persists, the situation could worsen further.

PVC, with a bearish score of -1: The raw material ethylene for PVC is derived from crude oil cracking, and the decline in costs will suppress spot prices. Weak downstream construction demand exacerbates the bearish outlook, but the supply-demand balance remains relatively stable, making this a moderate bearish factor. Short-term prices may follow the decline slightly.

Petroleum asphalt, with a bearish score of -1.5: The sharp drop in crude oil directly lowers the production costs of petroleum asphalt, leading to a bearish outlook for spot prices. The futures market has also weakened, with the settlement price of the main contract 2603 falling by 44 yuan to 3,133 yuan per ton and a reduction in open interest, reflecting strengthened bearish market expectations and representing a relatively strong bearish factor.