The international crude oil price keeps rising, and MTBE market is more profitable. Downstream rigid demand still exists, and merchants are mainly active in shipping. According to SunSirs, as of June 7, the price of MTBE was 5,876 RMB/ ton, with a month on month decrease of 1.51% and a year-on-year increase of 61.00%.
MTBE market continued to rise in north China, while the trend in the South was stable. Crude oil continued to go up, giving support to domestic MTBE market atmosphere. In Shandong Province, the recent inventory of merchants in the region is not high, and the inflow of goods from the Northeast has decreased, and there is still some hard demand support, so the merchants continue to rise slightly, and the transaction is fair.
In terms of external market, as of June 7, the closing price of Asian MTBE market decreased $5.90/ ton compared with the previous trading day, while FOB Singapore closed at $729.60-731.60/ ton. The closing price of European MTBE market decreased $6.25/ ton compared with the previous trading day, and FOB ara closed at $769.75-770.25/ ton. The closing price of MTBE market in the United States decreased $32.73/ ton compared with the previous trading day, and FOB Gulf offshore price closed at $787.75-788.10/ ton (221.90-222.00 cents/ gal).
In the near future, there is still good news in the periphery, and this week is about to usher in the Dragon Boat Festival holiday. There is still an appropriate amount of replenishment demand in the downstream, which will give some support to the MTBE market. However, with the price rising to a high level, the power to continue to rise is limited. SunSirs MTBE analysts believe that in the short term, China domestic MTBE market will mainly be sorted out after rising.
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