I.crude oil

OPEC expects oil supply to continue to decline in the next five years, while international crude oil continued to rise on Tuesday (November 5) to its highest level in six weeks. New York Mercantile Exchange West Texas light oil futures settled at $57.23 a barrel in December 2019, up $0.69/barrel, or 1.2%, from the previous trading day, with a trading range of $56.3-57.5; London Intercontinental Exchange Brent crude settled at $62.96 a barrel in January 2019, up $0.83/barrel, or 1.3%, from the previous trading day, with a trading range of $61.85-63.19/ Barrels.

II.Inventory

According to the data tracked by the Research of Ibuychem, the petrochemical polyolefin inventory was 725000 tons on November 6 , which was the same as yesterday's inventory.

III.Viewpoint

Tuesday night, the market rose and fell back. After a continuous rebound, the market began to shake and consolidate. In the near future, the social inventory has been significantly reduced, the circulation of goods in the spot market is limited, and the buying sentiment has increased. Statistics from the supply side show that the amount of loss due to fault shutdown and maintenance from January to November is 47% higher than that of the same period last year, about 580000. However, later demand will gradually enter the seasonal off-season, the rebound should not be too optimistic. In the later stage, the terminal pays attention to the parking time of the triple and the potential security check in Inner Mongolia, which may lead to production reduction. Rebound pay attention to 6500 line pressure. If it is blocked again, consider air test again.