Morning Briefing - 10 October 2022
CommoPlast
Morning Briefing
10 October 2022
Brent: $97.92 (+$3.50）
WTI: $92.64 (+$4.19)
Naphtha CFR Japan: $697 (- $6)
Ethylene CFR NEA: $830 (- $10)
Ethylene CFR SEA: $880 (Stable)
Propylene FOB Korea: $865 (Stable)
Propylene CFR China: $895 (Stable)
……………………………………………………………….
International benchmarks for crude oil rallied for the fifth consecutive session on Friday, 7 October 2022 on the back of intensifying supply concerns after OPEC and allies agreed to cut production outputs by 2 million barrels per day in November. Both Brent and WTI contracts are at the highest levels since late August 2022.
……………………………………………………………….
Part of China market resumed working on 8 October 2022. Some of the positive development include:
1. Total PP and PE stocks at Sinopec and CNPC’s warehouses built up to 810,000 tons – the lowest post-Golden Week holiday inventory levels since 2016.
2. The manageable inventory levels coupled with the surging energy complex fuelled the trading sentiment in the domestic spot market. Offers for both PP and PE cargoes rose sharply, between CNY200-300/ton, and surprisingly, a good number of transactions were observed.
______________________________________________________________
Follow us on CommoPlast Official Telegram Channel for more: https://t.me/commoplast
Your Empowering Market Insight Site.