Driven by the weakening of polyester demand, the entire industry chain continued its weak downward trend within the week. Among them, the polyester product end will be slightly stronger than the raw material operation, and polyester profit will expand. Crude oil prices met obstacles, coal prices were weak, MEG cost end support was insufficient, and continued to decline, and the monthly spread weakened; the basis of TA increased, and the monthly spread stabilized; crude oil was driven downward, and overseas EG installations started to decline, and import supply is expected to be less than expected , It is recommended to long EG short TA position.
PTA: During the week, the polyester factory made a small replenishment and rebounded slightly. However, driven by the downward cost, the valuation will continue to fall. PTA continued to accumulate in the week. Under the influence of power curtailment measures, the operating rate of downstream polyester plants gradually recovered to 85% under power curtailment measures. PTA plant is expected to go to warehouse when 4 million tons of equipment are undergoing maintenance in December. It is recommended to use long PF and short TA, and long 01 short 05.