建信期货MEG日报-20251223

1. Report Information - Report Title: MEG Daily Report [1] - Report Date: December 23, 2025 [2] 2. Investment Rating - No investment rating provided in the report. 3. Core View - Currently, the overall performance of the ethylene glycol supply - demand and cost side is weak, and the inventory at import ports is gradually increasing. There is insufficient support in the spot market. It is expected that the ethylene glycol price will maintain a low - level fluctuation in the short term [7]. 4. Summary by Section 4.1. Market Review and Operation Suggestions - Futures Market: On the 22nd, the main contract of ethylene glycol futures opened at 3,753 yuan/ton, with a high of 3,762 yuan/ton, a low of 3,710 yuan/ton, a settlement price of 3,736 yuan/ton, and a closing price of 3,735 yuan/ton, down 23 yuan from the previous trading day's settlement price. The total volume was 207,007 lots, and the open interest was 312,782 lots. The EG2601 contract closed at 3,640 yuan/ton, down 41 yuan, with an open interest of 83,994 lots, a decrease of 9,611 lots. The EG2605 contract closed at 3,735 yuan/ton, down 23 yuan, with an open interest of 312,782 lots, an increase of 9,688 lots [7]. 4.2. Industry News - Crude Oil: Fears of a possible US blockade on oil tankers from a South American country and waiting for news on a possible peace agreement between a European country and Ukraine led to a continued rise in crude oil futures in Europe and the US. On Friday (December 19), the settlement price of the West Texas Intermediate crude oil January 2026 futures on the New York Mercantile Exchange was $56.66 per barrel, up $0.51 or 0.91% from the previous trading day, with a trading range of $55.82 - $56.90. The settlement price of the Brent crude oil February 2026 futures on the London Intercontinental Exchange was $60.47 per barrel, up $0.65 or 1.09% from the previous trading day, with a trading range of $59.40 - $60.65 [8]. - Ethylene Glycol Spot Market: In the Zhangjiagang ethylene glycol market on Thursday, the spot (December delivery) was negotiated at 3,606 - 3,608 yuan/ton, down 28 yuan/ton from the previous working day. Negotiations for delivery before January 9 were at 3,626 - 3,630 yuan/ton, and for January delivery were at 3,641 - 3,646 yuan/ton. The spot (December delivery) basis was at a discount of 6 - 8 yuan/ton to EG2601, the basis for delivery before January 9 had a premium of 12 - 16 yuan/ton to EG2601, and the basis for January delivery had a premium of 27 - 32 yuan/ton to EG2601. The mainstream transaction price in the Zhangjiagang market was 3,595 - 3,635 yuan/ton, down 20 yuan/ton from the previous trading day. The ethylene glycol futures market fluctuated weakly, and the spot price decreased slightly. Downstream customers' inquiries were cautious, and actual trading was relatively light [8]. 4.3. Data Overview - The report presents multiple charts including PTA - MEG price difference, 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 sourced from Wind and the Research and Development Department of CCB Futures [10][15][16][18].