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Oil & Gas October 04, 2016 01:10:59 AM

An OPEC freeze could add USD 10 to oil prices

Polymers
ScrapMonster Author
Russia averaged 10.71 million bbl/day of crude in August.

An OPEC freeze could add USD 10 to oil prices

SEATTLE (polymers.in):  Russia averaged 10.71 million bbl/day of crude in August.
- IEA to cut current production to a level between 32.5 million bbl/day and 33.0 million bbl/day.  

An OPEC freeze could add USD 10 to oil prices
- Oil barrel prices could climb between USD 7 and USD 10 by the end of the first half of 2017.
- Citigroup also maintained its estimate for 2017 oil prices at an average of USD 60 for Brent.  

The oil rig count is still on a massive streak
- The count of active oil rigs in the US rose by 7 to 425 this week.
- The gas rig count increased by 4 to 96.
- WTI crude futures was up 0.6% to USD 48.11/bbl.
- Futures have gained nearly 5% this week.  

US' Permian oil rig count keeps climbing as analysts await activity pickup
- US oil rig rose by three to 204 in the Permian basin last week.
- The 72 rigs added to the Permian by industry since late April has largely occurred at oil prices below USD 50/bbl.
- On Friday, NYMEX crude futures settled up 41 cents at USD 48.24/bbl.
- Oil prices have bounced in the USD 40/bbl. 

Oil Bulls Rewarded as Crude Surges After OPEC Output Agreement
- Investors increased their long position in WTI crude by 24,131 futures and options, or 8.1%, during the week ended Sept 27.
- WTI future rose 2.8% to USD 44.67/bbl.
- Futures were trading 0.7% lower at USD 47.90/bbl.
- OPEC pumped a record 33.69 million bbl/day in August.  

Russia Questions OPEC Deal, Keeps Budget Bet on Oil at USD 40
- Russia is sticking with an assumption that oil will average USD 40/bbl in the next three years.
- The deficit will be wider this year than earlier forecast and may increase to as much as 3.7% of GDP.  

Canada GDP Growth Exceeds Forecasts on Oil-Production Reboot
- Total output climbed 0.5% from the prior month.
- Investors had raised bets earlier this month that the central bank would cut its 0.5% benchmark interest rate.
- Canada’s dollar strengthened 0.2% to C$ 1.3120/USD.
- Manufacturing rose 0.4% on the month, including an 8% rise in the petroleum and coal products component, according to Statistics Canada.
- Transportation and warehousing rose 1.1%.  

Oil Sands Cost Cutting Close to Bone as Crude Stalls
- WTI was little changed at USD 47.83/bbl, gaining about 4.2% this week.
- Oil sands producer Cenovus will have cut more than C$ 1 billion in capital. 

Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
EDC prices remain stable while VCM prices spike in Asia
- CFR Far East Asia prices of EDC were assessed at USD 255/MT levels.
- Feedstock ethylene prices on Thursday were at USD 1105/MT CFR North East Asia levels.
- CFR Far East Asia prices of VCM were up at USD 725/MT levels, a week on week spike of 30/MT.
- CFR South East Asia prices of EDC were assessed at USD 260/MT levels.
- CFR South East Asia prices of ethylene were at USD 1035/MT levels, a fall of USD 5/MT from the previous week.
- CFR South East Asia prices of VCM were assessed higher at the USD 740/MT levels, a sharp gain of USD 20/MT from the previous week.  

Asian polyethylene-ethylene spread flips to positive on falling ethylene, stable PE
- The spread between PE and feedstock ethylene flipped to positive Thursday, with the spread calculated at plus USD 20/MT compared to minus USD 35/MT Wednesday.
- China’s PE plants currently running at almost full capacity following the G20 Summit meeting in Hangzhou over end-August and early September. 

PTA price edges down amid falling upstream cost
- Asian PTA markers fell USD 6/ton CFR China in the second week of September.
- CFR Southeast Asia and CFR India markers were also assessed down USD 6/ton on the week.  

P-xylene Oct Asia contract price settles at $780/metric ton
- The October PX Asia contract price has been settled at USD 780/MT CFR between JX Nippon Oil and Energy and Fishing Petrochemical and ExxonMobil and BP.
- ExxonMobil, Idemitsu and JX Nippon Oil and Energy slashed their October Asia contract price nominations to USD 795/MT CFR, down from the initial proposals at USD 830/MT and USD 840/MT respectively. 

PX prices in Asia fall
- FOB Korea prices of PX were assessed down at USD 760/MT levels, a drop of USD 5/MT from Tuesday’s assessed levels.
- CFR Taiwan prices of PX were assessed down at USD 780/MT levels, a day on day fall of USD 5/MT.
- Feedstock Isomer MX prices on Wednesday were assessed steady at USD 660/MT FOB Korea levels.  

Courtesy: www.polymers.io

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