Crude oil posted biggest weekly gain in four months!
Release date: [2024/1/31]  Read total of [46] times

These two weeks of polyester production and sales is the end of the year, and even the average production and sales for two consecutive weeks broke 100, last week's average production and sales were 115%, and this week is also maintained last week's level at 116%.


Cost side support


On Friday (January 26), crude oil prices closed higher and posted their biggest weekly gain in more than four months. Oil prices were buoyed by positive economic news from the world's two largest economies that raised hopes of stronger crude demand this year.


In terms of the most active contract, U.S. WTI gained 6.27 percent for the week, and crude oil posted its best weekly gain since Sept. 1. Brent crude, the global benchmark for oil prices, gained 6.17% this week. WTI and Brent are both up more than 8% this year.


Under the strong impetus of crude oil, PTA prices also show a continued strong trend, and the maintenance of PTA equipment before and after the Spring Festival in 2024 is relatively large, which is enough to smooth the demand reduction caused by the seasonal decline in the polyester industry.


As far as this week is concerned, the new PTA installation overhaul plan involves 3.75 million tons/year in Northeast China, 2 million tons/annual capacity in Ningbo, the early overhaul plan involves 4.5 million tons/annual capacity in South China, and some individual devices are temporarily stopped.


Crude oil, PTA are rising, then polyester is certainly impossible to wait and see, by the cost side of the support to boost the factory price mentality, polyester factory prices will strengthen.

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