PET Chips inventory is high, overseas orders have not seen good, polyester price is stable.

Summary of today's market

Crude oil

WTI crude for June delivery closed up $4.17, or 20.45 percent, at $24.56 a barrel. Brent 7 crude settled up $3.77, or 13.86%, at $30.97 a barrel.

Macro overview

Into may, the global epidemic is relatively controllable, oil market demand recovery, the international oil prices shot up on the 5th. By the end of the day, the June WTI contract was up $4.17 at $24.56 a barrel. ICE brent crude for July delivery rose $3.77 to close at $30.97 a barrel.

The recent outbreak in much of the Eurasian continent has been brought under control, with production resuming in many countries and oil and gas demand widely expected to start to pick up. Domestic futures will resume trading tonight.

Summary of today's market

Today morning, the PTA spot basis of the strong, in the morning MEG center of gravity high finishing, the market talks deadlock, today's price big stable small movement.

From the perspective of cost, the PTA and ethylene glycol markets are short of medium - and long-term effective upward drive, and are still dominated by oil fluctuations in the short term. Moreover, polyester enterprises still have negative expectation of maintenance reduction. On the whole, may will still be dominated by weak shock operation. Slice spinning mainstream enterprises in the festival more parking holiday, slice inventory is up to more than 2 months, and overseas orders did not see a better, with the current market, there is not a large number of replenishment intention in early may.

Polyester chips price today

It is estimated that the semi-dull chips price today is about 4700 RMB per ton, while the bright chips price is about 4750-4800 RMB per ton.