Data show that it is a simplified version of the petroleum industry chain from crude oil to chemical fiber to textile. In the process of rising crude oil prices, the prices of downstream petrochemical and chemical fiber products will rise, which will accelerate the destocking of raw materials and products of petrochemical enterprises.
When the oil price is in the downward channel, due to the inventory factors of raw materials, the prices of raw materials purchased by many companies are settled at low oil prices, and the inventory value is low; Now that the oil price is high, the value of this part of raw materials is equivalent to rising, so-called "inventory appreciation" will occur, which will become the "extra" income of enterprises.
I. Dubai crude oil
1, Dubai crude oil is crude oil produced in Dubai. The API degree of Dubai crude oil is about 3 1 degree, which belongs to medium crude oil according to classification, and its sulfur content is about 2%. As Dubai crude oil has no destination restrictions, as a convenient crude oil, its absolute price is widely used in the spot trade of crude oil. The spot price of Dubai crude oil not only adopts the package price set by the Organization of Petroleum Exporting Countries (the new package was recently changed to Murban crude oil in Abu Dhabi), but also adopts the crude oil price index of the whole Middle East. In addition to Dubai crude oil, the average monthly price of Oman crude oil has also become the Middle East crude oil price index with Japan as the main target and Asia as a whole.
2. However, in view of the decreasing trend of Dubai crude oil production year by year, the industry began to question whether Dubai crude oil should be included in the Middle East oil price system.
Second, Oman crude oil
1. Oman crude oil is produced in Oman in the Middle East. Compared with Dubai crude oil, it has more reserves and relatively stable output, which is not limited by destination. Therefore, Oman crude oil price, like Dubai crude oil price, is an important crude oil price index in the Middle East. Oman crude oil API is about 34 degrees, which belongs to medium crude oil. WTI crude oil with sulfur content of about 2% WTI(WestTexasIntermediate) crude oil is the general name of light crude oil and medium crude oil produced in Texas, USA.
2.WTI crude oil has become the representative oil of light crude oil since 1983 was listed in NYMEX. At present, WTI crude oil futures are the largest commodity futures in the world. Because of good contract liquidity and high price transparency, NYMEX's light and low-sulfur crude oil futures price is regarded as one of the benchmark prices in the world crude oil market.