According to the Commodity Market Analysis System of SunSirs, the domestic MTBE market is experiencing a weak consolidation. From February 18th to 23rd, the price of MTBE first fell from 6,600 RMB/ton and then rose to 6,550 RMB/ton, with a price drop of 0.76% during the cycle and a maximum amplitude of 0.95%. The month on month increase was 2.14%, and the year-on-year decrease was 6.70%.
On the first day after the holiday, the domestic MTBE price was slightly increased, but downstream procurement enthusiasm was not good after the upward push, and the market situation slightly declined. At the same time, due to widespread rainy and snowy weather, logistics have been hindered, and manufacturers have increased their profit margins. After the holiday, the demand for gasoline at the end of the year has not recovered as expected. Business owners have a moderate enthusiasm for purchasing related gasoline raw materials, with a strong wait-and-see attitude, and MTBE is mainly stagnant and consolidating.
On the cost side, in terms of crude oil: The tense sentiment in the Red Sea region has raised the risk premium of crude oil, but the significant increase in US crude oil inventories has limited the increase in crude oil prices. As of February 22, the settlement price of Brent crude oil futures main contracts was reported at $83.67 per barrel, an increase of $0.64 or 0.8%.
On the demand side, in terms of gasoline, after the Spring Festival holiday, there has been a decrease in public travel and widespread snowfall in northern regions. Retail gas station shipments are generally average, and gas station customers mainly purchase on demand when entering the market. Short term MTBE demand is influenced by bearish factors.
As of the close on February 22, the closing price of the Asian MTBE market has increased by $20.86/ton compared to the previous trading day, and FOB Singapore closed at $900.74-902.74/ton. The closing price of the European MTBE market has increased by $24/ton compared to the previous trading day, while the FOB ARA closed at $1,122.99-1,123.49/ton. The closing price of the US MTBE market increased by $5.5/ton compared to the previous trading day, while the FOB Gulf offshore price closed at $1,069.07-1,069.43/ton (301.15-301.25 cents per gallon).
According to future predictions, there is currently a certain positive trend in the market, with manufacturers mainly offering high prices for shipments, but the demand side is still weak. MTBE analysts from SunSirs believe that the domestic MTBE market will mainly consolidate in the short term.
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