Ethylene Glycol Market Morning Forecast

Last week, the futures market adjusted slightly, the willingness of buyers to catch up was insufficient, and transactions were relatively stagnant. East China market closing prices in the vicinity of 4280-4290 yuan / ton.

Raw materials: foreign media said the United Arab Emirates to withdraw from OPEC, the risk of disorderly increase in production led to a 3% dive in the oil prices, but the news was subsequently disproved by many parties, foreign time March 3, Europe and the United States oil prices out of the V-shaped reversal eventually rose. April WTI: 79.68 up 1.52 or 1.94%; May Brent: 85.83 up 1.08 or 1.29%.

Supply: port delivery situation is slow, manufacturers still have high inventories, shipping pressure. February imports are expected to be in the size of 480,000-50 million tons, in March, with the arrival of Iranian sources, imports will be raised to 520,000 tons level. March is expected to port inventory will not have a significant accumulation, maintained at 1.05 million tons up and down.

Demand: Downstream polyester overhaul units are opening one after another, and the current order level of polyester terminal weaving link is general, and the replenishment is not sustainable, which leads to the weak drive of polyester to ethylene glycol.

Forecast: From a comprehensive point of view, the demand side is gradually recovering, the supply increment is clear, and the whole supply and demand continues to be weak pattern. The short-term ethylene glycol market is expected to run in oscillation.