Asian Mineral Turpentine Oil (MTO) prices witnessed a steady trend in November 2025. This is mainly supported by the balanced supply and demand dynamics. Additionally, cost support from the upstream remained insufficient due to the weak global crude oil prices during the month. Due to the global oversupply with looming sanctions against Russia's Lukoil. Also, the market adopted a bearish sentiment following Washington's encouragement for Ukraine to consider a joint US-Russia peace plan to resolve the three-year conflict. EIA reported that the prices for the West Texas Intermediate (WTI) crude oil reached at USD 58.58 per barrel on November 28, from USD 61.75 per barrel on October 31, 2025, indicating a decrease of 5.13% during the period, led to limit the cost pressure in its downstream value chain including MTO. The demand for the MTO also remained moderate due to the limited offtake from the downstream paints and coating sector.
