建信期货MEG日报-20251117

Report Information - Report Name: MEG Daily Report [1] - Date: November 17, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Investment Rating - No investment rating is provided in the report. Core View - At present, the supply - demand and cost side of ethylene glycol lack support, and it is expected that the ethylene glycol price will maintain a low - level volatile operation in the short term [7] Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: For EG2601, the closing price was 3922 yuan/ton, up 42 yuan, with a position of 338,660 contracts, a decrease of 19,433 contracts. For EG2605, the closing price was 4013 yuan/ton, up 45 yuan, with a position of 43,902 contracts, an increase of 64 contracts. On the 14th, the main contract of ethylene glycol futures opened at 3903 yuan/ton, with a maximum of 3946 yuan/ton, a minimum of 3965 yuan/ton, a settlement price of 3924 yuan/ton, and a closing price of 3922 yuan/ton, up 42 yuan from the previous trading day's settlement price. The total volume was 223,785 lots, and the position was 338,660 lots [7] 2. Industry News - No industry news content is provided in the available report. 3. Data Overview - International Oil Prices: On Thursday (November 13), the settlement price of the December 2025 West Texas Intermediate crude oil futures on the New York Mercantile Exchange was $58.69 per barrel, up $0.20 or 0.34% from the previous trading day, with a trading range of $58.12 - $59.21. The settlement price of the January 2026 Brent crude oil futures on the Intercontinental Exchange in London was $63.01 per barrel, up $0.30 or 0.48% from the previous trading day, with a trading range of $62.34 - $63.45 [10] - Ethylene Glycol Market in Zhangjiagang: Next - week spot negotiations were in the range of 3972 - 3974 yuan/ton, and November - end negotiations were also in the range of 3972 - 3974 yuan/ton. The next - week spot basis was at a premium of 50 - 52 yuan/ton compared to EG2601, and the November - end basis was also at a premium of 50 - 52 yuan/ton compared to EG2601 [10] - Polyester Staple Fiber Market: The futures price of polyester staple fiber increased, the prices of staple fiber factories were stable, the prices of traders were on the warm side, downstream demand was cautious, and the on - site transactions were tepid [10]