On Thursday Eastern Time, the three major U.S. stock indexes collectively closed down, with technology stocks selling off. The Nasdaq fell 3.02%, the biggest drop in three weeks, the S&P 500 fell 1.48%, and the Dow fell 0.46%.
International oil prices, which had risen sharply before, continued to correct, but this time the momentum was stronger and market sentiment took a turn for the worse. U.S. and Brent oil continued to fall, with both falling by more than 9% at one point. WTI crude oil futures fell below US$60 per barrel, the largest single-day drop since September last year. As of the close of the day, the settlement price of WTI April crude oil futures closed down $4.60/barrel, or 7.12%, to $60.00/barrel. The settlement price of Brent crude oil futures in May closed down $4.72/barrel, or 6.94%, to $63.28/barrel.
A stronger U.S. dollar and lower stock markets may put pressure on crude oil, while weak demand in Asia and Pemex’s comments about increasing supply in the market may also be among the reasons for the decline. The Mexican president said that during his term, Mexico will limit oil extraction to 2 million barrels per day, returning to 2017 production levels, well above the recent request of 1.6 million barrels per day. Previously, people had similar concerns about Iran increasing oil supplies. There are also fears of another lockdown in Europe as France considers tougher pandemic restrictions in Paris.
On Thursday local time, Emer Cooke, head of the European Medicines Agency (EMA), held a press conference, saying that the AstraZeneca vaccine is not linked to an increased risk of blood clots in recipients and that the vaccine is safe. Effective, AstraZeneca vaccine is still recommended.
After the EMA gave guidance, French Prime Minister Jean Castet subsequently stated that the AstraZeneca new crown vaccine vaccination campaign will continue. The Italian Medicines Agency also stated on Thursday that after listening to the opinions of the Italian Ministry of Health’s Prevention Bureau and the High Council of Health, it will lift the ban on the use of AstraZeneca’s new crown vaccine on the 19th local time and resume it from 15:00 on the 19th. Comprehensive vaccination work. Germany has also decided to continue using the AstraZeneca COVID-19 vaccine starting from the 19th.
British Prime Minister Johnson will also “test the vaccine himself” to show his confidence in the AstraZeneca vaccine and will receive the first dose of the AstraZeneca COVID-19 vaccine on the 19th local time. Johnson also acknowledged that the UK’s April vaccine supply will be smaller than in March, but it will still be able to give every adult a first dose of vaccine by the end of July.
Crude oil fell sharply, and the energy and chemical sector saw mixed gains and losses
A few days ago, the U.S. Energy Information Administration (EIA) shows that U.S. crude oil and refined oil inventories continue to increase. In the week to March 12, U.S. crude oil inventories increased by 2.396 million barrels, compared with an expected increase of 2.964 million barrels, and the previous value increased by 13.798 million barrels; gasoline inventories increased by 472,000 barrels, while a decrease of 2.996 million barrels was expected, and the previous value decreased by 11.869 million barrels; refining Oil inventories increased by 255,000 barrels, expected to decrease by 3.379 million barrels, and the previous value decreased by 5.504 million barrels; crude oil inventories in Cushing, Oklahoma decreased by 624,000 barrels, and the previous value increased by 526,000 barrels; the refinery equipment utilization rate was 76.1%, Expected 74.4%, previous value 69%.
The IEA stated in its latest monthly report that although global crude oil demand is expected to rebound by 5.5 million barrels per day in 2021, the oversupply of oil still exists.
In recent days, the overall performance of international oil prices has been weak. During yesterday’s day trading period, the domestic futures market saw mixed gains and losses. Among them, ethylene glycol fell by more than 2%, and crude oil fell by more than 2%. fell nearly 1%, and PTA rose more than 1%.
Yesterday night, SC crude oil, WTI crude oil and Brent crude oil futures all fell sharply. WTI crude oil futures and ICE Brent crude oil futures both fell by more than 9% after the opening, with WTI crude oil falling below the $60/barrel mark. Affected by the sharp drop in crude oil, some domestic chemical products fell in the night trading.
As of the close, SC crude oil futures fell 5.97%, and WTI crude oil and Brent crude oil futures both fell by more than 7%.
Some people believe that the decline in U.S. stocks overnight and the strengthening of the U.S. dollar reflect market concerns about inflation, and this concern has also been transmitted to the commodity market. According to a survey of fund managers conducted by Bank of America, the two factors that the market is most worried about are inflation and Federal Reserve policy.
Other researchers believe that crude oil demand has not returned to normal levels as expected. In the short term, vaccine news in Europe is worrying.
Some market participants also said that the relationship between the United States and Russia has been tense recently, and Russia may attack American shale oil producers by dumping large amounts of crude oil.
Li Wanying, senior energy and chemical analyst at Donghai Futures Research Institute, said that in terms of crude oil, EIA weekly data shows that crude oil inventories are 10.37% higher than the same period last year and 6.6% higher than the same period in the past five years. %; gasoline inventories are 3.63% lower than the same period last year and 4% lower than the same period in the past five years; distillate inventories are 10.09% higher than the same period last year and 2% lower than the same period in the past five years.
“In addition, the macro market is worried about the possible side effects of the AstraZeneca vaccine. Some European countries have stopped using the AstraZeneca COVID-19 vaccine, and more and more cases are emerging in Germany. COVID-19 cases, Italy is implementing a nationwide Easter blockade, and France plans to implement stricter restrictions, so crude oil prices are expected to maintain high oscillations in the near future.” Li Wanying believes that in the absence of major geopolitical events, international oil prices will be difficult to Breakout of previous high.
As for polyester, she said that in the early stage, driven by oil prices, the price and cost focus of polyester varieties increased significantly. However, the recent increase in oil prices has slowed down, and the market has refocused on downstream orders. Follow up on the case. “at presentIt seems that some manufacturers have high stocks of raw materials, and there is some resistance to high upstream prices. It is expected that the overall sector price will enter an adjustment. For ethylene glycol, with the improvement of blizzard weather in the United States and the recovery of equipment profits, EG prices are expected to be under short-term pressure. As the low processing fees have brought certain support to prices, many devices have been undergoing maintenance recently, resulting in a periodic tight supply of PTA. In the short term, the price performance of PTA is relatively strong relative to EG. ”</p