Analysis on polyester feedstock market in H2 2018
！！Wu Zhong, Vice CEO of Zhejiang Hengyi Petrochemicals Sales Co., Ltd,
2018-07-13 10:12:46
Wu Zhong, Vice CEO of Zhejiang Hengyi Petrochemicals Sales Co., Ltd, presented his report of Analysis on polyester feedstock market in H2 2018
Mr.Wu divided his report into three parts.
The first part is market review in the first half of 2018. Oil price moved up. Naphtha was robust, and PX-naphtha spread remained low. PTA presented an ＾M￣ trend at its high level. PTA inventory piled up in Q1, but reduced in Q2. MEG port inventory remained high. Polyester O/R stayed high, and start-up of new capacities was steady
The first part is market outlook in the second half of 2018. Increasing instability of crude oil price may become the major risk. New round of PX capacity expansion may be good to downstream market. PTA O/R may remain high, and PTA price is still bolstered by low inventory. Environmental protection affects demand tempo, and buoyant season is prolonged.
In conclusion, crude oil prices may be range-bound on the high end in H2 2018. Supply and demand of PX may weaken. PTA may shiver in broad range in H2 2018. Supply and demand of MEG is supposed to remain firm in Jul-Aug, and the turning point may appear in Aug-Sep. Demand may keep favorable overall. The trade dispute between China and U.S. is likely to influence the exports of end-user products, to be the potential risks for the whole industrial chain.
Mr.Wu divided his report into three parts.
The first part is market review in the first half of 2018. Oil price moved up. Naphtha was robust, and PX-naphtha spread remained low. PTA presented an ＾M￣ trend at its high level. PTA inventory piled up in Q1, but reduced in Q2. MEG port inventory remained high. Polyester O/R stayed high, and start-up of new capacities was steady
The first part is market outlook in the second half of 2018. Increasing instability of crude oil price may become the major risk. New round of PX capacity expansion may be good to downstream market. PTA O/R may remain high, and PTA price is still bolstered by low inventory. Environmental protection affects demand tempo, and buoyant season is prolonged.
In conclusion, crude oil prices may be range-bound on the high end in H2 2018. Supply and demand of PX may weaken. PTA may shiver in broad range in H2 2018. Supply and demand of MEG is supposed to remain firm in Jul-Aug, and the turning point may appear in Aug-Sep. Demand may keep favorable overall. The trade dispute between China and U.S. is likely to influence the exports of end-user products, to be the potential risks for the whole industrial chain.
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