建信期货MEG日报-20251118

Group 1: Report Information - Report Name: MEG Daily Report [1] - Date: November 18, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Review and Operation Suggestions - Futures Market Quotes: EG2601 closed at 3938 yuan/ton, up 14 yuan, with a position of 333,212 lots, down 5,448 lots; EG2605 closed at 4023 yuan/ton, up 9 yuan, with a position of 43,117 lots, down 785 lots [7] - Market Situation: On the 17th, the main contract of ethylene glycol futures opened at 3920, reached a high of 3961, a low of 3912, settled at 3932, and closed at 3938, up 14 yuan from the previous trading day's settlement price. The total volume was 181,817 lots, and the position was 333,212 lots [7] - Operation Suggestion: Recently, the supply reduction caused by the shutdown and load reduction of multiple ethylene glycol plants has offset the pressure brought by the accumulation of inventory at ports, and the price of crude oil at the cost end has shown a strong trend. It is expected that ethylene glycol may maintain a strong shock in the short term [7] Group 3: Industry News - International Oil Price: Due to concerns about supply caused by a Ukrainian drone attack on an oil depot in an energy center of a European country, international oil prices continued to rise. WTI exceeded $60 per barrel again. On Friday (November 14), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $60.09 per barrel, up $1.40 or 2.39% from the previous trading day, with a trading range of $58.71 - $60.65; the settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $64.39 per barrel, up $1.38 or 2.19% from the previous trading day, with a trading range of $63.36 - $64.87 [8] - Ethylene Glycol Spot Price: In the Zhangjiagang ethylene glycol market, the spot negotiation this week was 3974 - 3975 yuan/ton, down 5.5 yuan/ton from the previous working day; the negotiation for November was 3974 - 3975 yuan/ton, and for December was 3974 - 3976 yuan/ton. The spot basis was at a premium of 36 - 37 yuan/ton compared to EG2601, the basis for November was at a premium of 36 - 37 yuan/ton, and for December was at a premium of 36 - 38 yuan/ton. The ethylene glycol futures showed a strong shock, the spot price in Zhangjiagang decreased slightly, and the basis negotiation continued to weaken. The mainstream transaction price in the Zhangjiagang market was 3960 - 3990 yuan/ton, down 5 yuan/ton from the previous trading day; the negotiation range in the Fujian market was 4030 - 4050 yuan/ton, down 10 yuan/ton from the previous trading day [8] Group 4: Data Overview - Data Charts: Include charts such as PTA - MEG price difference, MEG price, MEG futures price, spot - futures price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory [10][15][16] - Data Source: Wind, Research and Development Department of CCB Futures [11][12][13]