Crude oil drove chemicals higher, and the price of plastic futures fluctuated and rose

News: 1.
Longzhong Information reported on March 8: The two oil stocks were 975,000 tons, an increase of 80,000 tons
from last Friday.
As of March 5, 2021, the total inventory of polyolefin samples in major domestic ports reported 377,200 tons, up 21,900 tons from last week's inventory of 355,300 tons and up 03,900 tons
from last year.
2.
The HDPE unit with an annual output of 800,000 tons of Lianyungang Petrochemical Co.
, Ltd.
is scheduled to be put into operation at the end of March, and particles are expected to be produced in early April
.
The plant uses LyondellBasel's Hostalen ACP process and produces 8,000 hours
per year.

Market quotation: North China Daqing Petrochemical 7042 mainstream price is 9050 yuan / ton, +150 yuan
.

Warehouse receipt inventory: 1545 warehouse receipts, +280 sheets
.
Main positions: Top 20 long positions 171367, -694; short positions reported 216734, -1931
.
Reduced
headroom.

Summary: OPEC+ decided to extend the production cut agreement, crude oil soared, driving chemicals higher
.
It is rumored that some chemical companies in Texas have resumed production, but it will take time to fully resume work, and there are also installations in Asia that have been shut down for maintenance, and the supply in overseas markets is still tight
.
Domestically, the operating rate of domestic polyethylene manufacturers is still at a high level, and the market supply is sufficient
.
Some downstream enterprises have resumed work, but the operating rate is still lower than the level of previous years, the two barrels of oil are slow, and the inventory of major domestic ports continues to rise, and is higher than the same period last year
.
At present, Liansu maintains a high volatility pattern
.
Operationally, it is advisable
for investors to wait and see for the time being.