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Crude Oil Prices Fall Sharply on Easing Geopolitical Tensions, Dragging Petrochemicals Down on June 2

2026-06-02 13:53:29

According to Zijin Tianfeng Futures research on June 2, crude oil prices fell sharply due to easing geopolitical tensions, triggering declines across petrochemical products including PP and PE. While upstream profit margins have recovered, downstream demand remains weak with multiple processing facilities cutting operating rates. PE unit restarts brought capacity back to prior-year levels, but demand pressures intensified as high prices suppressed consumption and export windows closed. Spot prices followed futures lower during the week as buyers adopted wait-and-see tactics, causing basis and calendar spreads to narrow.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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