Short-term ethylene glycol market is expected to be weak and oscillating

Yesterday, the futures market shocks down, the general atmosphere of negotiation, the actual transaction stalemate, East China market closing price in 4140-4150 yuan / ton near.

The Fed's aggressive interest rate hike prospects prompted risk assets from the new pricing, crude oil synchronization U.S. stock market suffered another heavy setback, foreign time March 9, Europe and the United States oil prices fell more than 1%. April WTI: 75.72 down 0.94 down 1.23%; May Brent: 81.59 down 1.07 down 1.29%.

Supply: Port inventories are at a high level. On the device side, a 100,000 ton/year syngas to MEG unit in Shaanxi recently failed to stop and the restart time is under evaluation. The start-up rate of domestic ethylene glycol plant is expected to increase slightly with the commissioning of new plants and restart of coal chemical plants.

Demand: Downstream polyester is in peak production and sales season, but polyester plant stockpile level is currently maintained at 17.4 days, at a historically high level, and the willingness to further replenish stockpile is insufficient.

Forecast: From a comprehensive point of view, with the decline of international crude oil and the continuation of the weak pattern of overall supply and demand, the short-term ethylene glycol market is expected to be weak and oscillating.