Crude oil prices have declined this week. As of the 20th, the settlement price of the main contract of WTI crude oil futures in the United States was 77.37 US dollars / barrel, and the settlement price of the main contract of Brent crude oil futures was 81.10 US dollars / barrel.
In the first half of the week, the U.S. CPI data in March slowed down, U.S. inflation eased, the Fed’s interest rate hike was coming to an end, demand was resilient, and oil prices rebounded from shocks; Concerns about anti-inflation in the United States have increased expectations for the Fed to raise interest rates in May, the dollar strengthened, market worries rose, and oil prices were under pressure.
OPEC+'s additional production cuts will exacerbate the oil supply shortage in the second half of 2023, and the crude oil supply shortage situation is approaching; the G7 group stated that it will maintain the price ceiling of $60/barrel for Russian seaborne oil to balance oil market prices; China's economic data is optimistic A better outlook for energy demand and energy demand provided support for oil prices.
European and European central banks are still willing to continue raising interest rates, offsetting the benefits brought by the decline in U.S. commercial crude oil inventories and the strong Chinese economy, and restraining the upward trend of oil prices. International oil prices have shown a downward trend this week.
This week, the downstream PTA market price trend is rising. As of the 21st, the average PTA market price is around 6420 yuan/ton, and the price increase this week is 0.76%. In terms of PTA supply, the supply in the PTA market has shrunk slightly. Yizheng Chemical Fiber 1# 350,000-ton plant is shutting down, and Dongying Weilian’s plant load with a total production capacity of 2.5 million tons/year has dropped to around 50%. The domestic PTA industry’s operating rate remains at 78% %nearby. The cost pressure on the downstream polyester end has increased, and the start-up load has dropped slightly. New orders for terminal weaving continued to decline. In the state of production losses, terminal enterprises continued to reduce production and stop production, especially in the texturing process. Some major texturing bases even experienced large-scale production reductions. The comprehensive operating rate of weaving in Jiangsu and Zhejiang fell below 55%. , forming a drag on PTA prices.
In terms of downstream px, px prices stabilized this week. The price of PX was 9,100 yuan/ton on April 17, and 9,100 yuan/ton on April 21, and the price was relatively stable. At present, several sets of px devices in China are still under maintenance, and the supply of px continues to shrink.
The market price of caprolactam was slightly adjusted this week. The price of raw material pure benzene has been lowered, and the cost support is insufficient. Some enterprises of caprolactam have undergone equipment maintenance, and the market supply has decreased, and there are still enterprises planning maintenance in the later stage. Downstream purchases are mainly on-demand, and market transactions are acceptable. As of April 21, the national delivery price of Shandong Hualu Hengsheng caprolactam liquid was 13,100 yuan/ton, and the production capacity of the manufacturer's equipment was 300,000 tons/year. The settlement price of Sinopec's high-end caprolactam is 13,300 yuan/ton, and it is a high-quality liquid product, which will be accepted and picked up in June.
The price of pure benzene, a raw material, stabilized and then fell this week. The price of pure benzene on Friday was 7,400-7,620 yuan/ton (average price 7,510 yuan/ton), down 0.87% from last week and 10.7% from the same period last year. This week, the price of pure benzene in Sinopec remained stable at 7,450 yuan/ton.
The ethylene glycol market has risen slightly this week, and the cost side has strong support. In addition, some petrochemical enterprises have introduced maintenance plans to support the market. The intention is obvious, so that the market continues to be in a state of intertwined long and short. Although the market is trying to go up this week, it lacks continuous positive support, and the enthusiasm for chasing up is not high. The important point of the spot price of 4200 still forms counterpressure to the market, and it is difficult to form an effective breakthrough in the short term. At present, there is still great pressure on the cost side of ethylene glycol plants. Driven by this, ethylene glycol plants have obvious intentions to reduce losses through measures such as maintenance shutdown, production conversion, and burden reduction. Therefore, the pressure on the supply side has a tendency to slow down, but At present, the terminal demand of the polyester industry chain has not improved significantly. Under the difficulty of cost transmission, polyester factories are facing double pressure on sales and profits, and their intention to reduce production has increased. This makes it difficult for the supply and demand structure of ethylene glycol to improve significantly. It is difficult to form a significant upward trend. It is expected that the market will continue to fluctuate next week, with an operating range of 4,000-4,200 yuan/ton.
This week, domestic pure polyester yarn and polyester-cotton yarn market prices are basically maintained. As of April 21, the average price of the pure polyester yarn market in Shandong remained at 13,150 yuan/ton last week, a year-on-year decrease of 8.84%. %, a year-on-year decrease of 17.31%.
This week, the weak demand dragged down significantly, the terminal purchase willingness was not strong overall, the yarn delivery continued to slow down, and there were few transactions. At present, the operating rate of spinning mills in various regions is basically stable. The average starting rate of large spinning mills in Xinjiang and Henan is about 85%, and that of small and medium spinning mills is about 80%. Large-scale spinning mills in Jiangsu, Zhejiang, Shandong, and Anhui along the Yangtze River are on average at 80%, and small and medium-sized spinning mills are at 70%. Due to poor shipments and strong upstream raw materials, yarn companies suffered losses and inventories reached new highs, and the market lacked confidence in the market outlook. The production reduction of pure polyester yarn and polyester-cotton yarn was on the agenda, and the May Day holiday plans increased.
Crude oil prices fell this week. As of the 20th, the settlement price of the main contract of WTI crude oil futures in the United States was 77.37 US dollars / barrel, and the settlement price of the main contract of Brent crude oil futures was 81.10 US dollars / barrel.
In the first half of the week, the U.S. CPI data in March slowed down, U.S. inflation eased, the Fed’s interest rate hike was coming to an end, demand was resilient, and oil prices rebounded from shocks; U.S. anti-inflation concerns have increased expectations for a rate hike by the Federal Reserve in May, the dollar has strengthened, market worries have risen, and oil prices have come under pressure.
OPEC+'s additional production cuts will exacerbate the oil supply shortage in the second half of 2023, and the crude oil supply shortage situation is approaching; the G7 group stated that it will maintain the price ceiling of $60/barrel for Russian seaborne oil to balance oil market prices; China's economic data is optimistic A better outlook for energy demand and energy provided support for oil prices.
The European and American central banks still have the willingness to continue raising interest rates, offsetting the benefits brought by the decline in commercial crude oil inventories in the United States and the strong Chinese economy, and restraining the upward trend of oil prices. International oil prices have shown a downward trend this week.
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