1、 Price trend

 

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According to the data of the trade agency’s bulk list, the price of mixed xylene declined slightly this week. On July 29, the price was 8160 yuan / ton; On Friday (August 5), the price was 8090 yuan / ton, 0.86% lower than last week and 36.2% higher than the same period last year.

 

2、 Analysis and comment

 

During the week, due to the broad decline of crude oil, the external toluene was weak, and the support of external news was weak, which led to the decline of mixed xylene. However, the demand of downstream PX for mixed xylene is acceptable, the enterprise inventory level is low, and the tight supply limits the decline.

 

In the external market, the mixed xylene in Asia fell sharply this week. On Thursday (August 4), the price of imported mixed xylene from South Korea was US $962 / T, a year-on-year decrease of US $54 / T, a decrease of 5.31%; The reference price of domestic imported mixed xylene was 965 US dollars / ton, with a year-on-year decrease of 54 US dollars / ton, or 5.3%.

 

In terms of crude oil, the US crude oil and gasoline inventories increased, adding to the weak economic data, the market worried about the slowdown of oil demand, and the crude oil fell broadly in the week. As of August 5, Brent price of this week has dropped by 15.09 USD / barrel or 13.72% compared with last week; WTI fell by 9.61 USD / barrel, or 9.74%.

 

On the downstream side, in the PX market, the domestic PX price fell sharply this week. On July 29, the price was 9550 yuan / ton, and on Friday (August 5), the price was 9000 yuan / ton, down 5.76% from last week and up 23.29% from the same period last year.

 

In the ox market, the price of ox in East China fell this week. On Friday (August 5), the price of ox in East China was 8000 yuan / ton, down 3.61% from last week and up 26.98% from the same period last year.

 

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In terms of gasoline, the price of gasoline in Shandong fell after rising this week. On July 29, the price was 8541 yuan / ton, and on August 5, the price was 8555 yuan / ton, an increase of 0.17% over last week and 10.55% over the same period last year.

 

3、 Future forecast

 

In terms of crude oil, the oil market is stuck. Due to the weak economic data caused by the interest rate hikes of many countries, the pressure of crude oil decline increases. However, OPEC + has limited production capacity and oil supply is still tight. Crude oil is a long and short game, and the trend is full of uncertainty. Continue to pay attention to the impact of geopolitical situation, OPEC + decision on crude oil production, US crude oil and refined oil storage dynamics, global economic situation, etc. on crude oil prices.

 

The demand for downstream PX still exists, and the short-term supply of mixed xylene continues to be tight, supporting the price. In the later period, if the decline of crude oil is suspended, mixed xylene may continue to fluctuate in a narrow range. Pay attention to the market trend of crude oil and gasoline, and the impact of mixed xylene and downstream device dynamics, port inventory and outer disk on mixed xylene price.

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