Crude oil falls below the $90 mark

Iran said this morning that it has issued a formal response to the draft text of the nuclear deal proposed by the European Union and that an Iranian nuclear deal may be reached, according to foreign media sources.

Iran’s position on the latest draft deal has been conveyed to EU Chief Envoy Borrell and will receive a response from the EU in the next two days, news agencies said, citing “informed sources,” without giving further details.

And earlier on Monday, Iran’s foreign minister said that “if the United States shows tangible attitude and flexibility,” a deal could be reached with the U.S. in the coming days to resume fulfillment of the nuclear deal.

State Department spokesman Ned Price said on Aug. 15 that the U.S. would speak privately and directly to EU High Representative for Foreign Affairs and Security Policy Borrelli about a “final text” for resuming implementation of the Iran nuclear deal.

The progress of the Iranian nuclear agreement, international crude oil prices yesterday plunged. U.S. oil prices had fallen as low as 5% during the day, once sliding from above $91 to $86.8, then struggling to rebound to near $88, failing to retain the $90 mark.

Buna oil also plunged nearly 5% during the session, diving from above $97 to below $93, then rebounding in shock to near $94, losing the $95 mark.

The fact that oil prices had already retreated from their highs before this news emerged shows the poor basis for oil prices to rise last week.

Some analysts believe that last week’s oil price rebound repair market is more by the oversold repair and the whole market risk appetite recovery to promote, oil prices rebounded but the forward curve structure is still weak, which shows that oil prices this rebound market itself endogenous drive is not enough.

Crude oil plunged, a variety of raw materials plunged!

International oil prices plunged, including WTI crude oil fell below the $ 90 mark, a drop of more than 10%, crude oil began to lead the decline in the commodity market, the domestic raw materials market also fell sharply.

Pure benzene and styrene and other raw materials is in the crude oil downtrend, the market mentality turned weak, prices continue to decline, even Sinopec such chemical giants can not resist the market pressure, continuous downward pure benzene list price.

So far, this month there have been dozens of raw materials have fallen to varying degrees, including acrylic acid, BDO, butadiene ton price drop of about 2,000 yuan, styrene, unsaturated resin, butyl acrylate also fell by more than 1,000 yuan.

Acrylic acid current market reference offer 8600 yuan / ton, down 2000 yuan / ton compared with the beginning of August, a drop of about 18.87%.

Butadiene current market reference offer 7,850 yuan/ton, down 1,750 yuan/ton from the beginning of August, a drop of about 18.23%.

BDO current market reference offer of RMB 10,150/mt, down RMB 1,800/mt or about 15.06% from the beginning of August.

Styrene current market reference offer 8600 yuan / ton, down 1100 yuan / ton compared with the beginning of August, down about 11.34%.

Unsaturated resin current market reference offer of RMB 9,200/ton, down RMB 1,000/ton from early August, or about 9.8%.

Butyl acrylate is currently quoted at RMB10,400/tonne, down RMB1,000/tonne or 8.77% from early August.

Adipic acid is currently quoted at RMB 8,800/mt, down RMB 750/mt, or about 7.85%, from the beginning of August.

Pure benzene is currently quoted at RMB 8,080/mt, down RMB 645/mt, or about 7.39%, from the beginning of August.

Methyl acrylate is currently quoted at a market reference price of RMB 13,200 per ton, down RMB 1,000 per ton or about 7.04% from early August

Phenol current market reference offer 8775 yuan / ton, down 625 yuan / ton compared with the beginning of August, a drop of about 6.65%

Butanone current market reference offer 7,500 yuan / ton, down 500 yuan / ton compared with the beginning of August, a drop of about 6.25%.

Isobutanol current market reference offer 6,500 yuan/ton, down 400 yuan/ton from the beginning of August, or about 5.8%.

n-Butanol current market reference offer 6800 yuan / ton, down 400 yuan / ton compared with the beginning of August, down about 5.55%.

So far in August is only two weeks, most chemicals in the domestic market generally showed a decline, although the magnitude of the decline is not large, generally below 1,000 yuan, but for the “price boom, down quietly” in the chemical industry, has fully reflected the market’s concern about the economic downturn.

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