Why does mixed C5 price fall despite rising crude oil?

Why does mixed C5 price fall despite rising crude oil?
In March, international crude rebounded sharply on geopolitical tensions, yet mixed C5 prices in Shandong dropped significantly. The key disconnect: gasoline wholesale prices failed to follow crude upward, as refineries saw several days of sales below production balance amid COVID-related demand weakness. Logistics restrictions from multiple outbreaks also curbed cross-regional flows, with intra-Shandong price spreads exceeding 300 yuan/ton. This shows mixed C5 pricing is now driven more by downstream gasoline demand and regional supply-demand dynamics than by crude oil direction alone. Buyers should monitor gasoline inventory and transportation policy rather than oil headlines when timing purchases.