建信期货MEG日报-20251120

1. Report Information - Report Name: MEG Daily Report [1] - Date: November 20, 2025 [2] 2. Industry Investment Rating - Not provided 3. Core Viewpoint - The current supply - demand structure of ethylene glycol is still expected to be weak, and the macro - market sentiment is cautious. It is expected that ethylene glycol will continue to fluctuate at a low level in the short term [7] 4. Summary by Directory 4.1 Market Review and Operation Suggestions - Futures market: The closing price of EG2601 was 3903 yuan/ton, down 19 yuan; the closing price of EG2605 was 4000 yuan/ton, down 8 yuan. The trading volume was 179,353 lots, and the open interest was 329,949 lots. The open interest of EG2601 decreased by 2,263 lots, while that of EG2605 increased by 2,431 lots [7] 4.2 Industry News - Crude oil: Due to concerns about distillate supply, diesel prices soared, driving up crude oil futures. On November 18, the settlement price of WTI crude oil December 2025 futures was $60.74 per barrel, up $0.83 or 1.39%; the settlement price of Brent crude oil January 2026 futures was $64.89 per barrel, up $0.69 or 1.07% [8] - Ethylene glycol market: The spot negotiation price in Zhangjiagang ethylene glycol market this week was 3929 - 3931 yuan/ton, down 15 yuan/ton from the previous working day. The current - week spot basis had a premium of 26 - 28 yuan/ton over EG2601 [8] - Industry operating rate: The operating load rate of the Chinese ethylene glycol industry was 60.73%, down 1.13 percentage points. The operating load rate of ethylene - based ethylene glycol was 68.05%, up 0.3 percentage points, while that of syngas - based ethylene glycol was 49.69%, down 3.27 percentage points [8] 4.3 Data Overview - The report provides data charts on PTA - MEG spread, 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][18]