20251121-华泰期货-化工日报_煤价继续下跌_EG增仓下行_9页_2mb

EG spot and futures prices continue to decline due to weak demand and high supply. EG华东现货价格 fell 1.25% to 3876元/吨, while the主力合约 closed at 3822元/吨, down 2.08%. Production profits are shrinking, with乙烯制EG at -60美元/吨 and煤制 at -1024元/吨. MEG华东港口库存 rose to 73.2 or 63.3万吨, indicating inventory buildup. Demand from the polyester sector shows slight improvement but is limited. Overall market is neutral, with a recommendation for EG2601-EG2605 reverse arbitrage to capitalize on price differentials. Key risks include volatility in crude oil and coal prices.