The hottest southwest futures oil price continued
2022-08-20- Detail
Southwest Futures: oil prices continued to fall, PTA weak downward
the US weekly crude oil inventory announced by the EIA overnight increased by 1.6 million barrels to 313.5 million barrels, with an estimated increase of 800000 barrels, an increase greater than expected. At the same time, coupled with the sharp decline of US stocks, concerns about the continued economy made the market further worried about the demand for crude oil, leading to NYMEX crude oil futures to continue to decline by 1.42% to $53.62/barrel in the foreseeable future. Affected by this, PTA opened low and went low today, with a shock downward, reaching a minimum of 4446 yuan, then rebounded slightly, and closed down at 4474 yuan by 2.95% in midday trading. From a fundamental point of view, the spot price continues to maintain a stable trend. Today, the quotation of China National fiber is 4500 yuan, which is the same as that of yesterday, which makes it applicable to a wider range of enterprises. Px, PTA's raw material, followed the decline in oil prices, which was also the fourth largest single investment of the company. PX in Asia and PX in Europe both fell by $7.50. Due to the good production and sales in the downstream polyester market, the price showed an upward trend, but because the overall situation is not optimistic, this rise is undoubtedly lack of momentum for continuous rise. On July 31 this year, China raised the export tax rebate rate of textile and clothing from 11% to 13%, and then raised it to 14% on October 21, and then adjusted it to 17% again yesterday. The export tax rebate rate of the textile industry has reached the highest in history, which is undoubtedly a great benefit to the textile industry, but how much it will affect the future trend of PTA remains to be seen. Suggestion: short positions in the early stage can continue to be held
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