January 25Th Market Morning Post: PX Market Narrow Adjustment
1. yesterday's market situation
Yesterday (January 24, 2019) Asian PX price dropped 11.5 US dollars / ton to 1063.50 US dollars / ton CFR Taiwan / China and 1043.83 US dollars / ton FOB Korea.
Overnight oil prices were mixed, but the terminals gradually entered the holiday mode. Demand support was insufficient. The price of PX overlapped with that of naphtha. The enquiry atmosphere of the PX market was light yesterday. In March, PX spot traded at 1064 US dollars / ton CFR Taiwan / China.
2. upstream market
(1) 1/24 closing day: the US may impose Venezuela's tight supply worries, but the sharp increase in US crude oil inventories has brought bad profits, and international oil prices have mixed up.
WTI53.13 rose 0.51 US dollars / barrel; Brent fell 61.09 US $0.05 / barrel.
China's SC main force rose 1903 to 0.3 yuan to 428.7 yuan / barrel.
(2) naphtha: in January 24th, the current price of naphtha in Japan was 477.625 US dollars / ton, which fell by 7.75 US dollars / ton compared with the previous trading day. The current price of naphtha in Singapore is 50.95 US dollars / barrel, which is 0.86 US dollars lower than that on the previous trading day.
3. short term forecast
The PX market is expected to be narrowed today.
- Related reading
January 24Th Market Morning Post: No Price Adjustment For Polyester Industrial Yarn.
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