Market Research: The Impact Of Saudi Attack On PET Staple Market

I. background description of events

According to foreign media reports, around 8 a.m. Beijing time in September 14th, Saudi Arabia's Saudi Aramco, located in Abqaiq's largest global crude oil processing center and the second largest oil field in the world, was attacked by a group of 10 UAVs, resulting in multiple fires and the fire has been under control at the time of Saudi. Yemen's Hu se army has claimed responsibility for the attack. For security reasons, Saudi Arabia temporarily closed down 5 million barrels / day of crude oil production capacity. Saudi Arabia claims that the affected capacity will resume in September 16th, but the news shows that the full recovery of its capacity may take longer. In response to this incident, the United States said it was ready to use strategic reserves at any time to prevent the supply gap in Saudi Arabia from giving a shock to the global oil market. Saudi Arabia also said it would use its crude oil stock to ensure that crude oil exports were not affected this week.

Two. Impact of incidents on polyester staple prices

At the beginning of September 16th, international crude oil futures prices rose strongly, WTI rose 14% to 63.34 U.S. dollars / barrel; Brent rose 18% to 71.95 dollars / barrel, and the opening gains of WTI and Brent all hit the largest single day intraday rise since 1991. As an oil derivative, PTA and ethylene glycol futures also rose sharply, and the polyester staple fiber enterprise itself was lower, and the news was further boosted. On Monday, the price of the staple polyester staple fiber business in the early morning was up 100-300 yuan / ton, and the production and marketing part could reach 100%-300%. To the close of the morning, the average price of East China market has risen from 7250 yuan / ton to 7500 yuan / ton, or 3.45%.

Three. Market mindset of PET staple fiber


For this market, the industry almost unanimously bullish. Before the holiday, PET staple enterprises themselves have a low inventory. Even if the holiday market is relatively dull, the market for PTA and ethylene glycol is bound to be affected by this news as a derivative of oil. The strong driving force of the cost side has led to almost the same trend in the production of polyester staple fiber enterprises, and has contributed to the advance of the downstream stocking time points.


In the coming week, most market participants believe that the staple fiber staple market can only be maintained for a short period of time, because the reason for the rise in the market is due to the sharp rise in crude oil. But it is worth noting that when the problem of resumption of production in Saudi Arabia is still controversial, and the United States may release strategic oil reserves at any time, the latter may be suppressed.

On the basic side, although the stock of polyester staple fiber is low at present, the high starting point of polyester is also a strong boost to the raw material terminal. However, the demand side has not fundamentally improved. In addition, the PTA and PX will still have new production expectations and the fundamentals are limited in the future.


Most believe that the market will not last longer than 3 days. The main reason is that the processing fee of PTA is still ample. The overhaul time of Dachang is likely to continue to postpone. However, the market supply is ample and the cost side support is limited since the new plant's commissioning time is approaching, and the polyester staple has been difficult to maintain after the beginning of the week, and the terminal market has no substantial improvement.

Four. Market psychology survey sample

The sample survey of market mindset for polyester staple is described as follows: the total number of samples is 33, of which 20 are production enterprises, 10 are traders, and 3 are downstream.