The Coast Is Full Of Tankers And Businesses Are Bankrupt. The Lifeline Of The Entire Chemical Fiber Industry Chain Has Been Firmly Locked. Has Polyester Products Crawled Out Of The "Price Mire"?

Recently, there has been another bad news from the petrochemical industry.

Black Monday is on again. New York's oil price plummeted in April 27th as a result of multiple bad news. As of the end of the day, the New York Mercantile Exchange delivered light crude oil futures in June, down 4.16 U.S. dollars, closing at $12.78 a barrel, or 24.56%. Brent crude oil futures for June delivery fell 1.45 US dollars to close at $19.99 a barrel, or 6.76%. On the morning of that day, the New York Mercantile Exchange delivered light crude oil futures in June, which fell to $11.88 a barrel, or 29.87%.

27, the US Marine drilling contractor Diamond Diamond Offshore Drilling filed for bankruptcy protection. The company has liabilities of $2 billion 600 million, 2 billion of which are bonds, and nearly 435 million dollars in cash. Ten days ago, the company did not pay $500 million interest to the bondholders in time. Last week, Singapore's "king of oil" said Lin Enqiang, who founded the Xing long trade, filed for bankruptcy protection, with assets of only $714 million, liabilities as high as $4 billion 50 million, and cash position of only $50 million. The company is insolvent and is seeking to postpone repayment of the debts of 23 banks totaling $3 billion 650 million. At the beginning of this month, Whiting Petroleum, an American shale drilling company, filed for bankruptcy protection.

After the outbreak of the outbreak and the price war in Saudi Arabia, the offshore drilling industry has deteriorated rapidly, and the demand for offshore drilling platforms and drilling rigs has dried up. Offshore oil producers in the United States have closed offshore oil wells in the Gulf of Mexico, thus significantly affecting the cash flow. Land drilling is also in trouble.

Oil production is now a money losing business, which has caused manufacturers to suffer. Many companies have been forced to reduce or even stop production.

Oil prices have fallen into negative numbers, the world's storage space is full of oil and gas, and the industry and enterprises are falling down one after another. It may be the "darkest" period in the history of crude oil market. The most direct cause of this situation is the serious shortage of storage space.

To what extent does the tanker stop in the US and offshore waters of Asia?

On the west coast of the United States, more than 30 oil tankers stopped at the beginning of last week in the waters stretching from Losangeles to the Gulf of California. The total oil load was more than 20 million barrels. The number of the oil tankers has already set a historical record, which is equivalent to 1/5 of the world's oil consumption a day.

Of these, 3/4 of the tankers are full of oil, and they have stopped here for at least 7 days, which is also rare in history.

The terrible thing is that the number of tankers and cargo tonnage that is stopping here is still increasing. The same is true of the Saldanha Bay Area in South Africa.

　　 By the week of April 17th, crude oil inventories in the United States increased to 518 million 600 thousand barrels, close to the record of 535 million barrels in 2017.

The narrow waterways near the oil storage terminal in Singapore have become more crowded recently. About 60 oil tankers have been docked on the busy Straits, far exceeding the usual 30 to 40 ships. Some of them are not used for oil transportation, but for oil storage because the oil tanks on the shore are full. Shipping brokers and traders say that unloading now takes about two weeks, compared with 4-5 days in peacetime.

A Singapore shipping broker said they first received so many calls to book ships to store oil instead of oil.

Sri Paravaikkarasu, Asia's oil business director of FGE, an industry consultancy, said that the operating rate of Singapore's refineries may have dropped to around 60%, and that the two quarter may be further reduced to 50%.

　　 South Korea's all oil storage space is also nearly saturated. The largest domestic refinery SK Innovation will further reduce its operating rate to 60% to 70% in June and July. This will be the first time that the factory has reduced production for the first time in thirty years because of no maintenance or maintenance of equipment.

SK Innovation has reached the limit of 12 million barrels in South Korea's Ulsan oil depot. Recently, 1 million 800 thousand barrels of oil storage space in southwest Seoul will not relieve pressure. For this reason, they have to postpone the unloading of tankers. They need to pay high cost of 100 million yuan (US $81300) per day for these offshore tankers.

The market is generally worried that the global oil storage space saturation countdown needs to be calculated in weeks rather than in months, because the excess volume is too large and the space is too small, even if Saudi Arabia and other oil producing countries have begun to cut production ahead of time, it is too late to find places to put crude oil.

To put it simply, the world is almost nowhere to put crude oil. Torbjorn Tornqvist, head of the commodities trading division of Gunvor Group, a Swiss oil trading giant, warned that we are entering the final stage. The most serious stage may be reached in the first half to the middle of May. The end is only a few weeks, not a few months.

The lifeline of the entire chemical fiber industry chain has been firmly locked. Has polyester products crawled out of the "price mire"?

The international oil price is the lifeblood of the entire chemical fiber industry chain. Under the impetus of international oil prices, the price of polyester products has also produced an astonishing decline.

　　 The history of polyester products has been refreshed at low prices, which has led to a riot in the bosses' hearts. We all know that this year's low price is hard to come by, and the price of raw materials will definitely rise in the future.

At the same time, under the situation of epidemic ridden, protective clothing fabric has become the "meat and potatoes" in the market. Due to similar 210T polyester taffeta, nylon and four rounds, some conventional fabrics can be protected by the market after being processed and processed, which has led to a wave of these fabrics.

In the near future, a 130 million metre 210T polyester taff order has been circulated on the Internet, and Xiaobian has also gone to understand it. The owner of Chun Ya textile and polyester taff said: "this list is true, but the big head is divided up by several large weaving factories. They can only grab the rest of the" soup and water and water "and simply" not enough to eat ". Looking at the 130 million meter order is bluffing, but with so much capacity in the country, it is actually only enough. But now that business is so bad, it's better to have a list than not. "

The protective clothing fabric is a niche product. During the epidemic period, a lot of weaving capacity is idle, and this popular product is conventional products. The production does not have the threshold. As long as the machine is full, the demand for hundreds of millions of meters is actually only two or three days of production capacity, not to mention that most of the products are weaving products.

Therefore, we want to rely on the concept of epidemic prevention to take orders. It is no problem to take orders for a wave of stock, but there is still much more to be done in order to reopen our efforts. After all, the improvement of the market needs to be promoted jointly by the upstream and downstream. Xiaobian also needs to wake up the textile people. We should fully understand the risks involved and restrain our impulses. Even if we can't make money, we should try our best not to become "leeks".