The Intensity Of Crude Oil Has Slowed Down, And The Trend Of Polyester Raw Materials Has Weakened.

Market brief

　　 Viewpoint strategy

Last week, crude oil and oil were gradually weakened after hitting a recent high of 43.41. In 2019, 6 million 100 thousand tons of PX capacity was put into operation in China, and the supply of PX increased significantly in 2019, resulting in a low PX profit. This week, PX followed the price of crude oil and returned to the top of $500 / ton. Processing fees were slightly restored. Fuhai set up 4 million 500 thousand tons of equipment due to alkali wash down 5 negative, is expected to resume in the near future, Sichuan can load load up to full load operation, and the demand remains high, supply and demand show a small library, according to CCFEI statistics, PTA circulation link inventory 44 thousand to 2 million 245 thousand tons. This week, the Hon BANG 2 million 200 thousand ton plant in Jiangyin is expected to restart. It is expected that PTA will be a small repository.

In terms of MEG, the price of naphtha increased, and the loss of ethylene glycol was further expanded, of which the loss of ethylene was more serious. Domestic coal glycol unit maintains low operation, plans to restart enterprises slightly delayed. According to CCF statistics, as at 15, the MEG port in East China's main port area has a stock of about 1 million 372 thousand tons, a decrease of 11 thousand tons compared with the previous period.

Last week Rongsheng 400 thousand tons / annual inspection and repair device was restarted, Fujian Yi Jin 100 thousand tons / year new device put into operation, polyester Zhou Pingjun operation rate rose 1.12% to 91.48%. Although there is partial volume in production and marketing, the production and sale of polyester filament is generally in general. The number of orders is still dominated by small orders, with fewer orders.

Generally speaking, polyester raw materials are running in a short or weak position.

Strategy suggestion

PTA wait-and-see, MEG meets high selling short (for reference only).

Main risk points

1. the progress of the epidemic has led to a sharp decline in downstream demand and the upward compression of raw material profits.

The implementation of 2.OPEC+'s production reduction failed to induce further collapse of the price of crude oil.