Asia MTBE falls $53/tonne to seven-week low on weak crude

20 September 2012 10:58  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s methyl tertiary butyl ether (MTBE) prices plunged by $53/tonne (€41/tonne) on Thursday to land at a seven-week low, tracking losses in the crude futures market, traders said.

MTBE prices were assessed at $1,101-1,103/tonne FOB (free on board) Singapore at the close of trade on Thursday, while ICE Brent was trading at above $107/bbl.

“Brent [crude] fell by close to $5/bbl in just one day, MTBE prices have to move down in tandem,” a Singapore-based trader said.

“Demand is already not good for now, with oil futures collapsing, there is no support on MTBE prices at all,” a Chinese trader said.

($1 = €0.77)


Author: Ong Sheau Ling



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