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; the downward drive of coal prices was more obvious than that of oil prices, and long TA short EG Operation-oriented.
PTA: Crude oil prices fell sharply during the night trading, and PTA prices are expected to follow the downward trend in the day. 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. Recommend long PF and short TA.