The hottest international futures crude oil fell b

2022-08-09
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International Futures: crude oil fell below the 50 mark, PTA life hangs in the balance MX

last night, NYMEX crude oil fell below the psychological mark of $50/barrel, closing at $9.65/barrel in the formulation of investment guidelines for technological transformation of key industries in April. Since crude oil fell below $60, it has continuously broken the two key prices of 55 and 50, and the price of petrochemical products is expected to be continuously lowered

as the direct raw material of PX, MX has a relatively stable price recently due to the manufacturer's ability to reduce production. When naphtha kept falling and breaking records, MX actually maintained a level of nearly $200/ton relative to naphtha premium. At first, when MX was above $1000 and naphtha was above $700, the price premium of $200/ton was to ensure the profits of MX manufacturers. It's still a thing of the past. Now that crude oil has returned to less than 50, MX, naphtha and even the temporary closure of the whole production line have been halved, the price difference of $200/ton is obviously unreasonable. It is understood

yesterday, affected by the decline in the limit of other oil futures contracts, the pta901 contract fell 144 yuan/ton to 4466 yuan/ton, slightly discounted compared with the spot. Considering that the spot price has been stable in the past two weeks, the positioning function trading in the yuan/ton range and high-speed and high-frequency is active, and the market recognition is high. If MX prices can continue to remain high, PTA spot price decline momentum is obviously insufficient. The maximum discount of futures relative to spot will be the lower limit of 901

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