In the US market Prices of MEG climbed significantly, gaining x.xxx in January Hx. This positive trend was essentially attributed to the tight supply conditions and cost support from feedstock and upstream market. Mounting geopolitical strain – US-Venezuela, growing tensions with Greenland, and US plans on Iran - were shaping the crude market, indicative for downstream value chain prices including MEG. According to the EIA report, WTI Crude oil price rose by x.xxx to USD xx.x/barrel on January xx, xxxx, from USD xx.xx/barrel on January x, xxxx.
The price rally was also exacerbated by disrupted domestic MEG supply. Point Comfort, Texas-based Nan Ya Plastics Corporation was down for maintenance in the first half of January, further tightening local MEG supplies. In addition, major feedstock Ethylene Oxide increased x.xxx during the period driven by global crude oil price trends. On the demand side, the domestic MEG consumption from the...
