The growth of commercial crude oil stocks in the United States, coupled with the severe epidemic situation in some countries, led to a sharp drop in international oil prices. In addition, the downstream demand is low for several days, and the sales pressure of businesses is increasing, so they have no choice but to open the window of downward adjustment. According to SunSirs, as of May 20, the price of MTBE was 5,956 RMB/ ton, down 2.39% month on month and up 65.46% year on year.
On May 20, the market price of MTBE dropped about 50-150 RMB/ ton. Crude oil has stopped rising and falling, but the market mentality is bad. In addition, gasoline market sales are general, and the demand for raw materials is flat. Although the main refineries in Shandong are overhauled, the demand in the area is general and the market is not easy to rise or fall. In the southern market, recently, the imported goods have come to Hong Kong one after another, and the supply is relatively abundant, but the demand is flat, and the merchants are slow in shipping.
In terms of external market, as of May 20, the FOB Gulf price of the United States closed at $788.63-788.99/ ton, down $20.91/ ton, the FOB ara price of Europe closed at $720-720.5/ ton, down $24/ ton, and the FOB Singapore price of Asia closed at $725-727/ ton, down $6/ ton.
In the near future, it is difficult to change the flat demand situation, and the market will continue to be in the transition of consolidation. SunSirs MTBE analysts believe that China domestic MTBE market in the short term mainly narrow consolidation.
