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SunSirs: China Ground Refining Naphtha Fluctuated and Rose in November

Increase font size  Decrease font size Date:2023-11-16   Views:91

  According to the Commodity Analysis System of SunSirs, as of November 14th, the mainstream factory price of domestic refined and hydrogenated naphtha was 7,981.50 RMB/ton, an increase of 0.95% compared to November 1st at 7,906.50 RMB/ton. The actual transaction price of refined and hydrogenated naphtha is around 7,900-8,100 RMB/ton.



  As of November 14th, the mainstream factory average price of locally refined straight-run naphtha in China was 7,906.50 RMB/ton, an increase of 1.12% compared to November 1st at 7,819.00 RMB/ton. The actual transaction price of locally refined straight-run naphtha was around 7,800-8,000 RMB/ton.



  In November, the market for refined naphtha fluctuated and rose. The gap in terminal restructuring just needed to be delivered, and a small amount of demand for ethylene cracking was released. The positive end demand was limited, and refining was actively shipping.



  Upstream: The international crude oil market has been fluctuating recently. The hawkish stance of the Federal Reserve has sparked demand concerns and eased supply tension. There is still a risk of supply side tension, and OPEC+, an oil producing country, will hold a ministerial meeting on November 26th. The market generally believes that its production reduction policy will continue. The geopolitical situation in the Middle East has weakened its impact on oil prices, coupled with poor demand prospects and weak momentum for a significant rebound in oil prices.



  Downstream: According to monitoring by SunSirs, the price of toluene has declined, with a price of 6810 RMB/ton on November 14th, a decrease of 1.30% compared to 6,900 RMB/ton on November 1st; The price of mixed xylene has declined, with a price of 7,220 RMB/ton on November 14th, a decrease of 1.50% compared to 7,330 RMB/ton on November 1st. The price trend of PX is temporarily stable, and as of November 14th, the domestic ex factory price of xylene is 8,700 RMB/ton.



  Energy analysts from SunSirs believe that the international crude oil market is volatile, with limited cost support for the naphtha market. The gasoline and diesel market has entered the off-season, and there is no significant benefit for the local refining naphtha terminal. Market trading is cautious, and it is expected that the local refining naphtha market will be mainly volatile in the near future.


 
 
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