Crude Oil Market Analysis May 15 2026

On May 14, 2026, the international crude oil market showed a slight upward trend. WTI crude oil futures rose $0.15 to $101.17 per barrel, up 0.15%; Brent crude oil rose $0.09 to $105.72 per barrel, up 0.09%. China crude oil futures SC2607 fell 13 yuan to 633.8 yuan per barrel. Sino-US negotiations progressing smoothly, geopolicital tensions relatively stable, oil price volatility significantly narrowed. SUPPLY AND DEMAND OPEC report shows April OPEC crude oil daily production down 1.7 million barrels, Iran crude oil production down 30% since February. OPEC production cuts implementation is strong, supporting oil prices. However, Hormuz Strait situation remains tense, market concerns about supply disruptions persist. On the demand side, China-US trade talks have made positive progress, Ministry of Commerce said China is willing to work with the US to expand cooperation list, helping ease market concerns about demand outlook. However, US CPI data remains high, rate hike expectations still exist, which may suppress global economic growth and crude oil demand. IMPACT ON PLASTICS Crude oil is the basic raw material for polyethylene, polypropylene, PVC. Oil price changes directly affect naphtha, ethylene, propylene costs, then transmit to the entire plastics industry chain. Currently oil prices are at relatively high level, plastic raw material production costs remain high. According to Sci99 data, 31 petrochemical products declined on the last working day, accounting for 73.8%, showing overall chemical industry sentiment has softened. Naphtha, petroleum coke, PET chips fell the most. Currently plastics market is in traditional weak season, downstream purchasing willingness is low, mainly maintain rigid demand. polyethylene, polypropylene market trading is dull, traders face greater sales pressure. OUTLOOK In short term, crude oil market will continue to focus on China-US negotiations progress and Hormuz Strait situation. If geopolitical conflicts further escalate, may push oil prices to break current range and rise. Conversely, if negotiations achieve greater breakthrough, oil prices may face downward pressure. For plastics industry, cost support and weak demand contradiction will continue. Recommend enterprises closely monitor crude oil price trends, reasonably arrange raw material procurement plans, strengthen inventory management to avoid price volatility risks. Source: Sci99.com - Crude Oil Morning Review (May 15, 2026)