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A Rebound In Oil Prices, Stable Prices Of Petrochemical Products
Apr 08, 2017

Oil prices: the rebound in international oil prices, Brent crude oil futures closed at $52.83 / barrel, up 3% over the weekend; NYMEX futures prices closed at $50.6 / barrel, up 5.48% over the weekend week; the average price was 52.06 and $49.31 / barrel price, respectively +2.24% and +3.05%. Dollar index closed at 100.53, compared with the previous weekend rose by 0.75%.

Crude oil and related inventory: in March 24, 2017 the United States commercial inventories of crude oil is 534 million barrels, compared to the previous week increased 900 thousand barrels; gasoline inventories fell 3 million 800 thousand barrels to 239 million 700 thousand barrels, week; distillate inventories decreased by 2 million 500 thousand barrels to 152 million 900 thousand barrels, week; propane inventories fell 1 million 540 thousand barrels of 42 million 800 thousand barrels, week.

Crude oil and related inventory: in March 24, 2017 the United States commercial inventories of crude oil 534 million barrels, compared to the previous week increased 900 thousand barrels;

gasoline inventories is 239 million 700 thousand barrels,fell 3 million 800 thousand barrels in this week.U.S. crude oil production and drills number: March 24th in U.S. crude oil production was 9 million 147 thousand barrels / day,  increase of more than the previous week ; crude oil increase of 18 thousand barrels / day, compared with a year ago, an increase of 125 thousand barrels / day. In March 31st the number of rigs in the United States was  824 units, an increase in the number of weeks 15 units, an increase of 374 units per year.Canada rig number is 155, the decrease in the number is 30 units in this week , US oil rig 662 units, the number of weeks increased by 10 units, an increase of 300 units.

About prices view: EIA data, January 2017 U.S. gasoline yield a decrease of 6.8%, an increase of only 0.1%, indicating device maintenance for oil demand was reduction; with cold winter and the expected fall in crude oil prices, short-term effect. We still expect oil prices will be long-term moderate upward. To increase the influence factors of oil price, from the level of supply and demand, mainly from the OPEC and non OPEC production and the excess amount of balance; and the future of the new balance between the demand and the U.S. shale oil production; we believe that determine demand growth to increase the yield of more than U.S.

Opinions among petrochemical cycle: as the petrochemical industry between 2012-2016 new reduced capital expenditure growth rate of fixed assets, and polyethylene demand growth of 4.4% between 2014 and 2016, polypropylene demand growth of 5.0%, the new effective capacity cannot meet the new requirements. From 2009 to 2016, the world ethylene production of more than 20 million tons, at the current market capacity, the new capacity of digestion ability than on a capacity on the cycle.

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