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Crude oil again waves, downstream resistance to high-priced raw materials
Release date: [2024/4/17]  Read total of [52] times

In just a few weeks from the end of March to the beginning of April, the international oil market was again in turmoil. Oil prices rose to a five-month high as tensions in the Middle East escalated.


On April 5, Brent crude oil reached $91.17 / barrel, the highest price since October 20 last year, and the first time this year it exceeded $90 / barrel, and the U.S. WTI price reached $86.91 / barrel.


Some insiders said that the two major international benchmark oil prices in the first week of April have formed a "golden cross" shape, that is, the 50-day moving average exceeded the 200-day moving average, which is a bottoming signal at the beginning of the rally, indicating that the price has the upside conditions.


On April 10, as market concerns spread, the two major oil prices rose again, including Brent crude oil to close at $90.48 / barrel, and U.S. WTI to close at $86.21 / barrel.


With Brent crude oil prices above the long-term resistance level of $90 / BBL, the market has become highly concerned about the future direction of oil prices.


Driven by crude oil, the price of some polyester raw materials rose last week, but in the face of price increases, the degree of purchase of terminal weaving enterprises is not high.


Last week, the average domestic polyester filament production and sales were 40%, down 18% from last week. Polyester filament trading center is stable, the market is sideways, the high price resistance of downstream users is heating up, just need to purchase, polyester filament production and sales are flat.


The price of polyester filament and the production and sales show the reverse trend. Polyester filament high consolidation this week, resulting in the downstream user inquiry is not smooth, the market buying cold, the overall production and sales rate fell.


As of last week, POY factory inventory was 30.4 days, the same as the previous period; FDY factory inventory is 24.8 days, +0.4% compared with the previous period; DTY inventory in 26.1 days, compared with the previous period -4.04%.


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