Oil Price Weakness Cost Loose PTA Or Continue To Fluctuate Trend
The continued weakness of the oil price has loosened costs
Although OPEC+ agreed to cut output in early December, output from other economies is rising. According to the OPEC+ cut agreement, OPEC+ all oil-producing countries have decided to cut production by 1.2 million barrels per day, of which OPEC bears two-thirds of the cut (800,000 barrels per day) and non-opec bears the rest, which is 400,000 barrels per day. But Russian oil production and U.S. shale oil production are on the rise.
Supply-side pressures and recession fears have again battered the market, with a swift and violent intraday session in the downside showing the market was in a state of complete panic, with big price swings adding risk factors to the market and U.S. oil prices starting to move closer to the lower end of their previous sideways range. Due to the loose cost end, PX cost end support is weak and fluctuates downward. As for PTA trend this week, aurora is the main one.
Current PTA handling fees are high, the late supply tends to increase, demand side near seasonal off-season, estimated stability is reduced to give priority to, the overall inventory by TA are more likely to go to the library to stabilize gradually and late gradually stepped into the stage of seasonal significant tired library, disturbance, and short-term price upward drive continuous dubious, PTA is expected in the short term or continuation of volatile.
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