The international crude oil price slightly fell back, and the gasoline market purchasing enthusiasm declined, which negatively affected the demand for intermediate materials such as MTBE. The price of MTBE on July 31 was 3,750 rmb/ ton, down 1.75% from the price at the beginning of the week, according to SunSirs.
Since August, OPEC+ has reduced the production reduction rate, the US crude oil inventory is still running at a high level, and the international oil price shows a downward trend. The demand of gasoline terminal is in the peak season in hot summer, but the international crude oil market has a downward trend. The middle and lower reaches of the market are operated cautiously, and the gasoline market loses its upward momentum.
As of July 31, the average operating load of atmospheric and vacuum distillation units was about 76%, 1% higher than last week. However, refineries' demand for gasoline feedstock is relatively stable, but most of them are determined by sales according to production demand, and they tend to make periodic replenishment at low prices. Under the stimulation of MTBE manufacturers' price reduction, the purchasing enthusiasm of middlemen was stimulated, but the downstream still focused on periodic replenishment.
According to the MTBE product analyst of energy branch of SunSirs, the domestic gasoline market has a rigid demand, but the international oil price shows a downward trend, and the enthusiasm of middlemen to enter the market is weak. It is expected that the price of China MTBE market will enter a downward trend.
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