As of December 11, the average ex factory price of domestic local refining hydrogenated naphtha mainstream was 7,402.25 RMB/ton, down 0.50% from 7,439.75 RMB/ton on December 5. The actual transaction price of local refining hydrogenated naphtha was about 7,100-7,300 RMB/ton.

As of December 11, the average ex factory price of domestic straight run naphtha mainstream was 7,066.50 RMB/ton, down 0.77% from 7,121.50 RMB/ton on December 5. The actual transaction price of domestic straight run naphtha was about 7,000-7,200 RMB/ton.

On December 11, the naphtha commodity index was 91.36, unchanged from the previous day, down 24.89% from the highest point of 121.64 (2022-03-10) in the cycle, and up 116.29% from the lowest point of 42.24 on July 19, 2016. (Note: the cycle refers to the period from September 1, 2012 to now)

The price of refined naphtha continued to fall last week, and the improvement of terminal demand was limited. The purchase was mainly on demand. The logistics in many places across the country recovered gradually, and the market was cautious.

Upstream: The international crude oil price fell sharply, and the international crude oil price fell to the lowest level within the year. Because some economic data in the United States exceeded expectations, the possibility of the Federal Reserve's radical interest rate increase still exists, which suppressed the benefits of OPEC+ production reduction and Western sanctions against Russia. The unexpected growth of the US ISM non manufacturing index in November, released on Monday, reflects that the domestic economy is still resilient. The continued economic boom has triggered market concerns about the Federal Reserve's transition from "dove" to "eagle", which may disappoint the Federal Reserve's previous desire to slow down interest rate hikes. The market provided the basis for the Federal Reserve to curb inflation and maintain the monetary tightening path, which affected the crude oil market to decline significantly. The overall global economy is weak, the prospect of energy demand is still not optimistic, and the economic weakness depresses oil prices.

Downstream: According to the monitoring of SunSirs, toluene continued its downward trend last week, with the price at 6,640 RMB/ton on December 2 and 6,210 RMB/ton on December 9, down 6.48%. The price of mixed xylene continued to decline last week. On December 2, the price was 7,280 RMB/ton, and on December 9, the price was 6,990 RMB/ton, down 3.98%. In terms of PX market, the price trend of last week dropped sharply. As of the weekend, the domestic ex factory price of paraxylene was 7,450 RMB/ton, down 10.24% from the early price of 8,300 RMB/ton.

SunSirs energy analysts believe that the international crude oil price fell sharply last week, and the cost support of the naphtha market was limited; The terminal has no obvious advantages, mainly purchasing on demand, and the logistics in many places across the country has been restored, but at present, the wait-and-see mood is strong, and the transaction is cautious. It is expected that China naphtha may be refined in the near future.

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