During the recent period, upstream ethylene prices were also steady, supported by weaker energy prices and continued limited buying interest. The abundant supply of materials and the weak downstream demand further tightened the prices.
Additionally, global crude prices declined in mid-December xxxx on persistent concerns about a glutted market and slumping global demand, despite a hefty decline in U.S. crude stocks. The fears of oversupply were overblown as production increased and cheaper exports from OPEC+ members and Russia, influencing the entire downstream value chain including MEG. According to the EIA, the price for West Texas Intermediate crude oil was USD xx.xx/barrel on December xx, xxxx, declined by USD x.xx/barrel compared to previous week, and USD xx.xx/barrel less than a year ago. According to the ChemAnalyst database, US MEG prices declined by x.xxx in early half of December xxxx.
From the supply perspective, MEG inventory remained comfortable...
