Since mid-May, good news about crude oil production cuts has continued, which has placed high expectations on the market outlook for crude oil. International oil prices have continued to rise to a high of US$51.47 per barrel under the speculation of bulls. When most of the market was optimistic about this OPEC meeting, the black swan took off unexpectedly again. Although OPEC extended the production reduction agreement as scheduled, it failed to unexpectedly extend the period or expand the scale of production cuts, which suppressed the morale of bulls. International crude oil futures prices closed down nearly 5% on Thursday (May 25), with New York crude oil 7 July futures fell $2.46 to close at $48.9/barrel; Brent July futures fell $2.50 to close at $51.46/barrel.
(The picture shows NYMEX crude oil futures trend chart)
Under the plummeting, An has finished her eggs. Today (May 26), PTA futures suffered a bloodbath. The Zhengzhou Commodity Exchange’s 1709 contract fell deeply. As of the close, PTA futures fell by 122 yuan/ton, a drop of 2.47%, almost giving up the previous gains.
(The picture shows the Zhengzhou Commodity Exchange PTA1709 futures price chart)
The raw material market is in mourning. Has the polyester filament market been crushed by short sellers today? When the raw materials rise, I follow the rise; when the raw materials fall, I don’t move. This is the consistent approach of polyester filament. Today, the polyester filament market price is still mainly stable, but some manufacturers have started preferential promotions. Although the price has not dropped significantly, the downstream mentality of purchasing goods has become cautious again.
It can be said that the result of yesterday’s OPEC meeting made the market disappointed with OPEC again. The support effect of crude oil on the market has been greatly reduced, and the midline of crude oil is not optimistic. Crude oil has turned from strong to weak, and the market trend has changed. Previously, crude oil, raw materials, and downstream production and sales were rising. With all these forces coming together, the entire polyester market was booming. But now that crude oil is timid and the financial situation is bearish, PTA is no longer good. In addition, when preparing downstream goods, in addition to looking at the recent trend of polyester prices, Bu Boss has to look at crude oil futures and PTA futures several times a day. The disturbances in the external market cannot escape their eyes. Crude oil prices plummeted yesterday. How dare cloth bosses stock up on supplies?
The market situation is always changing. Salesmen in chemical fiber factories, when raw materials rose before, were you seriously selling goods? It’s the end of the month and the market has changed. Have you completed all the tasks for this month?
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