SunSirs: Crude Oil, Gasoline Prices Fell, China MTBE Market Prices Fell
October 30 2020 08:05:53 SunSirs (Selena)
The international crude oil price fell. Although the domestic refined oil price adjustment ushered in an upward trend, the demand for gasoline market was not favorable, and the price of MTBE market fell steadily. The price of MTBE on October 23 was 2,330 RMB/ ton, down 1.67% from the price at the beginning of the week, according to SunSirs.
Cushing's crude oil inventory in the United States increased by 975,000 barrels, and the international crude oil price fell due to the poor demand in the international crude oil market. The domestic weather and temperature has dropped, and there are no holidays in the near future. The domestic gasoline market demand returns to the rigid demand, which is lack of positive boost. The price of gasoline is on the low side, and the MTBE market is bearish. The MTBE manufacturers exchange the quantity with the price to ensure the shipment. Domestic refineries' demand for intermediate materials such as MTBE has decreased. On the whole, the demand for MTBE is not good, and the price of MTBE manufacturers is stable, which guarantees the shipment.
SunSirs analysts of MTBE products believe that: the demand of international crude oil market is weak, the prices of international crude oil and gasoline market will still fall under pressure, and refineries are not active in replenishing MTBE and other intermediate materials. China domestic MTBE prices are expected to fall in the short term.
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