Crude oil prices ushered in six consecutive rises, downstream markets continue to hot
Release date: [2024/4/15]  Read total of [66] times

Recently, under the combined effect of many factors such as the extension of OPEC+ production cuts, the seasonal recovery of demand in the second quarter, the reduction of diesel exports by Russia, and the intensification of geopolitical risks, crude oil prices ushered in six consecutive rises, and the price of U.S. and global benchmark crude oil hit the highest point since October last year.


As of the close of April 5, light crude oil futures for May delivery on the New York Mercantile Exchange rose 32 cents, or 0.37%, to settle at $86.91 a barrel. London Brent crude for June delivery rose 52 cents, or 0.57%, to settle at $91.17 a barrel.


In a short period of time, the supply pattern of the crude oil market is changing, on the one hand, Opec + will extend the crude oil production reduction policy to the second quarter of this year, and on the other hand, the geopolitical dispute is permeating to the oil-producing countries, if the situation continues to expand, then the support for the oil market will be further.


"If the geopolitical situation does not ease by the end of the second quarter, then with the arrival of the crude oil consumption season, the international oil price will sprint to the $100 / barrel mark." Xi Jiarui predicted.


Polyester raw material prices rose


Under the joint efforts of upstream and downstream, polyester raw materials have risen in price across the board in the last week.


In terms of PX, as of April 5, the average price of PX in Asia was US $1060.22 / ton CFR China and US $1037.22 / ton FOB South Korea, a month-on-month increase of US $25.32 / ton, or 2.45%.


In terms of PTA, many sets of devices have been stopped for maintenance recently, and the probability of device opening has come to 77.16%, the inventory situation has been eased, and the factors of crude oil price increase have been added, PTA futures once again broke through 6000 points, and the spot price has also exceeded 6000 yuan/ton, an increase of more than 100 yuan/ton.


In terms of polyester filament, the cost side is relatively strong by the impact of crude oil prices, the sales side is running smoothly, the recent price has risen slightly, and the overall increase is 100-150 yuan/ton.


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