As of December 25, the average ex factory price of domestic local refining hydrogenated naphtha mainstream was 7,004.00 RMB/ton, down 3.01% from 7,221.50 RMB/ton on December 19. The actual transaction price of local refining hydrogenated naphtha was about 6,900-7,100 RMB/ton.

As of December 25, the average ex factory price of domestic straight run naphtha mainstream was 6,889.00 RMB/ton, down 2.30% from 7,051.50 RMB/ton on December 19. The actual transaction price of domestic straight run naphtha was about 6,800-7,000 RMB/ton.

On December 25, the naphtha commodity index was 86.44, unchanged from yesterday, down 28.94% from the peak of 121.64 (2022-03-10) in the cycle, and up 104.64% from the lowest point of 42.24 on July 19, 2016. (Note: the cycle refers to the period from September 1, 2012 to now)

Last week, the price of locally refined naphtha continued to decline, the shipment was average, the terminal demand was weak, the market of gasoline and reforming related products continued to decline, and the price of locally refined naphtha continued to decline.

Upstream: The international crude oil price rose, and the Federal Reserve suggested that the interest rate increase is far from over, and is not close to the end of monetary tightening. The persistent economic heat in the first half of December triggered the market's concern 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 path of monetary tightening, which triggered a general decline in risky assets. In addition, the overall economy was weak. The severe epidemic in Asia continued to drag down demand expectations. The outlook for energy demand was still not optimistic. Economic weakness depressed oil prices, which fell sharply in the first half of the month. In the second half of the month, in response to the price ceiling of the Group of Seven oil exports to Russia, Russia said it might cut oil production, tightening expectations to heat up the oil market. The news that the United States planned to store strategic oil reserves also brought good news to the oil market. In the second half of the month, international oil prices recovered their decline.

Downstream: According to the monitoring of SunSirs, toluene rose slightly last week, with the price at 6,210 RMB/ton on December 25 and 6,170 RMB/ton on December 19, up 0.65%. The price of mixed xylene rose slightly last week. On December 25, the price was 6,950 RMB/ton, and on December 19, the price was 6,890 RMB/ton, up 0.87%. In the PX market, the price trend was stable last week. As of the weekend, the domestic ex factory price of paraxylene was 7,450 RMB/ton.

The energy analysts of SunSirs believed that the international crude oil rose last week, and the cost of locally refined naphtha was supported, but the terminal demand was weak. The market of gasoline and reforming related products continued to decline, and the price of locally refined naphtha continued to decline. At present, the logistics in many places across the country has not recovered, the market has a strong wait-and-see mood, and the transaction is cautious. It is expected that the local refining naphtha will continue to decline in the near future.

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