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SunSirs: Crude Oil and Gasoline Prices Went Down, China MTBE Prices Fell slightly
July 01 2020 09:43:57SunSirs(Selena)

The international crude oil price fell for two days, while China domestic gasoline price declined slightly, and the MTBE market was not favorable, so the MTBE price started a downward trend. According to the data of SunSirs, the price of MTBE on June 29 was 3,816 RMB/ ton, down 2.97% from the price on June 23.

In late June, crude oil rose above the "floor price" of $40/ barrel. Domestic refined oil was raised after hree months. At 24:00 on June 28, the highest retail prices of domestic gasoline and diesel were increased by 120 RMB/ ton and 110 RMB/ ton respectively. However, the international oil price fell for consecutive days at the end of the month, and the WTI crude oil futures price fell below $38/ barrel. The benefits brought by the price adjustment of refined oil were offset, and the wait-and-see sentiment in the downstream market was revived.

From the middle of June, rainstorm weather appeared in some parts of south China, and there were signs of flood. The northern region also had frequent rainfall, and the demand for gasoline was reduced due to the impact of rainfall. According to the monitoring data of SunSirs, the domestic gasoline price has dropped by 3.96% in the middle and late June.

Due to the lack of good news support in MTBE market, downstream replenishment is more on demand. In addition, crude oil and gasoline prices are falling, so gasoline raw material purchasing intention is weakened, and MTBE manufacturers in some regions tentatively reduce their shipment slightly.

According to MTBE product analysts of energy branch of SunSirs, international crude oil prices continue to be under pressure, while domestic gasoline prices continue to fall under pressure in the short term, coupled with the weakening of gasoline demand. It is expected that the market price of MTBE will continue to decline in the near future.

 

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