The US and Turkey reached a cease-fire agreement in Syria, which eased the risk premium brought by the tension in the Middle East, and crude oil fell in early trading; with the agreement of brexit, crude oil rose from the early trading decline.
Thursday (October 17) New York Mercantile Exchange West Texas light oil futures settled at $53.93 a barrel in November 2019, up $0.57, or 1.1%, from the previous trading day, with a trading range of $52.62-54.11; London Intercontinental Exchange Brent crude oil settled at $59.91 a barrel in December 2019, up $0.49, or 0.8%, from the previous trading day, with a trading range of 58.69-59. 96 dollars.
Since this year, the main contracts of US crude oil futures have fluctuated sharply between us $44 and US $67 per barrel. Meanwhile, the main contracts of Brent crude oil futures fluctuated between us $52 and US $76 per barrel. The fluctuation range of the two major crude oil futures is more than $20.
From the perspective of influencing factors, the supply and demand fundamentals in the first half of the year are important factors affecting the global crude oil market. At the beginning of the year, OPEC Organization and independent oil producing countries actively promoted production reduction. The total output of OPEC in February decreased by 560000b / D to 30.5mb/d on a month on month basis, of which 11 OPEC member countries participated in the reduction achieved a reduction implementation rate of more than 100%. Crude oil production has been declining, market supply has been further tightened, and the market is worried that the deterioration of the geopolitical situation will lead to the decrease of crude oil supply. In the first half of the year, the oil price rose unilaterally in stages, reaching a year high around April 24.
However, in the second half of the year, the crude oil market is changing, and both long and short sides continue to "kill" in the wide range of price shocks. In the near future, since September, the maximum amplitude of Brent's main crude oil futures contracts has reached $14; in the same period, the amplitude of main crude oil futures contracts in the United States is also $10.
According to the data tracked by the Ibuychem, the inventory of petrochemical polyolefin on October 18 was 700000 tons, the same as yesterday's inventory level.
From the perspective of position, PP / PE two-way position increase is obvious, PVC long position increase slightly, short position decrease slightly.
