Short-term domestic ethylene glycol market is expected to run in consolidation

Yesterday, the market narrowly oscillated, the general atmosphere of negotiation, the actual transaction is still possible, as of 3:00 p.m. East China market closing prices in the vicinity of 4100-4105 yuan / ton.

Feedstock: Although U.S. oil inventories unexpectedly decreased, but the lingering concerns about the banking sector and supply worries remain, foreign time March 29, Europe and the United States oil prices closed slightly lower. May WTI: 72.97 down 0.23 or 0.31%; May Brent: 78.28 down 0.37 or 0.47%.

Supply: The import arrival data of ethylene glycol is low this week, and the pressure of port inventory accumulation is not expected to be high. The subsequent conversion of ZPMC, Hengli Petrochemical and other units from April will bring support to the absolute low unilateral price.

Demand: downstream polyester plants current raw materials about 17.5 days of stockpiling, the purchase will not be strong, so the future port inventory is difficult to de-stocking.

Forecast: From a comprehensive point of view, international oil prices are shaking, port inventory pressure is not big, downstream polyester purchase on demand, the short-term domestic ethylene glycol market is expected to run in consolidation.