Crude oil: On Monday, U.S. crude oil futures fell slightly by nearly 1% in shock, and the demand-side recovery under the impact of the epidemic became even more fragile. Crude oil prices hit a four-week high on Tuesday, although prices were still trading within the tight range of the past three weeks. On Wednesday, U.S. crude oil futures fell more than 1% in shock and were about to fall back to $41. U.S. crude oil inventories increased more than expected. On Thursday, U.S. crude oil fell 2% as the epidemic continued to spread and the number of initial jobless claims in the United States increased last week. International oil prices rebounded higher on Friday. As of Thursday’s close, the September futures price of West Texas Intermediate crude oil (WTI) on the New York Mercantile Exchange closed down $0.84, or 2%, at $41.06 per barrel. The price of Brent crude oil (ICE) September futures on London’s Intercontinental Exchange closed down $0.95, or 2.14%, at $43.34 per barrel.
PX: July 24 The price of paraxylene of Sinopec Central China Sales Company is temporarily stable. The PX device of the manufacturer Luoyang Petrochemical with a production capacity of 225,000 tons is operating at full capacity, with a daily output of about 600 tons. The current execution price is 4,800 yuan/ton, and sales are normal.
PTA: Currently Tongkun is in During the maintenance, short-term Sanfangxiang, Ningbo Yisheng, Taiwan Chemical and other equipment have maintenance plans but have not made it clear, so there is no obvious sign of contraction on the supply side in the short term. If the equipment maintenance time overlaps, the supply of PTA will shrink significantly in the short term, changing the supply and demand situation, and the market will rebound quickly.
MEG: Due to arrival this week Due to the decrease in port volume, ethylene glycol has gained expectations for price increases to a certain extent, and the market price has increased. However, since inventories have been at historically high levels for a long time and shipments have been at low levels, price support has been weak. Although there was subsequent news of the restart of the polyester plant, the operating rate of looms has declined and terminal demand has been insufficient. Therefore, from the perspective of supply and demand, ethylene glycol prices will remain in a volatile situation.
In terms of slicing: production and sales continue to be sluggish, This week, polyester chip inventory has been accumulated for 2-3 days again. The overall inventory is high, suppressing demand. In addition, there is a backflow of off-site inventory, which may further increase the chip inventory.
In terms of polyester yarn: production and sales, The polyester filament market in Jiangsu and Zhejiang has recovered slightly this week. The average production and sales of mainstream manufacturers are between 60% and 80%, and the production and sales of some better factories can reach 160%. In terms of inventory, the overall inventory in the polyester market is now concentrated at 29-39 days; in terms of specific products, POY inventory is around 9-15 days, FDY inventory is around 20-27 days, and DTY inventory is around 29-39 days. Some polyester filament yarns have begun to have negative cash flow, which is expected to affect the load later.
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