SunSirs: Gasoline Price Rises, China MTBE Market Price Rises
November 10 2020 10:07:03 SunSirs (Selena)
Although the price adjustment and reduction of domestic refined oil has been implemented, the rising international oil price and the bullish sentiment in the gasoline market are gradually rising, and the price of MTBE market is going up. The price of MTBE on November 6 was 3,633 RMB/ ton, up 3.13% from the price at the beginning of the week, according to SunSirs.
At 24:00 on November 5, China domestic oil product market price was lowered, but the international crude oil price rose as a whole, the domestic oil product market bullish sentiment rose, and the gasoline and diesel oil prices rose as a whole. And the EIA data showed that the U.S. commercial crude oil inventory data also had a significant positive impact on oil prices, stimulating domestic gasoline market transactions. Last week, the shutdown and maintenance of MTBE units in Shandong increased, and the supply of MTBE resources decreased. In addition, the positive news of the international crude oil market continued, and the international oil price rose. Manufacturers in Shandong Province actively pushed up the market price of MTBE.
According to SunSirs MTBE product analysts, the demand of international crude oil market is weak, and the price of international crude oil and gasoline market will still fall under pressure. Meanwhile, the price promotion of MTBE manufacturers can not be sustained. It is expected that China domestic MTBE prices will be stable in the short term.
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