Prompt

I. Key Points

1. The US-Iran situation has not escalated ahead of the US midterm elections, easing supply risk concerns and causing international crude oil prices to fall.
2. Yesterday, non-contract spot transactions for pure benzene in Shandong totaled approximately 1,000 tons. Self-pickup prices ranged from RMB 9,400 to 9,503 per ton, with an average price of RMB 9,451 per ton, down RMB 375 per ton from the previous business day.
3. Yesterday, spot negotiations for pure benzene in East China were conducted at RMB 9,220–9,380 per ton, with an average price of RMB 9,300 per ton, down RMB 450 per ton from the previous business day.
4. Sinopec lowered its posted price for pure benzene in East China by RMB 400 per ton yesterday; the current executed price is RMB 9,600 per ton.
5. On November 2, total commercial inventory of pure benzene at Jiangsu ports (sample basis) stood at 32,000 tons, an increase of 5,000 tons compared to the previous period's inventory of 27,000 tons.

II. Price Table

Unit: USD/barrel, RMB/ton, USD/ton

Data Source: Chempricehub Information

III. Market Outlook

Yesterday, the domestic hydrogenated benzene market trended weakly downward, with widening declines. Last night, both the US and Iran made concessions regarding nuclear issues and frozen assets, causing oil prices to drop sharply. However, this news quickly reversed, ultimately resulting in a net decline. Consequently, the domestic pure benzene futures fluctuated and pulled back, which may suppress today's hydrogenated benzene prices and lead to further declines. Results of the US midterm elections are imminent; attention should be paid to their impact on crude oil.