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Oil prices plummet as coronavirus spreads
Oil prices plummet as coronavirus spreadsThe high-profile OPEC+ meeting of producers failed to extend the oil output cut deal
.
Oil price slump detonates markets
Oil price slump detonates marketsA few days ago, the international market was most concerned about the OPEC+ oil-producing countries meeting
.
In terms of crude oil prices, Brent crude oil futures fell by US$14.
25 to US$31.
02 per barrel at one point, a drop of more than 31%, which was the largest daily drop in international oil prices since the Gulf War
.
Petrochemical companies have been hit hard
Petrochemical companies have been hit hardDue to the slump in international oil prices and the stock markets of various countries, the share prices of petrochemical companies closely linked to the oil and gas market also plummeted
.
U.
S.
chemical producers are vulnerable to low oil prices, market players said, as the U.
S.
relies primarily on ethane and natural gas for feedstocks, while much of the world relies heavily on oil-based naphtha, when oil prices fall relative to natural gas.
, U.
S.
producers' profit margins are likely to decline
.
In Asia, the stock prices of many oil and gas chemical companies also plummeted
.
Unpredictable future trends
Unpredictable future trends At present, there are both sluggish demand and excess supply in the international crude oil market.
The former comes from the new crown pneumonia, while the latter comes from the increase in production by oil-producing countries
.
"Oil has become a bigger problem for the market than the coronavirus, and if Brent continues to fall, it's almost impossible for the S&P 500 to sustain a rally," said Adam Chris Savely, founder of Vital Knowledge
.
However, there are also relatively optimistic judgments
.
ICIS said that from the perspective of the international market, despite the recent increase in market panic, the current market fluctuations caused by the epidemic have not yet triggered systemic financial risks, but are still manifested as short-term impacts on economic growth.
Therefore, Saudi Arabia and Russia cannot be ruled out.
A cooling-off period will be allowed to allow the negative impact of the epidemic to fully dissipate, and then work together to stabilize oil prices when the epidemic improves
.
Russian energy expert Alexei Gromov believes that if the oil market situation continues to deteriorate and oil prices fall below $30 a barrel, OPEC and oil-producing countries will negotiate again and will not let the situation worsen
.
