建信期货MEG日报-20250917

Group 1: Report General Information - Report Name: MEG Daily Report [1] - Date: September 17, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The cost support for ethylene glycol is insufficient, and the upward driving force is poor. From the supply - demand structure, the supply - demand of ethylene glycol has little change, and the price is expected to be stable [7] Group 4: Market Review and Operation Suggestions - Futures Market: On the 16th, the main contract of ethylene glycol futures opened at 4,292 yuan/ton, with the highest at 4,320 yuan/ton, the lowest at 4,272 yuan/ton, the settlement price at 4,298 yuan/ton, and the closing price at 4,272 yuan/ton, down 5 yuan from the previous trading day's settlement price. The total volume was 151,106 lots, and the open interest was 310,766 lots. For EG2601, the closing price was 4,272 yuan/ton, down 5 yuan, with an open interest of 310,766 lots and an increase of 1,993 lots. For EG2605, the closing price was 4,322 yuan/ton, down 5 yuan, with an open interest of 3,084 lots and a decrease of 92 lots [7] Group 5: Industry News - Oil Price: International oil prices continued to rise. On Monday (September 15), the settlement price of West Texas Intermediate crude oil futures for October 2025 on the New York Mercantile Exchange was $63.30 per barrel, up $0.61 or 0.97% from the previous trading day, with a trading range of $62.52 - $63.67. The settlement price of Brent crude oil futures for November 2025 on the London Intercontinental Exchange was $67.44 per barrel, up $0.45 or 0.67% from the previous trading day, with a trading range of $66.78 - $67.85 [8] - Ethylene Glycol Market: In the Zhangjiagang ethylene glycol market, the spot negotiation this week was 4,352 - 4,354 yuan/ton, down 27 yuan/ton from the previous working day. The negotiation for late September was 4,357 - 4,359 yuan/ton, and for late October was 4,342 - 4,344 yuan/ton. The current spot basis had a premium of 80 - 82 yuan/ton over EG2601, the basis for late September had a premium of 85 - 87 yuan/ton over EG2601, and the basis for late October had a premium of 70 - 72 yuan/ton over EG2601 [8] - Polyester Market: The sales of polyester filament were sluggish, the terminal demand was average, the raw material support was insufficient, the sentiment and confidence of the polyester downstream were low, and the procurement was rational [8] Group 6: Data Overview - Multiple data charts were presented, including PTA - MEG spread, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]