Crude Oil: On November 2, bullish factors continued to drive US-Iran peace talks, easing market concerns over supply risks and causing international crude oil prices to fall. NYMEX December crude futures settled at $96.46/bbl, down $7.66/bbl (-7.36% WoW); ICE Brent January futures (after rollover) settled at $104.77/bbl, down $8.66/bbl (-7.63% WoW). China INE December 2026 crude futures rose by 17.6 yuan to 745.2 yuan/bbl during the day session but fell by 64.2 yuan to 681 yuan/bbl in the night session.
Xylene: Quoted prices for xylene from Shandong local refineries declined compared to the previous working day, with drops ranging from 100 to 270 yuan/ton.
Xylene: Downstream customers entered the market to procure materials.
Xylene: North China Petrochemical sold inventory via auction.
| Market | Specification | Nov 2 | Nov 3 | Change | % Change |
|---|---|---|---|---|---|
| Average Price | Isomer-grade | 9176.00 | 8927.33 | -248.67 | -2.71% |
| Shandong | Isomer-grade | 8925.00 | 8627.00 | -298.00 | -3.34% |
| East China | Isomer-grade | 9275.00 | 9000.00 | -275.00 | -2.96% |
| South China | Isomer-grade | 9330.00 | 9155.00 | -175.00 | -1.88% |
| Key Downstream | |||||
| Shandong | 92# Gasoline | 10121.00 | 10041.00 | -80.00 | -0.79% |
| Taiwan, China | PX | 1323.00 | 1280.00 | -43.00 | -3.25% |
| Related Products | |||||
| Toluene | East China | 8975.00 | 8900.00 | -75.00 | -0.84% |
| Pure Benzene | East China | 9750.00 | 9300.00 | -450.00 | -4.62% |
| Data Source: Chempricehub |
Today, the domestic xylene market operated weakly. The sharp drop in overnight crude oil closing prices failed to support market sentiment. After a significant decline, downstream PX futures rebounded slightly. Prices in East China softened, with negotiations mostly resulting in price cuts today. Trading volume at Shandong refineries remained sluggish for two consecutive days; today, factory prices continued to retreat, production-sales balance improved slightly, though no strict balancing was implemented. In South China, some refineries lowered their quotes today. Market purchasing sentiment was weak, trading pace was average, and downstream demand was primarily driven by essential restocking.
Quoted prices for xylene from Shandong local refineries declined compared to the previous working day, with drops ranging from 100 to 270 yuan/ton. Refineries did not implement production-sales balancing.
Crude oil futures traded stronger intraday, providing limited support to market sentiment. Today, transactions at Shandong refineries around 8,600 yuan/ton were decent, offering bottom support. Spot resources in East China remained tight, keeping regional arbitrage windows open. If crude oil closing prices continue to fall tomorrow, the xylene market is expected to maintain its weak trend. Projected ranges: East China 8,950–9,000 yuan/ton, Shandong 8,600–8,620 yuan/ton, and South China 9,100–9,200 yuan/ton.
PX: One lot of PX was traded near the close today. January contracts traded at $1,260/ton. Today’s December price was $1,320/ton, while January was $1,260/ton. PX closed at $1,280/ton, down $43/ton (CFR China).
Gasoline: Today’s gasoline production-sales ratio was 71%, up 7 percentage points from yesterday.
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