Crude Oil Rises to $108.66/bbl, PX Gains $12 to $1,200/ton on May 18

According to Jin10 Futures, on May 18, WTI crude oil June futures rose $3.24 to close at $108.66 per barrel, while Brent crude oil July futures gained $2.84 to $112.1 per barrel. Naphtha fell $29 to $993 per ton CFR Japan. Asia mixed xylene (MX) climbed $7 to $1,092 per ton FOB South Korea, and PX increased $12 to $1,200 per ton FOB South Korea and $1,221 per ton CFR China. Ethylene across Northeast Asia declined $40 to $1,140 per ton and Southeast Asia dropped $40 to $1,190 per ton CFR.

PTA futures showed weak oscillation, with spot market sentiment subdued and narrowing basis. Main port quotes for May contracts hovered around 09+145-150, with bids at 09+140. Downstream, polyester staple fiber factory output-to-sales ratio averaged around 56% by 3:00 p.m., while polyester filament factories in Zhejiang and Jiangsu showed overall weak production and sales below 40%. Polyester chip market trading remained sluggish with wide price spreads.