Polyester product prices also ticked up driven by this sentiment

Oil prices soared on Monday, after an attack on Saudi Arabian oil facilities last Saturday shut over 5% of global supply. PTA futures rose by 166yuan/mt to 5,270yuan/mt, with an increment of 3.25%, and MEG futures climbed up 237yuan/mt to 4,993yuan/mt, hitting the up limit for the first time since it was listed.

Polyester product prices also ticked up driven by this sentiment. Virgin PFY rose by 100-200yuan/mt partially, and direct-spun PSF 1.4D was up by 100-350yuan/mt. SD PET fiber chip offers moved up to 6,800-7,000yuan/mt. Sales of virgin PFY were relatively good Monday, with sales ratio averaged at 260-270% till PM 3:00 Monday, and sales of direct-spun PSF were smooth, with sales ratio mostly at 200-300%, highly at 300-400%.

The continuity of this bullish sentiment depends on the recovery of oil supply. If Saudi Arabia takes long time to recover the supply, or the worsening geopolitical circumstance influences oil production and shipping tube, oil prices may keep upward.