According to the Commodity Analysis System of SunSirs, as of November 29th, the mainstream ex factory price of domestic refined hydrogenated naphtha was 7,926.50 RMB/ton, an increase of 0.25% from the beginning of this month at 7,906.50 RMB/ton. The market for refined hydrogenated naphtha fluctuated and rose before falling back.
As of November 29th, the mainstream ex factory price of domestically refined straight run naphtha was 7,856.50 RMB/ton, an increase of 0.48% from 7,819.00 RMB/ton at the beginning of this month. The market for locally refined straight run naphtha fluctuated and rose before falling back.
Product: In November, the price of ground refined naphtha first increased and then decreased. Currently, the mainstream price of ground refined hydrogenated naphtha is around 7,800-8,000 RMB/ton, and the mainstream price of straight run naphtha is around 7,700-7,900 RMB/ton. The gasoline and diesel market has entered the off-season, with terminal demand procurement being the main focus, and there is a lack of substantial improvement in fundamentals. The overall demand for naphtha terminals is weak, with sluggish trading and refineries lowering prices for shipments.
Upstream: In November, the international crude oil price trend declined. As of the end of the month, the settlement price of the US WTI crude oil futures main contract was $76.41 per barrel, and the settlement price of Brent crude oil futures main contract was $81.47 per barrel. The November crude oil price fell by 5.69%. Firstly, the economic data is poor, and the news is bearish for the oil price market. There are still concerns about inflation levels in the United States, and the Federal Reserve has indicated that interest rates may continue to rise in the future. The US dollar is rising, putting pressure on prices of commodities such as crude oil and gold priced in US dollars; The multiple economic data released by the United States have made the market bearish about the future demand outlook, leading to a decrease in crude oil prices. Secondly, the supply tension caused by the situation in the Middle East has been alleviated, as the seasonal decrease in internal demand in the region has led to an increase in its export share; The peak oil season in North America and Europe has ended, and demand has declined, suppressing the crude oil market. Thirdly, the increase in US crude oil inventories exceeded expectations, coupled with market concerns about demand in the Asian region and negative factors, resulting in a decline in crude oil prices and limited support for the domestic naphtha market.
Downstream: The toluene market continued to decline in November, with toluene prices at 6,900 RMB/ton on November 1st and 6,680 RMB/ton on November 29th, a decrease of 3.19% compared to the beginning of the month. The mixed xylene market continued to decline in November. On November 29th, the price of mixed xylene was 7,060 RMB/ton, a decrease of 3.68% from 7,330 RMB/ton at the beginning of the month. The price trend of para xylene in November declined, with the domestic ex factory price of para xylene at 8,300 RMB/ton as of the end of the month, a decrease of 4.60% from the initial price of 8,700 RMB/ton.
According to energy analysts from SunSirs, the international crude oil price has rebounded, and local refined naphtha is actively pushing up. In addition, a small amount of demand from local refined reforming units is currently being released, and it is expected that the local refined naphtha market will experience a slight increase in the near future.
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