According to the Commodity Market Analysis System of SunSirs, from January 2nd to 10th, MTBE prices rose from 5,655 RMB/ton to 5,950 RMB/ton, with a price increase of 5.22% during the period, a month on month increase of 4.16%, and a year-on-year decrease of 8.29%. The domestic MTBE market initially suppressed and then rose, with manufacturers mainly offering narrow discounts in the early stage. With the increase in gasoline shipping orders, the MTBE market has opened up an upward trend, and prices have risen significantly. Some large manufacturers have temporarily stopped production, and resource supply has tightened. At the same time, there is also demand that has improved, which has driven prices to actively rise under the dual forces of supply and demand.
In terms of cost and crude oil, the rise in international oil prices is mainly due to the market's continued expectation of improved demand in Asia, some oil producing countries facing new sanctions from the West, and the combination of cold weather in the United States boosting heating demand. As of January 9th, the settlement price of the main Brent crude oil futures contract was $76.92 per barrel, an increase of $0.76 or 1.0%.
On the demand side, international crude oil futures have fluctuated downwards, and the refined oil market has stopped rising and fallen. Refineries have lowered prices to promote sales, but the poor performance of terminal demand has suppressed the digestion of social unit inventory. The pace of mid to downstream merchants entering the market for procurement has slowed down, and market transactions are mainly small orders. Short term MTBE demand is influenced by bearish factors.
As of the close on January 9th, the closing price of the Asian MTBE market has decreased by $6.17/ton compared to the previous trading day, with FOB Singapore closing at $725.28-727.28/ton. The closing price of the European MTBE market has increased by $8/ton compared to the previous trading day, with FOB ARA closing at $880.49-880.99/ton. The closing price of the MTBE market in the United States increased by 6.41 US dollars/ton compared to the previous trading day, and the FOB Gulf offshore price closed at 741.36-741.72 US dollars/ton (209.33-209.43 US cents/gallon).
There is a high possibility that the gasoline market will continue to operate strongly in the future, which is expected to provide bottom support for the MTBE market. Short term resource supply will increase, and MTBE analysts from SunSirs believe that the domestic MTBE market will remain relatively strong.
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