Liansu rushed back down and the momentum of the large upward momentum is still insufficient

News: The PE inventory of domestic polyethylene enterprises (oil + coal) continued to decline this cycle, with a week-on-week decrease of 8.
09%.

In terms of varieties, LDPE inventory increased by 0.
25% week-on-week; HDPE inventories decreased 10.
87% week-on-week; LLDPE inventories decreased 8.
9%
week-on-week.
Among them, the total inventory of PE of two barrels of oil continued to decline, down 11.
08% week-on-week and 11.
79%
year-on-year.
Among them, Sinopec's PE inventory decreased by 7.
96% week-on-week; CNPC PE inventories decreased by 12.
81%
week-on-week.
PE inventories of coal-based companies rose slightly, up 0.
15%
week-on-week.
Among them, LDPE inventory increased by 11.
76% week-on-week; HDPE inventory decreased by 0.
60% week-on-week; LLDPE inventories decreased by 7.
14%
week-on-week.
Traders' PE inventories rose 2.
95%
week-on-week.

Spot market: The price of domestic polyethylene market is mixed
.
In terms of petrochemicals, the inventory of enterprises is not large, and the current opening price is basically stable
.
Affected by the news of the reduction in raw material supply of Saudi polyolefin equipment, the price of domestic L main contract climbed, and there was also an expectation of a decline in forward imports in the spot market, and the linear offer rebounded, and the center of gravity of low-pressure and high-pressure products was partially shifted
down due to poor shipments.
As of the noon close, the linear volatility of the North China market was around 50 yuan / ton; East China market adjustment 50-150 yuan / ton; The South China market is temporarily stable
.

Warehouse receipt inventory: exchange warehouse receipt reported 3792 lots, -90 lots; It is in the all-time high zone
.
Main position: The top 20 long positions in the main contract are 232853 lots, +13715 lots, short positions are 232405 lots, +19560 lots, and the net position is 448 lots, net long decrease
.

Summary: The National Day holiday is approaching, and downstream enterprises have a certain demand for stocking, which has led to an improvement in market expectations
.
Port inventories continued to fall, down 79,700 tons year-on-year, indicating that overseas goods had little impact on the domestic market, and the two barrels of oil PE inventories continued to decrease significantly, and the decline was large, reaching 8.
09%, indicating that the speed of destocking was acceptable
.
However, the Saudi oil field attack that promoted this round of market has turned around, and Saudi Energy Minister Abdel-Aziz bin Salman announced to the outside world on the evening of the 17th local time that Saudi oil supply has returned to the level
before the attack on oil facilities.
This led to a heavy decline
in international crude oil.
And although the downstream demand for plastics is expected to improve, there are signs of tightening environmental protection before the holiday, and some places even have measures to stop production and work, which is expected to inhibit the enthusiasm
of downstream enterprises to prepare materials to a certain extent.
And the petrochemical and other equipment for later maintenance has been started up one after another, which has also increased the supply
of the market to a certain extent.
Therefore, although there is expected to be room for upside in the short term, the momentum for a sharp upward trend in medium-term prices is still lacking.