成本支撑PX、PTA价格，需求萎缩限制上行动力 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn 一、日度市场总结 1. PTA&PX 02月11日，PX 主力合约收7378.0元/吨，较前一交易日收涨0.96%，基差 为-365.0元/吨。PTA 主力合约收5260.0元/吨，较前一交易日收涨0.57%， 基差为-100.0元/吨。 成本端，02月11日，布油主力合约收盘69.08美元/桶。WTI收64.2美元/ 桶。 供给端 ：PX装置开工率预计保持高位，但部分装置计划检修可能导致短期 供应趋紧，支撑PX价格上行；PTA开工率同样维持较高水平，但装置意外停 车风险增加，可能限制供应增长。当前价格上涨暗示供应端存在潜在约 束，而非完全宽松，装置变动将成为关键驱动因素。 需求端 ：聚酯开工率有望季节性回升，受纺织行业补库需求带动，轻纺城 成交量逐步改善将提振PTA消费。论据：下游需求复苏迹象显现，聚酯链的 景气度提升为PTA提供持续支撑。 库存端 ：PTA工厂库存处于中性水 ...

Oil Rises As U.S.-Iran Uncertainty LingersCONCLUDED[Stock Market News From Feb. 11, 2026: Dow Snaps 3-Day Record Streak]Last Updated:---15 hours ago# Oil Rises As U.S.-Iran Uncertainty LingersByGiulia Petroni, Dow Jones NewswiresOil prices were rising in early trading, supported by uncertainty about the direction of U.S.-Iran talks.Brent crude was up 1.1% to $69.58 a barrel, while WTI traded 0.8% higher at $63.96 a barrel."Geopolitical developments continue to dominate price action," ING analysts said. ...

Rising U.S.–Iran tensions, and new U.S. maritime guidance are pushing oil higher as traders reassess geopolitical risk. Are Oil Majors Running Out of Reserves? - Shell’s disappointing 2025 results continue to create ripples across oil markets as the London-based energy major now only wields proven reserves of 8.1 billion barrels of oil equivalent, less than 8 years of its current production. - Shell is now facing a 200,000 boe/d production gap by 2030, despite its corporate policy pledging to grow to ...

Core Viewpoint - Oil prices have experienced a decline of 1% amid ongoing U.S.-Iran negotiations, indicating market uncertainty and the potential for continued risk premiums in oil pricing [1] Price Movements - Brent crude oil prices decreased by 1.1% to $67.13 per barrel [1] - WTI crude oil prices fell by 1% to $62.26 per barrel [1] Market Sentiment - Analysts from ING noted that there is significant uncertainty regarding future developments, suggesting that the market will likely continue to incorporate a risk premium [1] - Speculators are becoming increasingly cautious about betting against oil, as evidenced by a notable increase in bullish positions on Brent crude [1] Positioning Data - Traders have significantly increased their bullish bets on Brent crude, primarily by covering short positions [1] - The net long positions have reached their highest level since April 2025 [1]

Oil markets remain hostage to Trump-driven uncertainty, as mixed signals on India’s stance toward Russian crude collide with renewed speculation around U.S.–Iran nuclear talks. Could Oil Be Back in Vogue? - 2026 was dubbed the year of oversupply, however January prices were in line with last year’s levels (ICE Brent averaged $64.7 per barrel and closed the month at $70.7 per barrel), defying gloomy demand predictions. - Trump’s erratic comments on Iran, first promising to act ‘with speed and violence’ ...

Core Viewpoint - Oil prices have experienced a significant decline of nearly 5% due to a broader selloff in commodities markets and easing supply concerns stemming from U.S.-Iran negotiations [1] Group 1: Oil Price Movements - Brent crude oil prices fell by 4.6%, reaching $66.10 per barrel [1] - West Texas Intermediate (WTI) crude oil prices decreased by 4.7%, settling at $60.92 per barrel [1] Group 2: U.S.-Iran Negotiations - President Donald Trump indicated that Iran is negotiating seriously with the U.S., which has alleviated fears of an imminent confrontation that could disrupt oil supplies in the region [1]

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Oil Pulls Back But Remains on Track for Strong Weekly GainCONCLUDED[Stock Market News From Jan. 30, 2026: Dow Falls After Trump Picks Warsh to Head the Fed]Last Updated:---19 hours ago# Oil Pulls Back But Remains on Track for Strong Weekly GainByGiulia Petroni, Dow Jones NewswiresOil prices retreated following a three-day rally but remained on track for significant weekly gains as the possibility of U.S. military action against Iran keeps markets on edge.Brent crude was down 1.8% to $68.32 a barrel after br ...

Oil Prices Surge on Risk of U.S.-Iran EscalationCONCLUDED[Stock Market News From Jan. 29, 2026: Nasdaq Slides as Microsoft Gets Pummeled]Last Updated:---16 hours ago# Oil Prices Surge on Risk of U.S.-Iran EscalationByGiulia Petroni, Dow Jones NewswiresOil prices rose to their highest level since late September, driven by concerns that the U.S. could carry out military action against Iran.Brent crude was up 1.3% to $68.28 a barrel, while WTI gained 1.1% to $63 a barrel.Iran pumps around 3.3 million barrels a ...

Core Viewpoint - Oil prices increased during Asian trading hours, indicating a potential technical recovery after WTI and Brent crude oil benchmarks experienced declines in the previous session [1] Group 1 - WTI and Brent crude oil prices settled lower overnight, suggesting a bearish sentiment prior to the Asian market opening [1] - The rise in oil prices during Asian trade may reflect market corrections or adjustments following the previous declines [1]