According to the data of business news agency, on July 22, the average p value of oil glycol was 4533.33 yuan / ton, an increase of 16.66 yuan / ton over the previous statistical cycle, an increase of 0.37% year-on-year.
Higher than expected interest rate hikes and concerns about the economic downturn have pushed commodity futures downward, and energy, chemicals, metals, precious metals and agricultural products have been impacted to varying degrees.
In the upstream, the international crude oil futures price fell, and the trading on the floor was relatively quiet. Insiders tried to balance the weak energy demand and the tight supply caused by the reduction of Russian oil after the conflict between Russia and Ukraine. The domestic epidemic is sporadic, and the sealing and control policy may aggravate the low profit situation in the downstream, which continues to pose pressure on the demand side of naphtha. At present, the naphtha ethylene cracking unit continues to suffer losses, and the production enterprises intend to reduce the negative insurance price.
MEG external market is still weak today, and the negotiated price is around $520 / ton. The depressed market price and continuous losses made the MEG unit operating rate continue to fall, and the process of port destocking slowed down. As of July 21, the total inventory of ethylene glycol in the main port of East China was 1.1573 million tons, a decrease of 20700 tons or 1.76% compared with last Thursday, an increase of 0600 tons or 0.05% compared with this Monday. Downstream polyester further reduced production, terminal orders have always been weak and there are cumulative expectations, and the margin of supply and demand has not been substantially improved.
Prediction: the fundamental performance is still weak, and the short-term low range fluctuates.