Short-term ethylene glycol market is expected to narrowly oscillate

Yesterday the market is strong oscillation, the general atmosphere of negotiation, the actual transaction is still possible, as of 3:00 pm East China market closing price in 4160-4170 yuan / ton near

Raw materials: OPEC + oil-producing countries coalition unexpectedly further cut production, triggering concerns about tightening supply, foreign time April 3, Europe and the United States oil prices closed sharply higher. may WTI: 80.42 up 4.75 or 6.28%; Brent for June: 84.93 up 5.04 or 6.32%.

Supply: imports of U.S. Iranian sources are still expected to improve, so the overall import volume in April-May will be 56-58 million tons. Glycol's high production and high inventory pattern still needs time to digest.

Demand: The 90% high start of downstream polyester is also difficult to digest the existing supply and the market will remain tightly balanced in April.

Forecast: From a comprehensive point of view, crude oil rose sharply, the macro level pulled the market up, the inventory is high and it is difficult to reduce the storage for a while, the downstream just demand procurement. More attention is paid to the follow-up of Zhejiang Petrochemical, Hengli Petrochemical and other devices in April to start the conversion of the absolute low unilateral price support. Short-term ethylene glycol market is expected to narrowly oscillate.