建信期货MEG日报-20250424

1. Report Information - Report Name: MEG Daily Report [1] - Date: April 24, 2025 [2] 2. Research Team - Energy and Chemical Research Team: Researchers include Li Jie (Crude Oil and Fuel Oil), Ren Junchi (PTA, MEG), Peng Haozhou (Urea, Industrial Silicon), Peng Jinglin (Polyolefins), Liu Youran (Pulp), Li Jin (Methanol), Feng Zeren (Glass and Soda Ash) [4] 3. Market Review and Operation Suggestions - Futures Market: EG2505 closed at 4,234 yuan/ton, up 53 yuan, with a position of 73,687 contracts, a decrease of 23,306 contracts; EG2509 closed at 4,250 yuan/ton, up 59 yuan, with a position of 240,127 contracts, an increase of 3,208 contracts. On the 23rd, the main contract 2509 of ethylene glycol futures opened at 4,198, reached a high of 4,254, a low of 4,161, settled at 4,205, and closed at 4,250, up 59 from the previous settlement. The total volume was 225,610 lots, and the position was 240,127 lots [7] - Market Outlook: Short - term supply and demand of ethylene glycol remain weak, but the probability of the US tariff cut increases, and market participants' risk appetite recovers. It is expected that ethylene glycol will maintain a rebound trend [7] 4. Industry News - International Oil Prices: On Tuesday (April 22), the settlement price of WTI crude oil futures for May 2025 on the New York Mercantile Exchange was $64.31 per barrel, up $1.23 or 1.95% from the previous trading day, trading in the range of $63.43 - 65.09; the settlement price of Brent crude oil futures for June 2025 on the London Intercontinental Exchange was $67.44 per barrel, up $1.18 or 1.78% from the previous trading day, trading in the range of $66.54 - 68.04 [8] - Ethylene Glycol Market: The mainstream transaction price of ethylene glycol in Zhangjiagang market was 4,210 - 4,280 yuan/ton, up 32.5 yuan/ton from the previous trading day. The price in Zhangjiagang market followed the upward trend of futures. In Dongguan market, the negotiation range was 4,280 - 4,300 yuan/ton, unchanged from the previous trading day, with light negotiation and few inquiries from downstream customers. In Fujian market, the negotiation range was also 4,280 - 4,300 yuan/ton, unchanged from the previous trading day, with the main supply offers on the sidelines and small - volume sporadic transactions [8] 5. Data Overview - Figures Included: PTA - MEG spread, MEG price, MEG futures price summary, spot - futures price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product prices, MEG downstream product inventory. All data sources are Wind and Jianxin Futures Research and Development Department [10][15][16][19]