January 18Th Market Morning Post: PX, A Bearish Price Continues To Fall
1. yesterday's market situation
Yesterday (January 17, 2019) Asian PX price dropped 10.67 US dollars / ton to 1059 US dollars / ton CFR Taiwan / China and 1039.33 US dollars / ton FOB Korea. US crude oil production is refreshing and international oil prices are falling. Next week, polyester production rate will be further reduced. The negative factors increased, and the PX market was empty and prices continued to fall.
Upstream market
(1) 1/17 closing day: US crude oil production is refreshing and global economic outlook is worrying, and international oil prices are falling, but OPEC's expected cut in production is good. WTI52.07 yuan / barrel, fell 0.24 yuan / barrel; Brent 61.18 yuan / barrel, fell 0.14 U. S. dollars / barrel. China's SC main force rose 1903 yuan to 3.1 yuan / barrel to 422.1 yuan / barrel.
(2) naphtha: in January 17th, the current price of naphtha in Japan was 494.5 US dollars / ton, which fell by 3 US dollars / ton compared with the previous trading day. The current price of naphtha in Singapore is 52.87 US dollars / barrel, which is 3.06 US dollars lower than that on the previous trading day.
2. short term forecast
The PX market is expected to continue its downward trend today.
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