Chemical fiber enterprises face high cost, muted demand, high inventory and poor profit

Since the second half of 2020, with easing epidemic worldwide, the crude oil price stopped falling and recovered, and returned to the pre-epidemic level in the first half of last year (WTI futures around US$60/barrel). However, the energy crisis thereafter has shown signs of further aggravation, especially due to the outbreak of the conflict between Russia and Ukraine in Mar, 2022, which led to tighter supply of crude oil. The oil price rose sharply by more than US$100/barrel, and even hit US$ 130/barrel at the highest, which basically doubled compared with that before the epidemic, bringing huge cost pressure to the whole chemical fiber industry