Market Profile
Short comment
Last week, OPEC’s production reduction agreement was rejected by Russia, and the agreement ended in vain. There was even news that Saudi Arabia plans to increase crude oil production and engage in a price war. In this case, the plunge in crude oil affected all chemical products. At present, the domestic epidemic situation is basically under control, and downstream polyester production is gradually resuming work. Last week, the comprehensive load of polyester increased by 5.74 to 68.50%. Polyester inventories are gradually entering a slow destocking stage, but it will take time to reach the upstream. Currently, MEG and PTA inventories are at historically high levels. Combined with the impact of the OPEC incident and the panic caused by the spread of the global epidemic, it is a high probability that raw material prices will hit a record low. Later, we need to pay attention to the progress of OPEC events and the development of overseas epidemics.
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