PTA Soared by 1000 Points, Up More Than 15%! Styrene Futures Spot Rose to a New High!

The recent supply fluctuations in the global crude oil market finally made crude oil bears give up their last position! Goldman Sachs continues to raise its crude oil price forecast, raising its summer peak oil price target from $125 to $140!

Crude oil rose rapidly, leading a group of raw materials to rise, like wild horses running away, the upward momentum was completely uncontrollable!

▶ PTA: 1000 points soared in three days! up more than 15%

On the 6th, the main PTA contract hit the daily limit. After a huge inflow of funds, the main PTA futures contract on the Zhengzhou Commodity Exchange rose again by 4.70% on the evening of the 7th to 7,612 CNY/ton. Before the Dragon Boat Festival, the figure was still 6,700 CNY/ton, a whole increase of nearly 15%, and the increase was fast and violent!

▶ Styrene: futures and spot prices all hit new highs!

Not to be outdone, styrene futures hit 11,300 CNY/ton after the holiday, hitting a new high since the varieties were listed. Under the strong support of the supply side and the cost side, the average price of styrene in the East China market reached 10,950 CNY/ton on June 7, which also set a new high for the year!

From late May to now, there have been constant rumors about the planned internal and external maintenance of styrene plants in China. Shandong Wanhua, Sinochem Quanzhou, Huatai Shengfu, Qingdao Bay and other plants all stopped for maintenance during this time period. Although Shandong Yuhuang and Beifanghua Jin resumed production during this period, but in general, there were more maintenance than restoration, resulting in a gradual decrease in the weekly capacity utilization rate of styrene in China. As of June 2, the capacity utilization rate fell to 69.02%, a new low in recent years, and it is still possible to continue to decline this week.

With the reduction of the weekly capacity utilization rate of styrene in China, the weekly production of styrene in the country has also decreased simultaneously, and the factory inventory is also at a low level in recent years. Although the terminal demand is not good, but the styrene factory starts to decrease synchronously, and the contract goes up. The goods are relatively normal. At present, it seems that there is little pressure on sales and inventory, which gives some support to the rise in styrene prices.

To sum up, the strong cost support and the reduction in supply caused by the overhaul of the superimposed styrene plant are beneficial to the interweaving, and styrene has risen to a high point in the year. However, the follow-up of downstream demand is not optimistic, restraining styrene from tracking the rising trend of the cost side. In addition, it is necessary to Pay attention to the increase in the willingness to resume production of non-integrated units after the return of styrene profits, and the changes in units.

Judging from the first half of the year, the turmoil in the external situation has pushed up the oil price bubble, and the domestic epidemic has repeatedly forced companies to reduce and stop production! And now the market is "acting" again! Upstream for a while for a price! The downstream is really unbearable, and many companies choose to temporarily close the market to avoid the market!