MEG port inventory continued going up

MEG port inventory continued going up to around 890kt this week, and further increase was still expected with plenty of cargoes to arrive. Meanwhile, MEG product inventory in MEG producers has stood above 250kt in mid-February, doubled from the 2021 average level. Those cargoes would continue flowing into spot market. In addition, supply remained ample in South China and cargoes were gradually moved to East China market since early February