According to the Commodity Market Analysis System of SunSirs, the domestic MTBE market has once again risen. From March 11th to 15th, the price of MTBE increased from 6,725 yuan/ton to 7,075 yuan/ton, with a price increase of 5.20% during the cycle, a month on month increase of 8.22%, and a year-on-year decrease of 3.08%.
The domestic MTBE price has seen a significant increase, mainly due to some large manufacturers delivering export orders, while there are orders waiting to be delivered in the gasoline sector. Business owners have a high enthusiasm for purchasing related gasoline raw materials, and some manufacturers have stopped work or reduced their burden, resulting in a tight supply of resources. Overall, the multiple benefits are good, and the domestic MTBE market is actively pushing up, making it difficult to find low-priced spot goods.
On the cost side, in terms of crude oil: The US EIA inventory data is positive, coupled with Ukraine's attack on Russian refineries, geopolitical tensions have pushed up the risk premium of crude oil. As of March 14th, the settlement price of Brent crude oil futures main contracts was reported at $85.42 per barrel, an increase of $1.39 or 1.7%.
On the demand side, in terms of gasoline, international crude oil futures have fluctuated upwards, and the gasoline and diesel market in Shandong region has remained strong. Among them, diesel has performed better compared to gasoline, and refineries in the region have taken the opportunity to push up oil prices to stimulate downstream buying sentiment. Middle and downstream merchants mostly replenish goods according to their own needs, and the market trading atmosphere is mild. The gasoline market is operating steadily with a strong bias, and there is not much supply of MTBE resources. The market is actively pushing for an increase. Short term MTBE demand is influenced by favorable factors.
On the supply side, the temporary shutdown of Dongying Shenchi equipment has resulted in a decline in the operating rate of the equipment and a slight reduction in resource supply. Short term domestic MTBE supply is affected by favorable factors.
As of the close on March 14th, the closing price of the Asian MTBE market has increased by $17.97/ton compared to the previous trading day, and FOB Singapore closed at $938.08-940.08/ton. The closing price of the European MTBE market increased by $0.75/ton compared to the previous trading day, while the FOB ARA closed at $1,099.49-1,099.99/ton. The closing price of the US MTBE market increased by $0.64/ton compared to the previous trading day, while the FOB Gulf offshore price closed at $1,107.52-1,107.87/ton (311.98-312.08 cents per gallon).
In the future market forecast, after the MTBE rises to a high level, the cautious attitude of industry players will increase, and there is limited room for further upward movement. MTBE analysts from SunSirs believe that the domestic MTBE market may consolidate and observe in the short term.
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