According to the monitoring data of business associations, the external price of ethylene fell this week. The average price of ethylene at the weekend was $929.50/ton, down 1.98% from $948.25/ton at the beginning of the week and 3.78% from the same period last year.
Products: Ethylene overall fell this week. Asian ethylene market prices tumbled, with CFR closing at $848-854 per ton in Northeast Asia and $798-804 per ton in Southeast Asia by the end of the weekend. European ethylene market prices fell. By the end of the weekend, European ethylene market prices were $1081-1093 per ton for FD in Northwest Europe and $974-985 per ton for CIF in Northwest Europe. Ethylene prices in the United States fell, and by the end of the weekend, prices were between $539 and $551 per ton. Overall, crude oil prices in the upstream showed a volatile decline, and the overall ethylene market fell. Businessmen pay more attention to the situation of supply and demand after the festival.
International aspect: On September 26, the price of WTI crude oil futures market rose to 56.41 US dollars per barrel, down 0.08 US dollars, or 0.1%. Brent crude oil futures prices rose by a large margin to 62.74 US dollars per barrel, up 0.35 US dollars. The increase was 0.6%. On Thursday, the Pentagon announced that the United States would send more Patriot Missile Company, radar and about 200 support personnel to Saudi Arabia, raising geopolitical tensions in the Middle East. Concerns about rising geopolitical tensions in the Middle East have boosted market sentiment and oil prices. However, the positive boost of ethylene has not been clearly demonstrated. The price of downstream styrene declined slightly and the price of ethanol remained stable, which could not support the price of ethylene.
3. Future market forecast:
Ethylene analysts from Business Society Chemical Branch believe that the price of crude oil fell due to the rise of crude oil inventories in the earlier period, which failed to support the cost side of the ethylene market and the price of ethylene market fell. Next, due to the geopolitical tension in the Middle East, the changes in supply and demand in the crude oil market need further observation. The market is mainly guided by information. In the medium and long term, the supply side of the market is relatively good, so business association data analysts expect ethylene prices to keep rising narrowly in the future.