Crude oil prices: Oil prices closed higher on Monday as the implementation rate of the OPEC+ oil-producing countries’ July production reduction agreement was close to 100%. On Tuesday, U.S. crude oil futures prices fell back from higher levels. Oil prices held steady on Wednesday as lingering concerns about weakening U.S. fuel demand outweighed a larger-than-expected drop in U.S. crude inventories. On Thursday, U.S. oil fell nearly 1%. U.S. oil prices edged higher on Friday, on track for a third weekly gain. As of Thursday’s close, the October futures price of West Texas Intermediate crude oil (WTI) on the New York Mercantile Exchange closed down $0.35, or 0.81%, to $42.76 per barrel. The price of Brent crude oil (ICE) October futures on London’s Intercontinental Exchange closed down $0.49, or 1.08%, at $44.88 per barrel.
PX: On August 21, the price of paraxylene of Sinopec Central China Sales Company was temporarily stable. The PX device of the manufacturer Luoyang Petrochemical with a production capacity of 225,000 tons was operated at full capacity, with a daily output of about 600 tons. The current execution price is 4,600 yuan/ tons, sales are normal.
PTA: Domestic PTA this week The market conditions maintained a slight downward trend. As of August 20, the average market price was 3,592 yuan/ton, down 1.22% from last week and down 32.67% year-on-year. During the week, PTA parking and maintenance equipment gradually entered the restart stage, and the supply side showed a slight increase. Although terminal orders have recovered, the market’s expectations for foreign trade have weakened, and the demand side has insufficient support. In addition, the market still has some concerns about crude oil demand, so it shows a weak downward trend.
MEG: As September approaches, The traditional peak season for polyester is coming soon, so from the perspective of demand, the subsequent market trend of ethylene glycol is improving. According to the third quarter parking plan, subsequent ethylene glycol imports may decline. Domestic coal production load has increased this week, but it involves less production capacity and has little impact on the supply side. However, Xinjiang Tianye and Shanxi Woneng have successfully tested recently, and new production capacity may cause pressure. However, overall, the price of ethylene glycol is less likely to decline, and shipments can continue to be observed.
Slicing: raw materials in early August There is slight support, but the actual demand from the downstream is slow to follow up, and the price of slices is generally range-bound; in late August, the downstream gradually and steadily follows up, the mentality of polyester factories is slightly better, and slices are expected to rise.
Polyester yarn: downstream textile companies There is insufficient enthusiasm for purchasing, and most of them focus on digesting inventory. The transaction atmosphere in the polyester market is not good, and the price center is stable but falling. At present, the mainstream quotations of POY150D/48F from factories in Jiangsu and Zhejiang are between 5050-5450 yuan/ton, the mainstream quotations of FDY150D/96F are between 5700-6050 yuan/ton, and the mainstream quotations of DTY150D/48F are between 6650-6950 yuan/ton. In terms of inventory, POY inventory is around 11-18 days, FDY inventory is around 22-32 days, and DTY inventory is around 30-41 days. </p
