SunSirs: Toluene Fell Down 1.7% This Week (October 8 - October 11)
October 12 2019 13:44:58 SunSirs (John)Price trend
According to the monitoring data of SunSirs, due to the oil price correction, the domestic toluene market showed a volatility correction trend this week, with a weekly decline of about 1.7%.
Analysis review
Product: Affected by the weak economic indicators in Europe and the United States, the rapid recovery of Saudi Arabia's crude oil production capacity, and the impact of oil price correction, the domestic toluene market is still fluctuating this week. At present, the mainstream price in East China is around 6450-6530 RMB/ton. According to the feedback from traders, the trading volume fell slightly from last week, and the port inventory remained low.
Industry chain:
Upstream, crude oil, affected by the rapid recovery of Saudi oil production, this month's oil price rebound, spot Brent fell 2.98%, Brent futures fell 3.44%, WTI futures fell 0.78%, Dubai futures fell 5.19%.
On the downstream side, in terms of TDI, the price trend is stable this week, and it is expected that the short-term TDI will remain weak. Outside prices rose slightly from last week, with FOB ARA Toluene TDI roughly around $682 per ton. In the PX market, the domestic PX price trend is stable, and the short-term PX market price is expected to maintain a stable trend.
Market outlook
According to the xylene analysts of SunSirs, we will continue to focus on the situation in the Middle East and the progress of tariff increases in Sino-US trade negotiations next week. The European and American economies are worried about the expected decline in demand for crude oil. Due to growing concerns about the economic recession in Europe and the United States, it is expected that the toluene market will continue to fluctuate and adjust next week.
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