[viewpoint] crude oil soars / inventory declines. Can the rebound continue?

2019年10月24日13:31 来源：无

I.crude oil

Last week, US crude oil inventory fell and international oil prices rebounded strongly. West Texas light crude oil (WTI) futures for December delivery on the New York Mercantile Exchange rose $1.49 to $55.97 a barrel, or 2.7%, the highest closing price since September 26 on a one month contract basis. Brent crude oil for December delivery also rose $1.47 to close at $61.17 a barrel, or 2.5%, on the ice European futures exchange in London, setting the highest closing price since September 27, based on the one month contract.

II.Inventory

According to the data tracked by the Ibuychem, the inventory of petrochemical polyolefin on October 24 was 705000 tons, down 3.4% from yesterday.

III.point of view

LLDPE: short term rebound

The spot market atmosphere eased in the day, petrochemicals prices remained stable for the time being, prices in some regions rebounded slightly, and the transaction atmosphere improved. In terms of coal chemical industry, in terms of coal chemical industry, the linear supply of goods in Shenhua auction is still limited. After price reduction, the turnover improved, and all 7260 transactions in North China were completed. In terms of commodities, most industrial prices rebounded in the day, while plastic futures rebounded in shock. However, in the medium and long term, the trend is expected to remain weak with the macro weakness superimposed on the expectation of new supply.

Operationally, short positions are held.

PP: short term stabilisation medium term shocks

Stable in the short term, it is still a volatile market for the time being, and the most certain is the gradual weakening of the basis. The upper pressure is 8600 and the lower support is 8000 and 7800 in a short period.

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