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If the global economy improves in New York, the demand for PVC foam board will increase significantly

Release Time :

2023-02-15 15:01

PVC foam board material network April 2 news, NYMEX crude oil futures rose sharply above $50 a barrel on Thursday, as traders expected that if the global economy improves, demand will increase. At 13:30 on April 2, New York time (2:30 on April 3, Beijing time), the settlement price of NYMEX May crude oil futures closed up $4.25, or 8.78%, at $52.64 a barrel; today’s intraday trading range was 48.45 -$52.87.

The day marked its biggest one-day percentage gain since March 12, when oil prices closed up 11.1%. Brent crude futures for May delivery in London settled up $4.31, or 8.9 percent, at $52.75 a barrel, trading in a range of $48.59 to $53.06. NYMEX crude oil futures closed at their highest level in a week. Crude oil futures opened strong, driven by gains in global stock markets, before G20 countries agreed to increase capital by $1 trillion through the IMF and other institutions, sparking optimism that further fueled crude prices' gains. Kyle Cooper, director of research at IAF Advisors, said the current rebound in oil prices is closely related to some optimism and expectations brought about by the G-20 summit. But the current rise in oil prices is not based on fundamentals, as global demand remains weak and inventories are high. New Wave Energy president Chris Mennis said global stock markets were broadly higher this morning. The dollar weakened slightly. The stock market rose. There is growing agreement that the worst is already ahead for the economy and the stock market.

The Dow Jones Industrial Average rose above 8,000 for the first time in February, having risen more than 250 points recently as factory orders were stronger than expected and Bank of America was granted some flexibility in enforcing mark-to-market accounting rules. The dollar slipped against the euro, trading around $1.34, from $1.32 late on Wednesday, sending investors into crude oil futures as a safe haven for the greenback. Crude oil prices rebounded on fresh signs that supply was more in line with shrinking demand weighed down by the economic downturn. Since September, OPEC has announced a cumulative production cut of 4.2 million barrels per day. Seaborne oil exports from the Organization of the Petroleum Exporting Countries (OPEC), which excludes Angola and Ecuador, will fall by 960,000 bpd to 22.15 million bpd in the four weeks to April 18, British consultancy Oil Movements forecast on Thursday. It is the lowest level in the past six years. The International Energy Agency (IEA) expects global oil demand to decline for the second consecutive year in 2009, by 1.2 million barrels per day, or 1.5%. IEA Director-General Nobuo Tanaka warned that the IEA may further cut its forecast for global oil demand this year due to more weak economic data. OPEC Secretary-General Badri said on Thursday that OPEC producers may be able to afford oil prices of around $50 a barrel this year.

NYMEX May RBOB gasoline futures closed up 9.81 cents, or 7.15%, at $1.4698 a gallon, with today's trading range between $1.3670 and $1.4840. May heating oil futures settled up 9.33 cents, or 6.93%, at $1.4391 a gallon, after trading between $1.3466 and $1.45 during the session. Article source: PVC foam board

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