Last week, the international crude oil price surged and fell, while the domestic gasoline price rose and then fell, leading the MTBE price to recover after rising. According to the data of SunSirs, the MTBE price last weekend was 3,883 RMB/ ton, 5.43% higher than the previous week's price.
On June 7, at the OPEC+ ministerial video conference, OPEC agreed to extend the 9.7 million barrels/ day reduction by one month until the end of July. WTI crude oil and Brent crude oil prices in the United States topped $40/ barrel and $43/ barrel respectively. In the middle of the week, there was a growing concern that the outbreak will give a second strike to crude oil. Meanwhile, as of the week of June 5, the U.S. crude oil inventory unexpectedly increased by 5.7 million barrels, to a record high of 538 million barrels, and the international oil price dropped.
At the beginning of last week, there was a strong positive signal from crude oil. Downstream customers were willing to purchase, MTBE manufacturers delivered goods smoothly, and market prices kept rising. However, in the medium term, the international oil price rose and fell, the purchase willingness of the middle and downstream decreased, the gasoline delivery performance of refineries was poor, and the transaction atmosphere of MTBE market also weakened. MTBE manufacturers in Shandong took the lead in opening the price reduction promotion mode, and domestic MTBE prices opened the callback trend.
SunSirs analysts believe that in the short term, international oil prices are facing downward pressure, domestic demand for refined oil is weakening, refinery inventory is rising, and MTBE has not yet been put back in place. It is expected that China domestic MTBE price will be reduced by 200-300 RMB/ ton this week.
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