Introduction:
Crude oil prices fell sharply last night, WTI crude oil prices fell to 78.36USD/barrel, down-2.40USD/ barrel, this is also the first time in the past three weeks that WTI crude oil has fallen below 80USD/The gate of the bucket. The current crude oil price is at a high level, and the PTA, which has been weakened by the cost-side shock, is also in 11 month span>16 reached “Five consecutive declines”, TodayPTA futures closed down again to 4843yuan/ tons, down 135 yuan/ tons compared with yesterday.
01PTAOvercapacity
PTAOn the supply side, due to the maintenance of Hengli, Sichuan Energy Investment and other factories that started at the beginning of the month, the current average operating rate of PTA is at 72.2%, down 1.8% from last week, the real-time operating rate is 72.2%, real-time effective operating rate79.8%. This operating rate is quite satisfactory for the whole year. This year, bulk chemicals and polyester products have continued to decline. The fundamental reason is overcapacity and the imbalance between supply and demand.
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