建信期货MEG日报-20251014

1. Report Information - Report Name: MEG Daily Report [1] - Date: October 14, 2025 [2] 2. Investment Rating - Not provided 3. Core View - Due to insufficient cost support and a weak supply - demand structure, ethylene glycol (MEG) is expected to decline in a volatile manner [7] 4. Section Summaries 4.1 Market Review and Operation Suggestions - Futures market: EG2601 closed at 4,111 yuan/ton, down 26 yuan, with a position of 341,973 contracts, a decrease of 7,162 contracts; EG2605 closed at 4,185 yuan/ton, down 23 yuan, with a position of 7,954 contracts, an increase of 896 contracts. On the 13th, the main contract of ethylene glycol futures opened at 4,106 yuan, with a high of 4,132 yuan, a low of 4,068 yuan, a settlement price of 4,112 yuan, and a total volume of 146,257 contracts [7] 4.2 Industry News - Oil prices: Israel - Hamas cease - fire reduced geopolitical risk premiums, and Trump's tweet intensified trade tensions. WTI crude oil futures for November 2025 on the New York Mercantile Exchange settled at $58.9 per barrel, down $2.61 or 4.24% from the previous trading day; Brent crude oil futures for December 2025 on the London Intercontinental Exchange settled at $62.73 per barrel, down $2.49 or 3.82% from the previous trading day [8] - MEG market: The spot negotiation price in Zhangjiagang MEG market this week was 4,180 - 4,181 yuan/ton, up 115.5 yuan/ton from the previous working day. The negotiation prices for late October and late November were 4,181 - 4,183 yuan/ton and 4,179 - 4,181 yuan/ton respectively. The current spot basis had a premium of 69 - 70 yuan/ton over EG2601, the late - October basis had a premium of 70 - 72 yuan/ton over EG2601, and the late - November basis had a premium of 68 - 70 yuan/ton over EG2601 [8] - Industry operating rate: The operating rate of the ethylene glycol industry was 65.33%, up 0.41 percentage points from the previous period. The operating rate of ethylene - based ethylene glycol was 69.09%, up 0.68 percentage points from the previous period, and the operating rate of syngas - based ethylene glycol remained flat at 59.65% [8] 4.3 Data Overview - Multiple data charts were provided, including MEG futures prices, spot - futures price differences, international crude oil futures prices, raw material price indices, PTA - MEG price differences, MEG prices, MEG downstream product prices, and MEG downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]