Saudi Arabia’s crude oil production and exports declined in February compared with January as it fulfilled a global production reduction agreement reached by the world’s major oil producers late last year, according to data released by JODI on Thursday.

According to JODI data, Saudi crude oil production in February fell by more than 1% annually to 10.136 million barrels per day; Saudi exports of crude oil in February dropped by 3.8% annually to 69.77 million barrels per day.

Saudi Arabia and Russia, the world’s major oil producers, began to cut crude oil production on January 1, 2019 to avoid oversupply in the global oil market and to support oil price rises. Saudi Arabia has oversupply cut production or is related to the need for high oil prices for Saudi Arabia’s Amy Oil Company to go public.

Saudi crude oil stocks rose to 204.567 million barrels in February from 20.834 million barrels in the previous month. Saudi crude oil inventories reached a record high of 329.43 million barrels in October 2015.

JODI data show that Saudi refinery crude oil processing capacity in February was 27.67 million barrels per day, slightly higher than the January 278 million barrels per day level. The country exported 1.61 million barrels of refined oil per day in February, a 9.6% reduction from January.

Saudi demand for crude oil for power generation in February dropped from 377,000 barrels per day in January to 259,000 barrels per day, while demand for refined oil increased from 2.073 million barrels per day in the previous month to 2.157 million barrels per day.

Price Trend

According to the data monitored by business associations, on April 15, PET water bottle manufacturers quoted 8825 yuan/ton, and on April 19, PET water bottle manufacturers quoted 8688 yuan/ton. The overall decline was 100-200 yuan/ton, the overall decline was 1.56%, and the market of PET fell slightly.

II. Cause Analysis

Product aspect: PTA price of raw materials fell sharply this week, cost support was not good, while the market atmosphere of PET was cold, purchasers just needed to replenish, the actual volume was low. Under the pressure of both cost and demand, manufacturers narrowly concede profits and prices slightly fall. As of April 19, the main quotation range of PET water bottle manufacturers is 8600-8750 yuan/ton. P>

Industry: On April 19, the rubber and plastic index was 743 points, down 2 points from yesterday, down 29.91% from the highest point of 1060 points in the cycle (2012-03-14), and up 28.99% from the lowest point of 576 points on December 21, 2015. (Note: Cycle refers to 2011-12-01 to date) Commodity market consolidation is the main trend of the rubber and plastic industry, a small shock.

3. Future Market Forecast

PET analysts believe that recent PET products are mainly affected by supply and demand game and raw material price fluctuations, with small price shocks dominating. It is expected that the demand for PET terminal infrastructure will hardly be greatly improved. In the short run, the market of PET will be shaken and consolidated, with the mainstream quotation range of 8400-8800 yuan/ton.

On April 17, the PX commodity index was 67.20, unchanged from yesterday, down 34.38% from its peak of 102.40 points in the cycle (2013-02-28), and up 47.53% from its low of 45.55 points on February 15, 2016. (Note: Period refers to 2013-02-01 to date).

Recently, the domestic market price trend of p-xylene has been temporarily stable. Pengzhou Petrochemical Plant has been running steadily in the field. Urumqi Petrochemical Plant has started 50% of its operation. Fuhai Aromatic Hydrocarbon Plant has started a line. CNOOC Huizhou Refinery and Chemical Plant has been overhauled. Hengli Petrochemical PX Plant has been put into operation. Other units have been running steadily for the time being. Due to the increase of domestic market supply of p-xylene, the market for p-xylene has increased. Price trend is stable for the time being. The opening rate of PX plant in Asia is about 80%. On April 17, the closing price of p-xylene in Asia dropped by 38 U.S. dollars per ton. The closing price is 987-989 U.S. dollars per ton FOB Korea and 1006-1008 U.S. dollars per ton CFR in China. More than 50% of the domestic units need to be imported. The sharp decline in foreign prices has a negative impact on the domestic market price of p-xylene. Steady.

