SunSirs: International Oil Prices are generally Declining, and the Market is under Pressure

https://www.chemnet.com   Jul 31,2024 SunSirs

On July 30th, WTI crude oil prices fell $1.08 from the previous trading day (July 29th) to $74.73/barrel; Brent crude oil prices fell $1.15, closing at $78.63/barrel. Both external and internal PTA prices have experienced price declines, with external PTA prices dropping by $2 to $718/ton and internal PTA prices dropping 66 RMB/ton, closing at 5,740 RMB/ton. In addition, the MEG (ethylene glycol) market has not been spared. Although the price of MEG in the domestic market only slightly fell 1 RMB to 4,658 RMB/ton, the price of MEG in the external market fell $2 to $543/ton. These data indicate that the energy and some chemical markets have been under general pressure recently, with prices generally showing a downward trend.

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