Introduction: Crude oil is facing technical correction pressure after rising for days. EIA inventory data was mixed, with a larger-than-expected decrease in crude oil inventories supporting oil prices; on the other hand, an increase in EIA refined oil inventories caused market concerns about demand, and international crude oil closed slightly lower on Thursday. Affected by this, domestic chemical spot performance was average, and domestic chemical futures opened mainly lower.
International crude oil closed lower on Thursday: On June 3, the WTI July crude oil spot contract on the New York Mercantile Exchange closed down $0.02 to $68.81/ barrels, a decrease of 0.03%. The Brent August crude oil futures contract on the Intercontinental Exchange closed down $0.04 to $71.31 per barrel, a decrease of 0.06%. Shanghai crude oil prices fell in overnight trading, with the main futures contract SC2107 closing at 444.0 yuan/barrel, down 0.9 yuan/barrel, or 0.20%.
Domestic chemical spot performance was average: On June 3, domestic spot prices closed. According to 130 chemical products monitored by Jin Lianchuang, 29 varieties rose, and 75 The varieties remained stable, with 26 varieties falling, with an increase rate of 22.31%, a decrease of 3.84% from the increase rate on June 2; a decrease rate of 20.00%, an increase of 3.84% from the decrease rate on June 2.
Among the 29 rising varieties, the five varieties with the largest increases are DMC (6.90%), butyl acetate (2.59%), propylene (2.58%), MMA (2.50%), octanol (2.39%). The market quotations for dimethyl carbonate in Jiangsu rose. The overall market demand was poor. Downstream buyers were cautious in purchasing a small amount. However, there was no pressure on factory inventories and the quotations were strong. Butyl acetate was mainly affected by the rise in n-butanol, and its focus rebounded. The MMA market in East China continues to consolidate and move up, downstream actual purchase orders maintain rigid demand, and the overall trading atmosphere in the market is active. The quotations for octanol are rising, and factories are generally accepting orders.
Among the 26 falling varieties, the 5 varieties with the largest declines are soft foam PPG (-6.07%) and dicyclopentadiene (-4.17%) , DMF (-2.82%), propylene oxide (-2.74%), BDO (-2.14%). PPG factory shipments continue to be low, and downstream buying is poor. They are still waiting for low prices. Raw material support is stable, shutdown equipment has been restarted, downstream purchases continue to be in demand, and dicyclopentadiene factories are mainly actively shipping goods. PO just needs limited follow-up, and the market center of gravity continues to decline. BDO’s downstream demand has not been well followed up, some manufacturers have continued to offer low prices, and the negotiated prices for actual orders in the market are on the low side.
On June 4, when domestic futures opened, the chemical sector mainly fell: PTA, soda ash, styrene, and chemical fiber fell by more than 2%, while only PVC rose.
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