On April 17, the price of WTI crude oil in June fell to $63.76 per barrel, a decline of $0.29. Brent crude oil in June fell to $71.62 per barrel, a decline of $0.10. The price of crude oil declined slightly, losing some cost support for the price of downstream petrochemical products, and the price of p-xylene market stabilized temporarily. Recent textile industry market shocks, PTA price trend shocks on the 18th, the average price of East China bid in the vicinity of 6700-6850 yuan/ton, as of the 17th domestic PTA start-up rate is about 80%, polyester industry start-up rate is about 90%, downstream production and sales rate maintained high, but PTA market price changes little, it is expected that PX market prices will remain stable in the later period.

On April 16, the PX commodity index was 67.20, unchanged from yesterday, down 34.38% from its peak of 102.40 points in the cycle (2013-02-28), and up 47.53% from its low of 45.55 points on February 15, 2016. (Note: Period refers to 2013-02-01 to date).

Recently, the domestic market price trend of p-xylene has been temporarily stable. Pengzhou Petrochemical Plant has been running steadily in the field. Urumqi Petrochemical Plant has started 50% of its operation. Fuhai Aromatic Hydrocarbon Plant has started a line. CNOOC Huizhou Refinery and Chemical Plant has been overhauled. Hengli Petrochemical PX Plant has been put into operation. Other units have been running steadily for the time being. Due to the increase of domestic market supply of p-xylene, the market for p-xylene has increased. Price trend is stable for the time being. The opening rate of PX plant in Asia is about 80%. On April 16, the closing price of p-xylene in Asia dropped by 14 US dollars per ton. The closing price is US$1025-1027 per ton FOB in Korea and US$1044-1046 per ton CFR in China. More than 50% of the domestic units need to be imported. The decline of foreign prices has a negative impact on the domestic market price of p-xylene. The market price of p-xylene in Asia is stable temporarily.

On April 16, the price of WTI crude oil in June fell to $63.40 per barrel, a decline of $0.49. Brent crude oil in June fell to $71.18 per barrel, a decline of $0.37. The price of crude oil declined slightly, losing some cost support for the price of downstream petrochemical products, and the price of p-xylene market stabilized temporarily. Recent textile industry volatility, PTA prices rose slightly on the 17th. The average price in East China was raised near 6700-6850 yuan/ton. As of the 16th day, the domestic PTA start-up rate was about 80%, the polyester industry start-up rate was about 90%, and the downstream production and sales rate maintained a high level. However, PTA market prices did not change much. It is expected that the price of PX market will remain stable in the later period.

On April 15, the phthalic anhydride commodity index was 63.91, down 0.81 points from yesterday, down 46.80% from the peak of 120.13 points in the cycle (2012-02-28), and up 31.99% from the low of 48.42 points on January 21, 2016. (Note: Period refers to 2011-09-01 to date).

Recently, the domestic market price of phthalic anhydride has maintained a low trend, the market of phthalic anhydride and phthalic anhydride in eastern China has weakened, downstream factories have just needed to purchase, factory inventory pressure has continued, high-end transactions have been blocked, the mainstream of on-site neighbouring source negotiations is 6500-6600 yuan/ton, and the mainstream of naphthalene source negotiations is 6300 yuan/ton; the mainstream quotation of phthalic anhydride market in North China is 6400-6600 yuan/ton, and the market weak The price of phthalic anhydride in China is stable, the spot supply of phthalic anhydride is normal, the market is not good, and the price of phthalic anhydride is declining.

Recently, the executive price of the upstream product of phthalic anhydride, Sinopec o-phthalic anhydride, is 6700 yuan/ton. The actual transaction price in the market is 6700 yuan/ton. The quotation is stable and the port market is general. The upstream raw material mixed xylene price is stable, the turnover of phthalic anhydride is general, the stock of phthalic anhydride in port is low, the price of phthalic anhydride is temporarily stable, the cost of imported phthalic anhydride is rising, the actual transaction price is discussed in detail, the upstream price trend is stable, and the market price of phthalic anhydride remains weak. DOP prices in the downstream are lower. Recently, in the DOP market in Zhejiang, merchants’quotations have maintained 8200-8300 yuan/ton, while downstream prices have slightly declined. Demand for upstream phthalic anhydride is limited, and the market price of phthalic anhydride is slightly lower. It is expected that the market price of phthalic anhydride in the later period will be around 6550 yuan/ton.