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Affected by factors such as geopolitical tensions threatening crude oil supply, international oil prices rose to a seven-year high on January 19, with Brent and U.
International oil prices hit a new high
International oil prices hit new highs International oil prices hit new highsRecently, due to attacks in many parts of the Middle East, the market has been worried about the escalation of geopolitical risks in the Middle East
On January 17, a fuel tanker explosion and an airport construction site fire occurred in Abu Dhabi, the capital of the United Arab Emirates
Rystad Energy analyst Louise Dixon said that while the damage to the UAE's oil facilities was modest, there were questions about whether there would be more supply disruptions in the region in 2022
Chemical product prices rise
The price of chemical products rises in response to the price of chemical productsRecently, as the prices of crude oil and other raw materials continued to rise, which put pressure on enterprises, major overseas raw material manufacturers have raised their product prices
In Japan, Mitsui Chemicals announced that the company will increase the price of Acridome resin products from February 1, 2022, by more than 20% on the basis of current prices
In Europe and the United States, Huntsman announced that from January 1, 2022, the prices of 37 chemical polymers such as epoxy resin, polyurethane, polyimide, polyamide, and adhesive will increase by up to 40%
Prediction of continuation of uptrend
Predict the continuation of the upward momentum Predict the continuation of the upward momentumFor the whole year of 2021, international oil prices have risen by about 50%
Financial institutions believe that high demand and sluggish supply are still the main reasons for the recent rise in oil prices
Analysts at Goldman Sachs said natural gas shortages in Europe and Asia also boosted oil demand, which rose by 500,000 barrels per day in December 2021 and is expected to increase by a further 300,000 barrels in January and February this year.
Regarding the chemical market, analysts said that due to the recent rise of international oil prices to a new high and the strong support of chemical costs, the prices of bulk chemicals will mainly rise next
