1、 Price trend

According to the business club’s big list data, the domestic xylene market price rose this week. The price of xylene rose by 13.50 yuan / ton on Sunday, 10.51 yuan / ton.

2、 Analysis and comment

At the beginning of the week, driven by the rising price of refined oil, the market is optimistic about the recovery of xylene price, and it is expected to be better. In the second half of the week, both sides of the market offered lower bid intention, while the price of gasoline was loose, and the market wait-and-see sentiment increased. During the week, the listed prices of xylene in North China and central China of Sinopec increased by 150 yuan / ton, 300 yuan / ton in South China and 50 yuan / ton in East China. Port inventory is high. At present, the port inventory in East China is about 111000 tons, down 6000 tons compared with last week. Weak downstream market, drag xylene market.

In terms of crude oil, crude oil rose rapidly after falling this week, fell back on Friday and rose overall compared with last week. The sharp increase of new epidemic cases in Europe and the United States has led to a decline in the crude oil market mentality. On Wednesday, Pfizer vaccine made new progress and prices rebounded rapidly. Compared with December 4, Brent rose 1.155 USD / barrel, or 2.36%; WTI rose 0.33 USD / barrel, or 0.71%. Compared with December 31, 2019, Brent decreased by 25.07%, and WTI decreased by 23.07%.

In the downstream, PX market, the listed price of domestic SINOPEC enterprises was about 4300 yuan / ton this week, which was stable compared with last week, with a year-on-year decrease of 35.82%. PX prices rose slightly this week. As of the end of the week, the Asian PX market closed at $567-569 / T FOB Korea and $585-587 / T CFR China. The rising trend of external price is expected to bring some positive support to the domestic market.

In terms of PTA market, PTA price in East China decreased slightly after rising this week, with an overall increase of 68.75 yuan / ton or 2% compared with last week. PTA oversupply situation will continue to exist, the cost side of PTA absolute price guidance will be further strengthened.

In terms of ox market, ox price stabilized after falling this week. The price of ox in East China was 5560 yuan / ton, down 60 yuan / ton or 1.07% from last week. The transaction of o-benzene was weaker, and the market of o-benzene was weaker. Overall, the rising momentum of o-benzene market weakened and the downward pressure increased.

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 new progress of R & D, U.S. dollar and the situation in the Middle East. Pay attention to the late vaccine and the new progress of the US economic stimulus plan, as well as the impact of the gradual increase in OPEC + production, as well as the changes in downstream demand. At present, the xylene market lacks other favorable aspects, and the upward breakthrough resistance is large. Overall, xylene is expected to fluctuate in the domestic market next week.