International oil prices plummeted 7%! Russia plans to increase April "discounted crude oil" exports! The price of Chips is temporarily stable.
Mar 30, 2022
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1. International oil prices plummeted 7%
Oil prices fell about 7 percent on Monday to their lowest level in more than a week, on worries about a slump in energy demand, while hopes of progress in peace talks between Russia and Ukraine eased concerns about energy supply risks. As of the close, the May contract of WTI crude oil futures closed at $105.96/barrel, a decrease of 6.97%; the May contract of Brent crude oil futures closed at $112.48/barrel, a decrease of 6.77%.
2. OPEC+ hints at sticking to plan to increase supply moderately
OPEC+ signaled that they still see no need to adjust oil supply plans even as the Russian-Ukrainian conflict has left markets facing the biggest turmoil in decades. "If the market is balanced with supply and demand, and resources are in the market, we will not add more resources," Suhail Al-Mazrouei, the UAE's energy minister, told a conference in Dubai on Monday. He added that OPEC+ is not concerned about whether the reduction in Russian oil exports is causing imbalances.
3. Russia plans to boost exports of “discounted crude oil” in April
It is reported that Russia plans to increase the export scale of Urals crude oil in April, which is expected to increase to the highest in nearly 3 years.
Russia's confidence may lie in the fact that the current oil price continues to be high, and the Urals crude oil discount is very high. Russia's Lukoil reached a crude deal in which it sold 100,000 tons of Urals crude at a discount of $31.35 to Brent, data from U.S. agencies showed.
Market overview
Crude oil situation:
WTI May crude oil futures settled down 6.09% at $105.96 per barrel; Brent May crude oil futures settled down 9.12% at $106.66 per barrel.
Macro overview:
The tight supply of goods at some ports has not yet eased, and warehouse receipts continue to flow out, but terminal expectations are not good. The high absolute price restrains the demand for polyester replenishment. Polyester has the intention to jointly reduce production. In the future, the daily supply and demand of PTA will be greatly reduced. The slump in prices drags down the cost and mentality of chemical products, the spot price of PTA will decline, and the low processing range may continue.
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