Morning Market Update for Xylene (September 20, 2026)

I. Key Points

1. Crude Oil: On September 18, expectations for the restoration of Saudi oil pipelines improved, combined with signs of easing tensions in the Middle East, causing international crude oil prices to fall. NYMEX October crude futures closed at $100.3/bbl, down $1.61/bbl (-1.58% WoW); ICE November Brent crude futures closed at $103.87/bbl, down $0.95/bbl (-0.91% WoW). China INE November 2026 crude futures fell by RMB 50.6 to RMB 754.4/bbl; night session trading dropped by RMB 19.6 to RMB 734.8/bbl.

2. Xylene: Sinopec East China posted xylene price was RMB 8,650/ton.

3. Gasoline: Yesterday’s Shandong local refinery gasoline sales-to-production ratio was 91%, up 12 percentage points WoW.

Core Logic: Crude oil futures slipped slightly lower. Yesterday, Shandong local refineries did not balance production and sales, factory auctions showed no premium, and on-site purchasing sentiment slowed. The Asian USD market declined yesterday, leading to weak xylene price trends.

II. Price Table

III. Market Outlook

Crude oil futures closed with three consecutive declines, providing psychological support to the market. Yesterday, the gasoline market did not balance production and sales, refinery xylene shipments slowed, downstream customers entered the market only as needed to replenish stocks, and the MX-PX spread remained low. Chemical sector purchasing enthusiasm was insufficient. Domestic xylene is expected to trade weakly today.