According to the Commodity Market Analysis System of Business Society, from September 1 to September 8, 2022, the ex factory price of hydrogenated benzene in North China increased from 7816.67 yuan/ton last week to 8400 yuan/ton this week, an increase of 7.46%.
In terms of crude oil: OPEC+, an oil producing country, is rumored to have extended production cuts. The market expects an additional 1 million barrels of production reduction from Saudi Arabia to continue until December, while Russia’s crude oil production reduction will continue until December. Supply tightening is expected to continue to ferment and boost the oil market; In addition, the weakening of the US dollar has led to a rebound in oil market valuations and the potential impact of storms in the US Gulf on energy supply, which is a positive factor supporting international oil prices. On September 7th, international crude oil futures closed lower. The settlement price of the main contract for WTI crude oil futures in the United States was $86.87 per barrel, a decrease of $0.67 or 0.8%. The settlement price of the main contract for Brent crude oil futures was $89.92 per barrel, a decrease of $0.68 or 0.8%. Long profit taking, coupled with market vigilance against weak demand expectations, has suppressed oil prices.
The factory price of Sinopec pure benzene has been raised three times in this cycle, with a cumulative increase of 600 yuan/ton during the week. Currently, it is priced at 8350 yuan/ton.
The K-bar chart of commodity prices uses the concept of a price trend K-line to reflect weekly or monthly price fluctuations in the form of a bar chart. Investors can buy and sell investments based on the changes in the K-bar chart. Red indicates an increase; Green indicates a decline; The height of the K-bar represents the range of fluctuations. The weekly K-bar chart of pure benzene shows that the pure benzene market has seen a positive trend in recent times. After ten consecutive weeks of decline, it has continued to rise for six consecutive weeks, slightly falling for three consecutive weeks, and rising by another 2.01% this week.
From the perspective of the industrial chain, the macro performance of this week was good, with domestic commodity prices rising more or falling less, and the market atmosphere was more active. Crude oil continued to rise during the week, with styrene strengthening on the market. The supply of pure benzene itself was slightly tight, and downstream markets were actively entering the market. Under the influence of multiple positive factors, the pure benzene market has rapidly risen this week, while the hydrogenation benzene market has been significantly affected. The factory price in the main production area has increased to 8400 yuan/ton, with a cumulative increase of 550 yuan/ton during the week.
This week, the domestic hydrogenation benzene market saw a significant increase, with an increase of 400-450 yuan/ton. On the supply side, driven by costs and profits, the overall operating rate has increased this week, with slightly loose supply and little overall change. The changes in demand have been limited this week, and the impact of supply and demand on the market during the week is relatively small, mainly following the trend of the industrial chain. In the future market, the expectations for gold, silver, and ten are relatively sufficient. As the National Day holiday approaches, there are generally stocking plans in the market and downstream, and there are obvious positive factors in the market. However, as market prices rise to high levels, further upward resistance increases. After the weekend crude oil correction, the hydrogenation benzene market slightly declines. It is expected that the high consolidation trend of the pure benzene industry chain in the future will be the main focus, with a focus on downstream stocking plans.
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