Will Higher Oil, Energy Prices ‘Here to Stay’, affect the market change in 49ers cotton fabric?
Stephen Schork, head of The Schork Group, explained the "new normal" for oil prices on Tuesday after West Texas Intermediate crude hit a seven-year high the previous day.
Schork told Varney & Co on Tuesday that he thinks oil and energy prices, in general, will continue to move higher.
On Monday, West Texas Intermediate crude surged $1.17 to $80.52 a barrel. Earlier on Monday, the energy sector hit a seven-year high above $82. WTI crude rose 28 cents to $80.80 a barrel on Tuesday.
Brent crude fell 4 cents to $83.61 a barrel Tuesday morning after hitting a high of $84.23 a barrel. The global benchmark oil price hit $84.60 on Monday, its highest level since October 2018.
Late last month, Goldman Sachs Group Inc. raised its forecast for global crude oil prices to $90 a barrel by the end of the year from $80, citing supply disruptions in the Gulf of Mexico and signs of stronger demand
Oil hitting $80 a barrel is pretty challenging, ex-Frontier CEO says
Bank of America predicted in June that Brent crude could top $100 a barrel next year amid the spread of COVID-19.
Pent-up demand, which continues to favor private cars over public transport and telecommuting, will keep demand strong after 18 months of lockdown, which may lead to increased driving.
At the same time, supply will be constrained by government pressure to curb capital expenditure targeted by the Paris Climate Agreement, alleviate the need for environmental, social and governance investments, and reduce carbon emissions.
On Tuesday, Schork referred to predictions that oil could hit $90 or $100 a barrel and said he "would not bet against it."
"But what usually happens is you create a lot of speculation," he continued.
Schork went on to explain that energy prices depend on winter conditions.
If Europe and North America experienced a cold winter, oil, gas and energy prices "will all go higher," he said.
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The market size of the 49ers cotton fabric in the global cotton fabrics industry
With the continuous development of the production technology and process of the 49ers cotton fabric in the industrial cotton fabrics industry, the application scope of the 49ers cotton fabric is becoming more and more extensive and the market potential is huge. Its development level has become one of the important indicators to measure the comprehensive competitiveness of a country cotton fabrics industry.
Industrial cotton fabrics are defined as "products used in many non-cotton fabrics industries" internationally. Compared with the traditional cotton fabrics industry with labor-intensive and low technology content, the 49ers cotton fabric industry has the characteristics and advantages of capital intensive, high technology content and huge market demand space.
In terms of the global market, the global industrial cotton fabrics market including 49ers cotton fabric will reach usd 258.33 billion in 2020 and is expected to reach USD 321.65 billion in 2028. In the next few years, the global industrial cotton fabrics industry will still maintain a growing trend.
The market price of the 49ers cotton fabric in the global cotton fabrics industry
Developed countries and regions such as the United States and the European Union occupy the leading position in 49ers cotton fabric global industrial cotton fabrics market while emerging markets such as China and India show a high growth momentum.
Since the 1990s, due to the consideration of labor, raw materials and other cost factors, manufacturers in Europe and the United States and other developed countries have shifted their focus to product research and development, brand building, channel expansion and other aspects in China, so that the production and manufacturing capacity of 49ers cotton fabric has gradually shifted to East Asian countries, especially the middle and low-end products.
The global industrial cotton fabrics 49ers cotton fabric production bases are mainly concentrated in the United States, Japan, South Korea and Taiwan, and the European industrial cotton fabrics industry is shifting to Asia and the United States. The Asia-Pacific region accounted for the highest proportion of 40%; North America is next at 25 percent, followed by the Middle East & Africa, Europe and South America.
The market trend of the 49ers cotton fabric in the global cotton fabrics industry
Data in 2020 show that China cotton fabrics industry accounts for more than 50% of the world total, chemical fiber output accounts for 70% of the world, and trade accounts for one-third of the world. China has the most complete industrial chain, and most of its 49ers cotton fabric process manufacturing and equipment level has reached the international advanced level. China is also the world largest cotton fabrics and apparel market. In 2020, the total retail sales of cotton fabrics and apparel in China exceeded 1,236.7 billion yuan.
COVID-19 has had a huge impact on the overall development of trade and the cotton fabrics industry. Enterprises in various segments have realized that they are heavily dependent on Chinese suppliers. When China was unable to supply 49ers cotton fabric in the early stage of the epidemic, for example, the automobile and cotton fabrics industries could not produce normally. About 90 percent of materials imported by the EU, US and Japan come from China, underscoring the country importance in many products and raw material supply chains.
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