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SunSirs: Oil prices have plummeted, and the external ethylene market has continued to decline.
March 20 2020 11:17:34SunSirs(Molly)

1. Price Trend:

According to the monitoring data from SunSirs, the price of ethylene outside the market has shown a downward trend in recent days. The average ethylene price on the 19th was US $ 653.25/ton, down 5.39% from the price of US $ 690.50/ton on the 16th. The current price fell 35.69% year-on-year.

2. Market analysis:

Products: Recently, ethylene as a whole showed a downward trend. The price of the Asian ethylene market plummeted. As of the 19th, CFR Northeast Asia closed at US $ 620-630/ton and CFR Southeast Asia closed at US $ 565-575/ton. European ethylene market prices fell, as of the 19th, the European ethylene market price was FD Northwest Europe and North America closed at US $ 763-773/ton, CIF Northwest Europe and North America closed at US $ 701-705 / ton. The price of ethylene in the United States fell, as of the 19th, the price was 253-259 US dollars / ton. Overall: Recently, the European and American ethylene market has been in a downward trend, and it has continuously refreshed its lowest point. The overall ethylene market has continued to decline. Industry players are more concerned about the supply and demand situation after the holiday.

Industry chain: International: March 18th, New York Commodity Exchange West Texas Light Oil April 2020 April settlement price of US $ 20.37 per barrel, a decrease of US $ 6.85 or 24.4% over the previous trading day; London Intercontinental Exchange Brun The settlement price of special crude oil in May 2020 was US $ 24.88 per barrel, a decrease of US $ 3.85 or 13.4% from the previous trading day. At present, the crude oil market has negative news, and both the supply side and the demand side tend to bear oil prices, and global financial market risks have increased. The downward trend in the price of risky assets has become a trend that cannot support the price of ethylene, and the ethylene external disk market has followed another round of decline. The downstream styrene price also fell sharply, and the ethanol market fell sharply after consolidation, which could not support the price of ethylene, and there is a possibility of further follow-up.

3. Market Forecast:

SunSirs' ethylene analyst believes that the pandemic of public health incidents has exacerbated people ’s blockade measures against the government to curb the spread of the epidemic, which may trigger a sharp contraction in economic activity and fail to support the price of ethylene. Prices will continue to decline narrowly next.

4. Related listed companies:

Langzhong Petrochemical (600028), PetroChina (601857)

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