In the US market, MEG prices witnessed a bearish trend due to the low production costs and the weak demand conditions. This is also influenced by the declining upstream crude oil prices coupled with the announcement of significant output increases by OPEC+. Additionally, meeting of President Trump and Russian President Vladimir Putin, was seen as a possible step towards the peace talk between Russia and Ukraine. Together with worsening global economic conditions, these events contributed to lower crude oil prices.
Despite the shutdown of Lotte Chemical Corporation in Louisiana due to a power outage, MEG supply was sufficient throughout the period. Feedstock Ethylene Oxide prices dropped by *.**, which supported the overall price trend.
On the demand side, market sentiment was negative. Consumer consumption did not meet seasonal expectations. Weaker demand from the PET bottle and packaging sector led to higher inventory levels...
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