The mixed xylene market trend was volatile from November 8 to 15, 2024. The base price of mixed xylene on November 8 was 0.68% lower than that on November 15. The xylene market fluctuated downward in this cycle. The overall supply of the xylene market was loose, the downstream purchasing enthusiasm was not high, and the market as a whole was on the sidelines.
Cost side: As of November 16, WTI December crude oil futures were at $67.02 per barrel, down 4.77% this week. Brent January crude oil futures were at $71.04 per barrel, down 3.83% this week. After the US election, the US dollar exchange rate continued to rise, and crude oil prices were under pressure. In addition, the market expected that the US would strongly support the oil and gas industry to achieve lower inflation and energy independence during the election. The market expected an increase in US crude oil production. The International Energy Agency predicted that the scale of global crude oil oversupply will reach more than 1 million barrels per day in 2025. Affected by this, crude oil prices have been weak in this cycle.
Supply side: Sinopec’s xylene quotation was partially lowered during this period. Currently, the company’s operations are normal, the unit’s production is stable, production and sales are stable, and the company’s quotation is the same as the previous day.
Demand side: Paraxylene prices continue to fall in the foreign market, and demand support is weak
On November 15, Sinopec Sales Company’s paraxylene prices were temporarily stable, and this price was implemented in East China, North China, Central China, and South China. The Yangzi Petrochemical and Zhenhai Petrochemical units were operating stably, and sales were normal, which was the same as the price on November 11. The price of PX in the domestic and foreign markets continued to decline during the period.
Market outlook: The crude oil market is weak, with limited support from the cost side. In terms of supply, the recent refinery inventory is low, and the port inventory is also running at a low level recently, so the supply pressure is relatively small. In terms of demand, the downstream purchasing intention is rigid demand. Overall, the recent market atmosphere is weak, and the price trend is volatile.
Post time: Nov-18-2024