Methyl Tert-Butyl Ether (MTBE) prices at FOB US Gulf Coast declined *.** during mid-May ****, as the convergence of a meaningful crude oil correction driven by US-Iran diplomatic progress, improving Hormuz transit expectations, and demand resistance from gasoline blenders at extraordinary elevated price levels produced the first sustained weekly pullback in US MTBE pricing since the Middle East war began on February **, ****.
The primary catalyst for the week&#**;s correction was the significant moderation in crude oil prices which declined by *.** during the week. The US EIA&#**;s May **** Short-Term Energy Outlook assessed Brent crude at approximately $*** per barrel for May and June ****, projecting that once Strait of Hormuz traffic gradually begins to resume in late May or early June, prices will begin to fall 鈥� decreasing to an average of $** per barrel by Q* **** as global oil inventory withdrawals lessen....
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