Introduction: A big wave of gains is on the way. The historic extreme cold weather in the United States caused U.S. crude oil production to drop by more than 40%. Boosted by this, international crude oil has risen in response this week. As of the close of trading on February 17, WTI has stood above $61/barrel. On the first day of trading on February 18 after the holiday, chemical futures spot prices are off to a good start.
Extreme cold weather drives international crude oil to surge
Power supply caused by historic extreme cold weather in the United States Problems and oil supply disruptions are still boosting oil prices, with crude production in the Permian Basin frozen by severe cold weather and U.S. crude output falling by more than 40%, or 4 million barrels per day. As of the close on February 17, the WTI March crude oil spot contract on the New York Mercantile Exchange closed up $1.09 to $61.14 per barrel, an increase of 1.82%. The Brent crude oil futures contract for April on the Intercontinental Exchange closed up $0.99 to $64.34 per barrel, an increase of 1.56%.
Chemical futures got off to a good start on the first day of trading after the holiday
February 18, after the holiday On the first day of futures trading, the chemical sector was all red, with styrene and ethylene glycol reaching their daily limit.
Chemical spot prices jumped following crude oil and futures
By futures Affected by the rise in crude oil and crude oil, chemical spot prices jumped at the opening on February 18; in particular, styrene and rubber spot prices opened up by 600 yuan/ton. Sinopec East China’s pure benzene price has been raised by 400 yuan/ton to 5,800 yuan/ton, and there is currently no quotation for spot prices. Among other products that have no quotations yet, the first reason is that some merchants have not returned to the market after the holiday, so quotations are slow; the second reason is that a rise is brewing.
Data source: Jin Lianchuang
The data deadline is 11:00 on February 18
Taking a comprehensive view: The post-holiday commodity rally has been set. How long and how high it can rise depends on the performance of crude oil. </p
