Crude oil fell “cliff style”, a new variant virus in South Africa triggered a huge wave in the market, and US oil plunged 13%, the largest decline since April last year. As of the close of last Friday (November 26), the price of West Texas Intermediate crude oil (WTI) futures on the New York Mercantile Exchange fell $10.24, or 13.1%, to $68.15/barrel. London Intercontinental Exchange Brent crude oil (ice) futures fell $9.5, or 11.6%, to $72.72/barrel.
| Thiourea |
PTA prices fell. According to the price monitoring of business society, the domestic PTA spot market fell sharply today (November 29), and the average market price was 4619 yuan / ton, down 3.31% from the previous day and up 38.14% year-on-year. The main futures 2201 closed 4632 and settled 4650, down 238 or 4.89%. Honggang petrochemical and Yadong petrochemical units are about to be overhauled, and the start-up of domestic PTA units will decline, but it will remain at the high level of 81.71% as a whole, and the supply shows a slight accumulation of reserves.
In addition, the recent performance of orders in the terminal market is still weak. It is reported that on November 25, a number of mainstream polyester factories in China discussed and reached a consensus to implement the plan of reducing production by 20% based on the current output, which has been implemented successively in the past two days. In the follow-up, depending on the market situation or increase the intensity of production reduction to 25%, the current operating load of the polyester industry has fallen below 84%, and the PTA demand performance is weak.
Business analysts believe that the short-term international crude oil price plummeted, the cost support collapsed, superimposed with the production reduction expectations of many mainstream polyester factories, the pressure on PTA supply and demand increased, and the short-term PTA price is expected to continue to decline.
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