OPEC+ and IEA predict that the supply of crude oil continues to recover

From the perspective of crude oil, as OPEC+ and IEA predict that the supply of crude oil continues to recover, crude oil may turn into a surplus pattern as soon as the end of 2021. In addition, the United States and some other countries have planned to release strategic petroleum reserve (SPR) and put it on the agenda. Moreover, the Federal Reserve's Taper has led to the strengthening of the US dollar. Therefore, international oil prices have fallen sharply. Recently, US has announced to sell crude oil from strategic petroleum reserve and the overall release scale is far less than market expectations, and thus oil price moves higher slightly. However, the overall upward space for oil prices is not large, and oil price may maintain in consolidation in the short term, waiting for the response of the OPEC+. Therefore, in the short term, with the supply and demand side of polyethylene remaining stable, oil and coal prices have a considerable impact on polyethylene market, especially when oil prices enter the point of time when they turn from strong to weak, it is particularly important to pay attention to the changes of the raw material end.