Oil trader Gunvor Group invests in Paraguay Petroleum supplier

SEATTLE (polymers.in):  Oil Trader Gunvor Group Invests in Paraguay Petroleum Supplier
- Oil trader Gunvor Group Ltd. purchased a stake in a Paraguay based petroleum supplier in a deal that further diversifies it away from its Russian roots.  

First Kenyan Oil Output Due by March 2017; Exports to Follow
- Tullow oil Plc will put Kenya on the map of oil producers by the Q1 of 2017.
- Kenya’s recoverable resources are estimated at 750 million bbl.  

Oil Patch Taps Funds for Credit as Canada’s Banks Pull Back
- Canadian oil and natural gas companies are signing up new lenders as banks pull back amid a prolonged commodities slump.
- US crude prices traded at USD 46.72/bbl.
- Aimco committed C$ 200 million to Caloric Well Services Ltd in June.  

Oil Falls to One-Week Low After Surprise U.S. Crude Supply Gain
- Crude supplies rose by 2.5 million bbl in the week ended 19 Aug.
- WTI for October delivery dropped USD 1.33 or 2.8% to close at USD 46.77/bbl.
- Brent for October settlement fell 91 cents or 1.8% to USD 49.05/bbl.  

US crude stocks fall unexpectedly in week: EIA
- US crude stocks fell unexpectedly last week, while gasoline stocks decreased more than expected and distillate inventories rose.
- Crude inventories fell by 2.5 million bbl in the last week.
- Crude stocks at the Cushing, Oklahoma, delivery hub fell by 724 million bbl.  

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Ethylene prices rise in Asia amid production outages leading to supply restrains
- Ethylene traded at USD 1150/ton in Asia markets in mid-August, over 30% above the year’s low of USD 860. 

NWE spot ethylene prices stable, bucks Aug holiday trend
- Spot prices reached EUR 894/MT on Friday, up EUR 21 on the day and unchanged since 5 Aug.
- Naphtha, the primary feedstock of ethylene has risen 19% since the beginning of the month to USD 396.25/MT CIF NWE.

Polymers Demand
Stocks Sink: Here's what you need to know
- Comments from Democratic presidential candidate Hillary Clinton on the EpiPen controversy hit biotech stocks.
- Oil tumbled on Wednesday after reports from the EIA showed that crude stockpiles were still increasing.
- Sales of existing homes fell by 3.2% in August from the month before.
- House prices in the US only rose by 0.2% in June, below expectations of 0.3%.
- Retailer Express shares fell as much as 25% after it posted earnings of USD 0.13/share.  

Polymers Supply
How To Battle For Value In Oversupplied Markets
- Global LLDPE market will look pretty much the same in 2020 compared with 2016, meaning no major oversupply.
- North America is seen rising surplus by around 1 million MT to 2.4 million MT between 2016 and 2020. 

LG Chem to shut LDPE plant in South Korea
- South Korea’s LG Chem is in plans to take its PE plant off-stream for a maintenance turnaround. It will be shut for 8 - 10 days.  

Courtesy: www.polymers.io