Crude oil gains boost chemicals markets
Last week, by the short-term macro bearish release, superimposed production cuts to further boost market sentiment, crude oil prices continued to rebound. Data show that WTI crude oil hit the $74 / barrel mark on Friday, and Brent crude oil rose above $78 / barrel, both of which hit nearly a month high.
From this year's point of view, OPEC+ oil producers have frequently acted and continued to release signals of production cuts and prices. By early July, Saudi Arabia and Russia further deepened production cuts, with Saudi Arabia extending an additional 1 million barrels per day of production cuts into August, and Russia planning to cut production and exports by 500,000 barrels per day in August. At the same time, Algeria will also cut an additional 20,000 barrels per day of oil production in August, highlighting the strong willingness of producers to support prices.
Boosted by crude oil, the chemical market seems to be "back to life"! See a little bit of hope.
According to little fish data statistics, last week the chemical market seems to have seen the hope of turning red, and finally reversed the situation of "falling more and rising less". A total of 44 products rose year-on-year, accounting for 61%, and 16 products fell, accounting for 23.8%. Compared with the second quarter has a relatively large adjustment.
Crude oil gains boost chemical
