1、 Price trend
ferric sulfate (Poly ferric sulphate) |
The domestic xylene market showed a volatile trend this week. As of Friday, the domestic market average price was about 3640 yuan / ton, up 0.28% month on month.
2、 Analysis and comment
This week, the domestic xylene market showed a volatile trend. Sinopec’s enterprises in South China have increased the price of xylene by about 50 yuan / ton this week. Port inventory is high. At present, the port inventory in East China is about 123000 tons, down 8000 tons compared with last week. The pressure to go to the warehouse is not reduced. Market oversupply, downstream Px, gasoline blending demand is general. At present, the mainstream price in East China is about 3730 yuan / ton. The future market will focus on the outcome of the US election, the progress of the US economic stimulus plan, the fluctuation of the US dollar index and the stock market, the geographical situation in the Middle East and the impact of OPEC + on crude oil supply, the impact of the continuous deterioration of overseas epidemic situation on the demand for crude oil, the progress in the research and development of the new crown vaccine, the global economic recovery, and the European and American economic recovery relief plan Progress.
Upstream, in terms of crude oil, the international oil price has been positive for four consecutive weeks, breaking the high level since the beginning of March. The overall prospect of vaccines is good, which stimulates the hope for a rapid recovery of oil demand. The US crude oil inventory is unexpectedly reduced, and the U.S. government starts an orderly handover. OPEC + is expected to discuss postponing the production increase plan, strengthening the expectation. However, the implementation of blockade measures due to the deterioration of the epidemic situation, the increase in the number of active drilling rigs in the United States, and the increase in production in Libya are all risk factors for bulls. Short term oil prices may have adjusted demand, and the overall trend tends to rise, so as to prevent repeated high exploration and backstepping. As of Friday, spot Brent rose $3.59/barrel to close at $47.025, up 8.27% month on month. At present, the main uncertain factors in the market come from the new crown epidemic in Europe and the United States and the uncertainty of the US presidential election. The final direction of crude oil will not take further action until the demand side is better and the US election is clear. In the medium term, oil prices mainly depend on the recovery of demand side and the direction of macro market.
Sodium Molybdate |
Downstream, in terms of PX market, Sinopec’s listed price this week was about 4300 yuan / ton, and the latest external price was about 545 US dollars / ton FOB Korea and 563 US dollars / ton CFR China. It is expected that the short-term PX market will fluctuate slightly. In terms of PTA market, the market price continues to rebound this week. The domestic PTA spot market price is about 3350 yuan / ton, and the external price is about 450 US dollars / ton CFR China. It is expected that PTA price will fluctuate slightly next week. In terms of ox market, Sinopec quoted 5300-5500 yuan / T of o-benzene, and the external price of o-benzene was about 650 US dollars / ton FOB Korea and 690 US dollars / ton CFR China. It is expected that the price of o-benzene will maintain a stable trend next week.
3、 Future forecast
Xylene analysts of the chemical branch of the business society think: look at the supply cost side, the implementation of OPEC + production reduction, the total number of us oil drilling and weekly EIA, API inventory data. Second, on the demand side, the impact of the worsening global epidemic situation on crude oil demand, the progress of industrial chain recovery, the economic and trade situation of Europe and the United States and the progress of economic recovery and rescue plan. Third, look at the geopolitical situation in the Middle East and China and the United States, the progress in the research and development of new coronal vaccine, the linkage between the US dollar index and the stock market. Next week, we will focus on the geopolitical situation in the Middle East and the impact of the news of the OPEC Conference on November 30 and the OPEC + ministerial meeting on December 1 on the trend of crude oil. Overall, xylene in the domestic market is expected to fluctuate slightly next week.
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