According to the bulk list data of Business Society, the price of mixed xylene continued to rise this week (7.31-8.7). On July 31st, the benchmark price of mixed xylene was 8140 yuan/ton, while on August 7th, the benchmark price was 8420 yuan/ton, an increase of 3.44%.

The supply of mixed xylene is still relatively tight, providing support for the mixed xylene market. It is understood that as of early August, the inventory of xylene in East China decreased by 6000 tons to around 18000 tons; The inventory of mixed xylene in South China decreased by around 50000 tons to around 2000 tons.

International crude oil futures continued to rise on Friday, providing strong support for the xylene market. The settlement price of the US WTI crude oil futures 09 contract was $82.82 per barrel, up 2.6%. The settlement price of Brent crude oil futures contract 10 was $86.24 per barrel, up 2.02%. There are reports that Saudi Arabia and Russia will extend their independent production reduction period until September, or even longer, as supply tightening is expected to intensify.

In terms of downstream PX, the domestic supply of paraxylene is normal, with a domestic PX operating rate of over 70%. However, during the maintenance of some paraxylene units, spot supply is relatively normal, and PX external market prices remain high due to the rise of crude oil. As of the 3rd, the closing prices in Asia are 1021-1023 yuan/ton FOB South Korea and 1046-1048 dollars/ton CFR China. Recently, the operating rate of PX devices in Asia has been mainly fluctuating. Overall, the operating rate of xylene devices in the Asian region is around 70%. The supply of PX goods in the Asian region has not changed much, and due to the rise in crude oil prices, the domestic xylene market price has risen.

According to the Commodity Market Analysis System of Business Society, as of August 7th, the price of ortho xylene was 9000 yuan/ton, an increase of 4.65% compared to last Monday’s 8600 yuan/ton. Although the price of ortho benzene has increased, due to the shrinking demand for downstream phthalic anhydride, the expected upward momentum for ortho phthalic anhydride is insufficient, and the support for ortho benzene is limited.

Gasoline prices continue to rise, and on the one hand, demand is improving to support the oil market. The peak summer driving season in the United States is still playing a role, with peak travel leading to positive fuel consumption. In addition, there is hope for the future of Chinese demand, and China has recently introduced a series of stimulus measures to support fuel consumption. On the other hand, international crude oil prices continue to rise, and the cost of finished oil forms strong support. International crude oil futures continued to rise on Friday. The settlement price of the US WTI crude oil futures 09 contract was $82.82 per barrel, up 2.6%. The settlement price of Brent crude oil futures contract 10 was $86.24 per barrel, up 2.02%.

Future forecast: In the short term, supported by international crude oil and naphtha costs, coupled with a tight domestic supply situation, the mixed xylene market will still be in a high exploratory upward trend; In the medium to long term, after a significant increase in prices, downstream demand follows suit and weakens. In addition, some devices are restarted, and the rise in mixed xylene in the later stage may weaken.