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SunSirs: Market Waits for OPEC+ Meeting, Pure Benzene Rose Driven by Good FactorS (June 1-7)

June 09 2020 11:07:16     SunSirs (John)

Price trend

According to the data ofsunSirs' list, the price of pure benzene on May 31 was 3,450-3,850 RMB/ton (average price of 3,600 RMB/ton); On this Sunday (June 7), pure benzene was listed at 3,550-3,850 yuan /ton (average price 3,660 RMB/ton), an increase of 1.67% from last week.

 

Analysis review   

This week, domestic pure benzene prices rose slightly. Crude oil and outer disk have strong support for pure benzene. Port inventories increased during the week, but the range of increase was reduced.

On Friday (June 5), the price of pure benzene imported in South Korea was 429.33 US dollars/ton, up 31.33 US dollars/ton, up 7.87% compared with May 29; the price of pure benzene imported in East China was 435 US dollars/ton, up 28 US dollars/ton, up 6.88% compared with May 29.

Crude oil fluctuated and rose this week. It is said that the OPEC+ meeting would be held ahead of time in the week, the market was bullish. Although the meeting was not held as early as rumored on Thursday, the atmosphere was still good. Compared with May 29, this week Brent rose 6.62 US dollars per barrel, an increase of 19.26%, WTI rose 3.96 US dollars per barrel, an increase of 11.05%. Compared with December 31, 2019, Brent fell 38.59%, WTI fell 34.51%.

This week, the styrene market price rose first and then fell slightly, overall rising. On June 5, the price of styrene in Shandong was 5,583.33 RMB/ton, an increase of 166.66 RMB/ton from last week, or an increase of 3.08%.

This week, aniline as a whole stabilized, and individual companies cut prices for sale. On June 5, the price of aniline in Shandong was 4,400-4,490 RMB/ton, and the price of aniline in Nanjing was 4,500-4,820 RMB/ton.

 

Market outlook

Looking at next week, with the OPEC meeting, oil prices will generally rise. The resumption of production and production in foreign countries was promoted, and the prices of external disks were firm. Pure benzene is expected to run strongly next week.

 

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