feedstock crude oil and naphtha weakened

Firstly, feedstock crude oil and naphtha weakened.

Both PX-crude oil and PX-naphtha spread widened, sharing a same trend. Crude oil hiked before paring gains, hit by lukewarm demand and weak economic sentiment, despite that Saudi Arabia announced to cut production by an additional 1 million barrels a day in Jul. Meanwhile, PX tracked the rebound in crude oil and then kept strong, leading to the widening of price spread.