The hottest unrest in Egypt pushed up oil prices,

2022-08-15
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Riots in Egypt push up oil prices, cotton prices are good for polyester industry

1 The unrest in Egypt pushed up oil prices last week, with WTI and Brent closing at $89.34 and $99.42 per barrel respectively, up $0.23 and $1.82 per barrel from the previous week. From Monday to Thursday last year, oil prices fell back due to rising crude oil inventories and sufficient OPEC production capacity, but the price difference between Brent and WTI widened to $10. Later, as the United States announced the second round of economic stimulus plan and continued to release liquidity, crude oil prices rebounded

the expansion of riots in Tunisia and Egypt and the deterioration of expectations for crude oil supply in the Middle East were one of the main reasons for the sharp rise in WTI prices on Friday. Although the manufacturing technology of crude oil producing wood plastic materials in Egypt has been included in the outline of China's technology policy for comprehensive utilization of resources and the development plan for strategic emerging industries, the Suez Canal is important for crude oil supply; If dissatisfaction with the government spreads to the middle east society, it will have a significant impact on crude oil supply. In the short term, this is unlikely, and the impact of the riots is short-term. The key is that, with the global liquidity already abundant, the situation of oil supply exceeding demand has gradually changed, which has promoted the oil price

2. CNOOC announced a 55% increase in capital expenditure: it has started to push into the deep sea. CNOOC announced last Thursday that the capital expenditure in 2011 increased significantly to $8.7 billion, up 55% from the actual expenditure in 2010. The actual capital expenditure in 2010 was significantly reduced, from $7.9 billion at the beginning of the year to $5.6 billion, a decrease of 28%. Among the capital expenditure in 2011, there were 15 projects in progress, which were still at a low level. However, the main reasons for the substantial growth are the deep-sea Liwan project and Yingtan shale oil. The deep-sea advance has made clear the direction, and the year will be the mainstream and important construction window in the field of materials science

we expect that the proportion of the income of offshore engineering and oil service in the capital expenditure of CNOOC will decline during the 12th Five Year Plan period, and the actual benefits in the short term are limited. COOEC's performance is in a low-level upward improvement trend, and the improvement of market sentiment towards offshore engineering and machinery will promote the rise of valuation. It is difficult for COSL to continue to promote the rise of valuation

3. Near the Spring Festival, the price of chemical products is mainly stable. Near the Spring Festival, the price of chemical products was basically stable last week, but the price of chemical fiber, PVC and PVA fluctuated greatly

the price rose by more than 2% last week: pta3.76%, ethylene glycol 3.24%, polyester chip 3.13%, polyester staple fiber 3.26%, polyester poy2.51%, polyester dty2.93%, polyester fdy2.70%, cotton 2.68%, viscose staple fiber 3.50%, nylon chip 2.89%, nylon poy2.65%, nylon dty2.39%. A decrease of more than 2%: PVC (ethylene method) -4.14%, pva-10.49% is the cupping value of the plate

before the festival, the start-up of downstream enterprises decreased, traders have completed the stock plan, PVC market transactions are limited, the completion of the 04 special adjustment work under ethylene PVC fell by 350 yuan to 8100 yuan/ton, and the market price of calcium carbide PVC maintained 8000 yuan/ton. At the same time, despite the relative excess supply of calcium carbide, the transportation is limited during the Spring Festival, and the price is expected to remain relatively stable. The rising operating rate of downstream enterprises after the festival promotes the active market. Related listed companies: Tian Yuan group, Zhongtai chemical, yinglite

4. The rise of cotton price drives the price of polyester products to continue to rise. Driven by the strong rise of cotton price, the price of chemical fiber products continues to rise, and polyester and nylon products rise significantly. Last week, the price of cotton continued to rise by 747 yuan to 28648 yuan/ton. The rise in the price of crude oil also pushed the upstream raw materials PTA and ethylene glycol up by 400 yuan to 11050 yuan/ton and 300 yuan to 9550 yuan/ton respectively. Driven by downstream demand and upstream raw materials, the price of polyester products increased significantly, including polyester chips increased by 400 yuan to 13200 yuan/ton, polyester staple fiber increased by 450 yuan to 14250 yuan/ton, polyester POY increased by 350 yuan to 14300 yuan/ton, polyester DTY increased by 450 yuan to 15800 yuan/ton, and polyester FDY also increased by 450 yuan to 17100 yuan/ton. Polyester staple fiber has rebounded from the lowest point of 12000 yuan/ton in the early stage to 14250 yuan/ton, with a cumulative rebound of 18%. PTA prices have also rebounded from 9100 yuan/ton to 11050 yuan/ton, with a cumulative rebound of 22%. The prosperity of polyester industrial chain continues to maintain a high level, which is beneficial to relevant listed companies: Huaxi Village, Xiake environmental protection, Xinmin technology, Rongsheng petrochemical

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