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SunSirs: The International Market Price of Ethylene Fell This Week (December 23-27)
December 28 2019 14:10:10SunSirs(John)

Price trend

According to the data of SunSirs, the international market price of ethylene this week is on a downward trend. The average ethylene price at the weekend was $ 762.25/ton, which was 0.29% lower than the price at the beginning of the week of $ 764.50/ton.

 

Analysis review        

Product: The overall trend of ethylene was down this week. Asian ethylene market prices fell. As of the weekend, CFR Northeast Asia closed at US $ 747-755/ton and CFR Southeast Asia closed at US $ 667-675/ton. The European ethylene market price fell slightly. As of the weekend, the European ethylene market price was FD Northwest Europe closed at US $ 853-866/ton, and CIF Northwest Europe closed at US $ 765-774/ton. U.S. ethylene prices are steady, as of the weekend, prices are $ 346-359/ton. Overall: During the Christmas period, the European and American ethylene markets were closed, and the overall ethylene market fell. Industry players are more concerned about the supply and demand situation after the holiday.

Industrial chain: Internationally: On December 26, the US WTI crude oil futures market price rose to US $ 61.68/barrel, an increase of US $ 0.57 or 0.9% over the previous trading day. The price of Brent crude oil futures rose to $ 67.92 per barrel, a rise of $ 0.72 or 1.1% over the previous trading day. In the news, OPEC will expand production agreement to 1.6 million barrels per day. In the later period, SunSirs believes that oil prices in 2020 still need to focus on two aspects, one is the implementation of OPEC + production reductions, and the other is the actual decline in crude oil demand caused by the global economic cooling. However, the previous oil price fell by a large margin, and its support for ethylene was insufficient. The market price of ethylene outside the market fell. The downstream styrene price fluctuated and consolidated, and the price of ethanol continued to stabilize, which could not support the price of ethylene, and there was a possibility of a downward trend.

 

Market outlook

The ethylene analyst of SunSirs believes that in the near future, due to the news that China and the United States will soon sign the first phase of the economic and trade agreement, major global stock markets have risen, and the atmosphere of the oil futures market has been boosted. Therefore, business analyst data analysts predict that ethylene prices will remain in a narrow range next, do not rule out the possibility of rising.

If you have any questions, please feel free to contact SunSirs with marketing@sunsirs.com.

 

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