A combination of weak demand and oversupply has pushed the FOB Singapore MTBE marker down to $982/mt Monday, its lowest in more than two years.
The FOB Singapore MTBE marker was last assessed lower on June 29, 2012, when it was at $958.50/mt, Platts data showed.
Much of the downturn in MTBE was attributed to low demand for gasoline blending, given regional consumption is now coming off from earlier highs and lowering gasoline prices and blend margins as a result.
Platts assessed benchmark Singapore 92 RON gasoline price at $109.40/barrel Monday.
Adding to this, MTBE was pressured down by a glut in supply, a Singapore-based trader said.
Meanwhile, prices of alternative gasoline blendstocks such as toluene remained more expensive than MTBE, underscoring fundamentally weak demand as key driver behind the weakness in MTBE.
Platts assessed FOB Korea toluene marker at $1,159/mt Monday.
