Oil prices soared 30%, futures all over the red plastic is about to usher in a rise?
Recent oil market stimulation, WTI crude oil futures plummeted to a low of $20.06 / barrel on Wednesday, oil prices once strong pull up more than 30%, WTI crude oil futures are currently up 25.01% at $26.04 / barrel, Brent crude oil futures up 13.55% at $28.25 / barrel. Light crude oil futures were up 25.16 percent at $26.07 a barrel. According to people familiar with the matter, the Trump administration is considering intervening in the oil price war between Saudi Arabia and Russia to stabilize the market, which has caused a lot of bottom-hunting funds to emerge.
The rise in oil prices is definitely good news for the plastics industry ~ at least there is hope! Sure enough, today's plastic futures market immediately float red:
From the above we can see that Shanghai crude oil futures immediately pulled up, up as high as 7.05% to 238.4 yuan/barrel. The rise of China's crude oil led to plastic futures, PP, PE rose more than 2%, PTA, styrene, ethylene glycol and other chemical raw materials to stop falling!
Take a look at the general material inventory:
General plastic inventory
The original price has not been passed to the spot market, the current general is expected to maintain a small decline, but with the control of the epidemic in China, downstream factories continue to resume production, demand began to improve, It is not difficult to imagine a wave of favorable market is coming!
Engineering plastics inventory
There is also a recent good news is that due to the impact of the epidemic, overseas granulation factories in Southeast Asia, Japan and South Korea, Europe and the United States have suspended shipments to China, which for China's re-raw material manufacturers, finally can breathe a sigh of relief, appropriately out some inventory!