20240616-华泰期货-EB周报_纯苯港口持续兑现去库_苯乙烯生产亏损加剧_12页_996kb

Summary of EB Weekly Report

The report provides an analysis of the market conditions for pure benzene and ethylbenzene (EB), recommending a long hedging strategy based on low inventory levels and favorable demand factors in the short term.

For pure benzene, demand is supported by high operating rates in the downstream sector, such as ethylene glycol monoethyl ether (EGME), leading to ongoing inventory depletion in ports. This supports buying opportunities on dips. However, a shift to moderate accumulation is expected by July-August due to fewer maintenance outages and rising imports, which may pull the ready futures contract E2 paper close to spot prices.

In the ethylbenzene market, overall June-July performance indicates supply and demand balance, but production margins are compressed to historic lows due to strong pure benzene pricing and concerns over downstream capacity reductions. US EB outages are gradually restarting, and weak price differentials in Europe and the Americas could lead to higher imports, with key attention on inventory import arrivals.

Overall market risks include significant oil price fluctuations, sustained weak US gasoline demand, and the persistence of high operating rates in key industries.