I. Key Points
November 5: The outlook for U.S.-Iran relations remains uncertain, with the possibility of renewed conflict persisting. Supply risks have increased, driving up international crude oil prices. NYMEX WTI futures (December contract) closed at $90.52/barrel, up $2.40 (+2.72% WoW). ICE Brent futures (January contract) closed at $98.29/barrel, up $3.67 (+3.88% WoW). China INE crude oil futures (December 2026 contract) fell by 37.8 to 638.4 yuan/barrel during the day session and rose by 1.40 to 639.8 yuan/barrel in the night session.
Crude oil prices dropped significantly on November 5. Negotiations in the Asian USD-denominated market were limited, and RMB prices for far-month deliveries declined, resulting in a lower close for the USD-denominated market intraday. FOB Korea closed at $1,295–$1,305/ton (average down $60); CFR China closed at $1,235–$1,245/ton (average down $60). Unit: USD/ton.
On November 5, compared theoretically to the previous trading day: Integrated plant operators saw their theoretical production-sales margin decrease by 848 to 1,964 yuan/ton; non-integrated plant operators saw their theoretical production-sales profit decrease by 204 yuan/ton to -85 yuan/ton.
Core Logic: Crude oil rebounded from low levels, weakening the bearish sentiment on the cost side. Styrene prices may oscillate at low levels today.
II. Price Table
| Product | Region | Nov 4 | Nov 5 | Change |
|---|---|---|---|---|
| Crude Oil | Brent Jan | 94.62 | 98.29 | +3.67 |
| Ethylene | CFR NE Asia | 1240 | 1240 | 0 |
| Pure Benzene | East China Market | 8990 | 8450 | -540 |
| Styrene | Jiangsu Market | 10790 | 10155 | -635 |
| Notes: | ||||
| 1. Units: Brent Crude in USD/barrel; CFR NE Asia Ethylene in USD/ton; Pure Benzene and Styrene in yuan/ton. | ||||
| 2. Prices for Pure Benzene and Styrene are closing averages from mainstream markets. | ||||
| 3. All RMB prices listed above are spot exchange rates including tax. | ||||
| 4. Change rate refers to week-on-week variation. |
III. Market Outlook
Styrene: With crude oil rebounding from lows, bearish pressure from the cost side has eased. Styrene prices are likely to oscillate at low levels today. Recently, supply and demand have maintained a tight balance. Following the restart of Zhejiang Petrochemical, operating loads have increased, while Dagu and Shengteng have plans to restart, leading to some recovery in industry supply. Port inventories are expected to see only minor accumulation. Spot demand has not shown significant improvement, creating resistance to downward price transmission.
IV. Data Table
| Data Type | Previous Period | Current Period | Change Rate | Expectation |
|---|---|---|---|---|
| Jiangsu Port Inventory (10k tons) | 2.47 | 3.07 | +24.29% | ↘ |
| South China Port Inventory (10k tons) | 3.3 | 2.6 | -21.21% | ↘ |
| Operating Rate | 61.81% | 62.51% | +0.7% | ↗ |
| Sample Enterprise Inventory | 13.52 | 15.89 | +17.53% | ↘ |
| Notes: | ||||
| 1. All data in the table represents weekly styrene data; ↘ indicates decline, ↗ indicates increase. | ||||
| 2. Styrene Jiangsu port inventory is released before 15:00 on Monday of the current week. | ||||
| 3. Styrene East China port inventory is released before 17:00 on Monday of the current week. | ||||
| 4. Styrene operating rate is released before 18:00 on Thursday of the current week. | ||||
| 5. Styrene sample enterprise inventory is released before 17:00 on Thursday of the current week. |
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