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SunSirs: Crude Oil Demand is Weak, China MTBE Market is Low in August

September 05 2022 09:20:16     SunSirs (Selena)

Affected by the low crude oil market and sluggish demand, the domestic MTBE market in August was adjusted at a low level. According to the data of business agency, the MTBE price at the beginning of the month was 7,410 RMB/ ton, and the MTBE market price at the end of the month was 7,530 RMB/ ton. The price increased by 1.87% within the month, with a maximum amplitude of 6.58%, up 30.28% year-on-year.

At the beginning of August, the MTBE market rose first and then fell. Crude oil rose and fell, and the market mentality fluctuated with it. With the price rising to a high level, the enthusiasm of downstream receiving goods has weakened, and the crude oil has plummeted again, the market is mostly waiting, and the price has entered a downward adjustment again.

In the middle of August, the MTBE market continued to decline, but by a small margin, with a drop of 150-300 RMB/ ton. The trend of crude oil is unstable, the market is watching closely, the demand is weak, the supply of low-cost goods hits the market, the sales of merchants are poor, and the price has entered a downward adjustment.

At the end of August, the MTBE market rose first and then fell, and the overall fluctuation was upward. At the beginning of this week, the price of gasoline continued to rise, and the purchase enthusiasm of downstream and traders was high. In addition, some merchants were reluctant to sell, and the market continued to rise. However, as the favorable support was exhausted, the market sales turned weak, and the quotations of manufacturers fell back in a narrow range, ranging from 50 to 150 RMB/ ton, the market atmosphere was volatile.

At the end of August, the MTBE market declined first and then rose, and the overall decline was still around 50-100 RMB/ ton. Affected by external bad news and weak demand, the sales of merchants are poor. With the continuous rise of crude oil and the gradual rise of gasoline prices, and the negotiation of export orders, the atmosphere of MTBE market has improved, and the quotation is gradually exploring.

In terms of external market, as of the closing on September 1, the closing price of Asian MTBE market decreased by 38.50 US dollars/ ton compared with the previous trading day, and FOB Singapore closed at 885.86-887.86 US dollars/ ton. The closing price of the European MTBE market decreased by 27.50 US dollars/ ton compared with the previous trading day, and the FOB ara closed at 1,067.99-1,068.49 US dollars/ ton. The closing price of US MTBE market decreased by 16.16 US dollars/ ton compared with the previous trading day, and the FOB Gulf FOB price closed at 1,041.84-1,042.2 US dollar / ton (293.48-293.58 US cents/ gallon).

With the arrival of the traditional peak season, the demand for replenishment in the market is gradually increasing. SunSirs MTBE analysts believe that China domestic MTBE market may fluctuate and rise in the short term.

 

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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