Energy, Methanol Position Increase and Futures Price Rise
December 12 2019 17:46:10 SunSirs (Selena)
Market situation: MA2005 contract increased in position and price increased. On December 12, the futures price closed at 2,126, which was +1.92% compared with the previous trading day; the trading volume was 1,351,328; the position was 1,165,260, +103,154; the basis was -136; the MA price difference between January and May was -86.
Market quotation: the mainstream price in Northwest Inner Mongolia is 1,890 RMB/ton, +0; the mainstream price in East China Taicang is 1,990 RMB/ton, +30.
Analysis: previously, the methanol operation rate of some factories has declined, and the inventory in inland areas has declined accordingly. On the port side, due to local gales and heavy fog weather, the Yangtze River Estuary and Zhejiang region have been closed off and on, which has delayed the unloading time of some ships, thus leading to the decline of port inventory. However, as the import volume continues to rise, with the increase of arrival, the pressure of port inventory remains. From the perspective of demand, the coastal methanol to olefin unit has been operating stably and maintained a high level of operation in the near future, so there is no expectation of demand increase. However, the rebound of Northeast Asian ethylene has provided favorable support for methanol demand.
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