Crude Oil Prices Continue to Decline, Dragging Down the Central Price Level of Hydrogenated Benzene (Nov 6–12, 2026)

1. Key Market Focus This Week

① Some units reduced or halted production, causing the hydrogenated benzene operating rate to drop by 1.78% this week to 56.90%.

② The price spread between crude benzene and hydrogenated benzene in Shandong widened this week, increasing corporate profits to 330 RMB/ton.

③ Sinopec East China lowered its listed pure benzene price by 900 RMB this week, with the current execution price at 7,900 RMB/ton.

2. Weekly Market Analysis

Source: Chempricehub Information

The Shandong hydrogenated benzene market experienced a significant decline this week, with the mainstream transaction range dropping to 7,400–8,300 RMB/ton. Last Friday, crude oil rebounded, and pure benzene futures and spot prices stabilized; some traders purchased on dips, leading to increased inquiries. Coupled with rising demand in Shandong, this provided positive support for hydrogenated benzene, prompting factories to slightly raise their quoted prices. However, as the week progressed, crude oil prices continued to fall, and pure benzene futures hit the limit down at one point, spreading bearish sentiment. Domestic pure benzene and hydrogenated benzene spot prices dropped sharply. Some traders panic-sold inventory, resulting in significantly lower buying prices from essential downstream users. Affected by this sentiment, some hydrogenated benzene producers actively cut prices to sell, pushing negotiated prices further down during the week. On Thursday, crude oil rebounded, and news emerged of a styrene unit reducing production. Open interest increased and prices rose in the futures market, driving a recovery in pure benzene futures and spot prices. Consequently, hydrogenated benzene producers became reluctant to sell at low prices and began testing higher quotes.

3. Next Week's Market Forecast

The domestic hydrogenated benzene market is expected to show a narrow rebound following a sharp decline next week, with the mainstream transaction range estimated at 7,600–8,200 RMB/ton.

Cost Side: Mediators such as Qatar continue to push for US-Iran negotiations. The US has downplayed expectations of renewed strikes on Iran, easing supply risk concerns and weakening geopolitical support for oil prices. International crude oil prices are expected to have room for decline next week, with WTI likely ranging between $80–$89/barrel and Brent between $86–$95/barrel.

Supply Side: Domestic refineries are prioritizing fuel production over chemicals, so the increase in pure benzene supply is expected to be limited. Previously shut-down hydrogenated benzene units plan to restart, leading to a slight increase in production next week.

Demand Side: Utilization rates for key downstream products of pure benzene—styrene, phenol, aniline, and adipic acid—are improving, leading to an overall expectation of increased pure benzene demand.

Inventory Side: Pure benzene port inventories in East China are expected to remain around 20,000 tons next week, staying at a low level, which provides some floor support for prices.

Overall Outlook: News of a styrene production reduction, combined with port inventories of pure benzene and styrene remaining at 20,000–30,000 tons, has led to increased open interest and rising styrene futures prices. This has helped pure benzene futures and spot prices stabilize and rebound, suggesting short-term upside potential for hydrogenated benzene prices. However, expected declines in international oil prices and increased hydrogenated benzene supply will constrain the height of this rebound.

For more weekly market analysis, please refer to the Chempricehub Hydrogenated Benzene Weekly Report.